Includes 98.31g/t Au over 1.13m from drill hole
17GSE521 and 23.20g/t Au over 2.05m from drill hole
17GSE528
Sabina Gold & Silver Corp (TSX:SBB), (“Sabina” or the
“Company”) is pleased to announce final assay results from the
summer exploration diamond drilling program (Figure1) at its 100%
owned Back River Gold Project in Nunavut Canada.
Drilling intercepts have highlighted the
importance of a mineralized Deep Iron Formation (“DIF”) horizon
approximately 40 to 100m stratigraphically below the main lower
iron formation at the Llama and Umwelt deposits. Initial assay
results of up to 98.31 g/t Au over 1.13m from drill hole 17GSE521
and 23.20g/t Au over 2.05m including 48.65g/t Au over 0.95m from
17GSE528 have been returned. Other significant drill results
are included in the table below.
The DIF horizon is a new stratigraphic target
over a distance of greater than 3km at Back River within the Llama
and Umwelt deposit trends and is believed to be relatively
continuous and favorably folded within the Goose project
area. This new horizon is analogous to the DIF and lower
sediments at the Goose Main deposit, which hosts approximately 20%
of the existing Goose Main resource.
”We are very encouraged by the identification of
this new mineralized parallel target zone under the main gold
bearing structure at Llama and Umwelt,” said Bruce McLeod,
President & CEO. “The DIF horizon appears to be wide spread at
the Goose Property and has been identified at other deposits in the
Project area through drilling and surface mapping. While more
exploration is warranted to test the significance of this horizon
at Llama and Umwelt, these results continue to demonstrate the
potential of this strong gold endowed district for diverse resource
growth opportunities.”
The summer drill program has now tested portions
of this DIF horizon and proximal lower sediments in three key areas
including:
- North of the Umwelt deposit, five drill holes tested the east
fold limb of the Umwelt DIF over a 250m strike length at a shallow
depth level from 66 to 230m. Drill hole 17GSE521 intersected
98.31g/t Au over 1.13m from 207.0-208.13m and 3.88 g/t Au over
2.61m from 221.84-224.45m.
- The central fold limbs of the Umwelt DIF was targeted
immediately below the Umwelt deposit open pit resources, with two
drill holes (17GSE526 and 17GSE528), at an intermediate depth level
of 290m-450m (Figure 2). Drill hole 17GSE526 intersected 3.14g/t
over 1.25m from 444.95-446.20m within eastern limb of the central
antiform and a high grade zone running 23.20g/t Au over 2.05m
including 48.65g/t Au over 0.95m from 470-472.05m within
mineralized and veined lower sediments was intersected by drill
hole 17GSE528.
- The east fold limb of the Umwelt DIF immediately below the
Umwelt deposit Vault Zone was intersected by drill hole 17GSE525
from 940.2-975.1m. This zone had minor arsenopyrite and
pyrrhotite mineralization but returned no significant gold values.
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 |
17GSE521 |
LL |
223 |
-70 |
429847 |
7271379 |
797 |
207.00 |
208.13 |
1.13 |
98.31 |
Silicate Iron Formation |
|
|
|
|
|
|
|
221.84 |
224.45 |
2.61 |
3.88 |
Silicate Iron Formation |
17GSE526 |
UM |
224 |
-51 |
430051 |
7271237 |
602 |
444.95 |
446.20 |
1.25 |
3.14 |
Silicate Iron Formation |
17GSE528 |
UM |
218 |
-67 |
429911 |
7271144 |
310 |
366.40 |
367.15 |
0.75 |
1.37 |
Silicate Iron Formation |
|
|
|
|
|
|
|
470.00 |
472.05 |
2.05 |
23.20 |
Greywacke |
inc |
|
|
|
|
|
|
470.00 |
470.95 |
0.95 |
48.65 |
Greywacke |
True widths of the intervals are unknown at this
time. |
DIF Target
Mineralization within the DIF zone is focused
within a folded, interbedded sequence of silicate iron formation
and turbidite sediments where the units are coincident with gold
bearing structures. Arsenopyrite, pyrrhotite, and pyrite
occur in variable concentrations within the DIF horizon where a
portion of high grade mineralization is recognized to occur in
association with localized quartz veining. Recognition of
this broad new stratigraphic zone with structural elements common
to other Goose Property deposits is a technical success.
Concurrently developing the geological and mineralization
framework, testing of the DIF target is considered preliminary
therefore additional modelling and future exploration targeting
will focus to best understand and evaluate for resource
additions.
Summer Drilling Summary
Sabina completed 9,869 meters of drilling in 17
drill holes during the summer program with significant success
demonstrated at the Umwelt Vault and Llama extension targets (news
releases Sept 5, 2017; Oct 19, 2017; Nov 2, 2017).
Exploration efforts focused on the continued advancement of
key mineralization settings that are analogous to current Back
River resources.
Testing of prominent gold trends at the Goose
Property included drilling at the GNS and Kogoyok
targets. At GNS, favourable structure and stratigraphy
coincident with mineralization is interpreted to be a shallow limb
expression linked to the larger Llama-Umwelt trend. Drill
hole 17GSE529 was completed during the summer program, testing open
plunge controls in an effort to establish orientation of the
mineralizing structure. At Kogoyok two drill holes systematically
and successfully tested a favourable intersection lineation of
lower iron formation and a felsic intrusion within a controlled
plunge orientation over a strike length of approximately 120m. The
second drill hole, 17GSE527, returned no significant results.
Exploration at the GNS and Kogoyok targets
continues to advance and remains fundamental in the development of
the geological framework that is a key tool in vectoring towards
further resource potential at the Goose property.
