The Brisbane-based company said infill and extension drilling at Alpala was adding significant growth to the deposit.

Among the latest highlights, SolGold reported 756m at 0.82% copper equivalent, including 380m at 1.2% CuEq.

The company had established a maiden resource for Alpala in January of 1.08 billion tonnes at 0.68% CuEq.

Meanwhile, its geologists believe drilling at the Aguinaga target was building the potential for a second, large and near-surface porphyry deposit at Cascabel, where assay results from holes 1 and 2 include 218m at 0.45% CuEq.

SolGold had just over A$105 million (US$80 million) in cash and equivalents at the end of March.

It has also recently reported high-grade results from its 100%-owned exploration projects in Ecuador.

The company's share price soared in the second half of 2016 after receiving backing from companies including Australian-based gold major Newcrest Mining.

SolGold's shares rose more than 7% in morning trade in Toronto but eased to close up C1c to 42c, representing a drop of 19.23% year-to-date and capitalising it at $712.4 million.

In London, its shares lost early gains and closed down 2% yesterday to 23.5p.