06:29 AM EDT, 03/19/2024 (MT Newswires) -- SolGold Plc ( SLGGF ) earlier Tuesday provided an update on the Blanca-Nieves project in Ecuador.

Exploration at the project identified a significant porphyry target at El Cielto Norte covering about 2.5 x 2.5 kilometers and is greater in extent than the Alpala system to the south at the Cascabel project, the company said.

At Florida, new assays from channel samples of gold-bearing epithermal quartz vein outcrops returned results of 6.15 meters at 7.46 g/t gold, including 2.2 meters at 21.1 g/t gold.

The company noted the potential for the future integration of Blanca-Nieves with the Tier 1 Cascabel project due to the proximity. Blanca-Nieves is about 8 kilometers north of the Cascabel project.

SolGold ( SLGGF ) also said it is advancing new target areas toward drill-ready status.

SolGold ( SLGGF ) holds a 100% stake in the project through its Ecuadorian subsidiary, Carnegie Ridge Resources SA.

The company at last look gained 1.9% in London morning trading on Tuesday.