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Sovereign Gold Co Ltd Mount Adrah Gold Identifies Additional Targets

03.07.2014  |  ABN Newswire
Sydney, Australia - Sovereign Gold Co Ltd (ASX:SOC) (Sovereign Gold) provides an update on the current activities of its subsidiary company Mount Adrah Gold Ltd. (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 gold exploration and development company that holds a highly prospective tenement package, for Intrusion-Related Gold Systems (IRGS), in New South Wales, Australia. Sovereign Gold holds 11 Exploration Licences covering over 3,240km2 near Armidale in NSW, including the historic Rocky River-Uralla Goldfields. Sovereign Gold's aggressive exploration program in several of these licence areas is funded via a joint venture (at the tenement level) with Jiangsu Geology & Engineering Co Ltd (SUGEC), a major Chinese State-owned geology enterprise. The other area of focus is the Mt. Adrah Project, approximately 50km southeast of the regional NSW centre of Wagga Wagga and 23km northwest of the historic mining district of Adelong, via an 87% interest in unlisted Gossan Hill Gold Limited. This area contains the recently discovered, world-class, Hobbs IRGS deposit which is currently under evaluation.



Contact:

Henry Kinstlinger
Investor Relations
Sovereign Gold Co Ltd.
Tel: +61-2-9251-7177
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