Sovereign Gold Company Limited (ASX:SOC) Found Free Gold at Reedy Creek
Sydney, Oct 19, 2011 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) says today that the Company has found free gold in boulder at Reedy Creek. Airborne Survey reveals gold mineralisation at Reedy Creek related to a significant magnetic anomaly.
Highlights
- History of alluvial gold mining within a closed catchment indicating placer gold sourced from hinterland around Reedy Creek. This represents a separate but linked occurrence to gold mineralisation at Martins Shaft and the Goldsworth Mine.
- Magnetic data in conjunction with geochemical structural and geological setting provides a strong indication that Reedy Creek could host a significant gold deposit.
- Sheeted veins with sericite-sulphide alteration in felsic dyke boulder discovered at Reedy Creek, Martins Shaft-style mineralisation.
- Gold identified in host rock at Reedy Creek suggests a very large gold mineralisation system as Reedy Creek is situated 12km north-east of Martins Shaft where gold has been identified.
Reedy Creek is situated in EL 7700 and is contiguous to EL 6483. The Reedy Creek tenement was selected as it contains an area where the northeast magnetic linear feature intersects a north-west trending structure (possibly faulted contact Uralla Granodiorite and Sandon Beds). The recent airborne magnetic survey shows a large magnetic anomaly over Reedy Creek.
The main north-east trending magnetic anomaly bifurcates as it intersects the north-west structure at Reedy Creek. Known gold mineralisation (Goldsworth Mine, Goldsworth Gully, Vickers and Hudsons Prospects) occur along the NE magnetic linear at points where it splits, indicating sites for ground preparation to facilitate migration and deposition of gold-bearing fluids.
Mapping by previous explorers (GS1970/671 26709) located an extensive area of hydrothermal (sulphide) alteration associated with a NE trending aplite dyke.
A detailed mapping and sampling program covering the Reedy Creek catchment area is in progress.
The physical attributes of the boulder containing visible gold are consistent with the gold not travelling a great distance; careful sampling along Reedy Creek and its tributaries should reveal the likely source of this boulder.
Exposure of the geology along Reedy Creek is excellent. Exposure of outcrop along ridges is often poor and Sovereign is using a handheld XRF to find zones of anomalous arsenic, antimony and bismuth, the pathfinder elements for IRGS mineralisation within the Rocky River-Uralla Goldfield.
Sovereign's goal is to define new targets for costeaning and sampling, and if warranted drill testing in 1Q2012.
For the complete Sovereign Gold announcement including figures, please refer to the following link:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-653345.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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