VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 24, 2013) - Sabina Gold & Silver Corp (SBB.TO) ("Sabina" or the "Company") is pleased to provide an update on the Company's 2013 exploration program and to announce continued positive drilling results at the Umwelt deposit on the Goose property on its 100% owned Back River project in Nunavut.
"We are very pleased with the conversion drilling that has been completed at Umwelt to date," said Rob Pease, President & CEO. "The Umwelt deposit is the largest of the Back River resources. Drilling in the proposed pit shell continues to demonstrate continuity and good grade. The Umwelt deposit is also our largest underground resource to date with mineralization over 1km deep with very good grades and widths found in the G2 Zone. Work at the George property will be wrapping up for the season by early August, however, we will continue to evaluate new targets for potential new open pit discoveries at Goose, Boot and Boulder well into September."
Umwelt Conversion Drilling Program
Resource conversion drilling has been completed on a portion of the currently proposed open pit at the Umwelt deposit with the primary objective of converting indicated resources to the measured category. Assay results returned to date are very encouraging and continue to demonstrate the continuity and high grade nature of this deposit.
A total of 52 drill holes were completed at Umwelt in 2013, with final assay results being received for 29 holes. All of these holes were drilled within the proposed open pit over approximately 300m along the length of the deposit.
Assay results received to date, including 19.27 g/t Au over 18.60m in hole 13GSE337 (Section 4850N), and 24.13 g/t Au over 21.85m in hole 13GSE340 (section 4900N), are indicative of the continuity of the gold mineralization at Umwelt. The complete listing of significant results received to date is appended in the table below.
Complete assay results have been received for all holes drilled on section 5025N and this cross section is presented below as an example of the good grade distribution at Umwelt.
Llama Conversion Drilling Program
Results for all 33 holes of the Llama open pit infill drill program have now been received and continue to support the 2013 objective of converting portions of the open pit mineralization at Llama to a measured resource. Additional holes from the north portion of the deposit continue to highlight the resource quality within this area including holes 13GSE312 returning 11.93g/t over 15.20m and 13GSE309 returning 4.97g/t over 7.75m. All final assay results that have not been previously released are appended in the table below.
Llama Assay Highlights
|Hole ID||Area||Section||Easting||Northing||Depth||From |
True widths have not yet been determined.
In addition to conversion holes, drilling has commenced recently on the upper portions of the Llama underground with a goal of converting resources that are currently classed as inferred to indicated. Also, exploration drilling continues to focus on defining potential at a number of target areas on the Goose property including the Echo, Resurgence and Goose Tail zones.
More regional targets outside of the Goose area include the Boot and Boulder properties where two drill rigs continue to test exploration targets. This drilling is focused on evaluating the potential for large open pit discoveries.
Bathurst Inlet Port and Road (BIPR) Update
Earlier this year, the Company and Glencore Xstrata LLP jointly submitted an updated project proposal for the BIPR project that contemplates infrastructure for the Hackett River project and region. In 2013, work has focused on completing a draft environmental impact statement (DEIS) on BIPR for filing later this year.
Work included a geotechnical drilling program to assess the foundation material around the proposed port area. Preliminary results suggest material in the currently proposed port area is not adequate and further geotechnical drilling has been planned to assess a more suitable port area in the immediate vicinity. As a result, the DEIS will not be filed until this work has been completed.
The Qualified Person as defined by NI 43-101 as pertains to the Back River Project, is Angus Campbell, P.Geo., Vice-President, Exploration, for the Company who has read and approved the contents of this news release.
True widths for the intercepts reported in this news release have not yet been determined.
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 2013 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 gold 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.
Statements relating to future operations at the Back River Project and the Hackett River Project and the expected results of this work 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, 2012.
