With about US$90 million in the bank and plenty of ground still to explore, Brisbane-based SolGold (TSX: SOLG; US-OTC: SLGGF) has embarked on a 120,000 metre, 12-drill program at its Cascabel copper-gold project in northern Ecuador.
The main purpose of the 2018 program is to expand the maiden resource at the Alpala deposit, one of 15 porphyry targets on the 50-sq.-km parcel of land.
According to an estimate released in January, Alpala contains an indicated resource of 430 million tonnes grading 0.5% copper and 0.4 gram gold per tonne (or 0.8% copper equivalent) plus 650 million inferred tonnes at 0.4% copper and 0.3 gram gold (or 0.6% copper equivalent), using a lower cut-off grade of 0.3% copper equivalent. That equates to 7.4 million tonnes contained copper and 12.3 million oz. contained gold in all categories.
The deposit’s higher grade core contains 120 million tonnes grading 1.8% copper equivalent.
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