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.
SolGold Mining News
The company’s 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.
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.