Vault hole 17GSE522B returns 8.65 g/t Au over
31.90 metersAndVault hole 17GSE517 returns 5.99 g/t Au over 33.25
meters
Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”)
(TSX:SBB) is pleased to announce additional results from the summer
exploration diamond drilling program at its 100% owned Back River
Gold Project in Nunavut, Canada.
A summer exploration drill program of 9,868
metres in 17 drill holes has now been completed. Drilling
successfully tested high impact exploration targets in and around
existing resources at the Goose Property, including five holes in
the high-grade Umwelt Vault zone. Two of these drill holes;
17GSE522B and 17GSE517, tested the central area of the Vault zone
and one drill hole, 17GSE520 tested an eastern fold hinge of the
zone and are reported in this release. See Figure 1.0 for drill
hole locations and Table 1.0 for significant intervals.
“These drill results have advanced this high
grade target area by increasing the down plunge expression of the
Vault Zone and improving confidence in the continuity of the zone,”
said Bruce McLeod, President & CEO. “Through our drilling
at Back River, we continue to enhance a large scale gold
system. Our core strategy of targeting high impact
exploration targets to potentially optimize mine life and economics
continues to yield success.”
Drilling of 17GSE522B which returned 8.65 g/t Au
over 31.90 m including 91.97 g/t Au over 1.15 m and 13.12 g/t Au
over 8.90 m has successfully expanded the down plunge length of the
high grade targeted zone to greater than 45 meters south of the
2012 drill hole 12GSE217 (see cross section in Figure 2).
Drill hole 17GSE517 confirmed mineralization
continuity central to the Vault Zone, positioned approximately 75 m
up plunge from 17GSE522B, intersected favourable mineralization
returning an intercept of 5.99 g/t Au over 33.25 m including 26.91
g/t Au over 2.20 m and 18.14 g/t Au over 5.40 m (see cross section
in Figure 3).
A PDF of Figures 1 - 3 accompanying this announcement is
available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/b5fc81aa-2146-4d0a-a89c-e84cdcae00ca
Table 1.0 - Table of Significant Drill Intersections
Hole Id |
Area |
Azimuth |
Dip |
Easting |
Northing |
Depth |
From(m) |
To (m) |
Length(m) |
Au(g/t) |
Lithology |
17GSE517* |
UM |
216 |
-73 |
430748 |
7270472 |
791 |
731.65 |
764.90 |
33.25 |
5.99 |
Oxide Iron Formation |
including |
|
|
|
|
|
|
737.55 |
739.75 |
2.20 |
26.91 |
Oxide Iron Formation |
and |
|
|
|
|
|
|
749.90 |
755.30 |
5.40 |
18.14 |
Oxide Iron Formation |
17GSE522B* |
UM |
216 |
-72 |
430860 |
7270487 |
863 |
795.10 |
827.00 |
31.90 |
8.65 |
Oxide Iron Formation |
including |
|
|
|
|
|
|
795.10 |
796.25 |
1.15 |
91.97 |
Oxide Iron Formation |
and |
|
|
|
|
|
|
806.75 |
815.65 |
8.90 |
13.12 |
Oxide Iron Formation |
*True widths of the intervals are estimated at
80-90% of the core length.
Both intercepts are defined by strong alteration
and mineralization systems within a favourable Back River
geological setting that is conventional to resources hosted
elsewhere on the project. Alteration consists of strong
silicification and amphibole and chlorite development within oxide
iron formation. Mineralization consists of arsenopyrite, pyrrhotite
and localized visible gold within the highly altered and veined
zones.
The remaining two Vault drill holes completed
this summer will be reported as assays are received.
