SolGold Announces Cascabel Exploration Update

BISHOPSGATE, UK - SolGold plc reported on the Tandayama-Ameríca (TAM) porphyry copper-gold deposit at the Cascabel project in northern Ecuador. The TAM deposit lies approximately 3km north of the Alpala deposit that comprises 2,663Mt at 0.53% CuEq [1] in the Measured plus Indicated categories and contained metal content of 9.9Mt Cu, 21.7Moz Au and 92.2Moz Ag [2] at the Cascabel project, held by Exploraciones Novomining S.A. ("ENSA"), an 85% owned subsidiary of SolGold.

The TAM deposit currently contains a Mineral Resource Estimate ("MRE"), dated 19 October 2021, of 233Mt @ 0.33% CuEq [3] for 0.53Mt Cu and 1.20Moz Au each in the Indicated category, plus 197Mt @ 0.39% CuEq for 0.52Mt Cu and 1.24Moz Au in the Inferred category. The maiden MRE was estimated from a dataset including drill holes 1-23, plus 458m of rock-saw channel assays across hard-rock surface outcrops. A total of 30,925m of diamond drilling, in 41 drill holes, has now been completed at the TAM deposit, including a total of 29,632m of final assay results.