Ecuador-focussed SolGold have announced that their exploration activities from their 100% owned Chical Project in northern Ecuador have uncovered a 5.8km2 area of mineralised epithermal gold and porphyry style mineralisation which they have defined as “ a new copper porphyry province”.
SolGold’s Exploration and Country Manager, Jason Ward, commented:
“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.”
Key highlights from the latest announcement from SolGold:
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 (Figure 1 = all figures refer to are listed at the bottom of this report).
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
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 (Figure 1). 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 11 priority projects identified across SolGold’s 72 granted regional concessions.
With 11 priority projects now recognised, ongoing exploration by SolGold technical teams is focussed on advancing these priority projects with a view to progress to drill testing as soon as possible. SolGold’s high success rate has been achieved by operating multiple field teams comprising 42 Ecuadorean geologists in regional exploration, led by highly experienced national geologists and applying the exploration discovery and appraisal blueprint developed over the last 4 years at Alpala.
Follow up mapping (Figures 2 & 3) and rock chip sampling of a stream sediment geochemical gold anomaly, known as the Pascal and Espinoza prospects returned rock results of up to 45.5 g/t Au in granodiorite and andesite rocks (Figures 2, 3 & 4). Samples were taken from epithermal quartz vein network(stockwork) outcrops (Figure 6) hosting the mineralisation. Significant rock chip results from the Pascal prospect over 2km in length include;
- R01003083 45.5g/t Au (float)
- R01003217 7.05 g/t Au
- R01003148 3.27g/t Au
- R01003134 2.57g/t Au
- R01003064 2.41g/t Au
A stream sediment geochemical copper anomaly was also identified in the La Esperanza prospect dominated by diorite and granodiorites with veinlets of quartz – chalcopyrite associated with porphyry diagnostic potassic alteration over an area of 2.5nm5km long and up to 1km wide (Figure 5). This copper anomaly shows coincident molybdenum and copper – zinc ratio (Cu/Zn) geochemical anomalies (Figure 2 & 3). Best geochemical rock chip results include:
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 (0.034) ppm Mo
R01003226 0.63% Cu, 0.59 g/t Au, 50.8 ppm Mo (float)
R01003157 0.42% Cu, 0.1 g/t Au, 459 ppm (0.045) Mo
SolGold is a leading exploration company focussed on the discovery and definition of world-class copper and gold deposits. In 2018 SolGold’s management team was recognised by the “Mines and Money” Forum as an example of excellence in the industry, and continue to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is the largest and most active concession holder in Ecuador and is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt.