Mt Adrah New High Grade Gold Discovery at Castor Prospect
Sydney, Oct 28, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC), through subsidiary Gossan Hill Gold Limited, is pleased to announce the discovery of high grade gold mineralisation outside of the Hobbs 1 Pipe, providing further encouragement that the Mt Adrah district will potentially host gold mineralisation additional to the current resource.
Drill hole GHD009 included an intercept of 10m @ 17.7g/t Au from 506m from a zone of narrow quartz veins, intense sulphide veining and alteration within skarn-altered rocks adjacent to the Hobbs Pipe 1 (true width not known).
This intercept included 2m @ 28.4g/t Au from 506m and 2m @ 59.4g/t Au from 514m.
Drill hole GHD009 was completed at a depth of 1,312.6m. The drill hole exited Hobbs Pipe 1 near surface and entered a substantial alteration zone, progressing through garnet-pyroxene skarn (hosting the newly discovered mineralisation) and then into sericite-chlorite-quartz-sulphide (pyrite-arsenopyrite-pyrrhotitechalcopyrite) altered metasediment until end of hole.
The intensity of alteration and quartz veining in the metasediments is interpreted to exhibit significant potential for proximal mineralised intrusive pipes or stockwork quartz vein gold zones. These will be targeted by follow-up drilling from drill pads closer to the targets once regulatory approvals are obtained (Figure 6 in link below).
Gossan Hill Gold CEO, Dr Kris Butera, said: "This is the first confirmation of gold mineralisation outside of the Hobbs Pipe 1 deposit, both in holes GHD009 and GHD007. The presence of high-grade gold mineralisation adds a significant new perspective on how we view the mineralised systems."
Assays are pending for the remainder of GHD009, both above and below the high-grade zone.
Drill hole GHD007, also drilled through skarn alteration, yielded broad low-grade zones of gold mineralisation including 2m @ 2.7g/t Au from 548m, 62m @ 0.3g/t Au from 214m, 16m @ 0.6g/t Au from 724m. The hole ended in 2.1m @ 0.49g/t Au from 922m. These results highlight strong potential for a proximal gold system outside of the Hobbs Pipe 1 that will be targeted by future drilling. Near the surface, the hole intersected 144m @ 1.3g/t Au related to the Hobbs Pipe.
Drill hole GHD008, drilled within the pipe, intersected 483m @ 1.2g/t Au from 6m, including higher grade near surface zones of 56m @ 1.7g/t Au from 6m and 128m @ 1.5g/t Au from 6m.
Drill Hole GHD010 has commenced with the intention of testing a near surface chargeability anomaly similar in nature to and along strike from Hobbs Pipe 1. Hobbs Middle East Prospect lies to the ESE of Hobbs Pipe 1, approximately half way to the Hobbs SE Prospect. The anomaly dips slightly to the north, similar to the Hobbs 1 pipe.
To view diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-763697.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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