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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Jul 22, 2013
64708_rns_2013-07-22_82449b8e-4be7-4b55-b84a-9aafabd06b3f.pdf
Capital/Financing Update
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ASX Release 23[rd] July 2013
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World-class gold intercept continues to grow at Mount Adrah
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Continuous assayed intercept now 478m @ 1.2g/t Au; expected to increase further
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194m @ 1.3g/t Au from 576m – 770m
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Including: 96m @ 1.6g/t Au from 622m – 718m
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Including: 42m @ 1.8g/t Au from 674m – 716m
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Mt Adrah Hobbs Pipe 1 assays within expected range, continue to confirm company’s concept and target
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These results provide a clear picture of the grade of mineralisation to 770 metres
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Assay results from the rest of the hole, 0m - 292m and 770m – 1,029.6 metres, are pending and due by the end of July
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Metallurgical testing underway by ALS Burnie to validate historical results
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Next Deep Diamond Drill Hole (GHD004) underway to test width of mineralised Mt Adrah Hobbs Pipe 1
The Board of Sovereign Gold Company Limited (ASX: SOC) are extremely pleased to announce a major extension to the depth of known gold mineralisation at the Mt. Adrah Hobbs Pipe 1. Assays have extended known gold mineralisation to at least 770m depth.
Priority was given to assay core cut commencing at 292m as gold grades to 300m have already been reported, such as DGG1: vertical hole with 313m @ 1.42g/t Au from 2m - 315m. New core from GHD001 for this interval is being assayed to provide validation of the earlier results and if confirmed will increase the aggregate grade from surface accordingly.
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Methods: Half-core HQ 2m composite samples were analysed at ALS Brisbane (multi-element) and ALS Townsville (Au). 48 element Multi-element analysis (ALS Method: ME_MS61) was by four acid digest and ICP-AES and ICP-MS. Gold analysis was by 30g Fire Assay with AAS finish (ALS Method: Au_AA25).
Previous reported gold grades, which include results for the upper interval to 292m for which assays are pending, provide an indication of the excepted grades:
Dr. Kris Butera, CEO of Gossan Hill Gold (SOC owns 87%), noted that “Further excellent assays with higher grade zones up to 1.6g/t Au over 96m continue to demonstrate the capacity of the Hobbs Pipe 1 system to become a major gold system. Based on our geological observations, we are anticipating results from the top 292m to continue to add to this magnificent drill intercept, further validating our conceptual model and targeting strategy.”
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ASX Release 23[rd] July 2013 – Page 2
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Grades are concordant with visual logging, confirming interpreted visual mineralisation throughout the hole and core.
Grades continue to underpin the company’s previously reported conceptual geological models and target grades for Mt Adrah Hobbs Pipe 1. The aggregate is within the target grades of 1.1 to 1.4 g/t.
Samples for metallurgical testing have been received by ALS Metallurgy in Burnie Tasmania.
Tests are being conducted to validate historic metallurgical work undertaken by Michelago Resources NL in 1996, which yielded gold recoveries of up to 94% of the gold, achieved via flotation into a sulphide concentrate[1] .
Overall gold recovery was in the order of 90%.
Next Deep Diamond Drill Hole (GHD004)
Drilling has commenced on a second deep hole to test the width of the mineralisation at Hobbs Pipe 1.
Diamond drill hole (GHD004) is a deep steeply inclined hole designed to test the width of Hobbs Pipe 1 between 220m and ~1,000m vertical depth.
This hole will primarily test the lateral extent of the deposit at depth and in a NNE direction, where the company believes the system may be spatially associated with the main intrusive source responsible for the Hobbs Pipe 1 beneath Mount Adrah.
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Cross section showing significant gold intersections
For further information please contact: Michael Leu, CEO Telephone: +61 2 9251 7177
Media enquiries:
Rebecca Lawson, Mercury Consulting Mobile: +61 432 398 122 [email protected]
1 Independent Metallurgical Report Mount Adrah Project, NSW, 1996. B. E. Enterprises.
ASX Release
23[rd] July 2013 – Page 3
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GHD001 661-664m, average 1.5g/t Au, sulphide-sericite altered monzodiorite exhibiting sheeted veins (HQ core diameter – 63.5mm)
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Location map and geological setting, EL 6372
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Qualifying Statements
The information in this report that relates to Exploration Information is based on information compiled by Michael Leu a Member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.
Mr Leu is a qualified geologist and is a director of Sovereign Gold Company Limited.
Mr Leu has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity, which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Resources. Mr Leu consents to the inclusion in this report of the Exploration Information in the form and context in which it appears.
ASX Release 23[rd] July 2013 – Page 4
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Conceptual geometry of Hobbs Deposit Pipe 1, showing completed and proposed drill holes