All additional results not previously released
from the summer 2017 drill program are summarized in Table 2.
Sabina will integrate the 2017 drill results and
findings to further enhance the current geological model, and
together with new geophysical surveys and renewed prospecting and
mapping efforts Sabina will continue to pursue and focus on high
impact greenfield and resource extension opportunities through
2018.
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$38 million in
cash and equivalents on September 30, 2017.
For further information please contact:
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 exploration results, reserves
estimates, potential production from and viability of the Company’s
properties, production and operating costs and permitting
submission, timing and receipt of necessary permits and project
approvals for future operations and access to project funding.
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 the 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 1M7 Tel 604
998-4175 Fax 604
998-1051 http://www.sabinagoldsilver.com
Figures accompanying this announcement are available
at
Figure
1: http://www.globenewswire.com/NewsRoom/AttachmentNg/c5d037d7-b2d0-444a-883a-22adecb0d669
Figure
2: http://www.globenewswire.com/NewsRoom/AttachmentNg/e5793e18-a5e4-4807-8530-abbce2c5f323
Table 2.0 – Table of Remaining Significant Drill
Intersections
Hole Id |
Area |
Azimuth |
Dip |
Easting |
Northing |
Depth |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Lithology |
17GSE516 |
LL |
225 |
-70 |
429801 |
7271428 |
137 |
Abandoned - NSV |
17GSE516B |
LL |
225 |
-69 |
429791 |
7271437 |
737 |
165.70 |
166.75 |
1.05 |
1.50 |
Silicate Iron Formation |
|
|
|
|
|
|
|
178.30 |
179.20 |
0.90 |
1.06 |
Silicate Iron Formation |
|
|
|
|
|
|
|
461.80 |
462.25 |
0.45 |
4.61 |
Silicate Iron Formation |
|
|
|
|
|
|
|
619.60 |
620.90 |
1.30 |
1.05 |
Oxide Iron Formation |
|
|
|
|
|
|
|
622.90 |
625.10 |
2.20 |
1.14 |
Oxide Iron Formation |
|
|
|
|
|
|
|
653.75 |
654.70 |
0.95 |
1.40 |
Silicate Iron Formation |
|
|
|
|
|
|
|
658.60 |
659.70 |
1.10 |
1.31 |
Silicate Iron Formation |
|
|
|
|
|
|
|
720.75 |
722.25 |
1.50 |
1.74 |
QV in Greywacke |
17GSE521 |
LL |
223 |
-70 |
429847 |
7271379 |
797 |
207.00 |
208.13 |
1.13 |
98.31 |
Silicate Iron Formation |
|
|
|
|
|
|
|
221.84 |
224.45 |
2.61 |
3.88 |
Silicate Iron Formation |
17GSE522B |
UM |
216 |
-72 |
430860 |
7270487 |
863 |
612.15 |
615.85 |
3.70 |
5.27 |
Mixed Greywacke & Iron Formation |
inc |
|
|
|
|
|
|
614.70 |
615.85 |
1.15 |
14.94 |
Iron Formation |
|
|
|
|
|
|
|
633.05 |
633.95 |
0.90 |
4.05 |
Silicate Iron Formation |
17GSE523 |
UM |
214 |
-73 |
430573 |
7270560 |
266 |
Abandoned - NSV |
17GSE524 |
LL |
217 |
-72 |
429770 |
7271350 |
752 |
66.40 |
66.95 |
0.55 |
2.40 |
Silicate Iron Formation |
|
|
|
|
|
|
|
294.65 |
295.70 |
1.05 |
1.07 |
Silicate Iron Formation |
|
|
|
|
|
|
|
636.30 |
636.90 |
0.60 |
9.53 |
Oxide Iron Formation |
17GSE525 |
UM |
214 |
-70 |
430850 |
7270580 |
1010 |
665.30 |
666.45 |
1.15 |
2.34 |
Oxide Iron Formation |
|
|
|
|
|
|
|
721.60 |
723.00 |
1.40 |
1.79 |
Oxide Iron Formation |
|
|
|
|
|
|
|
805.85 |
807.85 |
2.00 |
1.14 |
Oxide Iron Formation |
|
|
|
|
|
|
|
810.00 |
811.00 |
1.00 |
1.18 |
Oxide Iron Formation |
|
|
|
|
|
|
|
816.40 |
817.00 |
0.60 |
11.67 |
Greywacke |
17GSE526 |
UM |
224 |
-51 |
430051 |
7271237 |
602 |
444.95 |
446.20 |
1.25 |
3.14 |
Silicate Iron Formation |
17GSE527 |
Kog |
179 |
-58 |
431269 |
7269128 |
419 |
NSV |
17GSE528 |
UM |
218 |
-67 |
429911 |
7271144 |
310 |
231.40 |
232.40 |
1.00 |
1.21 |
Oxide Iron Formation |
|
|
|
|
|
|
|
239.00 |
240.15 |
1.15 |
2.59 |
Oxide Iron Formation |
|
|
|
|
|
|
|
366.40 |
367.15 |
0.75 |
1.37 |
Silicate Iron Formation |
|
|
|
|
|
|
|
470.00 |
472.05 |
2.05 |
23.20 |
Greywacke |
inc |
|
|
|
|
|
|
470.00 |
470.95 |
0.95 |
48.65 |
Greywacke |
17GSE529 |
GNS |
42 |
-60 |
431490 |
7269560 |
344 |
313.45 |
320.45 |
7.00 |
1.38 |
Oxide Iron Formation |
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