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SolGold PLC announces Chical Project update in northern Ecuador

Mining News - Published on Fri, 10 May 2019

The Board of SolGold announced an update from the Company's regional exploration activities from its 100% owned Chical Project in northern Ecuador, held by wholly owned subsidiary Carnegie Ridge Resources SA
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Highlights

Follow up of anomalous stream sediment geochemistry has identified a 5.8km2 area of mineralised epithermal gold and porphyry style mineralisation comprising 3 prospect areas; the Pascal, La Esperanza and Espinoza prospects.

The Chical Project is held under the 100% owned Chical 1,2 and 5 Tenements

Mineralisation is associated with an extensive contact zone between intrusive granodiorite and gabbro with volcano-sedimentary units.

Gold mineralisation consists of epithermal stockwork quartz veining with an abundance of 10 to 15 veins per metre significantly more intense than that required for a significant mineral system associated with strong chlorite-sericite-epidote hydrothermal alteration.

Rock chip sampling of mineralised quartz veins and stockworks at Pascal and Espinoza prospects over a 2km length returned significant gold values:

R01003083 45.5 g/t Au (float)
R01003217 7.05 g/t Au
R01003148 3.27 g/t Au
R01003134 2.57 g/t Au

Rock chip samples of sulphide veinlets associated with potassic alteration (and alteration style diagnostic of a significant porphyry system) from the La Esperanza prospect return high copper and molybdenum values over an area 2.5km long and up to 1km wide:

R01003071 1.04% Cu 0.42 g/t Au 886 ppm (0.088%) Mo
R01003095 0.94% Cu 0.18 g/t Au 5.84 ppm Mo
R01003156 0.9% Cu 0.44 g/t Au 348 ppm (0.034%) Mo

SolGold's Exploration and Country Manager Jason Ward said "The large areas of geochemical anomalism, the widespread extent of the altered and mineralised outcrops and the mineralisation style comprising multi directional veining accompanied by molybdenum are strong indicators of a large copper rich porphyry system at La Esperanza. Peripheral high-grade gold rich epithermal veins have also been identified at Pascal and Espinoza. The high-grade gold vein occurrences also indicate potential for early high-grade gold resources beside the porphyries. The proximity of Chical to Cascabel is geologically and logistically encouraging and vindicates our long-held opinion that we have discovered a new copper porphyry province. The generative foundations laid in 2014 are certainly paying off."

Source :

Posted By : Sanju Moirangthem on Fri, 10 May 2019
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