Next Deep Diamond Hole Underway at Mt Adrah
Sydney, July 25, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) with the next Deep Diamond Hole (GHD004) underway with the next Deep Diamond Hole commenced on schedule and testing lateral extent of Hobbs Pipe 1 at depth.
The second deep diamond drill hole is underway on schedule at the Hobbs Deposit Pipe 1 target.
The Hobbs Deposit Pipe 1 target is located on EL 6372. Drilling is planned to a depth of ~1,000 meters.
The objective of this hole is to provide validation of the Conceptual Exploration Target - 65 - 90M tonnes at 1.1 g/t - 1.4 g/t for 2.25M to 4M ounces contained gold to 1,000 metres.
The potential quantity and grade of exploration targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
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.
Managing Director, Michael Leu stated, "Given the exceptional results from the previous deep drill hole at Hobbs Pipe 1, we are confident this next drill hole will add further to our knowledge about the geometry of the deposit at depth. The drilling and assay results will also be utilised as integral components in the eventual determination of a resource at Hobbs Pipe 1, as well as adding further confidence in achieving our multi-million ounce conceptual target."
To view Tables and Charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-746393.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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