Australia-based SolGold has unveiled new copper and gold assays at its Cascabel copper-gold porphyry exploration project in northern Ecuador.

Assay results from Hole 5 at the Alpala prospect returned intersections of 324.32m at 1.07% copper and 1.16g per tonne of gold from a depth of 869.68m.

The length of hole interval assayed so far from 24m to 1,194m depth yielded 1,170m grading at 0.58% copper and 0.49g per tonne of gold.

The company said that assays for the 136m interval 1,194m to 1,330m are anticipated in the next seven days and the gold-rich nature of the Alpala copper porphyry system has been confirmed.

"The likelihood of a world-class copper-gold porphyry at Alpala is increasingly strong."

Drilling will now be conducted on Hole 6, which is a targeting extension to the copper-gold mineralisation in Hole 5, 300m to the north-west.

Gridding continues for the planned 12km² of 3D induced polarisation survey in April, to assist predictions of the distribution of copper-sulphide zones.

SolGold CEO and managing director Alan Martin said the high-grade copper and gold results from 870m to 1,194m are spectacular.

"These results demonstrate the high-grade tenor of the Alpala system and with the copper and gold mineralisation, identified by assay or visual observation, continuing from close-to-surface to almost 1.4km down-hole, the likelihood of a world-class copper-gold porphyry at Alpala is increasingly strong," Martin said.

SolGold’s exploration projects are sitauted in northern Ecuador, Australia and the Solomon Islands.

In Australia, the company holds 100% of the Rannes, Mt Perry, Cracow West and Normanby projects, which are located in south-east Queensland.

The company’s projects in the Solomon Islands include the Fauro, on Fauro Island and the Lower Koloula, Malukuna and Kuma licenses, which are situated on Guadalcanal.