Drilling Commences At The Porvenir Project

AUSTRALIA - SolGold Regional Exploration Manager, Chris Connell, said, “We are very excited to see commencement of drilling at Target 15 in Porvenir because the hole 1 target is of very high quality. The coincident geophysical and geochemical anomalies over an extensive surface outcrop that returned an open ended ore grade intercept of over 140m at about 0.7% CuEq, is an extraordinary target that we believe potentially represents a large exposed porphyry copper-gold deposit and a second major porphyry discovery for the Company within Ecuador. The 13 high-priority regional targets covered by 75 granted tenements represent a significant pipeline of wholly owned quality assets.  We look forward to updating the market with visual mineralization estimates and core photos as drilling progresses at Porvenir.”

Highlights: All scout drilling regulatory approvals have been received for the 100% SolGold owned Porvenir Project in Ecuador’s Southern Copper-Gold Province; Drilling commences at Porvenir Project with initial drill hole testing outcropping surface mineralization that returned an open ended rock-saw channel result of: 147.8m @ 0.69% CuEq (0.43 g/t Au, 0.37% Cu) including, 82.63m @ 1.08% CuEq (0.71 g/t Au, 0.55% Cu) located in Cacharposa Creek; Drilling operations underway with initial drill hole (PDH-20-001) at current depth of 16.7m, utilizing one man-portable machine, as part of a planned 8000m initial drilling program; Mineralization at Cacharposa Creek is part of a 1000m-wide, 1700m long northeast trending corridor containing mineralization styles, size and geometry consistent with surface exposure of a vertically extensive, well-preserved porphyry copper-gold system; and Surface mineralization displays similar characteristics to the giant Alpala Porphyry Copper-Gold Deposit at Cascabel in Northern Ecuador with classical magnetic signature, coincident soil Copper-Gold-Molybdenum geochemistry, and a Gold:Copper ratio of approximately 1:1.

CEO, Nick Mather, said, “SolGold seized first mover advantage in copper gold porphyry exploration in Ecuador in 2014 and is now the dominant tenure holder, with the most active, well-funded, most qualified and best resourced exploration team in Ecuador.  With a dominantly Ecuadorean workforce, endorsed by the Ecuadorean community at all levels of the social environmental and regulatory framework in Ecuador, SolGold is strongly placed to emerge as the resource mainstay of the Ecuadorean Copper gold mining industry in years to come, delivering extensive contributions to Ecuador’s social and economic growth.“