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Sovereign Gold Company Ltd.
Summary
| Project: | Crescent Lake | |
|---|---|---|
| Deposit: | Chappais Lake | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 11/15/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 15-11-2016: Sovereign Gold Company Ltd. announces an Exploration/Drilling Update report for its Chappais Lake deposit at the Crescent Lake project. Drilling results incl. 1.5m @ 2.51% Li2O from 6.50m. Sovereign Gold Company Limited (ASX: SOC) (Sovereign o | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Peter Webster (Mercator Geological Services Ltd.) | |
| ABSTRACT: | Sovereign Gold Company Limited (ASX: SOC) (Sovereign or the Company) provides results from surface trench channel sampling and the first seven drill holes at its L61 and Chappais Lake Showings conducted at the Company’s Crescent Lake Lithium Project in Canada. The option to acquire the Crescent Lake project has now lapsed and the board will turn its Lithium focus to the recently announced spin-off of Clayton Valley Lithium into Marquee Resources Ltd and continue assessment of additional projects, including advanced Cobolt projects. The Chappais Lake Showing is one of 4 pegmatite dykes being evaluated for lithium in the Crescent Lake Project in Ontario. The outcropping is approximately 8 m x 25 m in surface exposure now that it has been stripped of overburden and power washed. The pegmatite dyke is hosted by a granitic intrusion (tonalite), strikes in an east-west direction and dips southerly at a low angle. The true width of the dyke near surface, as indicated by 2016 drilling (CL-16-02 and 16-03), is 4.7 m. A down dip drill hole (CL-16-10) within the dyke intercepted 22 m of pegmatite before passing out of the dyke. After washing and geological mapping of the showing in 2016 (Figure 2) two lines of continuous channel samples were cut across the pegmatite dyke. Each line consisted of several samples cut from the bedrock exposure using a diamond blade equipped gas powered saw. Sample lengths range from 1.0 m to 1.5 m and the sample cut measured approximately 5 cm in width and 5 cm depth along the channel length. This configuration is consistent with exploration industry standards. The Li2O results ranged from 0.08% to 3.15% for the 11 samples that comprise the two channel sample lines and these are illustrated in Figure 2 below. The Chappais Showing has strong spodumene mineralization, with large patches locally containing crystals up to 50 cm long. The 2016 channel samples did not cut through these obvious high grade areas. | |
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