Uralla - Encouraging Gold Results With High Silver Values
Sydney, Nov 8, 2013 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) geologists consider the Lachlan-New England Fold Belts of NSW to have the ideal setting for Intrusion-Related Gold Systems (IRGS), a relatively newly recognised gold mineralisation style. IRGS are usually large tonnage; low-grade deposits associated with granitic style intrusions. Sovereign Gold geologists specialise in identifying the distinguishing diagnostic characteristics of IRGS.
Sovereign Gold has identified and acquired tenement portfolios that they consider are prospective for IRGS.
The Hobbs deposit at Mount Adrah appears to be a classic example of IRGS with extensive near homogenous gold mineralisation grade in monzodiorite rocks. Sovereign Gold geologists consider that the Rocky River-Uralla Project is another example of a large IRGS.
The results to date at the Rocky River-Uralla Project have identified a 1.55km strike length and drill intersections including 13.9m of 1.45 g/t Au and 11.8 g/t Ag, providing strong evidence of this mineralisation style.
Whilst the Mount Adrah Hobbs deposit is giving strong indications of developing into a significant IRGS gold deposit, it is important to recognise that the Rocky River-Uralla Project was Sovereign Gold's cornerstone asset and has considerable potential.
Sovereign Gold is exploring the Rocky River-Uralla Project concurrently with the Mount Adrah Hobbs deposit.
EL 7491 currently under joint venture with SUGEC who are spending $2 million on EL 7491 to March 2014 (earning 30%), as part of a total exploration funding commitment of $21 million through J/V and MOU on 10 tenements where Sovereign Gold Gold has a majority interest.
Encouraging Results
A 2,500m multiple hole diamond drilling program is underway on a 1.55km long gold-bearing structure in EL 7491 (ASX 29 April 2013; 5 August 2013). This newly discovered mineralisation is part of the large Rocky River-Uralla Intrusion-Related Gold System.
Following detailed geological mapping and geochemical and geophysical surveys a series of close-spaced north-east dominant mineralised structures and subsidiary semi-orthogonal structures that cut north-west trending felsic dykes were discovered. One of the mineralised shear zones has been traced for 1.55km and is the current focus of drilling.
Martins Shaft-style mineralisation has been intersected in the felsic dykes. Also drilling has revealed brecciation and silica-sulphide flooding accompanied by tongues of mineralised felsic dykes in mineralised metasediments along the 1.55km long structure.
This extensive mineralised shear zone fault system may represent a high-level fracture fluid plumbing system developed above a potential IRGS Hobbs-style pipe.
The drilling program is testing the gold grades laterally and vertically along the 1.55km long gold-bearing structure to establish a JORC compliant resource.
Results have been received for four holes (ZK0301, ZK0701, ZK0003 and ZK0901) which have been completed and assayed since the update of 5 August 2013.
Summary
Diamond Drill Hole ZK0301, encountered intermittent gold mineralisation over 15.20m downhole from 35.20m-50.4m including:
- 3.43 metres @ 1.68g/t Au from 43.77-47.2m
- 2.25 metres @ 2.72g/t Au from 44.95-47.2m
- 1.35 metres @ 3.36g/t Au from 44.95-46.3m
- 0.74 metres @ 4.26g/t Au from 44.95-45.69m
Diamond Drill Hole ZK0701, encountered mineralisation over 20.4m downhole from 7.65m-27.69m including:
- 13.90 metres @ 1.45g/t Au, 11.88g/t Ag from 13.79m-27.69m
- 9.46 metres @ 1.75g/t Au, 15.44g/t Ag from 13.79m-23.25m
- 3.61 metres @ 2.61g/t Au, 13.79m-14.70m
- 2.34 metres @ 3.02g/t Au from 14.56m-16.90m
- 4.10 metres @ 1.30 g/t Au, 31.84g/t Ag from 17.40m-21.50m
Diamond Drill Hole ZK0003, encountered intermittent gold mineralisation over 23.45 metres downhole from 101.85m-125.30m including:
- 11.45 metres @ 0.71g/t Au from 101.85-113.3m
- 8.95 metres @ 0.80g/t Au from 101.85-110.80m
- 2.64 metres @ 1.03g/t Au from 108.16-110.80m
- Gold continued intermittently widespread downhole including 1.13g/t Au over 0.78m from 116.40-117.80m and 0.86g/t Au over 0.50m from 124.8-125.30m, indicating system is widening at depth.
Diamond Drill Hole ZK0901, encountered gold mineralisation over 21.70 metres downhole from 8.50m-30.20m including:
- 10.35 metres @ 71.86g/t Ag from 15.85-26.20m
- 5.48 metres @ 1.24g/t Au 57.39g/t Ag from 14.62-20.10m
- 2.35 metres @ 1.99g/t Au, 78.86g/t Ag from 15.85-18.20m
- 1.75 metres @ 2.35g/t Au, 97.56g/t Ag from 15.85-17.60m
- 0.80 metres @ 3.08g/t Au, 72.10g/t Ag from 15.85-16.65m
- Anomalous gold continued intermittently widespread downhole to 30.20m including 0.35 metres @ 1.22g/t Au from 29.85-30.20m.
To view all data, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-766629.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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