The Board of SolGold Plc (LSE:SOLG)(TSX:SOLG) is pleased to advise that Mrs Elodie Grant Goodey has been appointed to the Board of Directors as Non-Executive Director.
Commenting on the new appointment, SolGold Chairman Brian Moller said:
“I am delighted to welcome Elodie to the Board. Elodie will bring wide-ranging and highly relevant ESG and corporate communications skills to the Board, whilst also strengthening its independence, alignment with, and visibility to, management and diversity.
SolGold is rapidly progressing from explorer to developer and is constantly looking for key hires and appointments to further progress its development. This appointment reflects the Company’s ambition, priorities, vision and commitment to sustainability as its flagship initial project Alpala emerges as one of the world’s pre-eminent copper gold projects, and Ecuador develops into a leading, sustainable mining nation.”
Elodie is an ESG expert with more than 25 years’ experience in social risk assessment, stakeholder engagement, social performance, tax transparency and human rights in diverse environments often related to emerging markets.
Elodie has previously worked with BP plc from 1998 in various positions, including Chief of Staff North Africa, External Affairs, Head of Communication for Exploration and Production and most recently as Head of Societal Issues and Stakeholder Engagement for the entire group. She has previously held Board positions on Amerisur Resources, a Colombian explorer and the BP Foundation, and was a Member of the Advisory Board of Abkons, Albania.
Her experience gained as BP’s representative on the Board of the Extractive Industries Transparency Initiative from 2010 to 2015 was a key factor in her appointment.
Elodie is based in the United Kingdom and her appointment is the outcome of a process closely coordinated with key governance advocates among our institutional shareholders.
By order of the Board,
SolGold Plc (Chief Executive Officer)
Tel: +61 (0) 7 3303 0665
+61 (0) 417 880 448
SolGold Plc (Company Secretary)
Tel: +61 (0) 7 3303 0661
SolGold Plc (GM – Project & Corporate Finance)
Tel: +44 (0) 20 3823 2131
|Gordon Poole / Nick Hennis|
Camarco (Financial PR / IR)
Tel: +44 (0) 20 3757 4997
Hannam & Partners (Joint Broker and Financial Advisor)
Tel: +44 (0) 20 7907 8500
|Ross Allister / David McKeown|
Peel Hunt (Joint Broker and Financial Advisor)
Tel: +44 (0)20 7418 8900
|Clayton Bush / Scott Mathieson|
Tel: +44 (0) 20 3100 2227
|Liberum (Joint Broker)|
|James Kofman / Darren Wallace|
Cormark Securities Inc. (Financial Advisor)
Tel: +1 416 943 6411
Follow us on twitter @SolGold_plc
SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold’s management team was recognised by the “Mines and Money” Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is the largest concession holder by land mass, and most active explorer in Ecuador and is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.
SolGold employs a staff of 700 employees of whom 98% are Ecuadorian. This is expected to grow as the operations expand at Alpala, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has 86 geologists, of whom 30% are female, on the ground in Ecuador exploring for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world’s copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The minority equity owner in ENSA is required to repay 15% of costs since SolGold’s earn in was completed, from 90% of its share of the distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall convert to a 0.5% NSR royalty which SolGold may acquire for US$3.5 million.
Advancing Alpala towards development
The resource at the Alpala deposit boasts a high-grade core which is targeted to facilitate early cashflows and an accelerated payback of initial capital. SolGold is currently assessing financing options available to the Company for the development of the Alpala mine following completion of the Definitive Feasibility Study.
Mineral Resource Estimate #3:
· Mineral Resource of 2,663 Mt @ 0.53% CuEq for 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag in the Measured plus Indicated categories.
· Mineral Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9 Moz Au and 10.6 Moz Ag in the Inferred category
Qualified Persons: Information in this news release relating to technical information is based on data reviewed by Mr. Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr. Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years’ experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.
SolGold’s Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is the largest and most active concessionaire in Ecuador.
The Company wholly-owns four other subsidiaries active throughout the country that are now focussed on thirteen high priority gold and copper resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,072,213,495 fully-paid ordinary shares and 183,662,000 unlisted options exercisable at various prices.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold’s concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical database, SolGold’s QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold’s QA/QC protocol also monitors the ongoing quality of its analytical database. The Company’s protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold’s QA/QC protocol.