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SolGold (LSE:SOLG) has provided a significant update to its stakeholders, highlighting the company's ongoing efforts to de-risk and advance the Cascabel Project in Ecuador. With a focus on timely execution, management and the board have outlined key initiatives, including a comprehensive geotechnical program, the formation of a specialized project team, and the acquisition of critical permits.
Geotechnical Program Underway
As part of its strategy to ensure the success of the Cascabel Project, SolGold has initiated a detailed geotechnical program aimed at identifying the optimal locations for essential infrastructure. This includes the placement of the process plant, tailings storage facility (TSF), camp, waste dumps, and surface workshops. The program is a crucial step in understanding the site's subsurface conditions, which will guide the placement of these critical facilities.
The geotechnical program is not only focused on infrastructure but also on identifying any unexpected mineralization that could impact the project's development. The contract for this program has been awarded to a leading Ecuadorian company specializing in geotechnical drilling. This local expertise will be supported by SolGold's in-house geotechnical team, ensuring the work meets the highest standards. The first drill is scheduled to be mobilized in the third quarter of this year, marking a pivotal moment in the project's progression.
Formation of the Project Team
In tandem with the geotechnical work, SolGold is actively assembling a robust project team. The company is on track to secure all necessary positions by early Q4 2024. This team will consist of experts in various disciplines, including mining methods like Block Caving, Sublevel Caving, and Open Pit mining, as well as specialists in TSF, logistics, infrastructure, civil engineering, geology, metallurgy, process plant operations, environmental management, permitting, scheduling, and cost control.
Key roles have already been filled, with seasoned professionals now on board to drive the Cascabel Project toward its full potential. Additionally, SolGold is reviewing Expressions of Interest from a range of independent consultants and firms to further enhance its de-risking efforts. A notable appointment is a civil engineering consultant with extensive experience in TSF, who has already completed a site visit in August, adding valuable insights to the project's development.
Permitting Milestones Achieved
SolGold has also made significant progress on the permitting front, securing crucial authorizations that will accelerate the Cascabel Project’s development. Among the key permits obtained is the Cascabel Underground Exploration Permit, which allows the company to move forward with its underground exploration plans, including the development of the mine's future portal and declines. Additionally, the geotechnical drilling program has received full permits for all project areas, ensuring that the planned examinations can proceed without delay.
Looking Ahead
As SolGold prepares for the upcoming geotechnical drilling, the company is also focused on finalizing the selection of the project management group following a rigorous tender process.
