Martins Shaft Prospect; 2011 Extensive Drilling Results In
Sydney, Mar 16, 2012 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) conducted an extensive drilling campaign at its Martins Shaft prospect in the Rocky River-Uralla Goldfields during 2011. Results are now to hand for this campaign and are presented below.
- 29 reverse circulation holes were drilled for a total of 2,534 metres and
- 11 diamond holes for a total of 678 metres
The gold mineralisation at Martins Shaft is significant as this style of mineralisation was predicted from the application of Sovereign Gold's Intrusion-Related Gold System (IRGS) Exploration Model.
Potential exists for multiple Martins Shaft-type deposits, of similar and larger size, within the large IRGS. Several high priority drill targets have been identified for the next drilling campaign commencing mid-April 2012.
Exploration has already resulted in:
- Discovery of significant gold mineralization at Martins Shaft that is broadening down plunge and has great depth potential
- Proof of Concept that validates the potential for a major gold discovery and confirmation of a large, newly discovered IRGS
- Some very long and high grade gold intersections in drill holes at Martins Shaft
- The discoveries at Martins Shaft have confirmed the exploration model with the potential of several satellite deposits with a global resource of between 500,000 to 1,000,000 ounces.
- Sovereign Gold is now a leader in exploration of IRGS in Australia and through application of its new understanding on the controls on gold mineralisation within these large systems it has identified several high priority targets for drilling planned to commence in April 2012
- Sovereign Gold will deep drill Martins Shaft from 300-500 metres as these systems can typically extend to such depths. 3- dimensional wireframe model (Figures 2 and 5) shows ore body widening with depth
- Senior Geoscientists from the NSW Geological Survey are collaborating with Sovereign Gold as the new understanding of these gold systems has the potential to invigorate gold exploration and lead to world class gold discoveries in the New England Fold Belt
Some of the wide and high gold grades drill intersections at Martins Shaft include:
- Diamond Drill Hole SGRDD002: 22metres @ 3.28 grams/tonne gold from 18-40 metres downhole Including 10 metres @ 6.06 grams/tonne gold from 27-37 metres downhole and 2 metres @ 18.85 grams/tonne gold from 35-37m metres downhole.
- Diamond Drill Hole SGRDD004: 18 metres @ 3.51 grams/tonne gold from 52-70 metres downhole, including 7 metres @ 7.47 grams/tonne gold from 57-64 metres downhole and 1 metre @ 19.60 grams/tonne gold from 58-59 metres downhole.
The mineralisation comprises sheeted veins and disseminated gold mineralisation within a felsic dyke, which confirms the potential of a large IRGS hosting several primary hard rock gold deposits.
Gold has been located to a vertical depth of 130 metres (SGRDD010), limit of drilling. Mineralisation is widening down plunge (Figures 2 and 5). Strong phyllic alteration extends beyond the mineralised envelope. The felsic dyke has acted as a brittle host for magmatic fluids. It is clear from the presence of gold mineralisation and associated alteration that igneous textures are very conducive to the permeation/dissemination of gold-bearing fluids.
This IRGS has striking similarities to the multi-million ounce Donlin Creek IRGS deposit, with gold in dykes like Martins Shaft, of the Yukon-Alaska running Tintina Gold Province. This has been taken into account when formulating a target model of satellite mineralised zones with a global resource of between 500,000 to 1,000,000 ounces.
Sovereign Gold's 2012 drill programme will be conducted over a multitude of targets consisting of over 15 separate gold-bearing deposits and numerous geochemical anomalies, in a large 60 square kilometre mineralising system. These include several known and other recently discovered hard rock gold targets, as well as several targets on the largely unexplored 41 kilometres long magnetic linear that host several historic gold occurrences.
Sovereign Gold is able to swiftly identify multiple potential gold lodes for target defined drilling programmes.
For the full release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-671600.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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