Large New Copper-Gold-Silver-Molybdenum Porphyry System Discovered in the Cisne-Loja Project

BISHOPSGATE, LONDON / ACCESSWIRE / October 23, 2019 / The Board of SolGold (LSE & TSX code: SOLG) is pleased to provide an update from the Company's regional exploration activities from its Cisne Loja Project in southern Ecuador, held by wholly owned subsidiary Green Rock Resources S.A.

Highlights

References to figures and tables relate to the version visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/8268Q_1-2019-10-23.pdf

Commenting on the results, Jason Ward, SolGold's Exploration & Country Manager said:

'The recent discovery of this large copper gold target at Celen, which outcrops over an area of 2km x 1km and exhibits all of the geochemical and geophysical hallmarks of a large porphyry system, underscores the prospectivity and unexplored nature of the area and brings the number of SolGold priority projects from 12 to 13. The Celen copper gold target is located just 5km south of an epithermal gold field we discovered at Cisne Loja which outcrops over an area of 2.5km x 1.5 km, and we are optimistic about the discovery of both gold and copper ore bodies at Cisne Loja.'

Introduction

Ecuador is located on the copper-gold rich and under-explored northern section of the Andean Copper Belt. The well explored southern portion is renowned as the production base for nearly half of the world's copper (Figure 1). SolGold's strategy to become a tier 1 copper and gold producer through systematic exploration continues to yield exciting results. Follow up exploration has focussed on 13 priority projects identified across SolGold's 75 granted regional concessions.

With 13 priority projects now recognised, ongoing exploration by SolGold technical teams is focussed on advancing these priority projects with a view to progress to drill testing as soon as possible. SolGold's high success rate has been achieved by operating multiple field teams comprising 42 Ecuadorean geologists in regional exploration, led by highly experienced national geologists and applying the exploration discovery and appraisal blueprint developed over the last 4 years at Alpala.

Further Information

Cisne 2C

Coherent area of copper mineralisation over 1km x 2km

Continued mapping and sampling by Green Rock Resources field teams at the Cisne Loja Project across three granted tenements (El Cisne 2A,2B,2C) covering 2km²has located outcrops with strong porphyry style copper, gold, silver and molybdenum mineralisation in the Celen prospect located in the El Cisne 2C concession. (Figure 2 & 3). Porphyry style mineralised outcrops occur in an extensive 2km by 1km area indicating a large poly metallic mineralised system located less than 7km south from the previously identified gold-silver epithermal field in El Cisne 2A.

The copper mineralization is best developed within magnetite-chalcopyrite porphyry veins in quartz diorite and microdiorite units with associated disseminated chalcopyrite mineralisation (Figures 4 & 5). Zones of high grade copper and gold mineralisation are also developed proximal to the porpyhry style veins with fractures containing diagnostic copper oxide and carbonate minerals, neotocite, malachite and azurite.

Diagnostic magnetic signatures

Strongly anomalous magnetic signatures characterise the copper mineralisation, and additional target areas west of Cuenca Loja and between Celen and Cueca Loja are still to be sampled (Figure 2)

Outcrops are characterised by pervasive magnetite mineralisation to 3% of the rock with associated chlorite and epidote alteration. The main orientation of veins and fractures are north east trending with a secondary north west trending structural orientation. Weathered mineralised intrusive units are present in volcanic units to the north of the main zone of mineralisation containing quartz-hematite-goethite veining. There are numerous tourmaline breccias outcropping south of the mineralised zone (Figure 5)

Of the 72 rock chip samples taken at the Celen prospect, 60 samples (83%) have returned grades greater than 0.6% Cueq with the average molybdenum results for all 72 samples of 51.95ppm Mo (Figure 3, Table 1). Best rock chip results from recent sampling include;

Previously announced rock chip sample results include;

Initial gridded soil anomalies confirm the extensive mineralised area identified by mapping and rock chip sampling. Large coherent copper and gold soil anomalies show a positive correlation to identified mineralisation and delineate additional areas for follow up exploration (Figure 6 & 7). The copper anomaly comprises extremely high copper in soil values up to 0.1% Cu. Soil anomalies remain open to the north and south and the gridded soil program will be extended to define the surface limits of the Celen porphyry target.

Figure 1: Location plan of the Cisne Loja Project in southern Ecuador.

Figure 2: Copper results in rock chips over aeromagnetic RTP data.

