Fully Funded 2,500m Drilling Campaign at Uralla Continues
Sydney, July 15, 2013 AEST (ABN Newswire) - Sovereign Gold (
ASX:SOC) Announce a 2,500m multiple hole diamond drilling program is underway on the 1.55km long gold-bearing structure, discovered with Sovereign Gold's co-operation partner SUGEC, in EL 7491 (ASX 29 April 2013).
Fully funded 2,500m drilling campaign at Uralla continues
- 2,500m diamond drilling campaign at Uralla is underway
- Fully funded by Joint venture partner, SUGEC, funding $2m exploration program on EL 7491 to March 2014
- Testing large scale Intrusion-Related Gold Systems (IRGS)
- Deep drilling to assess full potential of 1.55km identified gold-bearing structure
- The campaign is expected to be completed in the September quarter- regular updates will be provided to the market
This newly discovered mineralisation is part of the large Rocky River- Uralla Intrusion-Related Gold System and has confirmed the repetition of Martins Shaft style mineralisation. Geochemical sampling (soil and rock chips) and mapping programs have now located additional parallel mineralised structures several hundred metres long.
The discovery is in EL 7491 currently under joint venture with SUGEC who are spending $2 million on EL 7491 to March 2014 (earning 30%), as part of a total exploration funding commitment of $21 million on 10 tenements where Sovereign Gold has a majority interest.
SUGEC'S large tracked diamond rig is capable of drilling to depths of 800 metres.
Sovereign Gold and SUGEC are undertaking the deep drilling program to test the gold grades laterally and vertically along the 1.55km long gold-bearing structure to establish a JORC compliant resource through 2013.
This Announcement should be read together with previous releases by Sovereign Gold regarding the development of the 1.55km gold-bearing structure identified on EL 7491, specifically the announcements of 10th October, 2nd November, 6 December 2012, 21st January, 29th January, 7th March, 4th April, 22nd April and 5 June 2013.
To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/75510-ASX-SOC-744819.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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