The company hit an intercept of 722m grading 0.66% copper equivalent from surface including 118m grading 1.13% from 12m at the Cacharposa target.

SolGold executive director and head of exploration Jason Ward said the 19th hole represented one of the best hits to date at the Porvenir project.

"Mineralisation in this hole commenced from surface and attests to the economic potential of this project," he said.

Mineralisation in this hole commenced from surface and attests to the economic potential of this project.

"Cacharposa continues to grow and with numerous other nearby mineralised targets identified, we believe the Porvenir project has the potential to become a tier one copper-gold porphyry camp."

SolGold is advancing on a maiden resource estimate for Cacharposa which is expected before year end.

Shares in SolGold rose 2.4% overnight in London to 23.9p, valuing the company at £551.3 million.