TIDMSOLG
RNS Number : 6997V
SolGold PLC
05 December 2023
05 December 2023
SolGold plc
("SolGold" or the "Company")
Blanca-Nieves Project Update:
New Au-Ag Discovery at La Florida
SolGold (LSE & TSX: SOLG) is pleased to provide an update on
the exploration of two targets within the Blanca-Nieves Project
("Project") held by the Company's Ecuadorian subsidiary, Carnegie
Ridge Resources S.A.
Recent exploration at the La Florida target, located
approximately 3km northeast of the Cielito target, has led to the
discovery of high-grade epithermal quartz vein floats. These veins
exhibit visible gold within quartz intermingled with bladed
calcite, indicating an exposed "boiling zone." Assay results from
rock samples have delivered remarkable values of up to 276 g/t Au
and 141 g/t Ag, signalling the potential for another Au-Ag bonanza
zone. Furthermore, subsequent work has led to the discovery of a
15m wide zone hosting epithermal quartz veins and a breccia outcrop
in the intersection of NE and NW trending geologic structures
(Figure 1, 2) . Grab samples from quartz veins within the outcrop
have yielded encouraging assay results of up to 4.15 g/t Au and
3.35 g/t Ag. The close proximity of the La Florida target to the
Cielito target highlights a potential interconnection between these
two significant areas.
Previous project work at the Cielito target concentrated on
drill-testing zones with a history of artisanal mining. The vein
systems at Cielito and Quiroz areas yielded substantial quantities
of free gold from epithermal quartz veins. During the latter half
of 2023, an impressive collection of 48 check rock-channel samples
obtained at Cielito returned gold grades of over 50g/t Au, and of
those, 28 surpassed gold grades of 100g/t Au, and 11 returned gold
grades over 200g/t Au, with the highest recording a grade of 545g/t
Au.
Structural interpretation suggests a possible connection between
the recently discovered La Florida epithermal vein-breccia and the
Cielito vein system. Currently, our exploration efforts are focused
on collecting rock-saw channel samples from the outcrop and the
initiation of trenching to locate and sample the vein extensions at
La Florida.
The Blanca-Nieves Project is strategically positioned
approximately 8km north of the Company's Cascabel Project in
northern Ecuador, which features the large Alpala and the
Tandayama-America porphyry copper-gold deposits. These Projects are
situated on the Northern Andean Copper-Gold Belt.
Significant high-grade gold and silver mineralization has been
discovered at multiple locations within the Project area, including
the presence of quartz epithermal veins exhibiting visible gold at
Cielito and the recent discovery at La Florida (Figure 3).
SolGold's ongoing exploration efforts at the Blanca-Nieves
epithermal gold-silver vein field continue to demonstrate its
considerable potential.
SolGold is making steady progress toward preparing the new
target areas at La Florida for drilling, in alignment with a
strategy centred around potential epithermal vein targets. This
development aligns with plans to drill for extensions of the veins
at Cielito and Quiroz, extending beyond the range of previous
historic artisanal mining. Furthermore, SolGold aims to expand the
size of the discovery at La Florida, underscoring the Company's
commitment to fully realizing the Blanca-Nieves Project's
potential.
SolGold Founder and Non-Executive Director, Mr. Nick Mather
commented on the Blanca-Nieves Project, stating:
"I am enthusiastic about the new discovery at La Florida and the
potential connection to Cielito. In the coming months, our
exploration team will work diligently to define the extensions of
the gold-silver quartz structure. Recent outcrop rock chip sampling
has unveiled widespread surface gold and soil geochemical gold and
silver, further confirming the Project's extensive epithermal gold
and silver precious metal field, covering an area exceeding 80
square kilometres.
The Northern Ecuador Cordillera Occidental trend has already
yielded world-class discoveries at SolGold's Cascabel Project and
Codelco/Enami's Llurimagua Project. The Company holds prospective
ground along select segments of this 90km-long trend."
FURTHER INFORMATION
The Blanca Nieves Project is characterized by the presence of
NE-SW and NW-SE trending Au-Ag epithermal quartz veins and
comprises six main target areas across a 14km x 6km region (Figure
2).
The scout drilling completed to date has substantiated the
conceptual model that the mineralised Au-Ag vein systems at the
Blanca-Nieves Project consist of multiple stacked gold lodes with
sub-vertical bonanza-style feeder zones. The Cielito vein system
remains open beyond the initial drill testing range towards the NE
and the SW.
Additionally, the presence of Au-Ag quartz veins at Chorreras,
Cielito, Quiroz, Florida, Escobar, and San Patricio (Figure 2) is a
testament to the significant extent of the Blanca-Nieves epithermal
gold-silver system.
Figure 1: New discovered outcrop of epithermal quartz veins and
breccia in La Florida target.
