SolGold (LON:SOLG) shares climbed around 10% in early deals as it unveiled further encouraging results which explain the goelogy of the Cascabel project area in more detail.
Final surveys and models have been received supporting the idea the property in Ecuador houses a robust porphyry deposit.
A high priority copper-gold target named the T1 target has also been strongly indicated at the Northwest Alpala zone.
Alan Martin, SolGold's chief executive and managing director, said: "The final Orion 3DIP models have clearly mapped the spatial location of sulphides within the extensive Alpala lithocap and at deeper levels of the porphyry environment in the Alpala region.
"The company has now been able to differentiate sulphide-bearing from sulphide-deficient magnetic anomalies, allowing further refinement of a high quality target at Northwest Alpala.
"We will provide further updates on this exciting target as additional information comes to hand".
The Alpala Structural Zone (ASZ) is increasingly recognised as being an important control for high-grades at central Alpala, and as an important structural zone for the potential emplacement of additional porphyry deposits, the firm added.
Updates on the T2 target at Southeast Alpala and on the Aguinaga porphyry target will be made as soon as possible, it said.
Shares rose 9.68% to 4.35p.
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