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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Apr 28, 2013
64708_rns_2013-04-28_83db06bc-bc1a-42fa-9213-5f7b9f3fcec4.pdf
Capital/Financing Update
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ASX Release 29[th] April 2013
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Strike Length Doubled on Current Deep Drilling Target
Sovereign Gold Company Limited ACN 145 184 667
Level 2, 131 Macquarie Street Sydney NSW 2000 Tel: +61 2 9251 7177 Fax: +61 2 9251 7500
Contact Michael Leu CEO
email: [email protected]
Latest News www.sovereigngold.com.au
Directors / Officers John Dawkins AO Michael Leu Peter Meers Jacob Rebek
ASX Symbol: SOC
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820m extension to strike length
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Strike length of mineralised structure more than doubled to 1,550 metres (previously 730m)
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Deep diamond drilling underway
Diamond drilling is underway along a large gold-bearing structure 2.7km northwest of Martins Shaft. Previous shallow (max. depth 45.3m) diamond drilling has confirmed this structure has the potential to host repetitions of large Martins Shaft-style gold lodes. This shallow diamond drilling proved the existence of both high grade (up to 12.35g/t Au[1] ) and wide (12 metres downhole[1] ) gold mineralisation at shallow depth (Figure 2).
Previous mapping had traced gold mineralisation and alteration in the newly discovered structure at surface for 730 metres along a northeast trend (Figures 1 & 2).
Recent soil geochemical survey data collected and processed in collaboration with Sovereign Gold’s JV partner SUGEC indicated potential extensions to this already large structure. Closed-spaced ground rock sampling over the last week has extended the length of the previously sampled gold-bearing alteration within this structure by 820m, from 730 to 1,550m (Figure 1).
The original discovery was made by locating within the dyke swarm, hosting Martins Shaft, several diagnostic characteristics (magnetic and radiometric geophysical characteristics, alteration and structure) that coincide with the closest analogue – the 32 million ounce Donlin Creek IRGS gold deposit in Alaska.
This predictive success further supports proof of concept of the large IRGS.
Qualifying Statements
The information in this Report that relates to Exploration Information is based on information compiled by Michael Leu who is 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 mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person 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 announcement of the Exploration Information in the form and context in which it appears.
The deep drilling program will now include additional holes to test the full length of this 1.55km long mineralised structure that is exposed at surface and has potential for a large, low cost open cut operation.
For further information please contact:
Michael Leu, CEO Telephone: +61 2 9251 7177
Media enquiries:
Justin Kelly, Mercury Consulting Mobile: +61 408 215 858 [email protected]
1 ASX 30th January 2013
ASX Release 29[th] April 2013 – Page 2
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Figure 1: Length of northeast trending gold-bearing structure extended from 730-1550m.
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Figure 2: Detail of previously sampled northeast trending 1,550m long structure showing location of goldbearing alteration surface rock assays (Au ppm) and shallow diamond drill holes.
ASX Release 29[th] April 2013 – Page 3
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Sample S806, phyllic (quartz-sericite-pyrite) altered felsic dyke with abundant 0.5-1mm long limonite filled cubes after pyrite (location shown on Figure 1).
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Sample S821, quartz-sulphide flooded metasediments (location shown on Figure 1).
ASX Release 29[th] April 2013 – Page 4
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