IRGS Gold System at Hobbs Pipe 1 Widening
Sydney, Aug 2, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) announce that the current width determined by recent drilling of the Mt Adrah Hobbs Pipe 1 is ~70 metres and widening with:
- Strong sulphide-sericite alteration, an indicator of gold mineralisation at the Hobbs deposit, is present throughout the Pipe 1 zone
- Down-hole length currently at 680 metres and drilling ahead to determine northern edge of Hobbs Pipe 1
- Hobbs Pipe 1 width currently ~70 metres at ~630 metres vertical and widening
- 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 split and logged and is being sent to ALS for assay; results will be available some two weeks from receipt.
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 geo-structural 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, "The second deep hole to test the width of mineralisation at Hobbs Pipe 1 has intersected Hobbs Pipe 1 exactly as predicted.
The alteration and mineralisation are also identical to the first vertical deep hole at Hobbs Pipe 1. The width is 70m and growing. We are thrilled with the outcome so far and could not have asked for a better result."
To view diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-747820.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.
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