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SolGold (LON:SOLG) appears to be homing in on a high-grade copper-gold resource at its flagship property in Ecuador.
Its latest hole on the Cascabel porphyry project has now intersected over a kilometre of copper sulphide that is visible to the naked eye.
Hole-nine on the Alpala target is now down to 1455.64 metres and mineralisation is apparent from 452.45 metres.
What’s more, SolGold has encountered copper-rich bornite consistent with the hole penetrating the outer part of the mineralised system.
“The mineralisation appears to be continuing to greater depth and with the intersection occurring laterally to hole-five, extends the high grades into a third dimension at Central Alpala,” said managing director Alan Martin.
“SolGold appears to be homing in on a high grade resource target at Alpala."
Last week the company revealed the results of the first assays from hole-nine.
They returned 160 metres from 650 metres down measuring 1.56 grams per tonne of gold and 0.84% copper – or a copper equivalent of 1.78%.
A further section over 80 metres from 720 metres contained 2.72 grams per tonne of gold and 1.32% copper. Within that there were 50 metres at 3.9 grams of gold and 1.67% copper.
This latest zone has been identified as additional to the high grade mineralisation found 120 metres south at hole five.
The shares rose 4% to 4.14p.
Broker SP Angel said after this morning's update: “The published cross sections appear to show the drillhole intersecting the mineralisation at an oblique angle meaning that the true mineralised width may be somewhat less than downhole width.
“Even so, Alpala has demonstrated extensive copper gold mineralisation extending to considerable depths. We await assay results from the lower part of the hole.”