Our Pan-Ecuadorian Strategy. A comprehensive, nation-wide desktop study has been undertaken by SolGold’s independent experts to analyse the available regional topographic, geological, geochemical and gravity data over the prospective magmatic belts of Ecuador, with the aim of understanding the controls to copper-gold mineralization on a regional scale. SolGold has delineated and ranked regional exploration targets for the potential to contain world class copper-gold deposits.

As a result of this study, SolGold formed and initially funded, four new 100% owned subsidiary companies. These subsidiaries currently hold 75 mineral concessions over approximately 3,200km2.


The Company is listed on the London Main Board and Toronto Stock Exchange under the code ’SOLG’


The rich epithermal gold mineralisation has been identified within the Blanca concession and is thought to be associated with large copper-gold porphyry systems in the area. A ridge and spur auger soil program highlighted two main prospects; The Cielito Vein’’ and the Cerro Quiroz’’ prospects within the epithermal structural corridor.

In the Blanca concession, the intermediate sulphidation “Cielito” vein and the Cerro Quiroz prospect is hosted in volcanics and volcanic breccias showing weak quartz-pyrite-illite and chlorite-sericite alteration.

The results include:

Significant Results Ciel Vein – Blanca Nieves

 Cu%Au g/tAg ppm Zn ppm
 0.59617317 7480
 0.55542254 5060
 0.13116.564.9 1380
 0.58269133 1950
 0.0766.732 1540
 0.0127.21.34 96
 0.0323.21.87 237
 0.0118.31.3 104
 0.013.580.57 42


Location Carchi province, Northern Ecuador

Ownership 100%

Subsidiary Carnegie Ridge Resources S.A

Tenement area 1 concession (Blanca) over 97km2

Deposit type Epithermal gold


Initial exploration lead to the identification of two prospects in the Cisne Loja concessions. An epithermal target known as Cuenca Loma and a porphyry style target called Celen.

Cuenca Loma Prospect Follow up of gold anomalies at the Cuenca Loma prospect has led to the discovery of outcropping epithermal style alteration and mineralisation over an area of 2.5km by 1.5km with several episodes of quartz veining, which shows similarities to the epithermal gold system at Fruta delNorte in Southern Ecuador.

Numerous areas of epithermal quartz veins with alteration exhibiting silica-kaolinitequartz clay assemblages together with vuggy quartz, indicate an intermediate to low sulphidation epithermal environment.

Geological mapping at the Cuenca Loma prospect defined alteration and quartz veining over an area of 2.5km by 1.5km. These were outcropping, epithermal style alteration and mineralisation with multiple episodes of quartz veining evident. Rock chip samples have returned gold and silver results greater than 1 g/t Au with a best rock chip sample of 15.25g/t Au and 23.6g/t Ag. Further detailed mapping, sampling and trenching is planned along with a geophysical survey, prior to drill testing.

Celen Prospect

The copper mineralization is developed within the granodiorite mainly along fractures comprising malachite, azurite, chalcopyrite and neotocite, occasionally accompanied by traces of pyrite.

Mineralisation has been identified over an area 1.5km by 1km.

Rock chip results have returned highly anomalous copper-gold-molybdenum

Hector Stream

o 5.28% Cu, 0.66 g/t Au, 91.4 g/t Ag

o 5.08% Cu, 1.10 g/t Au, 25.8 g/t Ag

o 4.92% Cu, 3.90 g/t Au, 55.7 g/t Ag

o 2.06% Cu, 0.24 g/t Au, 28.7 g/t Ag

o 1.39% Cu, 0.15 g/t Au, 24.6 g/t Ag

El Tio Stream

o 3.65% Cu, 0.02 g/t Au, 95.5 g/t Ag

o  3.43% Cu, 0.09 g/t Au, 73.8 g/t Ag

Mandarina Stream

o 1.63% Cu, 0.30 g/t Au, 39.8 g/t Ag

o 1.45% Cu, 0.02 g/t Au, 36.6 g/t Ag


Location Loja province, Southern Ecuador

Ownership 100%

Subsidiary Green Rock Resources S.A.

