C A S C A B E L N O R T H E R N E C U A D O R
Porphyry Copper- Gold
Cascabel Project (85% interest)
Location: 180km north of the capital Quito, Ecuador
Ownership: Exploraciones Novomining S.A (ENSA) holds 100% of Cascabel concession. SolGol owns 85% of ENSA. The Cascabel project is a Joint Venture between ENSA and Cornerstone Capital Resources. SolGold owns 11% of Cornerstone.
Tenement Area: 50km2
Primary Targets: Porphyry copper-gold
The Cascabel Project is a porphyry copper- gold deposit located in northern Ecuador. It lies just off the main road, an easy 3 hour drive north of Ecuador's capital city, Quito. Cascabel is SolGold's flagship project and shows significant promise of hosting a tier 1 resource.
At Alpala, we have completed 23,700m of drilling for 18 drill holes of which 16 have hit the Alpala deposit and 6 of which (Holes 5, 9, 12, 15R2, 16 and 17) delivered world class intersections - consisting of over 1km of continuous mineralisation grading over 1% Copper Equivalent.
Drill hole CSD-14-009 for example, returned one of the best results in the history of mineral exploration, with 1088m grading 0.66% copper and 0.89 g/t gold for 1.48% Copper Equivalent.
Drilling to date has not yet constrained the rich Alpala copper-gold deposit, and a resource is premature. Alpala alone is emerging as a Tier 1 copper project with high average grades in both copper and gold. The project will also enjoy the support of the surrounding 14 identified targets.
SolGold now has a war chest of US$44 million, which will primarily be used to expand Alpala and drill test the other copper-gold targets, particularly Alpala South East, Hematite Hill, Trivinio, Moran, Aguinaga and Tandayama-America. We have 95,000 metres of drilling planned over the next two years, using directional drilling and ramping up to 10 rigs on site.
What has SolGold achieved at Cascabel to date?
In the four years prior SolGold has spent US$35 million, on 50km² of state of the art airborne magnetics, 30km² of Orion 3D IP Surveying, detailed soil gridding, rock-chip and rock-saw channel sampling, geological and structural mapping and 3D modelling and interpretation. SolGold has defined fourteen targets to date, and refined 7 of those to drill ready status, but drilled just one, Alpala.
Patterns identified through strong geochemical signatures in the soils.
Magnetics helps us firstly identify the the key target areas.
What is the key to unlocking Cascabel?
The ascent of large highly oxidised magma bodies in pre-historic (Eocene Age about 38 million years) times, facilitated the distillation and enrichment of iron, copper and gold bearing fluids into the porphyry system/s at Alpala. Iron occurs as the diagnostic oxide mineral magnetite and the copper occurs as bright yellow chalcopyrite and peacock coloured Bornite. Higher than usual gold grades occur with Chalcopyrite and Bornite mineralisation. As with several other globally significant deposits, the core of the system sees an increase in Bornite content, which contains 64% copper… our holy grail.
We can now model the mineralisation with 3D magnetics and the strong correlation with copper at Alpala. Magnetics suggests that Alpala, Moran and Aguinaga alone give the Cascabel system the potential to contain 10 billion tonnes of mineralised rock.
In particular, the Aguinaga target is exciting as it has a very similar signature to some if the world's great porphyry deposits.
How Does Cascabel Compare?
The geophysical modelling is revealing stunning similarities along the Alpala-Moran trend with the giant Hugo Dummet orebody at Oyu Tolgoi in Mongolia, whilst the Alpala Deposit by itself, has near identical geology, mineralisation style and geometry to Newcrest's Golpu deposit in Papua New Guinea. The surrounding targets such as Aguinaga, for example, are reminiscent of some of the great porphyry clusters in Chile, and the project has been likened to the great Chuquicamata cluster by geologists from a number of the world’s largest mining houses.