Golden Reign Resources Ltd.: Massive Sulphide Mineralization Discovered at San Pablo, San Pablo Trenching Returns 4.0 Metres of 5.77 g/t Gold

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 24, 2013) - Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the San Pablo Zone in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.

San Pablo Exploration Pits

In 2012, two exploration pits (see Table 1 below and attached map) were excavated to expose the mineralized veins intersected by trenching along strike and down dip in trenches SP11-TR-02 and SP11-TR-04. Samples collected across the true thickness of the intersected veins returned values ranging from 3.46 g/t to 28.29 g/t gold and 0.21 g/t to 3.75 g/t gold for trenches SP11-TR-02 and SP11-TR-04, respectively.

The exploration pit at SP11-TR-02 exposed structurally controlled, heavily mineralized sulphide masses (bodies) intercalated with quartz veins. These bodies carry significant gold values ranging from 1.50 g/t to 31.78 g/t gold with gold mineralization appearing to be more uniformly distributed. This is a new style of mineralization, significantly different from the quartz veins mineralization found at other prospects throughout the Property.

Trenching

Trenching has outlined 4 parallel NE/SW trending structurally controlled mineralized zones (see Table 2 below and attached map) ranging from 300 to 1,500 metres in length, located approximately 1.5 kilometres south of the San Albino Gold Deposit and covering a 2.5 square kilometre area.

The San Pablo Zone, outlined by the most northern set of trenches, has been traced at surface over a strike length of 300 metres and remains open along strike in both directions and down dip. In 2011, a total of 237 samples were collected from 6 trenches (SP11-TR-01 through SP11-TR-06) spaced approximately 50 metres apart (see news releases dated May 2, 2011 and May 19, 2011). Newly excavated Trench SAM12-TR-09 has expanded the dip direction of the mineralized structures by 50 metres.

Highlights from trenching completed to date include:

  • SAM12-TR-09 4.0 metres averaging 5.77 g/t gold and 10.3 g/t silver
  • SP11-TR-01 1.0 metre averaging 6.68 g/t gold and 5.2 g/t silver
     and 1.0 metre averaging 1.11 g/t gold, minor silver 
  • SP11-TR-02 8.5 metres averaging 8.94 g/t gold and 5.2 g/t silver
     including 4.5 metres averaging 15.26 g/t gold and 8.6 g/t silver
  • SP11-TR-03 6.5 metres averaging 1.80 g/t gold, minor silver
     including 1.0 metre averaging 6.54 g/t gold and 11.6 g/t silver
  • SP11-TR-04 16.0 metres averaging 6.25 g/t gold and 5.1 g/t silver
     including 9.0 metres averaging 6.51 g/t gold, minor silver
     and 3.0 metres averaging 13.14 g/t gold and 5.9 g/t silver
  • SP11-TR-05 3.0 metres averaging 9.19 g/t gold, minor silver

Significantly, the mineralized zones within all seven trenches consisted of intercalated quartz and schist, not just quartz veins. Gold mineralization, ranging from under 1 g/t to 37.37 g/t gold, occurs not only in mineralized veins but also in the surrounding phyllite. Trench SAM12-TR-09 returned values from 1.66 g/t to 20.41 g/t gold within the quartz vein and 2.85 g/t to 6.48 g/t gold within the host rock (weathered phyllite). Samples collected from weathered wall rock within the trenches returned high gold values, ranging from 1.11 g/t to 20.60 g/t gold. This style of mineralization is the same as that at the San Albino Gold Deposit, where thicker intersections in drill core consist of anastomising quartz veins in schist.

The Company has identified 5 priority drill targets within the San Pablo Zone for testing during its planned 2013 drilling program.