Figure 3: Celen geology with copper rock chip values.

Figure 4: Rock chip samples from the Celen Prospect

Figure 5: Celen prospect rock chip samples of peripheral intrusive units and tourmaline breccias .

Figure 6: Copper in soil values with copper geochemical anomaly and RTP magnetic data

Figure 7: Gold in soil values with gold geochemical anomaly and RTP magnetic data

Sample ID	Easting	Northing	RL	Cu_ppm	Au_ppm	Ag_ppm	Mo_ppm
R03001218	677734	9575087	1830	52790	0,661	91,4	165
R03001221	677751	9575045	1803	50820	1,1	25,8	69,9
R03001204	677712	9575009	1803	49180	3,9	55,7	86
R03001325	677867	9574396	1686	43220	4,51	20,8	9,99
R03001342	678118	9575961	2014	39010	0,212	100	76,1
R03001215	677543	9575623	2052	36530	0,025	95,5	542
R03001214	677578	9575610	2027	34330	0,098	73,8	75,6
R03001224	677777	9575588	1893	28240	0,026	60,1	18,8
R03001224	677777	9575588	1893	28240	0,026	60,1	18,8
R03001223	677854	9575431	1724	28120	0,019	61,3	41,7
R03001304	678406	9577825	2109	25420	3,04	15,4	185,5
R03001347	678078	9575036	1899	25220	3,11	12,5	13,4
R03001303	678323	9577776	2131	24580	0,103	54,5	54,9
R03001282	678240	9576306	1954	22330	0,092	96	431
R03001206	677674	9575028	1843	20610	0,243	28,7	31,6
R03001330	678008	9575057	1824	19880	2,38	28,1	8,69
R03001333	678081	9575068	1896	17700	0,116	35,9	5,1
R03001328	677865	9574357	1700	16300	1,44	12,75	31,3
R03001211	677659	9575345	1919	16270	0,304	39,8	11,95
R03001296	678500	9577553	2063	16230	0,263	100	214
R03001213	677448	9575344	2012	14500	0,028	36,6	38,8
R03001207	677694	9575034	1821	13910	0,154	24,6	6,19 Share article: Watch latest videos Subscribe and Follow Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. Subscribe Now News RELEASES Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star. More Information 42 ℉ Partly Cloudy in Boston Business Section Wall Street retreats from healthy gains, U.S. dollar caned again NEW YORK, New York - U.S. stocks waded into heavy weather on Thursday with gains withering in the final hour ... Weekly U.S. jobless claims dropped by more than 10 percent last week WASHINGTON, DC - U.S. unemployment benefit claims fell last week, the Labor Department reported Thursday, even as the surging number ... Asian stock markets listless, dollar drifts downwards SYDNEY, NSW, Australia - Stocks in Asia remained listless Thursday.The Nikkei 225 in Japan rose just 8.39 points or 0.03 ... Microsoft expands its esports network Microsoft expanded its esports scope Wednesday, announcing the acquisition of tournament event platform Smash.gg.In a tweet from the MSN_Esports account, ... Clinical research firm with Irish base prepares for Covid-19 vaccines DUBLIN, Ireland - A leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences ... Powell concerned about rising Covid-19 cases as U.S. economy moderates WASHINGTON, DC, (Xinhua) -- U.S. Federal Reserve Chairman Jerome Powell said Tuesday that economic activity has continued to recover from ... Massachusetts Section People magazine reveals 'People of the Year' A celebration of 2020? Many might think we should just hold our breath and say good riddance to what has ... Paul, Walker chart different routes for NBA season New York [USA], December 3 (ANI): Excitement and agony are the two feelings that described Chris Paul and Kemba Walker's ... Florida looks for improved effort vs. Boston College Florida waited a week longer than most Division I teams to start its basketball season. The Gators won't have to ... Boston Uprising sign tank player Stand1 The Boston Uprising continued their offseason roster overhaul with the signing of tank player Seo "Stand1" Ji-won on Wednesday. Stand1, ... Angels acquire SS Iglesias from Orioles The Los Angeles Angels acquired shortstop Jose Iglesias from the Baltimore Orioles on Wednesday for right-handers Jean Pinto and Garrett ... Shanghai Dragons re-sign DPS diem The Shanghai Dragons announced the re-signing of hitscan DPS player Min-seong "diem" Bae on Wednesday. diem, who recovered from a ... Movie Review Rambo Rambo