SolGold preparing to start fieldwork at Kuma licence

13th May 2014 13:44

SolGold shares gained on Tuesday following the company's announcement it had completed the review and modelling of the prospecting licence at Kuma in the Solomon Islands, for which a 150,000 dollar budget has been approved. Field work is due to begin in September. As part of this, the group revealed 3D inversion modelling of airborne magnetic data, which was previously acquired over the prospecting licence area, will be carried out to identify possible magnetic targets.So far, sampling has suggested strong targets may exist under or near the Kuma lithocap. SolGold's Chief Executive and Managing Director, Alan Martin, said: "Over the last 12 months SolGold has prioritised its project portfolio which has meant that we can focus the company's exploration efforts on the best opportunities to create value for shareholders. "The Kuma copper-gold project in the Solomon Islands contains a major porphyry copper-gold target for SolGold. The Kuma project is an exciting early-stage porphyry target that has not yet been tested by drilling. A third phase of groundwork is about to commence to define drill targets under the lithocap." He added that the programme, which is "aimed at adding value to the Kuma Project rapidly", would be very low-cost and high-value. The share price had climbed 4.72% to 7.99p by 13:25 on Tuesday. NR