Table 1 - 2012 EXPLORATION PITS SAMPLES
Exploration Pit Sample # Width (m)   Sample Type Rock Type Au
(g/t)
Ag
(g/t)
EP-SP11-TR-02 72710 1.00   Dip Heavy sulphide mineralized quartz vein 31.78 19.6
EP-SP11-TR-02 72711 1.00   Dip Heavy sulphide mineralized quartz vein 31.09 19.8
EP-SP11-TR-02 72712 1.00   Dip Heavy sulphide mineralized quartz vein 10.03 14.6
EP-SP11-TR-02 72713 1.00   Dip Heavy sulphide mineralized quartz vein 1.50 1.9
EP-SP11-TR-02 72715 1.00   Dip Heavy sulphide mineralized quartz vein 17.98 18.2
EP-SP11-TR-02 72717 1.00   Dip Heavy sulphide mineralized quartz vein 13.23 9.8
EP-SP11-TR-02 72718 1.00   Dip Heavy sulphide mineralized quartz vein 6.97 4.5
EP-SP11-TR-02 72720 1.00   Dip Heavy sulphide mineralized quartz vein 10.46 3.6
EP-SP11-TR-02 72722 1.50   True Thickness Heavy sulphide mineralized quartz vein 5.11 1.3
EP-SP11-TR-02 72723 2.00   True Thickness Heavy sulphide mineralized quartz vein 5.21 3.3
EP-SP11-TR-02 72724 2.00   True Thickness Heavy sulphide mineralized quartz vein 10.02 7.4
EP-SP11-TR-02 72725 1.50   True Thickness Heavy sulphide mineralized quartz vein 3.46 4.7
EP-SP11-TR-02 72726 1.50   True Thickness Heavy sulphide mineralized quartz vein 4.36 3.7
EP-SP11-TR-02 72727 1.50   True Thickness Heavy sulphide mineralized quartz vein 28.29 12.2
EP-SP11-TR-04 142822 1.00   Dip Qtz vein with sulphides, galena, aspy, py 1.17 2.5
EP-SP11-TR-04 142823 1.00   Dip Qtz vein with sulphides, galena, aspy, py 1.17 7.3
EP-SP11-TR-04 142824 1.00   Dip Qtz vein with sulphides, galena, aspy, py 6.86 1.2
EP-SP11-TR-04 142825 1.00   Dip Qtz vein with sulphides, galena, aspy, py 0.62 0.9
EP-SP11-TR-04 142826 1.00   Dip Qtz vein with sulphides, galena, aspy, py 0.61 1.5
EP-SP11-TR-04 142827 1.00   Dip Qtz vein with sulphides, galena, aspy, py 0.60 1.0
EP-SP11-TR-04 142828 1.50   Dip Phyllites 10.67 6.1
EP-SP11-TR-04 142829 2.00   True Thickness Qtz vein with sulphides, galena, aspy, py 3.75 6.2
EP-SP11-TR-04 142830 1.50   True Thickness Qtz vein with sulphides, galena, aspy, py 0.70 1.2
EP-SP11-TR-04 142831 1.50   Duplicate of 142830 Qtz vein with sulphides, galena, aspy, py 2.21 4.7
EP-SP11-TR-04 142832 2.00   True Thickness Qtz vein with sulphides, galena, aspy, py 1.21 2.7
EP-SP11-TR-04 142833 2.00   True Thickness Qtz vein with sulphides, galena, aspy, py 0.82 3.2
EP-SP11-TR-04 142834 1.00   Dip Qtz vein with sulphides, galena, aspy, py 0.60 1.1
EP-SP11-TR-04 142835 1.00   Dip Qtz vein with sulphides, galena, aspy, py 1.07 1.1
EP-SP11-TR-04 142836 1.50   True Thickness Qtz vein with sulphides, galena, aspy, py 0.29 1.8
EP-SP11-TR-04 142837 2.00   True Thickness Qtz vein with sulphides, galena, aspy, py 1.53 2.0
EP-SP11-TR-04 142838 1.50   True Thickness Qtz vein with sulphides, galena, aspy, py 0.21 0.6
Table 2 - 2011 - 2012 SAN PABLO TRENCHES RESULTS
Trench Sample # Width (m)   Sample Type Rock Type Au
(g/t)
Ag
(g/t)
SP11-TR-01 172606 1.0   Vertical Phyllites with qtz veinlets 1.44 0.1
SP11-TR-01 172678 1.0   Floor Intercalated quartz and schists 6.68 5.2
SP11-TR-01 172682 1.0   Strike Intercalated quartz and schists 4.22 4.1
SP11-TR-01 172683 1.0   Strike Intercalated quartz and schists 1.02 1.2
SP11-TR-01 172686 1.0   Strike Intercalated quartz and schists 2.10 1.2
SP11-TR-01 172691 1.0   Floor Phyllites with qtz veinlets 1.11 0.3
SP11-TR-02 172735 0.8   Strike Intercalated quartz and schists 5.65 5.5
SP11-TR-02 172736 0.8   Strike Intercalated quartz and schists 37.37 21.7
SP11-TR-02 172737 0.8   Strike Intercalated quartz and schists 5.51 4.0
SP11-TR-02 172738 0.8   Strike Intercalated quartz and schists 6.23 8.3
SP11-TR-02 172739 0.8   Strike Intercalated quartz and schists 21.73 6.6
SP11-TR-02 172740 0.8   Strike Intercalated quartz and schists 11.15 5.4
SP11-TR-02 172858 1.0   Floor Intercalated quartz and schists 3.59 3.3
SP11-TR-02 172859 1.0   Floor Intercalated quartz and schists 0.85 0.8
SP11-TR-02 172860 1.5   Floor Intercalated quartz and schists 13.67 8.5
SP11-TR-02 172861 1.0   Floor Intercalated quartz and schists 12.53 10.8
SP11-TR-02 172862 1.0   Floor Intercalated quartz and schists 15.40 8.9
SP11-TR-02 172863 1.0   Floor Intercalated quartz and schists 20.24 10.3
SP11-TR-02 172865 1.0   Floor Intercalated quartz and schists 2.75 1.0
SP11-TR-02 172882 1.0   Vertical Phyllites with qtz veinlets 20.60 7.9
SP11-TR-02 172883 1.0   Vertical Phyllites with qtz veinlets 6.74 4.7
SP11-TR-02 172884 1.0   Vertical Phyllites with qtz veinlets 2.50 1.7
