December 05, 2019 (ACCESSWIRE via COMTEX) -- BISHOPSGATE, LONDON / ACCESSWIRE / December 5, 2019 / A number of non material typographical changes have been made to the 'Holdings in Company' announcement released on 5 December 2019 at 7.39am under RNS No 7900V.
The changes are identified with an asterisk (*).
The full amended text is shown below.
In accordance with the Disclosure and Transparency Rules ("DTR"), SolGold Plc (the "Company") was informed by Cornerstone Capital Resources Inc. that, in fulfilment of the obligations of Rule 5 of the DTR, and as a result of new shares issued and allotted by the Company on 2 December 2019, Cornerstone Capital Resources continues to hold 170,156,414 ordinary shares, however its interest has decreased from 9.2 per cent to 8.85 per cent of the Company's issued share capital.
In accordance with the Disclosure and Transparency Rules ("DTR"), SolGold Plc (the "Company") was informed by Newcrest Mining Limited that, in fulfilment of the obligations of Rule 5 of the DTR, and as a result of new shares issued and allotted by the Company on 2 December 2019, Newcrest Mining Limited* continues to hold 281,216,471 ordinary shares, however its interest has decreased from 15.23 per cent to 14.62 per cent of the Company's issued share capital.
In accordance with the Disclosure and Transparency Rules ("DTR"), SolGold Plc (the "Company") was informed by DGR Global Limited that, in fulfilment of the obligations of Rule 5 of the DTR, and as a result of new shares issued and allotted by the Company on 2 December 2019, DGR Global Limited* continues to hold 204,151,800 ordinary shares, however its interest has decreased from 11.06 per cent to 10.61 per cent of the Company's issued share capital.
By order of the Board
|Nicholas Mather||Tel: +61 (0) 7 3303 0665|
|Karl Schlobohm||Tel: +61 (0) 7 3303 0661|
|Ingo Hofmaier||Tel: +44 (0) 20 3823 2131|
|Gordon Poole / Nick Hennis||Tel: +44 (0) 20 3757 4997|
|Andrew Chubb||Tel: +44 (0) 20 7907 8500|
|Ross Allister / David McKeown||Tel: +44 (0)20 7418 8900|
|James Kofman / Darren Wallace||Tel: +1 416 943 6411|
Follow us on twitter @SolGold_plc
SolGold is a leading exploration company focussed on the discovery and definition 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 and most active concession holder 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.
SolGold employs a staff of over 560 and at least 98% are Ecuadorean. This is expected to grow as the operations at Alpala, and in Ecuador generally, expand. 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 and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive data base to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has 86 geologists, of which 11% are female, on the ground in Ecuador looking for copper and gold.
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 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  . The junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of 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 reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5m.
Over 228,000m of diamond drilling has been completed on the project. With numerous rigs currently active on the project, SolGold produces up to approximately 10,000m of core every month. The Cascabel drill program is currently focussed on extending and upgrading the status of the Alpala Resource, as well as geotechnical and hydro-geological drilling. Other untested porphyry targets remain within the Cascabel concession for drill-testing in the future.
The November 2018 Alpala MRE update, dated 15 November 2018, was estimated from 68,173 assays. Drill core samples were obtained from total of 133,576m of drilling comprising 128 diamond drill holes, including 75 drill holes comprising, 34 daughter holes, 8 redrills, and 11 over-runs, and represents full assay data from holes 1-67 and partial assay data received from holes 68 to 75. In contrast, the December 2017 Maiden MRE was estimated from 26,814 assays obtained from 53,616m of drilling comprising 45 drill holes, including 10 daughter holes and 5 re-drills.
The November 2018 Alpala updated Mineral Resource Estimate (MRE) totals a current:
|2,050 Mt @ 0.60% CuEq (at 0.2% CuEq cut-off) in the Indicated category, and 900 Mt @ 0.35% CuEq (at 0.2% CuEq cut-off) in the Inferred category.|
|Contained metal content of 8.4 Mt Cu and 19.4 Moz Au in the Indicated category.|
|Contained metal content of 2.5 Mt Cu and 3.8 Moz Au in the Inferred category.|
Investors should consult the technical report dated 3 January 2019 for a detailed account of the assumptions on which the estimates were based as well as any known legal, political, environmental and other risks that could materially affect the development of the resources.
Getting Alpala advanced towards development
The resource at the Alpala deposit boasts a high grade core which, in the event of the construction of a mine, is targeted to facilitate early cashflows and an accelerated payback of initial capital. SolGold is currently investigating development and financing options available to the Company for the development of Cascabel on reaching feasibility.
The results of the PEA were published on 20 May 2019, highlighting the following key aspects: