SolGold updates on exploration at Cascabel

SolGold issued an update on its Ecuadorian prospect, Cascabel.

Cascabel, located 180km north of Quito was acquired by the Brisbane, Australia based company in 2012 through a subsidiary.

To date, SolGold had drill tested four of the fifteen targets, with those being Alpala Northwest, Alpala Central, Hematite Hill, and Alpala Southeast. Currently drill testing of Alpala Northwest, Alpala Central and Alpala Southeast targets is underway, with drill testing of the Aguinaga target to commence in August 2017.

In a statement released on Friday morning, the company said it has collected high-quality ground magnetic data over the Cascabel resource field with the assistance of airborne 3D magnetic inversion technology.

A state of the art, Spartan-Orion hybrid survey is scheduled to commence later in July and will extend over much the same area as the ground survey. The survey is said to "enable direct detection and modelling of copper sulphides in 3D" to depths "in excess of 3km".

Although the company estimated that a high grade mine may still be as much as five years away, it expected maiden resource estimates on the four drill holes in progress by December 2017.

As of BST 1012 SolGold shares were at 38.75p up 4.03%