SolGold identifies new copper and gold target in Ecuador

SolGold on Wednesday said it has discovered new mineralised outcrops at its wholly-owned Cisne Loja gold project in southern Ecuador.

The AIM traded company said the outcrops at the Celen prospect pointed to the existence of a large new copper gold rich polymetallic porphyry system, adding that consistently rich copper, gold, silver and molybdenum mineralisation was present at the outcrops over an area of 2km by 1km.

Of 72 rock chip samples recently taken at the prospect, 60 returned grades of greater than 0.6% copper equivalent.

The best rock chip results from recent sampling at the site include 4.32% copper, 4.51 grams per ton of gold, 20.8g/t silver, 9.99 parts per million molybdenum and 3.90% copper, 0.21g/t gold, over 100g/t silver, and 76.1ppm molybdenum.

There were strong magnetic anomalies in these mineralised zones according to SolGold, with the signatures indicating additional target areas to the west that had yet to be sampled.

The company said that, with exploration work having now identified 13 priority projects, ongoing exploration by its technical teams was focused on advancing these projects with a view to progress to drill testing as soon as possible.

SolGold shares were up 2.44% at 21.00p at 1212 BST.