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SolGold and Cornerstone Capital announced preliminary results from the Cascabel copper-gold porphyry discovery in Northern Ecuador in October 2013. Here, Wayne Hewgill, a geologist, gives his opinion on Cascabel.
The “Drill Tracker” highlights early stage drilling and trenching results, giving a metric to evaluate exploration results and compare them against their peer group. In this report we highlight a dozen exploration companies displaying their projects in the Core Shack at the AME BC Roundup held in Vancouver between January 26 and 29, 2014.
SolGold (LSE:SOLG)
Price: GBP2.21
Market cap: GBP26.2 million
Project: Cascabel
Country: Ecuador
Ownership: Cornerstone Capital Resources (TSXV:CGP) may retain up to a 20-percent interest
- In October 2013, SolGold and Cornerstone Capital announced preliminary results from the Cascabel copper-gold porphyry discovery in Northern Ecuador. On February 25, 2014, SolGold exercised its right to earn an 85-percent interest in the project. Cornerstone is carried up to the completion of a feasibility study.
- Highlights from the nine deep holes drilled to date include:
- Discovery hole: 303 meters at 0.34 percent copper and 0.48 g/t gold
- 1,050 meters at 0.68 percent copper and 0.92 g/t gold (hole is in progress — shut down for Christmas)
- 1,320 meters at 0.62 percent copper and 0.54 g/t gold
- 914 meters at 0.41 percent copper and 0.44 g/t gold
- The early stage Cascabel discovery is a “grassroots” discovery that indicates potential for a large, steeply dipping mineralized system, with the potential for a higher-grade core at depth. The 1.1-kilometer-long Cental and NW Alpha targets have only been 15 percent tested by drilling. The Cascabel project hosts additional porphyry targets as defined by a magnetic geophysical survey.
- The Cascabel project is located 120 kilometers by paved road north of the capital city of Quito, and 20 kilometers south of the Colombian border. The project is located in the Western Cordillera of the Andes, 70 kilometers north of the undeveloped Junin copper-gold deposit (982 million tonnes at 0.89 percent copper).
Project status: New copper discovery October 2013
Resource: N/A
Catalysts: Additional drill results, metallurgy
Disclosure: I, Wayne Hewgill, certify that the information in this report is sourced through public documents that are believed to be reliable, but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report.
At the date of this release the author, Wayne Hewgill, owns shares in the following companies:
This report makes not recommendations to buy sell or hold.
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.
