Sovereign Gold 2012 Drilling Program Commences
Sydney, April 17, 2012 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) Enviro-friendly diamond drill rig purchased: 15 separate gold lodes, Numerous geochemical anomalies, Versatile enviro-friendly diamond drill rig purchased.
Several exciting drill targets have been prioritised for the 2012 drilling campaign.
Earlier drilling has confirmed the presence of a large, newly discovered Intrusion-Related Gold System (IRGS) at the Rocky-River Uralla Goldfield.
'Proof of Concept' validates the potential for a major gold discovery.
Sovereign Gold has defined a multitude of targets comprising more than 15 separate gold lodes and numerous geochemical anomalies in a large mineralising system over 60 km2.
Potential exists for the discovery of multiple Martins Shaft-type deposits, of similar and larger size, within this large IRGS.
Discovery of multiple exploration plays at or near surface including mineralised dykes many metres wide, mineralised structures several hundred metres long, sheeted vein deposits, high-grade narrow veins and shoots in granite and disseminated gold in granite, including:
- Frasers Find - "Walk-up" drill targets where high (up to 2.47 ounces) gold and silver (up to 35.69 ounces) grades were obtained in recent sampling of mineralised structure over 250 metres long
- Melvaines Mine - sheeted veins in dyke like Martins Shaft, assays from dumps up to 13.75 grams per tonne gold
- Sueys Hudsons-McCrossins - 600M long gold-bearing structure
- Newly discovered gold-bearing structure - several hundred metres long, up to 100 metres wide, with significant geophysical and geochemical anomalies, rock chips up to 7.6g/t gold are to be drilled.
Phase one of the 2012 drilling program has been formulated to advance the conceptual exploration target model of several satellite mineralised zones (resource blocks) of 50,000 to 100,000 ounces Au each along the mineralised structures within the field, with a global target hosting 750,000 to 1.5M oz. of gold.
Enviro-friendly drill rig purchased
Sovereign Gold is committed to conducting its exploration programs by following industry best practice in accordance with published government guidelines and codes.
Sovereign Gold has purchased a small footprint (2.25 metres wide x 5.25 metres long) MAC 200 custombuilt wire line diamond-drilling rig.
The MAC200 is mounted on a 4WD Hilux chassis and due to its small footprint represents a high standard of environmental management, maximising the use of existing tracks for access where possible and alleviating the need for costly drill pads.
"Drilling is the single largest cost in exploration but also the best method for rapidly adding value.
"The MAC200 is equipped with hydraulic levelling jacks that provide a stable platform for drilling operations. It offers a high mobility on site and is quick to set up. Through being self-sufficient, Sovereign Gold substantially reduces costs of drilling whilst expediting rapid mobilization between target sites," said Sovereign Gold's CEO, Michael Leu.
The MAC200 drill unit is very versatile:
- Two speed top head drive
- Ability to function as high speed core rig
- Slow speed auger or small RAB unit
- Has the capability of changing the rotary action to a top head hammer configuration.
The estimated cost per metre of diamond core is now approximately 50% that of external contracted drilling services.
Sovereign Gold has engaged a local Uralla Driller to operate the MAC200.
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.
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