Annual Report to Shareholders
Sydney, Mar 29, 2012 AEST (ABN Newswire) - On behalf of the Board of Directors I am pleased to present the Annual Report for Sovereign Gold Company Limited (
ASX:SOC) for the twelve months to 31 December 2011.
After listing on 3 December 2010 your Company mobilised swiftly into drilling and has confirmed the presence of a newly discovered large Intrusion-Related Gold System (IRGS) within its key tenements around the Rocky-River Uralla Goldfield. The recent drilling has established Proof of Concept and validates the potential for a major gold discovery. The gold lode at Martins Shaft returned some impressive drill intersections including Diamond Drill Hole SGRDD002: 22metres @ 3.28 grams/tonne gold from 18-40 metres downhole including 10 metres @ 6.06 grams/tonne gold from 27-37 metres downhole and 2 metres @ 18.85 grams/tonne gold from 35-37m metres downhole. Drilling has proven the gold bearing lode extends to at least 130 metres vertically (still open) - in similar systems the gold lodes have been proven to be part of deep tapping structures that extend to at least 500 metres vertically, the limit of drilling. Deep drilling is planned for 2012. Exploration, although in the very earliest of stages, has already resulted in the discovery of significant gold mineralisation and the identification of many more potential drill targets for 2012.
Drilling along the Goldsworth Mine confirmed gold mineralisation for over 570 metres along the strike of a continuous magnetic linear with over 40 kilometres of untested potential. This long gold channelling structure hosts several historic gold mines and Sovereign's geologists have discovered new gold-bearing areas along it. A detailed low level airborne magnetic and radiometric survey has been completed that revealed the location of many other long gold-channelling conduits.
Sovereign has also secured a 50% shareholding in the Ibam Hill gold project located in the Eastern Gold Belt of Peninsular Malaysia. This under-explored region has excellent potential for a major gold discovery. Other gold opportunities are also being evaluated in the Central Gold Belt that hosts million ounce operating gold mines.
Sovereign Gold is now a leader in exploration of IRGS and through application of its explorations team's new understanding on the controls on gold mineralisation within these large systems has identified several high priority targets for drilling in early 2012 (mid-April).
Your Board is confident that the planned upcoming drilling program will discover further significant gold lodes and looks forward to continuously reporting these exciting discoveries to you.
John Dawkins AO
Chairman
View the complete Sovereign Gold Annual Report at the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-673231.pdf
About Sovereign Gold Company Limited
Sovereign Gold Co Ltd (ASX:SOC) is an Australian-based specialist gold exploration company. Sovereign Gold has a portfolio of quality tenements located in Eastern Australia where there is known potential for the occurrence of Intrusion-Related Gold Systems (IRGS). Sovereign Gold has a highly prospective tenement package covering the Rocky River-Uralla Goldfield, 21km southwest of Armidale, NSW, Australia. Sovereign owns the recent Mt Adrah Hobbs IRGS discovery south-east of Wagga Wagga, NSW.
| ||
|