Umwelt Deposit - Vault Zone
The Umwelt Deposit hosts 9,050,000 tonnes of
6.90 g/t Au for 2,034,000 ounces of Measured and Indicated
resources, as well as 1,909,000 tonnes of 11.01 g/t Au for 676,000
ounces of Inferred resources. Portions of these resources are
included in the current feasibility study for both open pit and
underground development. The objective of Vault drilling program
was to target a particularly robust portion of the underground
Umwelt Deposit where exceptional grades and thicknesses of
mineralized iron formation remain largely unconstrained. Existing
holes within the Vault zone to date are recognized as some of the
highest grade thickness drill intercepts ever drilled at Back
River. (News release May 23, 2017, Table 2.0)
Additional 2017 Drilling
Additional assays are also received from drill
holes now completed at the Kogoyok and Echo targets which occur
along the southern trend of iron formation located approximately 3
kilometers southeast of the Umwelt Deposit. Results within
this greater than 2 kilometer developing gold setting enhance
exploration vectoring and understanding of the property wide
geologic framework. These target areas remain largely
underexplored with drilling focused on defining favourable settings
consisting of altered iron formation, felsic intrusive units, and
structural elements associated with Back River style
mineralization. Sabina continues to pursue new discoveries
within de-risked and large scale geologic trends in which the
company has a district expertise and diverse and integrated data
set.
Table 2.0 - Table of Drill Results
Hole Id |
Area |
Azimuth |
Dip |
Easting |
Northing |
Depth |
From(m) |
To (m) |
Length(m) |
Au(g/t) |
Lithology |
17GSE517* |
Umwelt |
216 |
-73 |
430748 |
7270472 |
791 |
645.90 |
646.80 |
0.90 |
1.02 |
Greywacke |
|
|
|
|
|
|
|
Assays pending for <1m technical samples |
|
|
|
|
|
|
|
731.65 |
764.90 |
33.25 |
5.99 |
Oxide Iron Formation |
including |
|
|
|
|
|
|
737.55 |
739.75 |
2.20 |
26.91 |
Oxide Iron Formation |
and |
|
|
|
|
|
|
749.90 |
755.30 |
5.40 |
18.14 |
Oxide Iron Formation |
|
|
|
|
|
|
|
Assays pending for <1m technical samples |
17GSE518** |
Echo |
290 |
70 |
433166 |
7268988 |
548 |
485.00 |
486.45 |
1.45 |
4.41 |
Iron Formation |
17GSE519** |
Kogoyok |
183 |
-52 |
431182 |
7269096 |
269 |
224.90 |
225.70 |
0.80 |
1.56 |
Oxide Iron Formation |
|
|
|
|
|
|
|
228.15 |
229.30 |
1.15 |
1.45 |
Oxide Iron Formation |
|
|
|
|
|
|
|
242.00 |
242.75 |
0.75 |
1.62 |
Oxide Iron Formation |
17GSE520** |
Umwelt |
215 |
-73 |
430738 |
7270577 |
791 |
651.95 |
653.00 |
1.05 |
2.09 |
Oxide Iron Formation |
|
|
|
|
|
|
|
672.35 |
673.70 |
1.35 |
2.48 |
Oxide Iron Formation |
17GSE522 |
Umwelt |
213 |
-72 |
430828 |
7270463 |
242 |
Abandoned - NSV |
17GSE522B* |
Umwelt |
216 |
-72 |
430860 |
7270487 |
863 |
Assays Pending |
|
|
|
|
|
|
|
795.10 |
827.00 |
31.90 |
8.65 |
Oxide Iron Formation |
including |
|
|
|
|
|
|
795.10 |
796.25 |
1.15 |
91.97 |
Oxide Iron Formation |
and |
|
|
|
|
|
|
806.75 |
815.65 |
8.90 |
13.12 |
Oxide Iron Formation |
*True widths of the intervals are estimated at
80-90% of the core length.**True widths of the intervals are
unknown at this time.
Further assay results from the drilling program
will continue to be released as they become available.