SP11-TR-02 172885 1.5   Vertical Phyllites with qtz veinlets 3.09 1.7
SP11-TR-03 172621 1.0   Floor Intercalated quartz and schists 3.07 0.8
SP11-TR-03 172623 0.7   Strike Intercalated quartz and schists 2.37 2.3
SP11-TR-03 172624 0.7   Strike Intercalated quartz and schists 1.28 2.4
SP11-TR-03 172625 1.0   Floor Phyllites with qtz veinlets 6.54 11.6
SP11-TR-03 172628 1.0   Floor Fault material with quartz material 1.11 0.4
SP11-TR-04 172702 1.0   Floor Phyllites with qtz veinlets 18.99 5.7
SP11-TR-04 172703 1.0   Floor Phyllites with qtz veinlets 7.08 4.4
SP11-TR-04 172704 1.0   Floor Phyllites with qtz veinlets 7.71 6.9
SP11-TR-04 172705 1.0   Floor Phyllites with qtz veinlets 7.01 6.9
SP11-TR-04 172706 1.0   Floor Phyllites with qtz veinlets 7.66 7.2
SP11-TR-04 172707 1.0   Floor Intercalated quartz and schists 1.00 9.0
SP11-TR-04 172708 1.0   Floor Intercalated quartz and schists 5.22 7.4
SP11-TR-04 172709 1.0   Floor Intercalated quartz and schists 2.00 3.7
SP11-TR-04 172710 1.0   Floor Intercalated quartz and schists 1.92 4.5
SP11-TR-04 172713 1.0   Strike Intercalated quartz and schists 2.44 2.0
SP11-TR-04 172714 1.0   Strike Intercalated quartz and schists 1.48 1.0
SP11-TR-04 172716 1.0   Strike Intercalated quartz and schists 1.04 1.6
SP11-TR-04 172718 1.0   Floor Intercalated quartz and schists 5.40 4.5
SP11-TR-04 172719 1.0   Floor Intercalated quartz and schists 32.10 11.6
SP11-TR-04 172720 1.0   Floor Intercalated quartz and schists 15.78 18.4
SP11-TR-04 172721 1.0   Floor Intercalated quartz and schists 8.25 3.0
SP11-TR-04 172722 1.0   Floor Intercalated quartz and schists 1.92 1.6
SP11-TR-04 172730 1.0   Vertical Disturbed area with quartz fragments 8.09 10.3
SP11-TR-05 172755 1.0   Floor Intercalated quartz and schists 7.20 2.0
SP11-TR-05 172756 1.0   Floor Intercalated quartz and schists 15.77 5.9
SP11-TR-05 172757 1.0   Floor Intercalated quartz and schists 4.59 0.1
SP11-TR-05 172760 0.8   Strike Intercalated quartz and schists 4.03 1.2
SAM12-TR-09 142443 1.0   Floor Quartz vein with sulphides 4.14 4.3
SAM12-TR-09 142444 1.0   Floor Quartz vein with sulphides 2.97 5.6
SAM12-TR-09 142445 1.0   Floor Quartz vein with sulphides 3.37 4.0
SAM12-TR-09 142446 1.0   Floor Quartz vein with sulphides 11.62 17.6
SAM12-TR-09 142447 1.0   Floor Quartz vein with sulphides 1.66 5.4
SAM12-TR-09 142448 1.0   Floor Quartz vein with sulphides 7.40 9.4
SAM12-TR-09 142451 1.0   Floor Quartz vein with sulphides 3.55 8.6
SAM12-TR-09 142452 1.0   Floor Duplicate of sample 142451 7.61 15.2
SAM12-TR-09 142453 1.0   Floor Quartz vein with sulphides 9.75 14.8
SAM12-TR-09 142454 1.3   Floor Quartz vein with sulphides 20.41 22.2
SAM12-TR-09 142455 1.7   Floor Quartz vein with sulphides 3.87 7.6
SAM12-TR-09 142456 1.0   Strike Quartz vein with sulphides 6.66 5.9
SAM12-TR-09 142457 1.0   Strike Quartz vein with sulphides 4.96 8.9
SAM12-TR-09 142458 1.0   Strike Quartz vein with sulphides 5.73 12.8
SAM12-TR-09 142459 1.0   Strike Quartz vein with sulphides 5.73 13.7
SAM12-TR-09 142461 1.0   Strike Quartz vein with sulphides 5.56 13.8
SAM12-TR-09 142463 1.0   Vertical weathered phyllites with qtz lenses 6.48 8.0
SAM12-TR-09 142464 1.0   Vertical weathered phyllites with qtz lenses 2.85 5.7

Note: Table 2 provides assay results for samples grading 1.0 g/t gold or greater.

Qualified Person

John M. Kowalchuk, P.Geo, a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.

On behalf of the Board,

Kim Evans, CGA, President & CEO

About Golden Reign:

Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE:GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.

The Company''s land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and spans the entirety of the Company''s land package.

For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.

Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such 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 and uncertainties relating to political risks involving the Company''s exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management''s best judgment as of the date hereof, based on information currently available.

To view the maps accompanying this press release please click the following link: http://media3.marketwire.com/docs/GRMaps124.pdf

Contact:
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675
www.goldenreign.com

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