SolGold has announced that the recent exploration work they’ve undertaken at their Cisne Loja project in southern Ecuador has found a large new copper gold rich polymetallic porphyry system.
The mineralised outcrops were found on their Celen Prospect, which as part of Cisna Loja, is held by their wholly owned subsidiary Green Rock Resources S.A.
The exploration has revealed consistently rich copper, gold, silver and molybdenum mineralisation present in outcrop over an area of 2km by 1km, with the outcrops formed of porphyry style quartz-magnetite-chalcopyrite veining along with disseminated magnetite-chalcopyrite. The mineralised areas have shown up strongly on magnetic surveys, with further additional targets also identified.
The porphyry style veins have 1:1 values of copper, gold with proportionate silver and molybdenum diagnostic of a strong Andean porphyry copper gold system.
Significant rock chip mineralisation including:
• R03001325 4.32% Cu, 4.51g/t Au, 20.8g/t Ag, 9.99ppm Mo
• R03001342 .90% Cu, 0.21g/t Au, >100g/t Ag, 76.1ppm Mo
• R03001304 2.54% Cu, 3.04g/t Au, 15.4g/t Ag, 185.5ppm Mo
• R03001347 2.52% Cu, 3.11g/t Au, 12.5g/t Ag, 13.4ppm Mo
• R03001303 2.46% Cu, 0.10g/t Au, 54.5g/t Ag
Overall, 83% of the samples showed greater than 0.6% Cu and 0.6g/t Au.
Jason Ward, SolGold’s Exploration and Country Manager said that the find shows all the geochemical and geophysical hallmarks of a large porphyry system, and reinforces the fact that this area is relatively unexplored. Looking at the potential of the Celen Propect, he said “This brings the number of SolGold priority projects from 12 to 13. The Celen copper gold target is located just 5km south of an epithermal gold field we discovered at Cisne Loja which outcrops over an area of 2.5km x 1.5 km, and we are optimistic about the discovery of both gold and copper ore bodies at Cisne Loja.”
SolGold in Ecuador
Ecuador is located on the copper-gold rich and under-explored northern section of the Andean Copper Belt. The well explored southern portion is renowned as the production base for nearly half of the world’s copper. SolGold’s strategy to become a tier 1 copper and gold producer through systematic exploration continues to yield exciting results. Follow up exploration has focussed on 13 priority projects identified across SolGold’s 75 granted regional concessions.
For further information visit http://www.solgold.com.au/
SoldGold is Brisbane based and is listed on the Alternative Investment Market (AIM) in London under the SOLG symbol, and on the TSX under SOLG.