a00af23a-24b6-4341-808a-5660879edfed.pdf
SolGold plc
("SolGold" or the "Company")
Cascabel Exploration Update
3 May 2016
The Board of Directors of SolGold (AIM: SOLG) wish to provide shareholders with the following update from its Cascabel Copper-Gold Porphyry Project in Ecuador.
HIGHLIGHTS:
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Hole 15R2 is currently drilling at a depth of 1595.7m, and has intersected intense visible copper sulphide mineralisation, which is increasing with depth.
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Hole 17 is currently drilling at a depth of 729.2m in visible mineralisation.
FURTHER INFORMATION:
The Cascabel Project is located in Northern Ecuador, within the northern portion of the Andean copper belt, renowned as the host of 48% of the World's copper production, and numerous Tier 1 global resource assets (refer Figure 1 Location, and Figure 2, Regional Setting).
The deposit at Alpala continues to grow with each new drill hole, and the Directors of SolGold advise that at 5pm Central America time on Monday 2 May 2016, Hole 15R2 (CSD-16-015R2) was drilling at a depth of 1595.7m and Hole 17 (CSD-16-017) was drilling at a depth of 729.2m. Both drill holes continue to intersect significant porphyry style copper-gold mineralisation, at the Alpala deposit (refer Figure 3 Drill Hole Location Plan).
Hole 15R2 has intersected well over 1000m of intrusion hosted, porphyry style copper sulphide mineralisation thus far, as the hole progresses towards a planned depth of 1800m. Hole 15R2 is targeting extensions of the Alpala deposit to the north, and at depth, some 100m north of the deeper high-grade zone intersected in Hole 9, which returned 1050.8m @ 0.68% Cu and 0.92 g/t Au, including 420m @ 1.00 % copper and 1.34 g/t gold.
Examples of drill core intersected to date in Hole 15R2 are shown in Figures 4 and 5 (refer Figures 4 and 5, Examples of Mineralisation).
Hole 17 is being drilled from the same pad as Hole 16, and is targeting upper extensions of strong copper and gold mineralisation intersected in Holes 5 and 12, both of which returned world class intersections, including:
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Hole 5: 1306m @ 0.62 % Cu and 0.54 g/t Au from 24m, including 552m @ 1.03m % Cu and 1.05 g/t Au from 778m.
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Hole 12: 1312m @ 0.67 % Cu and 0.63 g/t Au from 128m, including 576m @ 1.03m % Cu and 1.19 g/t Au from 844m.
Hole 17 is currently drilling at a depth of 729.2m in increasingly visible mineralisation, as the hole progresses towards the main target zone expected from around 600m to 1150m depth. Hole 17 has a planned depth of 1300m.
SolGold plc UK Company No. 5449516 ARBN 117 169 856 Phone: +61 (0) 7 3303 0660 Email: [email protected] Website: www.solgold.com.au Street address: Level 27, 111 Eagle St, Brisbane, Australia 4000 Postal address: GPO Box 5261, Brisbane QLD 4000
Registered office: 201 Bishopsgate London EC2M3AB Phone: +44 20 7861 9000
By order of the Board Karl Schlobohm Company Secretary
Qualified Person:
Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Chief Executive Officer of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 30 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.
CONTACTS
Mr Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Executive Director) +61 (0) 417 880 448
[email protected]
Mr Karl Schlobohm Tel: +61 (0) 7 3303 0661
SolGold Plc (Company Secretary) [email protected]
Mr Ewan Leggat Tel: +44 (0) 20 3470 0470
SP Angel Corporate Finance LLP (NOMAD and Broker) [email protected]
Follow us on twitter @SolGold_plc
Figure 1: Location of Cascabel project in northern Ecuador,
Figure 2: Regional Setting of the Cascabel Project, in the northern Andean Copper Belt