Quarterly Activities Report
Sydney, April 27, 2012 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) quarterly operations report is dated 27th April 2012 and is for the three months ending 31 March 2012.
Company Overview
New South Wales
Sovereign Gold Company is exploring a large Intrusion-Related Gold System (IRGS) at the Rocky River-Uralla Goldfield in New South Wales. The project covers 2,400 square kilometres and is located around the township of Uralla, 21km southwest of Armidale, New South Wales, Australia, with superb infrastructure logistics. It is close to major roads, rail, airport, labour source, university, power, and engineering.
Available production records indicate that the Rocky River-Uralla Goldfield yielded 5,193 kg (approximately 167,000 ounces) of gold mostly from Tertiary deep leads during the period 1858-1967.
Sovereign Gold's exploration objective is to locate the hard rock gold sources.
Malaysia
Sovereign Gold is a 50% joint venture partner in the Ibam Hill Project, located in the Eastern Gold Belt in the Malaysian state of Pahang in the Bukit Ibam State Forest Reserve; which is 152km ENE of Kuala Lumpur.
The geology of Ibam Hill is not dissimilar to the Selinsing Gold Deposit in the Central Gold Belt. The Eastern Gold Belt is an under-explored part of the world with excellent exploration potential for gold, tin, iron ore and other commodities.
The initial exploration target is 100,000 - 150,000 ounces gold1 in an obvious near surface, open pitable resource that averages 1 - 2 grams gold per tonne.
Potential exists for significant extensions, outside the block selected for phase 1 drilling, of gold mineralisation at depth and along the strike. Fieldwork also confirms there is potential for new targets in the near surroundings.
Quarter Highlights
- Twin holes at Martins Shaft improves sampling methods - higher gold results obtained
- Diamond cores present significantly higher gold grades compared to some close-spaced reverse circulation drill holes at Martins Shaft
- Martin Shaft 2011 wrap-up
- Frasers Find - high gold and silver grades in mineralised structure over 250 metres long
Corporate
Sovereign Gold has entered into a cooperation and investment agreement with Jiangsu Geology and Engineering Ltd of Nanjing China to contribute $4 million toward IRGS exploration on EL 7768 and EL 7491.
Register snapshot
On 31 March 2011, Sovereign Gold had 77,000,000 ordinary shares on issue and 7,250,000 options.
Chinese SOE, SUGEC to invest $4 million in IRGS exploration on EL 7768 and EL 7491 Sovereign Gold has entered into a cooperation and investment agreement with Jiangsu Geology and Engineering Co. Ltd. (SUGEC) of Nanjing, China to contribute $4 million toward Intrusion-Related Gold System (IRGS) exploration on EL 7768 and EL 7491 in NSW (SUGEC Gold Tenements). SUGEC will fund exploration on the SUGEC Gold Tenements in the amount of $2 million over each tenement before 31 March 2014 at which time SUGEC will be entitled to a 30% interest in the respective tenement.
Whilst Sovereign Gold's primary exploration focus is diamond drilling multiple targets within its 100% owned EL 6483 where Martins Shaft and Frasers Finds and other identified gold-bearing structures are located, SUGEC's participation will enhance Sovereign Gold's understanding of IRGS in NSW and fast track exploration and resource definition.
The recent aeromagnetic survey revealed extensions of the gold channelling structures located in EL 6483 extending into the adjacent EL 7491. The exploration program with SUGEC will expand the magnetic survey over EL 7491 to locate further potential Martins Shaft-style lodes.
To view the complete Sovereign Gold Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-676425.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.
| ||
|
