Company believes its Cascabel copper-gold project, 180 km north of the capital Quito, may become one of the largest copper-gold porphyry systems ever discovered.
SolGold Mining News
Up 8% at the open after intersects add more bulk to already massive Cascabel copper-gold project in north of South American country.
Results from 11 of the 12 drilling rigs at its 85%-owned Cascabel copper-gold project, suggest there is much more intense mineralization in the property than thought earlier, the company said.
And 12.3m contained ounces of gold.
Brisbane-based company promised maiden resource for Cascabel copper-gold porphyry on the Andean belt before the end of the year.
The Ecuador-focused miner said it has discovered "promising" new copper prospects at the Porvenir and Timbara projects, with rock chip samples graded up to 4.27% copper.
The Cascabel project is located in the northern portion of the Andean copper belt in Ecuador, renowned for hosting almost half the world’s copper known reserves.
Having climbed almost 64% since the start of the year, investor sentiment towards SolGold appears to be quite positive.
The placing is at a 15% premium to SolGold's closing price on Thursday and at a 12% discount to its peak share price of 46.75p on May 26.