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 75 ℉ Cloudy in Boston Business Section Trump unsettles U.S., global markets, NEW YORK, New York - More rhetoric from U.S. President Donald Trump unsettled Wall Street on Friday, and undermined confidence ... Chinese platform dedicated to content influencer campaigns launches HANGZHOU, May 29 (Xinhua) -- AliExpress, a global online retail marketplace and part of Alibaba Group, announced on Thursday that ... Stocks slide in Asia, greenback slumps SYDNEY, NSW, Australia - Stocks in Asia skidded on Friday, and the U.S. dollar dived, as the relationship between the ... Demand for cobalt, nickel, copper, manganese boosting deep-sea mining PHENOM PENH, Cambodia - Scientists and environmentalists are urging an international moratorium on deep-sea mining after releasing a report indicating ... Wall Street dashed over China, social media fears NEW YORK, New York - U.S, stocks ran out of steam on Thursday with fears about the worsening U,S.-China relationship ... 2,123,000 more Americans claim unemployment benefits WASHINGTON, May 28 (Xinhua) - The number of initial jobless claims in the United States totaled 2.1 million last week ... Massachusetts Section Man who knelt on neck of handcuffed African American man charged MINNEAPOLIS, Minnesota - A white police officer in the U.S. city of Minneapolis seen kneeling on the neck of a ... U.S. sanctioning two Iranian nuclear scientists futile, says Iran TEHRAN (Tasnim) - The Atomic Energy Organization of Iran (AEOI) dismissed as "a futile attempt" the U.S.' new decision to ... Coe urges kids to take up sport to battle virus World Athletics chief Sebastian Coe called on children to take up sports to combat "shocks" like the coronavirus as his ... MLB finalizes five-round draft starting June 10 Major League Baseball finalized plans for a five-round draft starting June 10. The first night of the draft will encompass ... Report: Dodgers P Price gives $1K apiece to team's minor leaguers Los Angeles Dodgers pitcher David Price will gift $1,000 to each of the players in the team's minor-league system, MLB ... Sabres coach understands Eichel's frustration Buffalo Sabres coach Ralph Krueger said he understands captain Jack Eichel's frustration with losing. "Across the board we are frustrated. ... Movie Review Jojo Rabbit