Discovery of new copper gold molybdenum porphyry target at SolGold’s Sharug project in Central Ecuador
Australian-based explorer SolGold has announced an update from the exploration of their 100% owned Sharug Project, held by wholly owned subsidiary Greenrock Resources.
Having previously identified a new mineralised epithermal field (Quillosis Prospect) 1km by 1.4km in the northern part of the Sharug 2 concession with grades of up to 39.6 g/t Au in rock chips, the company explored further south and identified a potential porphyry copper gold molybdenum system prospect they’re calling Santa Martha.
Photo of quartz stockwork outcrops at Santa Martha Photo of quartz stockwork outcrops at Santa Martha
At Santa Martha outcrops of diorite and quartz diorite have been found. These consist of mineralised breccias and quartz stockworks with associated zoned hydrothermal alteration. Results returned from these stockworks and breccias include 2.52% copper, 0.15 g/t gold and 491 ppm molybdenum; 0.78% copper, 0.51 g/t gold and 6 ppm molybdenum and 0.73% copper, 0.33 g/t gold and 53 ppm molybdenum.
A gridded auger soil program was carried out over the Santa Martha prospect with results further highlighting the prospect as a new copper gold molybdenum porphyry target.
Highly anomalous rock values, followed by strong auger soil anomalies show this target covers an area 1.2km by 0.5km and remains open to the east.
SolGold’s CEO Nick Mather said that their exploration strategy is helping establish SolGold with an integrated pipeline of projects from which they hope to yield world class targets or better. “We offer shareholders an almost unparalleled opportunity for exponential growth through a number of discoveries and developments on the most under explored sector of the world’s richest copper belt. The Santa Martha Copper Gold Porphyry target has the areal extent and copper endowment at surface to yield a significant copper gold porphyry orebody and the Quillilosa Epithermal gold target is probably related and just as big.”
Next steps
With 12 priority projects now recognised, ongoing exploration by SolGold is focussed on advancing these priority projects with a view to progressing to drill testing as soon as permissions are in place. SolGold attributes some of their success rate to operating multiple field teams using a specialised method of rapid prospect recognition in each of their 4 regional subsidiary companies. SolGold employs 42 Ecuadorean geologists in its regional exploration programs.
Drilling is scheduled to commence on regional projects early next year
The Sharug project is located in the southern end of the Miocene Belt. It is located south of known mineral deposits; namely the Tres Chorreras and Cerro Negro mining project areas.
Exploration Activities & Results
Initial exploration on the two Sharug concessions by SolGold’s exploration teams recognised a strong NNE‐structural corridor traversing the Sharug 2 concession. Continued mapping and sampling along this corridor led to the discovery of the Quillosis prospect, a new mineralised epithermal field over a 1km x 1.4km zone, in the northern section of the prospect. As previously announced, rock chip values up to 39.6 g/t Au, and high Sb, Ag, Pb and Bi values were returned from this epithermal vein‐ system.
Continued field mapping along the identified structural corridor has now discovered a significant copper gold molybdenum porphyry target called Santa Martha. Highly anomalous rock values, followed by strong auger soil anomalies show this target covers an area 1.2km by 0.5km and remains open to the east. Auger soils were unable to test the eastern flank of the anomaly due to a drainage system comprising colluvial material.
The Santa Martha prospect consists of diorite, quartz diorite and small zones of tourmaline breccia. Hydrothermal alteration comprises zones of biotite-sericite, quartz-sericite, chlorite, chlorite-epidote and sericite alteration.
SolGold have also announced that a ground magnetics geophys program is scheduled to be carried in June covering both the Quillosis and Martha prospects.
About SolGold
SolGold is a leading exploration company focussed on the discovery and definition of world-class copper-gold deposits. We have a first mover advantage in Ecuador, a highly prospective yet under-explored section of the Andean Copper Belt, home of multiple Tier 1 copper and gold projects and half of the world’s copper resources. We have the team, track record and resources to succeed.
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