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
Tel: 604 998-4175, Fax: 604 998-1051
Umwelt Assay Results
|Hole ID||Area||Section||From |
|13GSE313||UM||5025||49.00||60.20||11.20||9.46||Main Zone Centre|
|including||51.30||52.20||0.90||32.77||Main Zone Centre|
|and||53.50||54.40||0.90||21.73||Main Zone Centre|
|and||56.00||57.00||1.00||16.98||Main Zone Centre|
|13GSE317||UM||5025||35.45||52.40||16.95||6.51||Main Zone Centre|
|including||41.90||44.30||2.40||23.06||Main Zone Centre|
|65.00||68.10||3.10||78.52||Main Zone Centre|
|Including||66.05||67.00||0.95||146.50||Main Zone Centre|
|13GSE318||UM||5025||39.40||40.90||1.50||1.13||Main Zone East|
|61.10||73.50||12.40||4.51||Main Zone East|
|including||61.10||62.95||1.85||11.56||Main Zone East|
|and||71.50||73.50||2.00||12.82||Main Zone East|
|13GSE322||UM||5025||72.00||73.70||1.70||1.50||Main Zone East|
|76.35||77.50||1.15||1.01||Main Zone East|
|13GSE324||UM||5025||26.00||51.00||25.00||8.47||Main Zone East|
|including||32.15||33.00||0.85||49.57||Main Zone East|
|and||45.00||47.00||2.00||20.65||Main Zone East|
|53.80||54.50||0.70||1.80||Main Zone East|
|13GSE325||UM||5025||5.00||56.25||51.25||4.93||Main Zone Centre|
|including||13.45||14.00||0.55||30.57||Main Zone Centre|
|and||15.75||17.00||1.25||16.15||Main Zone Centre|
|and||18.50||21.00||2.50||48.29||Main Zone Centre|
|63.95||81.70||17.75||4.16||Main Zone Centre|
|including||77.00||80.00||3.00||12.39||Main Zone Centre|
|13GSE330||UM||5050||7.90||32.15||24.25||6.76||Main Zone Centre|
|including||22.00||28.45||6.45||15.13||Main Zone Centre|
|and||31.40||32.15||0.75||45.73||Main Zone Centre|
|13GSE331||UM||4850||114.60||115.25||0.65||9.60||Main Zone Centre|
|119.25||120.25||1.00||6.41||Main Zone Centre|
|134.20||156.10||21.90||10.10||Main Zone Centre|
|including||136.20||136.85||0.65||31.19||Main Zone Centre|
|and||151.60||155.10||3.50||35.55||Main Zone Centre|
|159.10||160.10||1.00||1.05||Main Zone Centre|
|167.10||169.10||2.00||2.39||Main Zone Centre|
|179.15||180.20||1.05||3.16||Main Zone Centre|
|186.35||187.50||1.15||1.39||Main Zone Centre|
|202.15||204.35||2.20||1.23||Main Zone Centre|
|208.75||209.80||1.05||6.24||Main Zone Centre|
|210.35||211.55||1.20||1.65||Main Zone Centre|
|222.30||223.25||0.95||8.08||Main Zone Centre|
|13GSE333||UM||5050||18.00||19.25||1.25||1.42||Main Zone Centre|
|26.25||36.60||10.35||12.33||Main Zone Centre|
|including||29.75||33.00||3.25||30.99||Main Zone Centre|
|43.00||44.00||1.00||1.51||Main Zone Centre|
|13GSE334||UM||5050||NSV||Main Zone Centre|
|98.00||98.65||0.65||2.06||Main Zone Centre|
|104.70||110.25||5.55||13.31||Main Zone Centre|
|including||104.70||106.05||1.35||14.27||Main Zone Centre|
|and||109.25||110.25||1.00||54.18||Main Zone Centre|
|124.20||125.35||1.15||6.55||Main Zone Centre|
|129.85||131.10||1.25||4.65||Main Zone Centre|
|133.90||152.50||18.60||19.27||Main Zone Centre|
|including||136.90||137.45||0.55||59.40||Main Zone Centre|
|and||140.35||141.40||1.05||139.90||Main Zone Centre|
|13GSE339||UM||5075||10.85||30.50||19.65||1.97||Main Zone Centre|
|Including||11.70||12.30||0.60||18.83||Main Zone Centre|
