Solgold raises 4m pounds and starts stage two drilling at Alpala

24th Mar 2014 14:28

Miner Solgold raised 4m pounds in an oversubscribed placing and reported drilling progress, although its shares dipped.Solgold, whose flagship Cascabel copper-gold porphyry scheme is in northern Ecuador, carried out the placing among existing shareholders, but institutional funds also joined its share register. The shares start trading on Monday March 31st.The group started the second stage of its drilling programme at its Alpala prospect on March 3rd with the drilling of hole CSD-14-006.Chief Executive Alan Martin said: "We're very happy with the alteration and copper sulphide mineralisation visible in the hole so far, given our target depth for the high grade "potassic" zone is around 630 metres."Solgold's shares fell 0.88p or 8.5% to 9.4p by 14:37 in London.PW