Mount Adrah Gold Identifies Additional Targets
Sydney, July 3, 2014 AEST (ABN Newswire) - Sovereign Gold Co Ltd (
ASX:SOC) (Sovereign Gold) provides an update on the current activities of its subsidiary company Mount Adrah Gold Limited (Mount Adrah) in relation to its activities outside of the Hobbs area.
Exploration
Exploration in areas of Mount Adrah's significant tenure outside the Mount Adrah Gold Project (Hobbs deposit) focus area is advancing. Two new key greenfield targets have been identified. These are at the historical Southern Cross Reef Mine, and nearby Nacki Nacki Eluvial Field in the Bangadang area (EL 6372).
At the historic Southern Cross Reef Mine an underground mapping and sampling program was recently undertaken to define the potential for remnant gold mineralisation and more clearly outline the geological and structural setting. Results from this program will define the next steps to be undertaken in the exploration process.
Overview
- Sheared breccia pipe hosted in altered schists
- Quartz reef style mineralisation
- 690 oz Au historical production (see mine data sheet)
- A recent underground mapping and channel sampling program was undertaken
- Mapping has identified significant structural complexity. The interaction between multiple generations of brittle-ductile structures and the remobilisation of mineralisation in a number of orientations was evidenced
- Channel samples are currently with ALS (assay laboratories) for screen fire assay. Results are pending
- A drilling program is proposed to test beneath the old workings for evidence of a high-grade quartz reef target
Nacki Nacki Eluvial Field
A new target has been identified at Nacki Nacki based on anomalous gold and base metal mineralisation from surface sampling and geophysical interpretation. Early indications suggest a geological setting similar to that found at the Hobbs deposit.
Overview
- 220 x 290m zone of shallow eluvial (in situ) gold workings
- Quartz rocks contain sulphide
- One of four rock grab samples returned a gold assay of 77g/t Au (BANG001); taken from scree at surface, likely sourced from underlying geology
- Mapping has revealed a concentric zonation to workings and gold occurrences
- The prospect is interpreted as a weathered cap and alteration halo sitting above a Hobbs-style intrusive pipe
- A drilling program is proposed to test for blind, pipe-hosted mineralization similar to Hobbs
To view all figures and tables, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SOC-805168.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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