Successful Completion of Second Drill Hole into Hobbs Pipe 1
Sydney, Aug 8, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) announce the successful completion of a second drill hole into the Hobbs Pipe 1 with ~110 metre width confirmed.
Diamond Drill Hole GHD004 completed successfully
- Tested pipe width across dip toward the NNE
- Final depth 1,030.1m
- Mineralisation consistent from 336m to approximately 900m.
- Mineralisation visibly identical to, or better than, previous vertical hole GHD001
- Strong sulphide-sericite alteration, an indicator of gold mineralisation at the Hobbs deposit, is present throughout the Hobbs Pipe 1 zone
- Sulphides associated with alteration selvedges of quartz veins and fractures continue to end of hole
- Confirming a width of Hobbs Pipe 1 of ~110m at depth, as predicted
- Assays pending
Next holes starting within the fortnight target strike length of 250-300m (an increase from initial estimates of 200m)
- GHD005 to test strike length toward the ESE (inclined to 75deg)
- GHD006 to test strike length toward the WNW (inclined to 78deg)
Scoping Study underway
Sovereign Gold Company Limited (ASX:SOC) is pleased to announce that deep diamond hole GHD004, targeting the width of Hobbs Pipe 1, has been completed to a depth of 1,030.1m.
Consistent strong sericite altered monzodiorite hosting disseminated arsenopyrite-pyrite (gold-bearing) mineralisation was observed from where the drill hole entered the pipe, at approximately 336m down hole, through to where the hole intersected a more mafic diorite at a down hole depth of 890 to 920m (at pipe edge). Mineralisation is expected to continue further to depth within the pipe structure.
Within the deeper diorite unit, some intense sericite alteration was observed with arsenopyrite, pyrite and pyrrhotite, generally as selvedges to quartz veins. It is unknown whether this newly observed style of mineralisation will host economic gold grades, however samples are being taken and dispatched for assays. Of prime importance to the project, this intersection confirms the predicted 100m true width of the pipe at depth, with the final pipe width (expected to be 100m or above) of the mineralised zone to be confirmed by pending assays.
Sovereign Gold's Managing Director, Michael Leu, noted, "These results further validate the company's conceptual models and targets, and also confirm the scale of the deposit. The next holes will test the strike length of the system."
Scoping study underway for the Hobbs Pipe 1 deposit, with guidance from a team of highly respected consultants and mine developers. Initially, this work is focussing on the metallurgical; caveability and sulphide concentrate, transport costs and potential revenue generation for the project.
For pictures and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-748633.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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