Figure 2 : Blanca-Nieves Project target areas at Chorreras,
Cielito, Quiroz, Florida, Escobar, and San Patricio, showing
locations and dominant structural trends of outcropping epithermal
quartz veining at surface across the Blanca-Nieves Project
area.
Figure 3 : Example of outcropping quartz vein sample from
Cielito area, upon a centimetre scale background grid, showing
occurrences of visible coarse gold (red circles; TOP LEFT ).
Epithermal quartz veining float from the Florida area ( TOP CENTER
), containing quartz with lattice-bladed texture, showing visible
gold and wire-gold (within the view of a 40x binocular; TOP RIGHT
). High-grade quartz-gold-silver epithermal veins inside Cielito
prospect underground small scale near surface workings returned
check assay results comprising 'Bonanza' gold grades ( BOTTOM
).
Qualified Person:
Above information relating to the exploration results is based
on data reviewed by Mr Santiago Vaca (M.Sc. P.Geo.), Mr. Vaca
joined SolGold in 2014 as Chief Geologist for the Cascabel project
and is an Ecuadorian geologist with over 18 years of experience in
mineral Exploration and research. Mr Vaca holds a Professional
Geoscientist Certification (P.Geo) granted by the Association of
Professional Engineers and Geoscientists of Alberta (APEGA) in
Canada and is a Qualified Person for the purposes of the relevant
LSE and TSX Rules. Mr Vaca consents to the inclusion of the
information in the form and context in which it appears.
This announcement was approved for release by Scott
Caldwell.
Certain information contained in this announcement would have
been deemed inside information.
CONTACTS
Scott Caldwell Tel: +44 (0) 20 3807
Chief Executive Officer 6996
Tavistock (Media) Tel: +44 (0) 20 7920
Jos Simson/Gareth Tredway 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery,
definition and development of world-class copper and gold deposits
and continues to strive to deliver objectives efficiently and in
the interests of shareholders.
The Company operates with transparency and in accordance with
international best practices. SolGold is committed to delivering
value to its shareholders while simultaneously providing economic
and social benefits to impacted communities, fostering a healthy
and safe workplace, and minimizing the environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors, including the plan for
further exploring and developing the Project currently being
studied, the anticipated results of such exploration efforts as
well as the expectations of the Company as to the forward price of
copper. Such forward-looking and interpretative statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such interpretations and forward-looking
statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information".
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties. Generally, forward--looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
exploration risks; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, risks relating to the ability of exploration
activities (including assay results) to accurately predict
mineralization; errors in management's geological modelling;
capital and operating costs varying significantly from estimates;
the preliminary nature of visual assessments; delays in obtaining
or failures to obtain required governmental, environmental or other
required approvals; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets;
inflation; the global economic climate; fluctuations in commodity
prices; the ability of the Company to complete further exploration
activities, including drilling; delays in the development of
projects; environmental risks; community and non-governmental
actions; other risks involved in the mineral exploration and
development industry; the ability of the Company to retain its key
management employees and skilled and experienced personnel; and
those risks set out in the Company's public documents filed on
SEDAR+ at www.sedarplus.ca . Accordingly, readers should not place
undue reliance on forward--looking information. The Company does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis.
Quality Assurance / Quality Control on Sample Collection,
Security and Assaying
SolGold operates according to its rigorous Quality Assurance and
Quality Control (QA/QC) protocol, which is consistent with industry
best practices.
Primary sample collection involves secure transport from
SolGold's concessions in Ecuador, to the ALS certified sample
preparation facility in Quito, Ecuador. Samples are then air
freighted from Quito to the ALS certified laboratory in Lima, Peru
where the assaying of drill core, channel samples, rock chips and
soil samples is undertaken. SolGold utilises ALS certified
laboratories in Canada and Australia for the analysis of
metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP
with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). For
gold and silver, samples are analysed by fire assay and gravimetric
finishing, 30g nominal weight (AU-GRA21, and Ag-GRA21). The ALS
laboratory performance is routinely monitored using the umpire
BUREAU VERITAS certified laboratory, using check batch rejects for
inter-laboratory comparisons.
In order to monitor the ongoing quality of its analytical
database, SolGold's QA/QC protocol encompasses standard sampling
methodologies, including the insertion of certified powder blanks,
coarse chip blanks, standards, pulp duplicates and field
duplicates. The blanks and standards are Certified Reference
Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of
its analytical database. The Company's protocol involves
Independent data validation of the digital analytical database
including search for sample overlaps, duplicate or absent samples
as well as anomalous assay and survey results. These are routinely
performed ahead of Mineral Resource Estimates and Feasibility
Studies. No material QA/QC issues have been identified with respect
to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data
security procedures and assaying methods used by SolGold confirm
that they are consistent with industry best practices and all
results stated in this announcement have passed SolGold's QA/QC
protocol.
See www.solgold.com.au for more information. Follow us on X
@SolGold_plc
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