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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Apr 21, 2013
64708_rns_2013-04-21_101048aa-c8a8-44b4-bd5b-6064f666780f.pdf
Capital/Financing Update
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ASX Release 22[nd] April 2013
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Drilling Underway on EL 7491 –
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
Martins Shaft-style gold mineralisation
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Drilling has commenced on the 730 metre long gold-bearing structure containing Martins Shaft-style gold mineralisation
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Deep holes planned to test depth and extent of gold mineralisation
Drilling is underway on the 730 metres long fault/shear zone where previous shallow diamond drilling by Sovereign Gold 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.
The first drill hole of this present campaign is beneath an earlier shallow diamond drill hole SGRDD039 that returned 1.07g/t over 12 metres from 3- 15m downhole including 4.93g/t over 0.6m. Other previous shallow holes such as SGRDD036, returned 2.75g/t Au over 4.85m from 7-11.85 metres downhole including 7.8g/t Au over 1m and 12.35g/t Au over 0.5m.
This current drilling program includes deep diamond holes >200 metres to test the grade, width and vertical extent of this long gold-bearing structure with the aim of establishing a JORC resource.
Newly discovered, nearby mineralised long structures have a similar potential and have been targeted for deep drilling.
The current drill target is one of five priority drill areas discovered through very detailed geological mapping, soil/stream geochemical surveys and ground geophysical surveys (magnetics and Induced Polarisation).
Jiangsu Geology and Engineering’s (SUGEC) are contributing $4 million on EL7491 and EL7768 as part of a total exploration funding commitment of $21 million on 10 tenements where Sovereign Gold has a majority interest.
Sovereign Gold’s co-operation partner SUGEC has purchased a large track mounted, low environmental footprint deep drilling diamond drill rig. This rig has the capability to drill up to 800 metres (HQ-NQ) downhole.
Sovereign Gold and SUGEC consider the very underexplored granite belts of northern New South Wales to have significant potential for the discovery of Intrusion-Related Gold Deposits and mine development.
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.
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]
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.
1 ASX 30th January 2013
ASX Release 22[nd] April 2013 – Page 2
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Figure 1: Location of Martins Shaft Gold lode within the large NW trending dyke (yellow outline). The green line show location of the 730 metre long gold-bearing structure currently being drilled. Also shown are the locations of all 36 geophysical targets ( ) over satellite image in EL 6483 and EL 7491. Major interpreted structures (potential gold-bearing fluid conduits) are indicated by black lines; historical gold mines/prospects are designated by yellow triangles ( ).
ASX Release 22[nd] April 2013 – Page 3
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Figure 2: Sovereign Gold Tenement Portfolio