SolGold PLC Announces Blanca-Nieves Project Update

Blanca-Nieves Project Update - Outcrop results 6.15m @ 7.46 g/t Au

BISHOPSGATE, LONDON / ACCESSWIRE / March 19, 2024 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on the Blanca-Nieves Project ("Project"). SolGold holds a 100% interest in the Project through its Ecuadorian subsidiary, Carnegie Ridge Resources S.A.

• Exploration identified a significant porphyry target at El Cielto Norte covering approximately 2.5 x 2.5 km and is greater in extent than the Alpala system to the south at the Cascabel Project
• At Florida, new assays from channel samples of gold-bearing epithermal quartz vein outcrops with up to 6.15m true thickness, returned results of 6.15m @ 7.46 g/t Au, including 2.2m @ 21.1 g/t Au
• Advancing new target areas towards drill-ready status
• Potential for future integration of Blanca-Nieves with the Tier 1 Cascabel Project, due to the proximity of approximately 8 km

Santiago Vaca, SolGold's Chief Geologist, commented:

"Our team is excited about the overall prospect of the Blanca-Nieves Project, including the potential for future integration with the Cascabel Project. The district scale opportunity reinforces our view that mining has the potential to be a significant, multi-generational sector in Ecuador."

Further Information

The Blanca-Nieves Project is situated approximately 8 km north of the Company's Tier 1 Cascabel Project in northern Ecuador, which holds 3.7 Bt of ore, 12.4 Mt of copper and 31.3 Moz of gold in the measured plus indicated category, and 854 Mt of ore, 2.0 Mt of copper and 5.3 Moz of gold in the inferred category. The Cascabel Project is the largest undeveloped copper-gold resource in South America and one of the largest in the world; with its recently published pre-feasibility study indicating an initial capex of $1.55B and the initial block cave yielding a peak annual production of 216 kt of copper, 734 koz of gold and 1.16 Moz of silver. The Project is situated in the Northern Andean Copper-Gold Belt, a region that promises to deliver a significant proportion of the copper and gold necessary to meet the growing global demand over the coming decades.

High-grade "bonanza-style" gold and silver mineralisation with visible gold has been discovered outcropping at numerous locations within the Blanca-Nieves Project area. This includes the previously reported presence of epithermal quartz veins with over 100 g/t gold grades at Cielito and Florida. The ongoing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate significant potential for complex high-grade epithermal vein systems, and recent work has also identified the potential for a parent mineralised porphyry body beneath the outcropping gold system.