Brisbane-based gold producer Solomon Gold has changed its name to SolGold to establish a new platform for growth as a leading gold-copper discovery company. The company’s board says the name change is part of its evolving strategy to build a global leader in the discovery of potentially world-class gold and gold-copper deposits.
SolGold’s current project portfolio is being rationalized and will reflect the company’s focus on its most promising projects, in some of the most endowed gold and gold-copper belts in the world. The recently announced Cascabel gold-copper project in Ecuador, which is a joint venture with Cornerstone Capital Resources, is indicative of this evolving strategy.
The company has also just announced an update of its 100%-owned Rannes gold-silver project resource in southeast Queensland, after the completion of considerable technical studies and the resumption of drilling after the wet season.
The resource estimate now includes resources in the indicated and inferred categories representing better defined, lower risk, resources. In the process, the overall resource estimate has been modified from 25.5 million tonnes at 0.6 grams/tonne gold and 15.9 grams/tonne silver to 18.7 million tonnes at 0.5 grams/tonne gold and 16.9 grams/tonne silver.
SolGold’s chief executive officer Malcolm Norris says “Whilst the headline number for Rannes has been revised, development and application of the new geological model has delivered a more robust resource estimate, with 34% of the estimate in the lower risk and higher confidence indicated category. This, coupled with the significant work carried out during the wet season to further define robust exploration targets, means that the board remains confident of reaching its previously stated 2 million ounce gold equivalent target.”
SolGold will continue to progress resource growth at the Rannes deposit and maintain exposure to the Solomon Islands through joint ventures, currently with Newmont Mining.
The company’s new SolGold logo represents its global reach, energy and force, and the integrated components and expertise of its people and refocused business strategy.