Sovereign Gold Company Ltd. - Hobbs Pipe 1 Reaches 100 Metres Width and Widening for 2-4 Million Oz Target
06.08.2013 | ABN Newswire
Sydney, Australia (ABN Newswire) - Sovereign Gold Company Ltd. (ASX:SOC) announce that the Hobbs Pipe 1 reaches ~100 metres width and widening with the following highlights:- Down-hole length currently at 888 metres and drilling continues to determine northern edge of Hobbs Pipe 1
- Hobbs Pipe 1 approximate true width currently ~100 metres at 888 metres down hole and widening
- Strong sulphide-sericite alteration, an indicator of gold mineralisation at the Hobbs deposit, is present throughout the Pipe 1 zone
- Visual observation of core identical to previous vertical hole GHD001
Current diamond drill hole, GHD004 is primarily testing the lateral extent (width) of the deposit at depth and in a NNE direction, where the company believes the system may be spatially associated with the main intrusive source responsible for the Hobbs Pipe 1 beneath Mount Adrah.
GHD004 is a deep steeply inclined hole designed to test the width of Hobbs Pipe 1 to ~1,000m vertical depth and may also confirm that Hobbs Pipe 1 continues to depth.
Core is being progressively split and logged and sent to ALS for assay; results will be reported as available.
Previous drilling (GHD001 by the Company) identified a continuous homogenous intercept of 886m @ 1.2 g/t Au (including 400m @ 1.4 g/t Au and 720m @ 1.3 g/t) from surface [ASX 30/7/13] confirming that the exploration target for Hobbs Pipe 1 of 65 - 90M tonnes at 1.1 g/t - 1.4 g/t for 2.25M to 4M ounces contained gold continues to be valid.
The potential quantity and grade of exploration targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
The Mt Adrah Hobbs Gold Deposit also sits on the same geostructural system as Newcrest Mining's Cadia Ridgeway gold mine (which hosts 60 million ounces gold equivalent) and Rio Tinto's Northparkes gold mine (8Moz gold equivalent) (see figure below).
Dr. Kris Butera, CEO of Gossan Hill Gold (SOC owns 87%), stated, "We are delighted that the current hole has demonstrated a minimum approximate true width of 100m at depth, and widening, and consistently strong sericite alteration and sulphide mineralisation from where the hole entered the pipe at 336m to the current depth.
To view diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-748192.pdf
About Sovereign Gold Company Limited:
Sovereign Gold Company Ltd. (ASX:SOC) is an Australian-based gold mining company that holds a prospective tenement package covering the Rocky River-Uralla Goldfield, 21km southwest of Armidale, NSW, Australia.
Contact:
Sovereign Gold Company Ltd.
T: +61-2-9251-7177
F: +61-2-9251-7500
WWW: www.sovereigngold.com.au