Castor High-grade Drilling Program
Sydney, May 12, 2014 AEST (ABN Newswire) - Sovereign Gold Company Limited (
ASX:SOC) announce that the Mt. Adrah Gold Project - Wedge drilling program to commence using diamond hole GHD009 as the mother hole, aiming to more fully assess the high-grade Castor reef structure.
- The wedge hole program is designed to determine the shape, orientation, width and grade of the Castor gold mineralised structure (10m @ 17.7 g/t Au from 506m downhole) intersected during 2013 drilling and announced on 28th October 2013
- The discovery of high-grade reefs at depth on the northeastern side of the Hobbs Pipe may add a significant dimension to the potential project economics at the Mount Adrah Gold Project Diamond drilling will recommence on Monday 19th May 2014.
An array of up to five wedge holes will be drilled from the HQ-size GHD009 from two wedge points approximately 50m and 100m back up-hole from where the Castor structure was first hit.
The daughter holes will be drilled in NQ-size and will be terminated soon after they penetrate the Castor structure. Their main purpose is to deliver a tight cluster of intersections around the initial intersect that can then be used to extrapolate its extent, to correlate it with similar structures in adjoining holes, and to position drill holes to test the extent of the Castor structure on increasingly wide spacings with more confidence: the mineralisation bodies need to be characterised before they can be effectively traced.
It is known that other high-grade and silica vein gold mineralisation occurs in adjoining hole (GHD011, 1.2m @ 58.6 g/t) and indicated in historic workings some 400-500m sub-vertically above the existing drill intersections.
Several additional reefs were identified in three deep holes GHD007, GHD009 and GHD011 in the 2013 drilling.
Gold is present in visible grains in some of these and therefore it is anticipated that the nugget effect will have a significant influence on assays and requiring more sample volume to be taken to get representative grade averages. The high density of holes in the proposed wedge drilling is also intended to establish control over sampling methodology.
High-grade intersection of 10m @ 17.7g/t Au from 506m including 2m @ 59.4g/t Au from 514m were returned in hole GHD009, at the Castor Reef
Managing Director, Julian Malnic said, "If the proposed drilling continues to achieve similar results to those in hand, the addition of high-grade reef style mineralisation to the resource picture at the Mount Adrah Gold Project could add a significant new dimension to the project economics."
To view diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-796827.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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