Mount Adrah Multiple Gold Target Drilling Underway
Sydney, Oct 17, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited's (
ASX:SOC) (Sovereign Gold) geologists have been encouraged by the extent and continuity of the pipe mineralization from the drilling of Hobbs Pipe 1 and by the correlation with nearby geology and earlier geophysics that suggest that the Mt Adrah region may host a major mineralizing event.
The data to date has been consistent with concepts of Intrusion Related Gold Systems and Sovereign Gold remains encouraged that its concepts are maintaining a high level of validity.
Sovereign Gold had previously advised that it would carry out 3D Induced Polarisation surveys in the immediate vicinity within roughly a 1200m radius. These surveys are now complete and the data continues to be interpreted, with further targets being assessed.
Processing and analysis of 3DIP data has yielded a number of substantial drill targets within the immediate vicinity of Hobbs Pipe 1 (see Figure 1 in link below). Four major targets, Castor, Pollux, Arcadia and Hobbs SE have been identified as chargeability high - resistivity low anomalies suggesting potential large scale hydrothermal alteration zones that could be associated with mineralisation.
A fifth target has also been identified at Gemini.
A further target at Hobbs Middle East (located 200-400m immediately to the ESE of Hobbs Pipe 1) has a subdued anomaly similar to Hobbs Pipe 1 and sits immediately above the possible diorite intrusion.
Six exploratory drill holes have been proposed in programme for the current campaign to test each target as set out in the accompanying photographic map (Figure 2).
The first of these, GHD009, is currently underway and Departmental approval is being sought for the remaining five holes.
Dr Kris Butera, CEO of Gossan Hill Gold Limited said, "Successful discovery of further gold mineralisation on any of these targets will rapidly evolve the project to a multi-cored world class project. We aim to rapidly quantify and delineate large new systems within the immediate Hobbs Pipe 1 environment, targeting significant increases to the scale and sustainability of the project. These are exciting times for the project."
About Gossan Hill Gold Limited and the Hobbs Gold Project
Gossan Hill is an unlisted exploration company with numerous IRGS gold prospects in New South Wales.
The recent acquisition of a controlling interest (87%) in Gossan Hill by Sovereign Gold provides multiple benefits for Sovereign Gold, including an expanded exploration footprint in New South Wales with an additional three quality project areas within 8 Exploration Licenses.
Prior to the acquisition by Sovereign Gold, exploration indicated the potential for a significant gold resource presence at the Gossan Hill properties and in particular, the recently discovered Hobbs IRGS deposit which should enable Sovereign Gold to rapidly deliver resource growth and leverage off its experience exploring for IRGS in New South Wales.
The Hobbs IRGS deposit is close to good infrastructure (power, transport and water) and is held within EL 6372, EL7844, EL 8127 and ELA 4868.
The Mt Adrah Project is approximately 23km north west of the township and old gold mining centre of Adelong, in central western NSW.
Hobbs Pipe 1 in EL 6372 has a JORC compliant 650,000-ounce resource, consisting of 101,000 oz Measured; 303,000 oz Indicated; and 246,000 oz Inferred at a 0.75 g/t Au cutoff.
To view maps and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-761579.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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