|and||20.90||21.50||0.60||6.41||Main Zone Centre|
|13GSE340||UM||4900||102.20||124.05||21.85||24.13||Main Zone East|
|including||115.00||124.05||9.05||48.45||Main Zone East|
|which includes||121.00||122.00||1.00||183.80||Main Zone East|
|128.95||131.00||2.05||2.89||Main Zone East|
|194.20||195.25||1.05||2.40||Main Zone West|
|101.25||125.20||23.95||14.95||Main Zone Centre|
|including||113.50||114.35||0.85||46.07||Main Zone Centre|
|and||115.20||121.05||5.85||30.96||Main Zone Centre|
|131.95||137.40||5.45||30.28||Main Zone Centre|
|including||134.85||135.35||0.50||98.23||Main Zone Centre|
|13GSE342||UM||5075||12.90||24.00||11.10||5.29||Main Zone Centre|
|including||15.65||16.35||0.70||36.45||Main Zone Centre|
|13GSE343||UM||5075||3.90||17.45||13.55||7.10||Main Zone Centre|
|including||5.50||6.20||0.70||15.88||Main Zone Centre|
|13GSE344||UM||5075||7.00||23.70||16.70||11.51||Main Zone Centre|
|including||11.00||12.00||1.00||103.90||Main Zone Centre|
|13GSE345||UM||4900||55.50||56.45||0.95||1.22||Main Zone East|
|106.45||125.65||19.20||3.59||Main Zone East|
|including||120.65||122.80||2.15||8.81||Main Zone East|
|and||124.70||125.65||0.95||11.16||Main Zone East|
|129.50||131.00||1.50||1.37||Main Zone East|
|207.70||215.90||8.20||9.98||Main Zone West|
|including||212.85||213.85||1.00||17.59||Main Zone West|
|13GSE346||UM||4875||99.80||105.45||5.65||1.33||Main Zone East|
|116.00||125.00||9.00||3.38||Main Zone East|
|128.00||130.00||2.00||1.70||Main Zone East|
|231.85||236.20||4.35||48.77||Main Zone West|
|including||233.70||234.45||0.75||112.50||Main Zone West|
|13GSE347||UM||5075||23.90||25.90||2.00||3.73||Main Zone East|
|30.90||31.90||1.00||6.57||Main Zone East|
|101.75||104.20||2.45||26.52||Main Zone Centre|
|108.15||134.30||26.15||15.83||Main Zone Centre|
|including||108.15||111.10||2.95||29.03||Main Zone Centre|
|and||116.60||117.55||0.95||112.90||Main Zone Centre|
|and||122.70||123.70||1.00||53.55||Main Zone Centre|
|53.25||54.25||1.00||1.97||Main Zone East|
|13GSE351||UM||5100||39.60||40.60||1.00||2.61||Main Zone East|
|49.80||50.80||1.00||12.86||Main Zone East|
|122.90||123.80||0.90||10.58||Main Zone East|
|141.50||143.00||1.50||11.32||Main Zone East|
|284.05||293.30||9.25||9.27||Main Zone West|
|including||292.60||293.30||2.80||26.65||Main Zone West|
|13GSE353||UM||4925||133.35||137.70||4.35||23.92||Main Zone East|
|including||135.25||136.40||1.15||53.09||Main Zone East|
|13GSE355||UM||5125||38.40||38.90||0.50||6.10||Main Zone East|
|41.45||42.45||1.00||2.13||Main Zone East|
|44.10||50.25||6.15||5.46||Main Zone East|
|including||47.10||48.00||0.90||17.39||Main Zone East|
|27.00||28.00||1.00||1.29||Main Zone East|
|30.30||31.30||1.00||3.16||Main Zone East|
|33.30||34.30||1.00||1.94||Main Zone East|
|98.50||99.50||1.00||2.21||Main Zone Centre|
|103.50||127.45||23.95||10.37||Main Zone Centre|
|including||107.65||112.50||4.85||32.60||Main Zone Centre|
|and||121.00||123.00||2.00||21.08||Main Zone Centre|
|195.10||201.30||6.20||25.39||Main Zone West|
|including||197.45||198.55||1.10||48.59||Main Zone West|
To view the images accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/888131.pdf