SolGold looks at early openpit strategy to accelerate Cascabel development
Dual-listed SolGold is pursuing an early production strategy that prioritises openpit and sub-level caving opportunities at its Cascabel copper/gold project in Ecuador, aiming to accelerate cash flow generation ahead of full-scale development of the flagship Alpala deposit.
The London- and Toronto-listed company said Tuesday that the strategy formed part of its broader project re-set and would focus initially on nearby satellite deposits, particularly Tandayama, which it believed could materially de-risk the early years of Cascabel's mine life.
“The Tandayama drilling plan is part of SolGold's intention of improving the Cascabel development plan,” said CEO Dan Vujcic. “The ability to bring forward production greatly enhances the financeability and thereby value of the project, especially in the new metal price environment.”
SolGold will launch a targeted 5 400-m drill campaign at Tandayama in early May, deploying three rigs to drill up to 15 holes, including 11 high-priority targets. The $3.25-million programme will aim to convert resources into the measured and indicated categories, define the limits of near-surface mineralisation, and identify open-pittable zones suitable for near-term mining.
Drilling is expected to take about three months, with assay results due roughly a month later.
Under the plan, two rigs will be assigned to six priority holes in the southern area known as Pit 1. A third rig will be mobilised to Pit 2 in the north, targeting four priority holes with six more to follow. The company will also test the area between the two pits, where there is potential for mineralised continuity.
In parallel with its feasibility study on Alpala, SolGold is also evaluating the nearby Aguinaga and Blanca Nieves tenements to assess their potential to support early-stage production.
SolGold said it was working with study manager G Mining Services on trade-off studies aimed at optimising project development timelines.
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