Solgold Stock Price, News & Analysis

SolGold Announces CFO Transition

SolGold has announced the resignation of Chief Financial Officer Priy Jayasuriya, effective immediately, and appointed Ingo Hofmaier as Interim CFO. Hofmaier has 20 years of corporate finance experience and previously served as Executive General Manager at SolGold since September 2019. The company is currently engaged in an executive search for a permanent CFO while maintaining operations. SolGold remains committed to delivering value and engaging in responsible exploration in Ecuador, leveraging its significant resources in the region.

The Board of SolGold reports promising results from the first drill hole at the Porvenir Project in Ecuador. The initial assays reveal 570m at 0.69% CuEq (0.49% Cu, 0.27 g/t Au) from depths of 10m to 580m, with results from 580m to 909.3m pending. Notably, higher-grade intervals were identified, including 188m at 0.73% CuEq and 106m at 0.86% CuEq. These findings suggest a large, mineralized porphyry copper-gold system at Cacharposa, enhancing the project's potential.

SolGold has reported significant progress at its Porvenir Project, specifically at the Cacharposa site. The second drill hole, PDH-20-002, has intersected 658m of visual chalcopyrite mineralisation from a depth of 15.5m, showcasing strong mineralisation potential. This follows the first hole, PDH-20-001, which revealed 893.4m of visual chalcopyrite mineralisation. The company is mobilising additional drill rigs to accelerate exploration, targeting a total of 50,000m of drilling. However, visual estimates remain preliminary, and assay results are awaited for further verification.

SolGold has announced the appointment of new Independent Non-Executive Directors to enhance its board as it transitions into an explorer-developer. The new board members include Kevin O'Kane, Maria Amparo Alban, and Keith Marshall, each bringing extensive experience in mining and sustainability. This move follows a corporate governance enhancement initiative aimed at compliance with the UK Corporate Governance Code. The appointments are expected to improve the company's capabilities in mine development, particularly for the Alpala Project in Ecuador.

SolGold has announced significant progress at its Porvenir Project in Ecuador. The second drill hole, PDH-20-002, has intersected 258.2m of visible chalcopyrite mineralisation starting from 15.5m depth. This follows the promising results from PDH-20-001, which showed 893.4m of mineralisation. Both holes target a potentially large porphyry copper-gold system, with plans for a revised 50,000m drilling program. Visual estimates are highly encouraging, but the company cautions that the mineralisation has not yet been assayed, making further evaluation necessary.

SolGold announced the expiry of its takeover bid for Cornerstone Capital Resources on October 14, 2020, due to opposition from Cornerstone's major shareholders. As the bid conditions were not met, SolGold will not acquire any securities deposited under the offer and will return them to holders. Despite this setback, SolGold maintains a strong position in the copper-gold mining sector, with successful exploration results at the Carchaposa project in Ecuador, highlighting over 800m of visible copper mineralization. The company is committed to developing its pipeline of 14 projects across Ecuador.

SolGold has announced the commencement of an 8000m Phase 1 Drilling Program at the Varela Porphyry Copper-Gold Target within the Rio Amarillo Project in Northern Ecuador. The project is fully funded through mid-2021 and has completed all regulatory permitting. Recent fieldwork shows promising geological similarities between Varela and the nearby Alpala deposit. Rock-saw channel samples at Varela returned strong results of 99m @ 0.34% CuEq, indicating a potentially large-scale mineralized system.

SolGold has commenced drilling at the Cerro Quiroz target within its Blanca Project in Northern Ecuador. The drill rig arrived on October 3, 2020, and drilling activities are focused on the central portion of the Cerro Quiroz Dome Target, where previous rock assays showed up to 6.8g/t Au. This initiative is part of a larger strategy to develop a tier 1 copper and gold company, with SolGold examining 75 concessions. The exploration targets look promising, with the potential for accelerated development timelines.

SolGold has announced significant findings from the first drill hole at its Porvenir Project, confirming the presence of a new copper-gold porphyry system. The drill hole, PDH-20-001, intersected over 500m of visual copper sulphide mineralization, primarily chalcopyrite, with promising geological indicators suggesting more intense mineralization at depth. The mineralization is part of a 1700m corridor, indicating potential for extensive deposits. Initial assay results are pending but are expected to take up to three weeks, and the drilling program is set to expand to six rigs.