TAM hosts an indicated resource of 233 million tonnes grading 0.33% copper equivalent containing 530,000t copper and 1.2 million ounces gold plus 197Mt grading 0.39% copper equivalent containing 520,000t copper and 1.24Moz gold in inferred resources.

The company said potentially open pittable indicated resources comprise 201Mt grading 0.33% copper equivalent plus 61.8Mt grading 0.44% copper equivalent in the inferred category, at a cut-off grade of 0.16% copper equivalent.

Resources potentially mineable by underground bulk mining methods comprise 32Mt grading 0.35% copper equivalent of indicated resources plus 135.2Mt grading 0.37% copper equivalent in inferred resources.

"The TAM deposit adds further copper and gold mineralisation to Alpala's large metal inventory at the Cascabel project. The resource offers optionality and the potential to generate economic ore earlier which will complement the high-grade Alpala underground ore," said SolGold's interim CEO Keith Marshall.

Alpala hosts 2.66 billion tonnes grading 0.53% copper equivalent in the measured and indicated categories.

Some 22,216m has been drilled at TAM with 18 holes reported to date. The TAM deposit shares the same geological and structural setting as the Alpala deposit. Copper and gold mineralisation is associated with porphyry-style B-type quartz-chalcopyrite veins and stockworks.

Shares in SolGold are trading at 27.62p, valuing the company at £633 million.