SolGold encouraged by Cascabel Project find
(Kitco News) - SolGold (SOLG:LSE) have updated the market on its Cascabel Project, held by Exploraciones Novomining S.A, an 85% owned subsidiary of SolGold.
The company say "Drilling at Tandayama-America porphyry copper-gold target is currently intersecting strong visible chalcopyrite copper sulphide mineralisation within a quartz-diorite intrusion.".
The report also notes, the mineralisation intersected at Tandayama-America is very similar to the "QD10" quartz-diorite source intrusion at the Company's flagship Alpala Project which lies only 3km to south. The QD10 source intrusion at Alpala is almost wholly responsible for the presence of the high-grade core of the deposit which has 442 Mt at 1.40% CuEq containing 3.8 Mt Cu and 12.3 Moz Au in the measured plus indicated categories.
SolGold CEO, Nicholas Mather stated "This discovery will impact significantly on the upside for the Alpala development. We will have to carefully assess the impact on currently planned site infrastructure however, it is a high-quality problem. More copper and gold discoveries will add to Alpala's already impressive credentials in a robust copper and gold market and a supportive nation. The quartz diorite host with close similarities to the richly endowed QD10 intrusion at Alpala is indeed an encouraging element".
The share price has performed well this year and could take out the previous wave high at 39.05. If this is the case the bullish trend could continue to retest the high on the chart at 43.90.