Tenement area 3 concessions, 146km2

Deposit type Epithermal gold and silver


At Timbara 1 prospect, outcropping porphyry style mineralisation occurs as north-east trending narrow quartz veins containing Pyrite, Chalcopyrite, Covellite and Bornite hosted within granodiorite intrusive.

At Timbara 2 prospect fine-grained diorite contains abundant stockworks of porphyry style quartz-chalcopyrite veins and magnetite veinlets characterised by intense propylitic chlorite alteration. Mineralisation is represented by up to 3% chalcopyrite, 2% bornite, and 1% chalcocite, with traces of malachite and native Cu.

At Timbara 3 prospect, reconnaissance mapping has located a 25m wide zone of quartz – hematite veining including localised bornite rich veining. Other outcrops identified show significant exposed 5m thick quartz veins containing pyrite, chalcopyrite, bornite, and minor chalcocite. Peripheral to these mineralised zones, host rocks contain abundant magnetite veinlets cut by quartz veins containing chalcopyrite, magnetite, pyrite and minor chalcocite.

•28.89% Cu, >100g/t Ag

•4.00% Cu,   >100g/t Ag

•2.94% Cu

•2.32% Cu

•2.44% Cu


Location Zamora Chinchipe province, Southern Ecuador

Ownership 100%

Subsidiary Green Rock Resources S.A.

Tenement area 4 concessions (Timbara 1, Timbara 2, Timbara 3 and Timbara 4), 152 km2

Deposit type Copper-gold porphyry


A stream sediment sampling program at the Porvenir Project delineated two geochemical anomalies within the larger 6km x 5.5km stream anomaly at the Derrumbo and Bartolo prospects.

SolGold geologists have identified mineralised outcrops which extend over some 1.5km x 1km with chalcopyrite up to 7% and lesser covellite up to 1%, chalcocite up to 2%, bornite up to 1%, malachite up to 3% and pyrite. New mineralised outcrops identified in the Porvenir Project that are rich in chalcopyrite, chalcocite, covellite, bornite (copper sulphide minerals) and malachite (copper carbonate mineral).

A program of ridge and spur auger soil sampling is currently underway with initial auger soil results having identified a 2.5km by 2km zone of strong copper anomalism. Initial multi element soil geochemistry is delineating a strongly zoned porphyry copper target with copper in soil values of up to 0.42% Cu.

Auger soil programs are continuing and infill programs are planned to delineate drill targets. Geopysical surveys are also planned over the Bartolo and Derrumbo prospects


Location Zamora Chinchipe province, Southern Ecuador

Ownership 100%

Subsidiary Green Rock Resources S.A.

Tenement area 244km2

Deposit type Copper-gold porphyry


Teams conducted extensive stream sediment and panned concentrate sampling throughout the La Hueca project. The geochemical results of this work delineated 5 porphyry copper targets situated along the contact between the Zamora batholith and volcanic units. The results delineate a copper rich porphyry corridor running through the La Hueca project.

Target 6 has returned strong copper, gold and molybdenum anomalism over a large area 1.25km by 1.0 km. The discovery is significant due to k-feldspar, secondary biotite, and chlorite-sericite hydrothermal alteration intensity, and the presence of chalcopyrite, molybdenite and bornite. B-type quartz veins are also present at variable density. Geochemical high Cu-Mo results are significant (Table 2), and they are dispersed over an extensive area.

A program of gridded auger soil sampling at Target 6 has helped further delineate drilling targets. Drill testing Target 6 is planned as soon as government permissions are received.


Location Zamora Chinchipe province, Southern Ecuador

Ownership 100%

Subsidiary Cruz del Sol

Tenement area 3 concessions, 150km2

Deposit type Copper-gold porphyry


Stream sediment geochemical sampling has returned the highest copper results from any SolGold project in Ecuador with best results including 1140ppm Cu and 1110ppm Cu.

Detailed follow up mapping and rock chip sampling is continuing with the best rock chip assay returned to date of 1.42% Cu. Hydrothermal alteration consists of phyllic alteration with abundant chalcopyrite and pyrite with lesser chalcocite and bornite mapped in outcrop.

