Sabina Gold & Silver Corp (TSX:SBB) is pleased to announce
final results from the 2012 work program at its 100% owned Back
River Gold Project in Nunavut, Canada.
The program was heavily focussed on infill, geotechnical and
extension drilling at the Llama, Umwelt and George deposits in
support of the upcoming Back River Pre-Feasibility Study ("PFS"),
as well as testing targets proximal to the existing deposits on the
Goose property.
Overall the Back River conversion drilling program, intended to
upgrade resources for inclusion in the PFS, produced positive
results. A recent highlight was hole 12GRL090 at Locale 1 on the
George property which returned 24.20 g/t Au over 25.45 m. Resource
conversion drilling at Llama, Umwelt and at the prominent George
deposits has confirmed the presence of the expected mineralization,
while some results have demonstrated improving grades.
Extension drilling of the Llama and Umwelt deposits was also a
focus this year. Llama mineralization was extended approximately
400 metres south of last year's drilling. Umwelt has also been
extended approximately 400 metres south of previous drilling to a
vertical depth of 800 metres. Both deposits are still open along
strike and to depth.
Other previously reported highlights of the 2012 program
include:
Llama pit
-- Hole 12GSE141 returning 15.16 g/t Au over 36.40 m with a second
mineralized zone returning 7.15 g/t Au over 41.05 m;
-- Hole 12GSE152 returning 8.58 g/t Au over 20.00 m;
-- Hole 12GSE153 returning 21.58 g/t Au over 12.90 m; and
-- Hole 12GSE182 returning 21.76 g/t Au over 11.70 m among others
Umwelt pit and underground
-- Hole 12GSE214 returning 18.81 g/t Au over 21.9 m (bottom of the pit
shell);
-- Hole 12GSE217 returning 51.93 g/t Au over 16.10 m (extending the G2 zone
down plunge);
-- Hole 12GSE234 returning 10.31 g/t Au over 39.85 m (G2 Zone); and
-- Hole 12GSE238 returning 18.18 g/t Au over 25.7 m among others.
George deposits
-- Hole 12GRL058 returning 16.16 g/t Au over 7.85 m (Locale 1);
-- Hole 12GRL076 returning 12.84 g/t Au over 23.00m (Locale 2); and
-- Hole 12GRL080 returning 16.54 g/t Au over 25.45, (Lone Cow Pond) among
others.
"Our 2012 results have confirmed the robust nature of the iron
formation-hosted deposits at Back River," said Rob Pease, President
& CEO. "The Back River claims host approximately 60 km of
prospective iron formation of which approximately only 6km has been
systematically explored by Sabina. This is a highly prospective
land package and year over year we continue to extend
mineralization to depth and along strike, all the while adding
ounces and finding new targets that warrant follow-up."
Resource Update
Updated resource calculations incorporating all of the 2012
exploration results are currently underway under the supervision of
AMC Mining Consultants (Canada) Ltd. The results of this update,
which will also serve to inform the ongoing PFS, are expected to be
released in early 2013.
Regional Exploration
Identifying potential new discoveries was also an objective for
the 2012 Back River program. Several mineralized zones of interest
were discovered during the season which should warrant further work
in 2013.
At the Goose property a new discovery was made at a target
located immediately to the west of the Goose deposit termed the
Goose Hook. The Goose Hook is interpreted to be an extension of the
mineralization at the Goose deposit. Ongoing drilling should
provide us with additional information necessary to better
understand the geology of this new discovery.
Also at the Goose property a high grade, shallow new zone of
gold mineralization was discovered between the proposed Umwelt and
Llama open pits. The Wing Zone was discovered by drill holes
targeting the extension of the Llama deposit at depth. This new
zone lies predominantly on the west limb of a south-plunging
anticlinally folded iron formation sitting above and to the west of
the deep extension of the Llama deposit.
At the Boulder Property, located approximately 15 km north of
the Goose Property, a number of targets were tested with
encouraging early results. 12BRP001 was the first hole to test one
of these targets and returned 4.05 g/t Au over 11.00 m including
5.78 g/t Au over 6.0 m in an extensive thickness of altered and
locally sulphidized iron formation. More exploration is planned for
Boulder as the property has the potential for more high-grade
shallow deposits in the corridor between George and Goose.
