StockMarketWire.com - SolGold [LON:SOLG] announced an update from its Cascabel Copper-Gold Porphyry Project in Ecuador.

Samples for drill holes CSD-16-015R2 and CSD-16-017 (Holes 15R2 and 17) are currently at the assay laboratory and on receipt, the results will be compiled and announced.

Drill holes 18 and 19 will be sited after consideration of results of the updated magnetic modelling and the preliminary evaluation of the Moran Prospect.

Maintenance and re-tooling of the drill rigs is currently taking place on site.

Activities are continuing in the field with a focus on extensions around the Alpala South prospect, Trevinio, and the Aguinaga prospect where an infill deep auguring programme is underway across the copper gold and molybdenum anomalous areas.

Ongoing mapping and sampling activities have identified an additional classically zoned outcropping and visually copper mineralised porphyry system at the Moran Prospect approximately 1.2 km north of the Alpala North West centre of the Alpala trend at Cascabel.

The prospect is characterised by an outcropping 300x300 m (open) zone of variably fractured and mineralised intrusive and volcanic rocks exhibiting >2% multidirectional vein intensity characteristic of strong copper gold mineralisation at Alpala.

The mineralisation at Moran exhibits visible chalcopyrite (copper sulphide) in quartz and magnetite veins in fractured magnetic diorite intrusive host rock and surrounding host volcanic rock.

Importantly the peripheral areas host numerous chalcopyrite, sphalerite (zinc sulphide) and galena (lead sulphide ) and quartz / carbonate veins classically emplaced in the peripheral zones around the copper gold rich cores of many South American copper gold porphyry systems.

The Moran Prospect at surface is dislocated to the north by 300 metres and over the top of a strong magnetic vector image anomaly at a depth of 350 metres (shallowing to the north towards the outcropping mineralisation), which has been defined by a 3D magnetic model of the Cascabel Project area.

This most up to date iteration of the predictive 3D magnetic model was completed by SolGold's independent geophysical consultants after months of detailed and sophisticated data treatment and modelling.

The magnetic anomaly at a cut-off of 0.06 SI units (a scale measure of magnetic character), which is characteristic of the mineralised zone at the Alpala deposit to the south is 1000m wide x 500m north south (open and shallowing to the north under the mineralisation) with a vertical extent of 800m.

The conductivity model demonstrates a classic drape over the top of marginal to magnetic cores in the porphyry systems.

SolGold is targeting the magnetic anomaly, extensions northwards and surface mineralisation at Moran as prospective for the definition of in excess of 1,000Mt of mineral resource in addition to the Alpala Deposit, which has to date hosted significant mineralisation in 17 of the 18 holes drilled, returning world class tier 1 copper gold intersections.

SolGold is continuing a programme of detailed soil auguring, mapping, rock chip and rock saw channel sampling and assaying to mature the prospect for drill testing, expected in late 2016.

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Metminco [LON:MNC] said the settlement of the purchase of Minera Seafield SAS from RMB Australia Holdings was completed on 21 June.

RMB received the required approvals to settle the transaction, and in accordance with the sale and purchase agreement, the company issued 350 million fully paid ordinary shares in Metminco to RMB on 20 June.

It also reimbursed RMB for expenses incurred by Minera Seafield for the period from execution of the offer letter to the end of April 2016, totalling A$165,000.

A final reconciliation of expenses for the period 30 April 2016 to settlement will be completed by the parties one month after settlement.

As a result of the issue of the consideration shares, RMB has become a substantial shareholder of Metminco, holding 400,000,000 shares, equivalent to 10.3% of the company.

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Pan African [LON:PAF], the African-focused precious metals producer, has appointed BMO Capital Markets Limited as joint broker alongside Numis Securities Limited and Peel Hunt LLP with immediate effect.

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The sector's biggest riser was Red Rock Resources [LON:RRR] - up by over 10.5% in late trading . The biggest faller was Beowulf Mining [LON:BEM] - down by more than 8.3%.






At 4:23pm:

[LON:BEM] Beowulf Mining PLC share price was -0.33p at 3.58p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 33.75p

[LON:CEY] Centamin PLC share price was -1.45p at 104.85p

[LON:CHL] Churchill Mining PLC share price was +0.75p at 19.88p

[LON:CZA] Coal of Africa Ltd share price was +0.13p at 4.13p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 30.5p

[LON:FRES] Fresnillo PLC share price was -3.5p at 1214.5p

[LON:GEMD] Gem Diamonds Ltd share price was -0.75p at 130.75p

[LON:HOC] Hochschild Mining PLC share price was -5p at 151.25p

[LON:KMR] Kenmare Resources PLC share price was +0.03p at 0.83p

[LON:MNC] Metminco share price was 0p at 0.16p

[LON:PAF] Pan African Resources PLC share price was -0.62p at 14.88p

[LON:RRR] Red Rock Resources PLC share price was +0.05p at 0.53p

[LON:SOLG] SolGold PLC share price was +0.03p at 2.98p

[LON:VED] Vedanta Resources PLC share price was -1.35p at 424.35p



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