Australian miner to overhaul portfolio

Photo: SolGold

New focus Australian miner SolGold has announced its exploration team recommended to the board and the board approved to rational-ise the company’s exploration portfolio to focus resources on the firm’s highest priority targets.


As a result, SolGold aims to relinquish 10 of the 72 concessions held within the miner’s four 100 percent owned subsidiaries in Ecuador largely due to lower assessed geological prospectivity compared to its other project areas, the company said in a statement. These con-cessions cover a total of about 37,000 hectares.


"The relinquishment of these concessions will allow our exploration teams to focus on higher priority projects and lower the Company's exploration commitments, made when SolGold acquired the licences, by circa USD 75.6 million," the statement said.


"With a large portfolio in Ecuador, SolGold's exploration strategy has always been to explore as much ground as possible and relinquish less prospective areas in our search for Tier 1 deposits. With a cash position of approximately USD 109.6 million at 30 June 2021, the group is well funded to advance its regional work programme and able to re-allocate funds," according to SolGold.