Shares in Solomon Gold (LON: SOLG) spiked 11 per cent in early trade after the group revealed some encouraging early results from the Mbetilonga Project on the Solomon Islands.
The highlights included a 24 metre section from drill hole MBT001 that returned 0.23 per cent copper and a 46 metre section from MBT002 containing 0.25 per cent copper.
This second hole on the Vuanimaho Prospect also returned 0.34 grams per tonne of gold.
The update was provided by a subsidiary of Newmont Mining, Solomon’s partner in the Guadalcanal Joint Venture.
It revealed that a new porphyry target is emerging at the Hahala Prospect, in the western section Mbetilonga.
“Frequent sampling results of one per cent copper, up to a maximum of 22.8 per cent copper have been returned,” Solomon said today.
Separately, drilling has been completed and assay results are pending for MBT003 and MBT004 holes at the Havehahala Prospect, while drilling continues on MBT005.
At 10.15 am the shares were changing hands at 20.7 pence, up 2.08 pence, and in the past year the stock is up almost 230 per cent.
The main catalyst for that share price movement has been the Fauro Island project, which was fast-tracked last October following a £15 million City fundraiser.
Solomon believes Fauro has the potential to host a world class gold deposit, similar to the massive Lihir mine, which holds one of the world's largest gold resources.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17589/solomon-gold-rises-on-drill-results-from-mbetilonga-project-17589.html
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