TIDMSOLG
RNS Number : 8119N
SolGold PLC
22 May 2020
22 May 2020
SolGold plc
("SolGold" or the "Company")
NI 43-101 Technical Report on an Updated Mineral Resource
Estimate for the Alpala Deposit, Cascabel Project, Northern
Ecuador
The Board of SolGold (LSE and TSX code: SOLG) is pleased to
announce the filing on SEDAR of independent NI 43-101 Technical
Report completed by Mining Plus, entitled:
"Cascabel Property NI 43-101 Technical Report Alpala Mineral
Resource Estimation April 2020 Effective date: 11 November
2019".
Highlights of the latest Alpala Mineral Resource at 0.21% CuEq
cut-off grade:
-- Mineral Resource of 2,663 Mt @ 0.53% CuEq for 9.9 Mt Cu, 21.7
Moz Au and 92.2 Moz Ag in the Measured plus Indicated
categories
-- Mineral Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9
Moz Au and 10.6 Moz Ag in the Inferred category
-- High-grade core of 442 Mt at 1.40% CuEq for 3.8 Mt Cu,
12.3Moz Au and 33.3 Moz Ag in the Measured plus Indicated
categories
-- MRE#3 update has added 1.6 Mt copper, 2.5 Moz gold and 92.2
Moz silver to Measured plus Indicated Mineral Resources (at a
cut-off grade of 0.20% CuEq, applied for comparative purposes)
Further Information
Mining Plus was commissioned by SolGold to prepare a Mineral
Resource Estimate ("MRE") and subsequent Technical Report for the
Alpala Porphyry Copper-Gold-Silver Deposit in the Cascabel Property
(the Property) in Northern Ecuador. SolGold is a leading
exploration company focussed on the discovery, definition and
development of world-class copper-gold deposits. SolGold is listed
on the Toronto Stock Exchange (TSX) and the London Stock Exchange
(LSE). The Alpala resource, the subject of the NI 43-101 Report and
this announcement, is wholly contained within the Cascabel Licence.
The Cascabel licence is wholly owned by Exploraciones Novamining
S.A. ("ENSA"). SolGold holds an 85% legal and beneficial interest
in ENSA.
The MRE, with an effective date of 11 November 2019, has been
reported in accordance with the Canadian National Instrument 43-101
("NI 43-101") Standards for Disclosure for Mineral projects. The
estimation process followed the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines" (CIM, 2019). Mining Plus
employee, Mrs Cecilia Artica takes Qualified Person ("QP")
responsibility for the MRE.
The Alpala Deposit, at a cut-off grade of 0.21% Cu equivalent
(CuEq), comprises 2,663 Mt at 0.53% CuEq in the Measured plus
Indicated categories, which includes 1,192 Mt at 0.72% CuEq in the
Measured category and 1,470 Mt at 0.37% CuEq in the Indicated
category (Table 1). The Inferred category contains an additional
544 Mt at 0.31% CuEq.
http://www.rns-pdf.londonstockexchange.com/rns/8119N_1-2020-5-22.pdf
1. Mrs. Cecilia Artica, SME Registered Member, Principal Geology
Consultant of Mining Plus , is responsible for this Mineral
Resource statement and is an "independent Qualified Person" as such
term is defined in NI 43-101.
2. The Mineral Resource is reported using a cut-off grade of
0.21% copper equivalent calculated using [copper grade (%)] + [gold
grade (g/t) x 0.613] as discussed above. Metal prices used were
US$3.40/lb for copper and US$1,400/oz for gold.
3. The Mineral Resource is considered to have reasonable
prospects for eventual economic extraction by underground mass
mining such as block caving.
4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
5. The statement uses the terminology, definitions and
guidelines given in the CIM Standards on Mineral Resources and
Mineral Reserves (May 2014) as required by NI 43-101.
6. MRE is reported on 100 percent basis within an optimised shape as described below.
7. Figures may not compute due to rounding.
Table 1 : Alpala Deposit Mineral Resource Estimate Statement,
March 2020.
The MRE comprises a contained metal content of 9.9 Mt Cu and
21.7 Moz Au in the Measured plus Indicated categories, which
includes 5.7 Mt Cu and 15.0 Moz Au in the Measured category, and
4.2 Mt Cu and 6.6 Moz Au in the Indicated category. The Inferred
category contains an additional 1.3 Mt Cu and 1.9 Moz Au.