Qualified Persons
The Qualified Person as defined by NI 43-101 as pertains to the
Back River Project, is James Maxwell P.Geo, Exploration Manager,
for the Company. All drill core samples selected within the
exploration program are subject to a company standard of internal
quality control and quality assurance programs which include the
insertion of certified reference materials, blank materials and
duplicates analysis. All samples are sent to SGS Canada Inc.
located in Burnaby, British Columbia where they are processed for
gold analysis by 50 gram fire assay with finish by a combination of
atomic absorption and gravimetric methods. Additionally, analysis
by screen metallic processes is performed on select samples.
Sabina Gold & Silver Corp
Sabina Gold & Silver Corp. is a
well-financed, emerging precious metals company with district
scale, advanced, high grade gold assets in one of the world’s
newest, politically stable mining jurisdictions: Nunavut,
Canada.
Sabina released a Feasibility Study on its 100%
owned Back River Gold Project which presents a project that has
been designed on a fit-for purpose basis, with the potential to
produce ~200,000 ounces a year for ~11 years with a rapid payback
of 2.9 years (see “Technical Report for the Initial Project
Feasibility Study on the Back River Gold Property, Nunavut, Canada”
dated October 28, 2015). At a US$1,150 gold price and a 0.80
(US$:C$) exchange rate, the Study delivers a potential after tax
internal rate of return of approximately 24.2% with an initial
CAPEX of $415 million.
In addition to Back River, Sabina also owns a
significant silver royalty on Glencore’s Hackett River
Project. The silver royalty on Hackett River’s silver
production is comprised of 22.5% of the first 190 million ounces
produced and 12.5% of all silver produced thereafter.
The Company had approximately C$36.6 million in
cash and equivalents on June 30, 2017, not including the $6 million
flow-through financing completed in September 2017.
For further information please contact:
Nicole Hoeller, Vice-President, Communications,
Sabina Gold & Silver Corp:1 888
648-4218
nhoeller@sabinagoldsilver.com
All news releases and further information can be
found on the Company’s website at www.sabinagoldsilver.com or on
SEDAR at www.sedar.com. All technical reports have been filed on
www.sedar.com
Forward Looking StatementsThis
news release contains “forward-looking information” within the
meaning of applicable securities laws (the “forward-looking
statements”), including our belief as to the extent, results and
timing of exploration programs including exploration results and
reserves and resource estimates. These forward-looking statements
are made as of the date of this news release. Readers are cautioned
not to place undue reliance on forward-looking statements, as there
can be no assurance that the future circumstances, outcomes or
results anticipated in or implied by such forward-looking
statements will occur or that plans, intentions or expectations
upon which the forward-looking statements are based will occur.
While we have based these forward-looking statements on our
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee that
such future events will occur and are subject to risks,
uncertainties, assumptions and other factors which could cause
events or outcomes to differ materially from those expressed or
implied by such forward-looking statements. Such factors and
assumptions include, among others, the effects of general economic
conditions, commodity prices, changing foreign exchange rates and
actions by government and regulatory authorities and misjudgments
in the course of preparing forward-looking statements. In addition,
there are known and unknown risk factors which could cause our
actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Known risk factors
include risks associated with exploration and project development;
the need for additional financing; the calculation of mineral
resources and reserves; operational risks associated with mining
and mineral processing; fluctuations in metal prices; title
matters; government regulation; obtaining and renewing necessary
licences and permits; environmental liability and insurance;
reliance on key personnel; the potential for conflicts of interest
among certain of our officers or directors; the absence of
dividends; currency fluctuations; labour disputes; competition;
dilution; the volatility of our common share price and volume;
future sales of shares by existing shareholders; and other risks
and uncertainties, including those relating to the Back River
Project and general risks associated with the mineral exploration
and development industry described in our Annual Information Form,
financial statements and MD&A for the fiscal period ended
December 31, 2016 filed with the Canadian Securities Administrators
and available at www.sedar.com. Although we have attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. We are under no obligation to update or
alter any forward-looking statements except as required under
applicable securities laws. This news release has been authorized
by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEO1800-555 Burrard
Street, Two Bentall CentreVancouver, BC V7X 1M7Tel 604
998-4175 Fax 604
998-1051http://www.sabinagoldsilver.com
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