The Board of SolGold has provided an update from the Company’s regional exploration activities from its 100% owned Porvenir Project in southern Ecuador, held by wholly owned subsidiary Green Rock Resources. The highlight of this is that first pass mapping and sampling by Green Rock field teams at the Porvenir Project has discovered “exciting new porphyry Cu-Au mineralisation” at Target 15, located on the Porvenir 2 concession in Southern Ecuador.
A broad zone of north east trending porphyry mineralisation approximately 1 km wide and hosting numerous porphyry centres currently defined over 6 km long and open ended has been defined, including Target 15. Within this zone, a 800 m wide, northeast trending mineralised corridor more than 1,200 m long recognised at Target 15, “Porvenir contains mineralisation styles, size and geometry consistent with exposure of a vertically extensive, well-preserved porphyry copper-gold system.” Initial rock-saw channel sampling across along exposed outcrops at Porvenir Target 15 has returned open ended intersections: 62.4 m @ 1.16 CuEq (0.71 % Cu, 0.71 g/t Au) (open-ended), including 29.5 m @ 1.56 CuEq (1.01 % Cu, 0.89 g/t Au) from 12.1 to 41.6 m.
Ongoing field programs continue to identify new mineralised outcrops at Porvenir, across a broad zone with rock chip samples flagged for follow up work that return up to 2.35% Cu and 3.59 g/t Au. The mineralisation style at Target 15, Porvenir is similar to Alpala, Cascabel with Au:Cu = 1:1. Drill testing and ground magnetics are planned at Porvenir Target 15 in Q1 2019 and an airborne-magnetic survey is planned for the entire Porvenir concession package in Q1-Q2 2019.
Commenting on the result, SolGold CEO, Nick Mather said: “The result at Porvenir especially at Target 15, indicates the effort SolGold puts into its first mover advantage secured in 2014 across Ecuador. SolGold’s team of geoscientists led by Dr Steve Garwin, porphyry expert, recognised several targets with the right geochemical, geological and geophysical signature and SolGold has so far secured 11 of them. SolGold is committed to leading the development of a sustainable copper-gold mining industry in Ecuador. The high grades and strong gold endowment at Alpala and Porvenir provides SolGold with a unique opportunity to develop this company without resorting to dilutive and erosive joint ventures. SolGold has identified and secured the best of an entire copper-gold province, the size and metallogenic signature of northern Chile. That’s a unique approach that can’t be replicated. We are confident that Alpala and now Porvenir Target 15 are the first projects in a long, large and rich string of them. We have the cash, the expertise and the focus to deliver”.
