AI assistant
CRITICAL RESOURCES LIMITED — Capital/Financing Update 2013
Apr 3, 2013
64708_rns_2013-04-03_9e5a3139-5628-4fbe-814d-8efd225810d8.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX Release 4[th] April 2013
==> picture [43 x 44] intentionally omitted <==
Diamond Rig Arrives on Site to Commence Deep Drilling
- Deep diamond drilling program starts 11 April 2013
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
-
Five priority drill targets identified
-
Targets include large-scale repetitions of Martin Shaft gold mineralisation
-
Fully funded $21m drilling program over two years to deliver constant news flow and targeting rapid JORC resource base expansion
Sovereign Gold Company Limited (ASX:SOC) is pleased to advise that it’s co-operation partner Jiangsu Geology and Engineering’s (SUGEC) large track mounted, deep drilling diamond drill rig has arrived on site. This rig has the capability to drill up to 800 metres (HQ-NQ) downhole and will soon be delivering constant news flow on the extent and delineation of mineralisation.
SUGEC is only six months into a two year fully funded exploration program and significant discoveries have already been made.
SUGEC has conducted detailed geological, geophysical (magnetics and induced polarisation) and geochemical surveys throughout Exploration Licences (EL) 7491 and 7768. SUGEC are contributing $4 million on these tenements as part of a total exploration funding commitment of $21 million on 10 tenements where Sovereign Gold has a majority interest.
Five key targets are scheduled for deep diamond drilling commencing this April and ongoing over 18 months. The principal aim of this drilling program is to test the potential of these targets to host commercial occurrences of mineralisation.
The first two drill targets are in EL 7491 and testing will be made for gold mineralisation discovered in the large dyke hosting the Martins Shaft Gold lode. This dyke also hosts several large gold bearing alteration structures including a 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 Au1) and wide (12 metres downhole1) gold mineralisation. These new discoveries further confirm the large scale of the Rocky River-Uralla Intrusion-Related Gold System (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.
Two newly discovered areas of anomalous base metals in EL 7768 - especially copper - will also be deep drilled. One of these mineralised structures has been traced for over 1,000 metres.
The capacity for continuous diamond drilling over a minimum of 18 months provides Sovereign Gold with the opportunity to rapidly expand its JORC resource base and create significant shareholder value. In this respect Sovereign Gold stands apart from most explorers who have no choice but to curtail drilling to conserve funds in the current depressed equity market. In fact Sovereign Gold will have three diamond drilling rigs operating by the end of April 2013. The target and locations of the additional drilling programs will be detailed in forthcoming releases.
SUGEC’s exploration will soon extend over of 7 ELs (2,040km[2] ) and will undoubtedly produce further significant discoveries.
For further information please contact:
Michael Leu, CEO, Telephone: +61 2 9251 7177
1 ASX 30th January 2013
ASX Release 4[th ] April 2013 – Page 2
==> picture [31 x 32] intentionally omitted <==
==> picture [482 x 264] intentionally omitted <==
Track mounted deep drilling (600 metres) diamond drill rig. This rig has a very low environmental footprint as it is able to crawl to drill site and level itself with hydraulic jack legs, therefore it does not need the support of earthworks such as roads and drill pads.
==> picture [296 x 390] intentionally omitted <==
Sovereign Gold Tenement Portfolio