Solgold advances on four Solomon Island licences

18th Jul 2013 14:14

Aim copper and gold miner SolGold has extended its two porphyry copper prospecting licences in the Solomon Islands and acquired a further pair nearby.The Australia-headquartered company said it was finalising the next exploration stage on the Kuma property on Guadalcanal island and expected to begin this 12-month programme during the second half of this year. SolGold has identified a primary target of an extensive lithocap area of silica and clay alteration, typical of the alteration that forms over porphyry copper-gold deposits. The company said the Kuma lithocap has been mapped over 2.1 square kilometres and is located over a series of deep magnetic anomalies that it believes are of "considerable exploration interest".The company has gained approval from the local landowners to access the prospecting area and will now conduct various tests including 3D modelling of magnetic data, stream sediment sampling and selected ridge-and-spur soil samplingAdjoining Kuma, the company has taken up the option to buy a pair of licences, of which most significant prospect is Big Frog, which is defined by an area of multiple intrusive rock types that include tonalite, diorite and quartz diorite.SolGold's geologists have begun to review the Big Frog data and design a follow-up exploration program for the area.Elsewhere on the island chain, SolGold has renewed the Fauro prospecting licence for copper gold porphyry deposits and high-grade epithermal gold veins, and is engaged in discussions with third parties interested in a joint venture on this property.Shares in SolGold were up 3.4% to 4.14p by 14:55 on Thursday. OH