Sovereign Gold Company (ASX:SOC) has intersected 102.3 metres at 4.40% zinc and lead, 0.39% copper, 88.94 g/t silver and 0.26 g/t gold from surface at the 100% owned Halls Peak - Gibson project located in New South Wales.
(Currently trading as SOCDA as shares consolidated, and soon to be known as Force Commodities ASX:4CE).
The mineralised intersection of massive sulphides contained grades of up to 15% zinc, 8% lead and 597 g/t silver.
The assay results from this diamond drill program confirm the existence a numerous, thick, high-grade mineralised zones of zinc, lead, copper, silver and gold.
The third phase of drilling at Halls Peak will be expedited for early 2017 and will target a maiden JORC resource with potential additional extensions to the mineralised high-grade zones.
Rocco Tassone, managing director, commented: “The company is certainly excited by the high-grade results at Halls Peak providing shareholders with the potential to benefit from the buoyant zinc market.”
SG03 drill hole details
Drill hole SG03, which stepped back 20 metres from SG02 has intersected 102.3 metres at 4.40% zinc and lead, 0.39% copper, 88.94 g/t silver and 0.26 g/t gold from surface including:
- 11.3 metres at 15.18% zinc, 8.02% lead, 1.61% copper, 597.8 g/t silver, 1.56 g/t gold; and
- 5.7 metres at 9.44% zinc, 7.09% lead, 0.53% copper, 155.21 g/t silver, 0.45 g/t gold.
This follows intersections in the first two holes of:
- SG01: 43.30 metres at 5.06% zinc and lead, 0.98% copper, 23.79 g/t silver, 0.14 g/t gold including 3.80 metres at 16.78% zinc, 3.85% lead, 2.13% copper, 41.84 g/t silver and 0.22 g/t gold; and
- SG02: 47.60 metres at 3.91% zinc lead, 0.48% copper,10.92 g/t silver, 0.07 g/t gold including 16.40 metres at 5.93% zinc, 2.27% lead, 0.77% copper, 17.01 g/t silver and 0.13g/t gold.
Analysis of the deposit will be conducted and a structural image will be compiled and released shortly, incorporating all previous and existing drilling results.
The presence of high-grade copper mineralisation at depth suggests the possibility of second style of mineralisation in the Halls Peak area, potentially massive sulphide replacement bodies in intensely carbonate-altered rocks or a porphyry-style mineralisation at depth.
Exploration at Halls Peak is aimed to locating the right depositional environment to host a large scale, high-grade base metal deposit.
The exceptional results received during this drill campaign continue to show that Halls Peak has the potential to host a large base metal deposit and have presented the company with an opportunity of considerable upside.
Sovereign Gold will shortly provide a structural model of the 100% owned Halls Peak deposit in so that shareholders can clearly understand the considerable potential that exists for this project.
With a follow up drill program being expedited to target a maiden JORC resource, Sovereign Gold is well positioned for further news flow catalysts over the coming months.