Following the completion of initial anaconda mapping, a program of auger soil geochemistry will be carried out to delineate priority drill targets.


Location Bolivar/Chimborazo province, Central Ecuador

Ownership 100%

Subsidiary Green Rock Resources S.A

Tenement area 48km2

Deposit type Copper-gold porphyry


Two main prospects have been identified in both Rio Armarillo 1 & 2; Chilanes and the Pugaran Prospects.

Chilanes consists of an extensive lithocap with surrounding strong stream sediment anomalies. The lithocap measures approximately 2.4km by 2.4km. It consists of crackle and hydrothermal breccias, with silca-clay and advanced argillic alteration, typical of the upper levels of a porphyry system.

Pugaran hosts abundant B-type veins and zones of strong copper mineralisation. It represents a 250m long outcrop of copper mineralisation consisting of B type veins with pyrite, chalcopyrite, chalcocite and bornite. K-alteration overprinted by phyllic alteration.

The next stage of exploration at Rio Armarillo project will start with detailed auger soil program over the Chilanes lithocap in Rio Armarillo 2 concession and geophysical surveys covering the entire project, to enable drill target selection.


Location Imbabura province, Northern Ecuador

Ownership 100%

Subsidiary Carnegie Ridge Resources S.A.

Tenement area 3 concessions, 123 km2

Deposit type Copper porphyry


Numerous prospects have been discovered during SolGold’s initial geochemical stream sampling. Significant alteration and mineralisation has been identified that is indicative of a large porphyry system.

Best results include a 7m continuous channel chip sample that returned:

• 7m @ 2.28% Cu, 0.73 g/t Au, 8.83 g/t Ag.

Initial first pass exploration is continuing to define the extent of the copper mineralisation and locate new prospects.


Location Morana Santiago province, Southeastern Ecuador

Ownership 100%

Subsidiary Cruz del Sol S.A.

Tenement area 170km2

Deposit type Copper-gold Porphyry


Two prospects have been located in the Sharug project. The alteration and mineralisation observed is indicative of both epithermal and porphyry copper-gold systems.

Epithermal Prospect

The new mineralised epithermal field measures 1km by 1.4km. Outcrops consist of mineralised epithermal tourmaline breccias and quartz stockworks

The best results returned include:

  • 39.6 g/t Au, >100 g/t Ag*
  • 7.40 g/t Au, 7.12 g/t Ag
  • 2.93 g/t Au, >100 g/t Ag*
  • 2.52 g/t Au, 6.41 g/t Ag
  • 2.15 g/t Au, 98.3 g/t Ag, 0.35% Pb
  • 1.13 g/t Au, >100 g/t Ag*, 2.3 % Cu, >1.0 % Pb, 0.33 % Zn

The rock chip results are also high in lead, bismuth and antimony indicating a fertile epithermal system is present

Porphyry Prospect

The quartz vein stockwork has a preferential direction NE – SW. The fine stockwork veinlets comprise magnetite, pyrite and disseminated chalcopyrite.

Mineralisation is observed with up to 1.5% pyrite, 0.2% chalcopyrite, traces bornite, native copper traces, with chalcopyrite up to 1% in mafics with abundant secondary biotite. Tourmaline veins with chalcopyrite have also been identified.

* Best results;

  • 2.52% Cu, 0.15 g/t Au
  • 0.78% Cu, 0.51 g/t Au
  •  0.72% Cu, 0.33 g/t Au
  • 0.60% Cu, 0.56 g/t Au



Location Azuay province, Southwest Ecuador

Ownership 100%

Subsidiary Greenrock Resources S.A.

Tenement area 2 conessions, 52 km2

Deposit type Copper-gold Porphyry


The Salinas Project represents a high sulphidation epithermal Ag-Au-Cu with indications of a nearby Cu-Au porphyry system.

Previous diamond drilling conducted by Rio Tinto returned a best intersection:

• 74.5m @ 2.0 g/t Au and 137 g/t Ag.

• incl. 39.5m 3.3 g/t Au and 168 g/t Ag.

