T
he Board of Directors of SolGold (LSE & TSX code: SOLG) is pleased to provide an update on its Tandayama-Ameríca (“TAM”) porphyry copper-gold deposit which lies approximately 3km north of the Alpala deposit that comprises 2,663 Mt at 0.53% CuEq [1] in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag [2], at the Company’s Cascabel project, held by Exploraciones Novomining S.A. (“ENSA”), an 85% owned subsidiary of SolGold.
HIGHLIGHTS
Drill hole assays from Hole 13 comprise the best drilling intersections achieved at the TAM deposit to date. Highlights include:
1,010m @ 0.55% CuEq, including:
824m @ 0.63% CuEq
736m @ 0.69% CuEq
392m @ 0.93% CuEq
132m @ 1.09% CuEq
Hole 13 results enhance potential for significant depth extensions amenable to bulk underground mining methods at TAM. Mineralisation forms a northwest trending corridor, occupying an area approximately 1,200m long, up to 750m wide, and extending from surface to a depth of over 1,200m. The TAM deposit remains open to the south and east and at depth.
Highlights of drill hole assays received from Holes 8-12 at TAM include:
Hole 11: 234m @ 0.48% CuEq, including 96m @ 0.87% CuEq and 54m @ 1.18% CuEq
Hole 12: 566m @ 0.32% CuEq, including 228m @ 0.53% CuEq
Assay results from drill holes 14-23 are pending and drilling of Holes 24-27 is currently underway. Over 18,500m of drilling has been completed to date at TAM, and a further c.9,200m is planned through the end of the year utilising the existing four diamond drill rigs.
Hole 24 has encountered intense mineralisation within an early quartz-diorite intrusion from 507m depth. This zone is interpreted as an extension of the strong mineralisation encountered in Hole 13 and includes up to 85% B-type quartz-chalcopyrite veining with approximately 2% visible chalcopyrite and trace visible gold mineralisation.
The geological character of the porphyry stocks / dykes encountered through drilling to date indicate a well-preserved porphyry system and the full size and strength of the TAM system has not yet been tested. Further surface geochemical anomalies to the east of the current drilling area require drill testing.
An NI 43-101 compliant Maiden Mineral Resource Estimate is being prepared and is planned for release later in 2021.
SolGold Executive Board Member, Head of Exploration and ENSA President, Mr Jason Ward, commented on the work being advanced at Cascabel:
“The TAM target at Cascabel is just 3km north of Alpala, and additional copper and gold mineralisation at TAM will add to the already impressive metal inventory at Cascabel. Drilling results at TAM to date, and preliminary work utilising Leapfrog GEO and EDGE software is revealing a prospective bi-modal resource that appears amenable to both bulk surface mining methods as well as bulk underground mining methods. The potential upside of higher-grade depth extensions beneath TAM is also adding exciting possibilities to the still growing Cascabel project.
Geotechnical, hydrogeological and metallurgical data is already being prepared to facilitate the conversion of future resources to reserves, and this seems likely to have a major beneficial impact on the development of the Cascabel property as a whole as studies progress in 2022.”
By order of the Board
Dennis Wilkins
Company Secretary