SolGold PLC (LSE:SOLG)(TSX:SOLG) has provided an update on its Cascabel Project, highlighting key developments in de-risking and advancing the project. The company has initiated a comprehensive geotechnical program to determine optimal infrastructure locations, with drilling set to begin in Q3 2024. SolGold is also forming a specialized project team, aiming to fill all positions by early Q4 2024, bringing experts in various fields on board.
The company has secured crucial permits, including the Cascabel Underground Exploration Permit and approvals for geotechnical drilling across all project areas. These milestones underscore SolGold's commitment to timely execution and progress in the Cascabel Project's development.
Geotechnical Program Underway
SolGold is progressing with a comprehensive geotechnical program designed to determine the optimal locations for future infrastructure at Cascabel, including the process plant, tailings storage facility (TSF), camp, waste dumps, and surface workshops. The program will also provide information with respect to any unexpected mineralisation. The contract for the program has been awarded to an Ecuadorian company that specialises in geotechnical drilling, which will be supervised by SolGold's in-house geotechnical team. The first drill for this vital work is scheduled to be mobilised in the third quarter of this calendar year, marking a critical milestone in the project's lifecycle.
Project Team Formation
Management is actively establishing the Project team, targeting to secure all positions by early Q4 calendar 2024. The team will comprise experts in various fields such as Mining (Block Caving, Sublevel Caving, and Open Pit mining), TSF, Logistics, Infrastructure, Civil, Geology, Metallurgy, Process Plant, Environmental Management and Permitting, Scheduling and Cost Control, and Offtake Marketing. Several key roles have already been filled, bringing seasoned professionals on board to steer Cascabel toward its full potential. Management is also reviewing Expressions of Interest from various independent consultants and firms who will be engaged in additional components of the de-risking activities. A civil engineering consultant with extensive TSF experience has been retained, and a site visit was completed in August.
Permitting Milestones
-
Cascabel Underground Exploration Permit: The permit enables SolGold to proceed with the underground exploration plans and develop the mine's future portal and declines.
-
Geotechnical Drilling: The geotechnical drilling program is fully permitted for all areas of the Project to be examined.
The Future Looks Bright for SolGold's Cascabel Project
SolGold is preparing for the upcoming geotechnical drilling and the official selection of the project management group following the tender process. Regular updates on these activities will be shared to keep our stakeholders well-informed as progress continues. SolGold's commitment to timely execution and progress in the development of the Cascabel Project is evident in the recent milestones achieved. This commitment, coupled with the company's expertise and the formation of a dedicated project team, positions SolGold for continued success as it progresses towards unlocking the full potential of the Cascabel Project.
