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Sovereign Gold Company Limited (Sovereign Gold) (ASX:SOC) is an Australian-based specialist gold exploration company. Sovereign Gold has a portfolio of quality tenements located in Eastern Australia where there is known potential for the occurrence of Intrusion-Related Gold Systems (IRGS). Sovereign Gold has a highly prospective tenement package covering the Rocky River-Uralla Goldfield, 21km southwest of Armidale, NSW, Australia. Sovereign owns the recent Mt Adrah Hobbs IRGS discovery south-east of Wagga Wagga, NSW.
The primary exploration objective of Sovereign is to initiate, investigate, review and secure tenements with the potential to host large and economic IRGS gold and gold-copper systems. This prospect origination is then advanced to the prospect stage and canvassed to potential joint venture partners to provide additional funding for further exploration and potential economic development.
The main areas which have been targeted by Sovereign, where the potential geological ingredients exist for large IRGS systems, are the Rocky River-Uralla Goldfield region, the Adelong Goldfields / Mt Adrah on the Gilmore Suture in northeastern and southeastern New South Wales, respectively.
Mt Adrah Hobbs Deposit
The acquisition of Mount Adrah Gold and the subsequent deep drill testing of the Mt Adrah Hobbs prospect has led to a world-class discovery. The drill results and data to date provide strong indications that a large IRGS system(s) exists in the area.
Rocky River-Uralla Goldfield
Available production records indicate that the Rocky River-Uralla Goldfield yielded 5,193 kg (approximately 167,000 ounces) of gold mostly from Tertiary deep leads during the period 1858-1967. There are also many historic hard rock gold workings, but preliminary modern exploration only commenced recently and no drill testing has been undertaken to date. The 2003 Geophysical Survey, QN114 conducted by the GSNSW, showed that the hard rock gold workings are derived from magmatic fluids and could therefore represent a much larger mineralising system, raising the possibility that undiscovered lodes should be present.
Shallow workings and alluvial gold mining has also been a feature of the Adelong Goldfield since it was discovered in the late 1800’s. Gold systems had been recognised in the area previously but until the advancement of the IRGS geological model was confirmed in 1999 no modern deep testing of these features was undertaken.
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Last updated 10th June 2016.
Mr Thomas has over 10 years of experience in advising and funding numerous ASX listed companies from early stage seed capital through to IPO. He is currently a Non-Executive Director of ASX listed Applabs Technologies Ltd and xTV Networks Ltd.
Mr Tassone is currently Non-Executive Director of ASX Listed xT Networks Ltd and Applabs Technologies and has extensive experience in equities markets most recently with Bell Potter Securities Ltd where for the period of 8 years he advised across domestic and international Institutional Sales, High Net Worth individuals and Corporate Advisory.
Currently the Managing Director of ASX listed Applabs Technologies Limited and Non-Executive director of GB Energy Limited and Cirrus Networks Limited, Mr Patrick Michael Glovac has also recently joined the Sovereign Gold Board of Directors.
Last updated 15th June 2016.