SolGold reports latest on exploration at Timbara

SolGold updated the market on exploration at its wholly-owned Timbara Project in southern Ecuador on Wednesday, which is held by its 100%-owned subsidiary Green Rock Resources.

The London-listed firm said the project was of Jurassic age, similar to the nearby Fruta del Norte, Mirador and Santa Barbara deposits.

It said mineralisation mapped over a 600 metre strike-length demonstrated “strong” gold grades, and remained open in both directions at Timbara 2.

Mineralisation had occurred within an 18 metre wide northwest trending silicified zone, hosting polymetallic quartz veins.

Rock saw channel sampling confirmed the prospectivity of the Timbara 2 zone, with initial rock saw channel samples returning 7.7 metres at 6.63 grams of gold per tonne at the northern stream outcrops, and two metres at 5.16 grams of gold per tonne at the southern stream outcrops.

The mineralisation at the southern stream outcrop remained open at both ends, the board said.

Field teams were continuing with clearing to create additional outcrop exposures for further mapping and sampling, it added.

“SolGold continues to explore its extensive tenement portfolio in Ecuador, operating multiple regional field teams rapidly investigating and assessing 75 regional concessions across 14 provinces,” the board said in its statement.

“Thus far a group of 13 priority targets have been assessed to have world class potential.”

At 0940 GMT, shares in SolGold were up 0.51% at 18.09p.