お知らせ • Sep 16
SolGold Plc Provides an Update on Its 100% Owned Cascabel Project, Regional Exploration Projects, and Additional Strategic Initiatives
SolGold plc provided an update on its 100% owned Cascabel Project (‘Cascabel’ or ‘Project’), regional exploration projects, and additional strategic initiatives. SolGold is making significant progress across its portfolio: Building on SolGold's previous efforts, preparations for the geotechnical program at Cascabel's Tailings Storage Facility (‘TSF’) are progressing, with drilling locations and depths established. In recent weeks, scouting efforts have been completed evaluating current operating conditions and access routes, ensuring readiness for the planned mobilization of drill rigs in the fourth quarter of 2024. Assay results from the soil samples taken at the Cielito Norte target within the Blanca Nieves project in the first half of 2024 have been received and are undergoing detailed analysis to further understand the mineral potential at this highly prospective target. Cielito Norte covers approximately 6 km2 of variable altered and mineralised intrusive and volcanic rocks hosting previously reported high gold grade quartz veins indicative of a significant intrusive related copper and gold system located approximately 8 km north- northwest of Cascabel. SolGold is entering the consultation phase of permitting for the Porvenir Project (‘Porvenir’), an essential part of Ecuador's permitting process to enhance community engagement and regulatory compliance. The Company completed the first stage of the permitting process in July, obtaining the advanced exploration permit for Porvenir from the Ministry of Energy and Mines. The successful completion of the consultation process, application submission, and the Ministry of Environment's approval are required for the issuance of the environmental license necessary to enable any potential future drilling activities at Porvenir. Cascabel Project Update: In August and September, SolGold hosted site visits from Knight Piésold Pty Ltd. (Australia and Peru), SRK Consulting (Canada) Inc., Sedgman Canada Ltd. and other consultants. These industry experts, specializing in areas such as Block Caving, Geotechnical Studies, Mining, Geology, Mineral Processing, Metallurgy, TSF, Civil Engineering, Permitting, Environmental, Social, and Governance, engaged with senior management to review and refine Project development strategies, and identify opportunities for improvement in the recent Pre-feasibility Study outcomes for Cascabel. To accelerate Project de-risking, SolGold has issued tenders to several internationally recognized consulting firms. These contracts, once assigned, will contribute to advancing the Project to the feasibility study phase. The Company has renewed option agreements with land and concession owners in areas identified as potential infrastructure zones for the Project's development that were due to expire earlier this year. Exploration Update: Developments at the Cielito Norte Target in Blanca Nieves, 8 km north-northwest of Cascabel: Geological Setting: The Cielito Norte target is strategically positioned between two key vein systems: the northeast-southwest El-Cielito vein system to the south and the northwest-southeast La Florida vein system to the east. This unique geological setting enhances the prospectivity of the area. The vein systems are interpreted to lie on the margins of a significant porphyry target. High-Grade Gold Occurrences: Bonanza gold grades have been identified within quartz veins at El Cielito, occurring at elevations between 1,000 and 1,150 metres above sea level and La Florida, between 1,200 and 1,250 metres above sea level. These findings indicate a consistent and significant level of gold deposition across the target area, reinforcing the potential for high-value mineralization and the potential for a targeted porphyry system at depth. Extensive Geochemical Anomalies: A comprehensive soil grid covering an area of 3.4 km by 1.8 km was completed at Cielito Norte, yielding 566 soil samples. The results revealed a broad argillic alteration zone with notable anomalies in gold (Au), silver (Ag), antimony (Sb), arsenic (As), and mercury (Hg), predominantly between 1,300 and 1,700 meters above sea level. This extensive geochemical footprint underscores the robustness of the mineralized system. Future Area Exploration Work: The soil anomalies at Cielito Norte, located at the side of and topographically at a higher elevation than the well- documented Au-Ag quartz veins, indicate a highly prospective zone to have a well-preserved mineralized system with the potential for hosting higher- grade epithermal Au-Ag mineralization for a vertical extent of at least 250 meters. The presence of high-grade gold values supports the rationale for exploration efforts that focus on delineating the vertical and lateral extents of these promising mineralized systems and potential related porphyry systems. Looking Ahead: As SolGold continues to advance its strategic objectives, the management team is focusing on several key initiatives designed to drive progress and enhance shareholder value: Mobilization of Drill Rigs: Preparations are underway for the mobilization of drill rigs for geotechnical work at Cascabel, scheduled to begin in Fourth Quarter 2024. This phase is critical for ensuring the structural integrity of the proposed infrastructure and tailings storage facilities. Porvenir Permitting: The Company expects to complete the consultation phase for the Porvenir Project during calendar Fourth Quarter 2024, followed by the submission of the application to the Ministry of Environment in calendar First Quarter 2025. Expansion of the Project Team: Continuing the efforts outlined last month, SolGold is in the process of expanding its Project team with strategic hires and consultants, bringing expertise in civil engineering, environmental management, and community relations. These efforts are poised to enhance Project execution capabilities as gear up for critical phases ahead. Enhanced Community Engagement: Plans are in progress to launch a series of community engagement initiatives aimed at ensuring the sustainable development of projects. These initiatives include educational programs, local workforce training, and health and safety campaigns. Strategic Exploration Planning: Leveraging the encouraging outcomes from the El Cielito and La Florida vein systems and at the Cielito Norte target, the team is drafting a detailed exploration program to investigate the vertical and lateral extents of these mineralized zones. The proposed program may include expanded soil sampling efforts in the La Florida area and incorporate Induced Polarization (IP) geophysics to trace the continuity of identified anomalies and structures, and a magnetic survey over selected parts of the area to complement an existing partial magnetic survey over Blanca Nieves. It is anticipated that integrative mapping of these data would equip geological team with a more comprehensive understanding of the prospect's potential.