To the best of Mining Plus's knowledge, there are no
environmental, permitting, legal, title, tax, socio-economic,
market, political or other relevant factors that would affect the
Mineral Resource Estimate presented in the Technical Report.
The NI 43-101 technical report on the updated Mineral Resource
Estimate for the Alpala Deposit can be found at the following
link:
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00043090
SolGold is preparing a Pre-Feasibility Study ("PFS") for the
development of the Alpala deposit. The Company has initiated work
on the PFS together with work streams to acquire further
information for completion of the proposed Definitive Feasibility
Study ("DFS"). Currently, subject to funding, land acquisition
programs and the current impacts the Company is facing from the
COVID-19 global pandemic, these studies are scheduled for
completion by the end of 2020 for the PFS and early 2021 for the
DFS.
SolGold's field operations are currently on care and maintenance
due to COVID-19 social isolation rules and respect for communities
in the area in an effort to reduce the potential transmission of
the virus. The Ecuadorian mining authorities have requested the
Company's plans for re-activation of operations, pending the full
agreement from local county authorities. SolGold continues to
actively monitor all its employees as health and safety are top
priorities for the Company. SolGold will continue supporting its
employees and local communities where possible in their efforts to
curtail the spread of the virus.
By order of the Board,
Karl Schlobohm
Company Secretary
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Regulation (EU) No 596/2014 until the release of this
announcement.
Qualified Persons:
Information in this report relating to the exploration results
is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the
Chief Geologist of the Company. Mr Ward is a Fellow of the
Australasian Institute of Mining and Metallurgy, holds the
designation FAusIMM (CP), and has in excess of 20 years' experience
in mineral exploration and is a Qualified Person for the purposes
of the relevant LSE and TSX Rules. Mr Ward consents to the
inclusion of the information in the form and context in which it
appears.
Information in this report relating to the Mineral Resource
Estimate was reviewed by Mrs Cecilia Artica MSc. Mrs Artica is a
Registered Member of The Society for Mining Metallurgy and
Exploration and has in excess of 20 years' experience in Mineral
Resource Estimation and mineral exploration. She is an independent
Qualified Person for the purposes of the relevant LSE and TSX
Rules. Mrs Artica consents to the inclusion of the information in
the form and context in which it appears.
CONTACTS
Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer) +61 (0) 417 880 448
nmather@solgold.com.au
Karl Schlobohm
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0661
kschlobohm@solgold.com.au
Ingo Hofmaier
SolGold Plc (GM - Project & Corporate Tel: +44 (0) 20 3823 2131
Finance) ihofmaier@solgold.com.au
Gordon Poole / Nick Hennis
Camarco (Financial PR / IR) Tel: +44 (0) 20 3757 4997
solgold@camarco.co.uk
Ross Allister / David McKeown Tel: +44 (0)20 7418 8900
Peel Hunt (Joint Broker and Financial
Advisor)
solgold@peelhunt.com
James Kofman / Darren Wallace Tel: +1 416 943 6411
Cormark Securities Inc. (Financial Advisor)
dwallace@cormark.com
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the
discovery, definition and development of world-class copper and
gold deposits. In 2018, SolGold's management team was recognised by
the "Mines and Money" Forum as an example of excellence in the
industry and continues to strive to deliver objectives efficiently
and in the interests of shareholders. SolGold is the largest
concession holder by land mass, and most active explorer in Ecuador
and is aggressively exploring the length and breadth of this highly
prospective and gold-rich section of the Andean Copper Belt.
The Company operates with transparency and in accordance with
international best practices. SolGold is committed to delivering
value to its shareholders, while simultaneously providing economic
and social benefits to impacted communities, fostering a healthy
and safe workplace and minimizing the environmental impact.
Dedicated stakeholders
SolGold employs a staff of 700 employees of whom 98% are
Ecuadorian. This is expected to grow as the operations expand at
Alpala, and in Ecuador generally. SolGold focusses its operations
to be safe, reliable and environmentally responsible and maintains
close relationships with its local communities. SolGold has engaged
an increasingly skilled, refined and experienced team of
geoscientists using state of the art geophysical and geochemical
modelling applied to an extensive database to enable the delivery
of ore grade intersections from nearly every drill hole at Alpala.
SolGold has 86 geologists, of whom 30% are female, on the ground in
Ecuador exploring for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel
concession, located on the northern section of the heavily endowed
Andean Copper Belt, the entirety of which is renowned as the base
for nearly half of the world's copper production. The project area
hosts mineralisation of Eocene age, the same age as numerous Tier 1
deposits along the Andean Copper Belt in Chile and Peru to the
south. The project base is located at Rocafuerte within the
Cascabel concession in northern Ecuador, an approximately
three-hour drive on sealed highway north of the capital Quito,
close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a
registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA (Exploraciones Novomining S.A.) which holds
100% of the Cascabel concession covering approximately 50km(2) .
