Sovereign Gold Company Limited - Exciting gold results continue at Mount Adrah Hobbs Pipe 1
19.08.2013 | ABN Newswire
Sydney, Australia - Sovereign Gold Company Ltd. (ASX:SOC) is pleased to present the remaining assays for hole GHD004. Similar grades to previous drill hole GHD001 were encountered to a depth of 942m down hole, confirming the width of the pipe to be approximately 110m wide at this depth.The results include 514m @ 1.2g/t Au from 336m, within a broader zone of 606m @ 1.1g/t Au.
Higher grade intercepts include:
- 72m @ 1.3g/t Au from 488m
- 54m @ 1.4g/t Au from 618m
- 66m @ 1.4g/t Au from 774m
These results should be taken with results from the previous hole GHD001, directly vertically above GHD004 results, where an intercept of 400m @ 1.4g/t Au was intersected.
Dr Kris Butera, CEO of Gossan Hill Gold Limited (subsidiary of SOC), said: "To have both the depth and width potential of the system validated by grades as good as, if not better than, most of the large bulk grade systems, even on an equivalency basis, of the Lachlan Fold Belt, really does highlight the potential for the Mount Adrah deposit to host a world class gold system.
Commencement of drill hole GHD005, to test the strike extent of the Hobbs 1 Pipe to the ESE, will begin around Tuesday 20th August, while planning continues for the undertaking of a large scale induced polarisation survey to aid in the targeting of additional pipes or extensions to the current mineralisation.
The scoping study underway for the Hobbs Pipe 1 deposit, with guidance from a team of highly respected consultants and mine developers, is initially focused on optimizing gold recovery, options for low cost bulk mining, sulphide concentrate offtake options, and potential revenue generation for the project.
The next deep drill holes are designed to determine the strike length of the pipe, now estimated to be 250-300m (an increase from initial estimates of 200m); GHD005 will test strike length toward the ESE (inclined to 75deg) and GHD006 will test the strike length toward the WNW (inclined to 78deg).
To view figures and maps, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-750195.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.sovereigngold.com.au