Sovereign Gold Company Limited (ASX:SOC) Good Gold Grades Continue at Martins Shaft
Sydney, July 7, 2011 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) is please to report further gold grades at Martin's Shaft.
The initial diamond program was only for 1,200 metres, and this work is nearing completion.
The infill diamond program of 11 holes has been completed at Martins Shaft. Diamond holes have also been completed at Gracie, Little Gracie, and the drill rig has moved to Wilson's Creek.
Gold and Silver Intercepts Diamond Drill Hole, SGRDD004, Martins Shaft 18 metres at 3.51 g/t gold includes 7 metres at 7.47 g/t gold.
A second RC drilling program is being planned and will mainly consist of shallow holes of around 60 metres to better define the extent of mineralisation at Little Gracie, Gracie and Wilsons Creek, and to test as yet un-drilled targets.
There will be a second round of deeper drilling at Martin's Shaft to test for grade and width of mineralisation with depth. For this purpose, Sovereign will contract a dual-purpose drill rig with capacity to pre-collar to a depth of 200- 250 metres followed by a diamond tail. These holes are unlikely to exceed 300 metres downhole depth.
Sovereign has acquired a handheld XRF analyser that will speed up the exploration process targeting anomalous pathfinder elements, arsenic, antimony and bismuth in soil and stream sediment. In addition to accelerating the pace of exploration, the handheld XRF analyser will significantly reduce the cost of assays, through field evaluation prior to laboratory analysis. Only assays supported by QC Certificates of Analysis are reported. A low level aeromagnetic and radiometric survey is scheduled to be completed by the end of July and combined with surface geochemistry is expected to outline new targets for further exploration and drilling.
For the complete Sovereign Gold Company Limited announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/68274-ASX-SOC-640177.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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