(MENAFN- ProactiveInvestors - Australia) Sovereign Gold Company (ASX:SOC) has discovered large gold-bearing mineralisation near Martins Shaft in New South Wales.
Sovereign had initially located anomalous gold in the outcrop and further testing of 10 samples returned gold anomalies including 8 of them indicating that the area supported a bulk open-cuttable gold target.
The large gold bearing structure was first discovered at SOC's exploration tenement during initial field reconnaissance and the discovery of such areas of unexplored gold mineralisation suggests the unexplored potential for discovery in the Rocky River-Uralla Goldfield area.
The new mineralisation is in the same area as the Martins Shaft and potentially represents similar style gold lode. Martins Shaft returned drill intersections including 22 metres at 3.2 grams per tonne of silver.
The eight samples collected over 197 metres of strike ranged from 0.4-2.32 grams per tonne of gold, with high silver content.
Sovereign Gold's project area covers over 2650 square kilometres and is in the region of the Rocky River-Uralla Goldfield that have yielded about 5193 kilograms of gold between 1858-1967.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.