Drilling Target Snapshot
Sydney, April 26, 2012 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) announce, a newly discovered gold mine shaft, not in the records of Geological Survey of New South Wales, has been located on the south side of Kentucky Creek, headwaters of the Rocky River. The landowner refers to the shaft as Melvaines Mine but it is unknown if it was sunk by Maurice Melvaine or his father, both renowned prospectors.
The gold mineralisation is significant as it is present as sheeted veins and disseminated mineralisation in a large dyke, Martins Shaft style mineralisation. The massive Donlin Creek Intrusion-Related Gold Deposit (30 million ounces gold) of Alaska is principally hosted by sheeted veins in dykes. Melvaines Mine is located 4.3km southeast of Martins Shaft, further confirming the large scale of the Rocky River-Uralla Goldfield IRGS.
Kentucky Creek was incredibly rich in alluvial gold and it is apparent that the prospector who sunk this shaft loamed (method of methodically panning soil samples) his way up a tributary until he located the hard rock source. He then sunk a shaft by hand through solid rock. Much of the excavated material lies strewn around the collar of the shaft and samples were collected and assayed. It is clear the narrow sheeted vein style of the gold mineralisation defeated the old timer. The narrow veins assay up to 13 grams per tonne but were not wide enough to mine individually.
Such deposits are now readily mineable with modern technology and current high gold prices.
Historical Note:
Kentucky Creek Gold The alluvial gold in Kentucky Creek, where Thunderbolt the Bushranger was shot in 1870, was so rich that in 1863 a party of Chinese and German miners drilled and blasted the granite in the basement of the creek to recover gold from the crevices in the granite.
Blasted blocks of granite up to five tonnes were hauled by two man winch teams to form a gigantic stonewall many metres long and several metres high.
Considerable gold must have been shed from the hard rock source to justify this effort.
Clearly this prompted the miner who sunk the shaft to seek the source.
Arnold Goode
President, Uralla Historical Society
-------------------------------- Au-AA25--------------------------------Sample Type Location Au ppm--------------------------------Rock, Shaft S413 0.47Rock, Shaft S414 13.75Rock, Shaft S415 1.3Rock, Shaft MM1 2.12Rock, Shaft MM2 0.64--------------------------------
Assays of mineralisation collected from waste piles at Melvaines Mine (samples MM1 and MM2 - ALS Certificate of Analysis BR11031277; Samples S413, S414 and S415 - ALS Certificate of Analysis BR11018995).
For the complete Sovereign Gold announcement including further Figures and Mine Samples, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-676136.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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