Mineralisation is hosted in structurally controlled hydrothermal volcanic breccias. A hypogene covellite-enargite-chalcocitearsenopyrite paragenesis of phases in the hydrothermal breccia suggests a nearby larger Cu-Au porphyry system.

Valle Rico will focus on exploring for both epithermal and porphyry systems at the Salinas project. Along with continuing to drill test the mineralised epithermal breccias, Valle Rico will carry out regional prospecting to identify porphyry targets.


Location Bolivar province, Southwest Ecuador

Ownership 100%

Subsidiary Valle Rico Resources S.A.

Tenement area 4 concessions, 189 km2

Deposit type Gold-silver-copper epithermal


Follow up mapping and rock chip sampling of a stream sediment geochemical gold anomaly, known as the Pascal and Espinoza prospects returned rock results of up to 45.5 g/t Au in granodiorite and andesite rocks. Samples were taken from epithermal quartz vein network(stockwork) outcrops  hosting the mineralisation.  Significant rock chip results from the Pascal prospect over 2km in length include

  • R01003083 45.5g/t Au (float)
  • R01003217 7.05 g/t Au
  • R01003148 3.27g/t Au
  • R01003134 2.57g/t Au
  • R01003064 2.41g/t Au

A stream sediment geochemical copper anomaly was also identified in the La Esperanza prospect dominated by diorite and granodiorites with veinlets of quartz – chalcopyrite associated with porphyry diagnostic potassic alteration over an area of 2.5nm5km long and up to 1km wide. This copper anomaly shows coincident molybdenum and copper – zinc ratio (Cu/Zn) geochemical anomalies.  Best geochemical rock chip results include:

  • R01003071 04% Cu, 0.42 g/t Au, 886 ppm (0.088%)  Mo
  • R01003095 94% Cu, 0.18 g/t Au, 5.84 ppm Mo
  • R01003156 9% Cu, 0.44 g/t Au, 348 (0.034) ppm Mo
  • R01003226 63% Cu, 0.59 g/t Au, 50.8 ppm Mo (float)
  • R01003157 42% Cu, 0.1 g/t Au, 459 ppm (0.045) Mo


Location Carchi province, Northern Ecuador

Ownership 100%

Subsidiary Carnegie Ridge Resources S.A

Tenement area 3 prospect areas; the Pascal, La Esperanza and Espinoza prospects

Deposit type Epithermal gold and porphyry style mineralisation


Cruz del Sol teams have discovered two areas of mineralised outcrops in the Coangos project in Southern Ecuador, characterised by strong copper-carbonates and copper-oxides exposed mainly in fractures.  Stream outcrops are up to 120m in length.  Mineralization is hosted in volcanoclastic rocks in Anomaly 1.  The copper-silver zones contain primary chalcocite and chalcopyrite, and secondary copper carbonates and oxides, chrysocolla, malachite, and tenorite.  Near-source stream boulders with chrysocolla have returned very high copper and silver grades.  The main mineralised vein-joint orientation is 20°/70°E.

A second area of concentrated copper-silver occurrences is associated with regional faults oriented 128°/62°W and 240°/85°W.  Chrysocolla – tenorite occur together with k-feldspar, plagioclase, and carbonates in micro-fractures.


Mineralised Breccia

At the head of the Numpaim River in the Coangos 2 Tenement, a breccia structure was mapped and sampled in an area known as Anomaly 2. Mineralisation is associated with a fault breccia 1.5m wide containing quartz veins up to 8mm thick, sugary quartz clasts, rhodochrosite (a manganese carbonate mineral), barite and calcite in a zone of chlorite-sericite alteration.

The breccia outcrop contains up to 7% bornite (rich copper sulphide, 63% copper), 3% chalcocite (a very rich copper sulphide, 80% copper),  chalcopyrite  1% (standard copper sulphide mineral, 33% copper) and 5% enargite (a gold complex mineral).  The breccia is exposed along strike in two separate streams, located 200m apart.  The structure has not been closed off and mapping continues in streams along strike.


Location Bolivar province, Southwest Ecuador

Ownership 100%

Subsidiary Cruz Del Sol S.A

Tenement area Coangos 2, Chimius and Chimius 2

Deposit type Mineralised outcrops

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