Ecuador-focused explorer SolGold has identified a potential new porphyry copper/gold/molybdenum system in its 100%-owned Sharug concession, the company announced on Thursday.
The new prospect, called Santa Martha, was identified after teams explored south of the recently discovered Quillosis prospect in the northern part of the Sharug 2 concession. That prospect has grades of up to 39.6 g/t in rock chips.
SolGold said that a gridded auger soil programme over the Santa Martha prospect had highlighted the prospect as an “exciting new copper/gold/molybdenum porphyry target”.
“SolGold is not just about Alpala. We offer shareholders an almost unparalleled opportunity for exponential growth through a number of discoveries and developments on the most under explored sector of the world's richest copper belt,” said CEO Nick Mather.
Alpala forms part of the company’s flagship Cascabel project, which it owns with Canadian junior Cornerstone Capital Resources.
Mather said that the Sharug tenement was the “latest in a string of wholly owned projects uncomplicated by joint ventures or co-ownership”.
SolGold has now recognised 12 priority projects. Mather has praised the company’s “loyal and brilliant explorationists”.
The company employs 42 Ecuadorian geologists.