World-class gold intercept continues to grow at Mount Adrah
Sydney, July 23, 2013 AEST (ABN Newswire) - The Board of Sovereign Gold Company Limited (
ASX:SOC) are extremely pleased to announce a major extension to the depth of known gold mineralisation at the Mt. Adrah Hobbs Pipe 1. Assays have extended known gold mineralisation to at least 770m depth.
Priority was given to assay core cut commencing at 292m as gold grades to 300m have already been reported, such as DGG1: vertical hole with 313m @ 1.42g/t Au from 2m - 315m. New core from GHD001 for this interval is being assayed to provide validation of the earlier results and if confirmed will increase the aggregate grade from surface accordingly.
Grades are concordant with visual logging, confirming interpreted visual mineralisation throughout the hole and core.
Grades continue to underpin the company's previously reported conceptual geological models and target grades for Mt Adrah Hobbs Pipe 1. The aggregate is within the target grades of 1.1 to 1.4 g/t. Samples for metallurgical testing have been received by ALS Metallurgy in Burnie Tasmania.
Tests are being conducted to validate historic metallurgical work undertaken by Michelago Resources NL in 1996, which yielded gold recoveries of up to 94% of the gold, achieved via flotation into a sulphide concentrate.
Overall gold recovery was in the order of 90%.
Next Deep Diamond Drill Hole (GHD004)
Drilling has commenced on a second deep hole to test the width of the mineralisation at Hobbs Pipe 1. Diamond drill hole (GHD004) is a deep steeply inclined hole designed to test the width of Hobbs Pipe 1 between 220m and ~1,000m vertical depth.
This hole will primarily test the lateral extent of the deposit at depth and in a NNE direction, where the company believes the system may be spatially associated with the main intrusive source responsible for the Hobbs Pipe 1 beneath Mount Adrah.
To view tables and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-745956.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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