Cascabel Exploration Program - Drilling Underway

news release

Tue, 18th Oct 2016 12:46

RNS Number : 8476M
SolGold PLC
18 October 2016

18 October 2016

SolGold plc
("SolGold" or the "Company")

New Drilling Contracts Signed for Cascabel to Underpin Aggressive Four Year Exploration and Appraisal Program.
Drilling Underway.

The Board of Directors of SolGold is pleased to advise that drilling at the Cascabel project is currently underway. New drilling contracts have been signed and completed for the Company to underpin an aggressive exploration and appraisal program at Cascabel.

HIGHLIGHTS:

Ø New drilling contracts signed with Hubbard Drilling and Major Drilling for Cascabel exploration appraisal and feasibility programs over the next four years.

Ø Drilling commenced with three rigs on site and a fourth to commence by end of February 2017. Initial holes CSD-16-018, 019 and 020, will test the deep rich portions of the Alpala Central deposit.

Ø Major drilling track mounted rigs to focus on extension of the Alpala deposit, and are expected to bear the brunt of deep drilling with higher penetration rates, faster access and rig moves between holes.

Ø Major drilling rigs expected to drill to 2,800 metres deep, testing the Alpala deposit a further kilometre below the deepest known mineralisation in the thickest, richest part of the deposit.

Ø Directional drilling equipment under negotiation to effect fewer drilling metres overall, but more drill metres within the deposit itself.

Ø Hubbard Drilling man-portable rigs will be free to test six other defined and priority targets at Moran, Trivinio, Aguinaga, Tandayama - America, Alpala South East and Hematite Hill.

Ø Reduction in drilling costs from previous $670/metre to $370/metre forecast (all-in field and fixed program costs excluding corporate overheads).

Ø Twelve month drill program for 36,000 metres with up to six rigs. Two year program to end October 2018 for a total of 95,000 metres with up to 10 rigs.

----------------------------more at the link.

3 big rigs going straight for Alpala Deeps. Interesting choice...Here goes.