Solgold scales up Solomons prospects

29/07/2013

Brisbane based Solgold, which has a diverse portfolio of exploration projects in Solomon Islands, Equador and Australia, is finalising an exploration programme for its Kuma property in the Solomon Islands after the licence was renewed for a further two years.<!--more-->

The Kuma property, located on the south side of Guadalcanal Island around central Weather Coast, is an extensive lithocap (an area of silica and clay alteration) typical of the type that forms over porphyry copper-gold deposits. This lithocap has been mapped over 2.1 sq km and is located over a series of deep magnetic anomalies that SolGold says are of considerable exploration interest.

The prospect was superficially investigated in the field by the SolGold Newmont joint venture with surface rock chip sampling, and has never been drilled. SolGold has a 100% interest in Kuma following the formal termination of its joint venture with Newmont.

Solgold has obtained approval from the local landowners to access the prospecting area and will soon assay 3D modelling of magnetic data, stream sediment sampling and selected ridge‐and‐spur soil sampling based on the tests it will conduct.

It has also has exercised its option to buy Guadalcanal Exploration, which holds two prospecting licences on Guadalcanal adjacent to Kuma.

SolGold has entered into an agreement with Gold Ridge Mining, which operates the only gold mine in the Solomon Islands at Gold Ridge.  SolGold has also renewed the Fauro copper gold prospecting licence for two years and is in discussions over a possible joint venture.

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