Exploration drilling on the George property resulted in the
discovery of the Fold Forest area, where drill holes encountered
broad zones of mineralized oxide iron formation in a thickened
antiform structure that can be traced for at least a 1.0 km strike
length. The iron formations encountered at Fold Forest are
significantly thicker than the narrow units that are common at
George and offer good potential for a large thick deposit to be
found in the system.
All drill holes referred to above have been previously reported
in news releases that can be found, along with composites of all
holes drilled in 2012, on the Company's website at
www.sabinagoldsilver.com.
Quality Assurance
The Qualified Persons under NI 43-101 are Kaesy Gladwin, P. Geo,
Senior Geologist for Sabina Gold & Silver Corp., who has
approved this release as it pertains to the Umwelt and Llama
results, and Stanley Clemmer, P. Geo, Regional Project Manager for
Sabina, who has approved this release as it pertains to the George
results.
Diamond drill core was sent to TSL Laboratories in Saskatoon,
Sask. Quality control is monitored on a continual basis and
utilizes a system of standards, blanks and duplicates to ensure
analytical accuracy. The protocols and procedures used in 2012 are
the same as those used in earlier campaigns by Sabina Gold &
Silver Corp. and have been deemed appropriate in the Company's
43-101 compliant resource reports.
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging precious metals
developer with district scale, world class assets in one of the
world's newest, most politically stable mining jurisdictions:
Nunavut, Canada.
Sabina's primary assets, all located in Nunavut, consist of: the
Back River Gold Project, currently in the pre-feasibility and
permitting phase; the Wishbone Claims, a vastly prospective grass
roots project; and the Hackett River Silver Royalty, a silver
production royalty on Xstrata Zinc's Hackett River project
comprising 22.5% of the first 190 million ounces produced and 12.5%
of all the silver produced thereafter. The Company had cash of
$129.1 million at September 30, 2012 and expects to end the year
with approximately $118 million in the treasury.
All news releases and further information regarding drill
results for the 2012 campaign can be found on the Company's website
at www.sabinagoldsilver.com or on SEDAR at www.sedar.com.
To view Figure 1 associated with this press release, please
visit the following link:
http://media3.marketwire.com/docs/sbb-1115-figure1.pdf.
Forward Looking Statements
Statements relating to mineral resource estimates and drilling
results at Llama, Umwelt, George and Goose and the expected impact
of these mineral resources are forward-looking statements within
the meaning of securities legislation of certain Provinces in
Canada. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," 'projects," "potential" and similar expressions, or
that events or conditions "will," "would," "may," "could" or
"should" occur. Information inferred from the interpretation of
drilling results may also be deemed to be forward looking
statements, as it constitutes a prediction of what might be found
to be present when and if a project is actually developed. These
forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements,
including, without limitation: risks related to fluctuations in
metal prices; uncertainties related to raising sufficient financing
to fund the planned work in a timely manner and on acceptable
terms; changes in planned work resulting from weather, logistical,
technical or other factors; the possibility that results of work
will not fulfill expectations and realize the perceived potential
of the Company's properties; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated
expenses in the work program; the risk of environmental
contamination or damage resulting from Sabina's operations and
other risks and uncertainties, including those described in
Sabina's Annual Report for the year ended December 31, 2011.
Forward-looking statements are based on the beliefs, estimates
and opinions of Sabina's management on the date the statements are
made. Sabina undertakes no obligation to update these
forward-looking statements should management's beliefs, estimates
or opinions, or other factors, change.
This news release has been authorized by the undersigned on
behalf of Sabina Gold & Silver Corp.
Rob Pease, President & CEO
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
Contacts: Sabina Gold & Silver Corp. Nicole Hoeller
Vice-President, IR 1 888 648-4218nhoeller@sabinagoldsilver.com
www.sabinagoldsilver.com
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sabina Gold and Silver (TSX:SBB)
Historical Stock Chart
From Apr 2023 to Apr 2024
