Hobbs Pipe 1 IRGS Continues To Exceed Expectations
Sydney, Aug 13, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) is pleased to announce that initial assays have been received from deep diamond hole GHD004, which was drilled to determine the subsurface width of Hobbs Pipe 1 in the northeast direction.
The assay results are at the upper range of expectations at 1.4 g/t.
GHD004 entered the Hobbs Pipe 1, at approximately 336m down hole, and visual logging to 1,030 metres indicates, as predicted, an approximate true width of ~110 metres, being confirmed as further assays are received.
The first results from GHD004 provide further validation of the Exploration Target for Mt Adrah Hobbs Pipe 1 of 65 - 90M tonnes at 1.1 g/t - 1.4 g/t for 2.25M to 4M ounces contained gold.
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 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 starting within the fortnight 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 the location maps, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-749183.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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