Ecuador-focused miner SolGold (LON, TSX:SOLG) said Tuesday that recent results from the Porvenir project, held by its wholly owned subsidiary Green Rock Resources, suggest the presence of a “significant” copper-gold system.
Mapping and sampling, SolGold said, has extended copper-gold mineralization at Cacharposa Creek on Porvenir, located in southern Ecuador. The samples, the company noted, show similar veins to its other major target, Alpala, on its flagship Cascabel copper-gold project in the country’s north.
SolGold has also found similar results at Porvenir’s Mula Muerta Creek, and it believes both targets are part of the same system, comprising an 800 metre-wide corridor over 1,200 metres long.
“The 150-metre long channel sample is significantly longer and richer than the 50-metre long discovery outcrop at Alpala in the Cascabel tenement, which has so far yielded a contained resource of 23 million ounces of gold and nearly 11 million tonnes of copper,” chief executive Nick Mather said in the statement.
He added that the Porvenir system had the hallmarks of a “significant discovery.” The Australian miner, which holds 72 mineral concessions in Ecuador through four subsidiaries, said it planned to carry out drill testing and ground magnetics during the second quarter of the year, beginning this month.
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