The minority equity owner in ENSA is required to repay 15% of costs
since SolGold's earn in was completed, from 90% of its share of the
distribution of earnings or dividends from ENSA or the Cascabel
concession. It is also required to contribute to development or be
diluted, and if its interest falls below 10%, it shall convert to a
0.5% NSR royalty which SolGold may acquire for US$3.5m.
Advancing Alpala towards development
The resource at the Alpala deposit boasts a high-grade core
which is targeted to facilitate early cashflows and an accelerated
payback of initial capital. SolGold is currently assessing
financing options available to the Company for the development of
the Alpala mine following completion of the Definitive Feasibility
Study.
Mineral Resource Estimate #3:
-- Mineral Resource of 2,663 Mt @ 0.53% CuEq for 9.9 Mt Cu, 21.7
Moz Au and 92.2 Moz Ag in the Measured plus Indicated
categories.
-- Mineral Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9
Moz Au and 10.6 Moz Ag in the Inferred category
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint
established at Alpala, and Cascabel generally, to explore for
additional world class copper and gold projects across Ecuador.
SolGold is the largest and most active concessionaire in
Ecuador.
The Company wholly-owns four other subsidiaries active
throughout the country that are now focussed on thirteen high
priority gold and copper resource targets, several of which the
Company believes have the potential, subject to resource definition
and feasibility, to be developed in close succession or even on a
more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG). The Company has on issue a total of
1,923,321,033 fully-paid ordinary shares and 185,162,000 unlisted
options exercisable at various prices ranging from 25p to 60p and
expiring between July 2020 and November 2024.
Quality Assurance / Quality Control on Sample Collection,
Security and Assaying
SolGold operates according to its rigorous Quality Assurance and
Quality Control (QA/QC) protocol, which is consistent with industry
best practices.
Primary sample collection involves secure transport from
SolGold's concessions in Ecuador, to the ALS certified sample
preparation facility in Quito, Ecuador. Samples are then air
freighted from Quito to the ALS certified laboratory in Lima, Peru
where the assaying of drill core, channel samples, rock chips and
soil samples is undertaken. SolGold utilises ALS certified
laboratories in Canada and Australia for the analysis of
metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP
with MS finish for 48 elements on a 0.25g aliquot (ME-MS61).
Laboratory performance is routinely monitored using umpire assays,
check batches and inter-laboratory comparisons between ALS
certified laboratory in Lima and the ACME certified laboratory in
Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical
database, SolGold's QA/QC protocol encompasses standard sampling
methodologies, including the insertion of certified powder blanks,
coarse chip blanks, standards, pulp duplicates and field
duplicates. The blanks and standards are Certified Reference
Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of
its analytical database. The Company's protocol involves
Independent data validation of the digital analytical database
including search for sample overlaps, duplicate or absent samples
as well as anomalous assay and survey results. These are routinely
performed ahead of Mineral Resource Estimates and Feasibility
Studies. No material QA/QC issues have been identified with respect
to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data
security procedures and assaying methods used by SolGold confirm
that they are consistent with industry best practices and all
results stated in this announcement have passed SolGold's QA/QC
protocol.
See www.solgold.com.au for more information. Follow us on
twitter @SolGold_plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors. Such forward-looking and
interpretative statements involve known and unknown risks,
uncertainties and other important factors beyond the control of the
Company that could cause the actual performance or achievements of
the Company to be materially different from such interpretations
and forward-looking statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information" within
the meaning of applicable Canadian securities legislation.
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties, successful completion of the NSR Financing, future gold
stream financing, resource estimates, the lifting of travel-related
COVID-19 restrictions, results of exploration activities,
development of the Alpala project, future funding participation by
Cornerstone, future budgets to complete a feasibility study and
re-activation of operations . Generally, forward--looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
timing of the lifting of COVID-19 related-related restrictions,
satisfactory completion of site visit due diligence by
Franco-Nevada, the ability to complete future financings on terms
acceptable to SolGold, transaction risks; general business,
economic, competitive, political and social uncertainties; future
prices of mineral prices; accidents, labour disputes and shortages
and other risks of the mining industry. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward--looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis, and where
possible aims to circulate all available material on its
website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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