SolGold PLC Announces Blanca-Nieves Project Update

Blanca-Nieves Project Update:
New Au-Ag Discovery at La Florida

BISHOPSGATE, UK / ACCESSWIRE / December 5, 2023 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on the exploration of two targets within the Blanca-Nieves Project ("Project") held by the Company's Ecuadorian subsidiary, Carnegie Ridge Resources S.A.

Recent exploration at the La Florida target, located approximately 3km northeast of the Cielito target, has led to the discovery of high-grade epithermal quartz vein floats. These veins exhibit visible gold within quartz intermingled with bladed calcite, indicating an exposed "boiling zone." Assay results from rock samples have delivered remarkable values of up to 276 g/t Au and 141 g/t Ag, signalling the potential for another Au-Ag bonanza zone. Furthermore, subsequent work has led to the discovery of a 15m wide zone hosting epithermal quartz veins and a breccia outcrop in the intersection of NE and NW trending geologic structures (Figure 1, 2). Grab samples from quartz veins within the outcrop have yielded encouraging assay results of up to 4.15 g/t Au and 3.35 g/t Ag. The close proximity of the La Florida target to the Cielito target highlights a potential interconnection between these two significant areas.

Previous project work at the Cielito target concentrated on drill-testing zones with a history of artisanal mining. The vein systems at Cielito and Quiroz areas yielded substantial quantities of free gold from epithermal quartz veins. During the latter half of 2023, an impressive collection of 48 check rock-channel samples obtained at Cielito returned gold grades of over 50g/t Au, and of those, 28 surpassed gold grades of 100g/t Au, and 11 returned gold grades over 200g/t Au, with the highest recording a grade of 545g/t Au.

Structural interpretation suggests a possible connection between the recently discovered La Florida epithermal vein-breccia and the Cielito vein system. Currently, our exploration efforts are focused on collecting rock-saw channel samples from the outcrop and the initiation of trenching to locate and sample the vein extensions at La Florida.

The Blanca-Nieves Project is strategically positioned approximately 8km north of the Company's Cascabel Project in northern Ecuador, which features the large Alpala and the Tandayama-America porphyry copper-gold deposits. These Projects are situated on the Northern Andean Copper-Gold Belt.

Significant high-grade gold and silver mineralization has been discovered at multiple locations within the Project area, including the presence of quartz epithermal veins exhibiting visible gold at Cielito and the recent discovery at La Florida (Figure 3). SolGold's ongoing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate its considerable potential.