12:21:42 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Sabina Gold & Silver Corp
Symbol SBB
Shares Issued 219,788,743
Close 2016-06-09 C$ 1.72
Market Cap C$ 378,036,638
Recent Sedar Documents

Sabina Gold drills 3.7 m of 3.84 g/t Au at Back River

2016-06-09 08:48 ET - News Release

Mr. Bruce McLeod reports

SABINA GOLD & SILVER DISCOVERS NEW GOLD ZONE AND ADVANCED HIGH PRIORITY TARGETS AT THE BACK RIVER GOLD PROJECT, CANADA

Sabina Gold & Silver Corp. has released results from the recently completed spring exploration diamond drilling program at its 100-per-cent-owned Back River gold project. The focus of the program was to test shallow targets located close to proposed infrastructure at the Goose property.

A new discovery was made at the convergence where visible gold (VG) has been identified within a mineralized interval of 3.70 metres. Encouraging results also continued at the Kogoyok target (Sabina 2015 news release dated Oct. 13), where gold mineralization has been intersected in drilling with VG identified in multiple rock units over a broad area supporting the expansion and definition of a large-scale gold structure. Additionally drilling at the Hivogani target has continued to expand the host area and further characterized the new mineralization styles.

Bruce McLeod, president and chief executive officer, stated: "The results from this round of exploration drilling are encouraging in that we continue to find new zones of mineralization in and around our existing deposits. While still early days, the results at the Kogoyok and convergence zones show many of the characteristics that are commonly associated with the other substantial gold zones at Back River. Using the analogue of our Umwelt discovery in 2010 we know that these large-scale gold-bearing structures when associated with the right geologic traps have the potential to host significant economic gold zones. We also continue to show the potential for gold mineralization to be hosted outside the iron formation host rock at Hivogani. We are excited about the potential of these areas and I look forward to further exploration as we continue to refine our vectoring of mineralization towards new deposit discovery."

At convergence, a horizontal loop electromagnetic (HLEM) geophysical survey grid covering approximately 12 kilometres identified a total of eight new anomalies that are coincident with Back River iron formation stratigraphy. Drill testing of one of the anomalies in hole 16GSE500 returned a new discovery with an intercept of 3.84 grams per tonne over 3.70 m including VG noted within multiple samples. Follow-up drilling of an additional three holes in this zone continued to return significant gold assays analagous to Back River-style mineralization (see significant gold results in the associated table). The company is encouraged by the newly discovered gold zone with an additional five anomalies remaining for exploration follow-up.

The Kogoyok prospect was discovered and partially characterized through 2015 fieldwork. High-grade mineralization discoveries from outcrop grab samples (up to 33.86 g/t Au grab sample; see Sabina news release dated Oct. 13, 2015) occur near the convergence of an untested segment of iron formation stratigraphy with gold-bearing felsic intrusions. The Kogoyok target zone is over 600 m in length, with partially coincident HLEM and induced polarization (IP) anomalies and positive till sample results.

Exploration drilling at the Kogoyok target consisted of 10 holes totalling 1,474 metres, wherein numerous mineralized intercepts were encountered over a broad area at vertical intersection depths from 20 to 130 m (see significant gold results in the associated table). A large zone of gold mineralization was identified within the Kogoyok target, up to 10 m in width over 250 m strike length, coincident with visible gold identified within several units of the stratigraphy. Results from Kogoyok included 16GSE492 (2.62 g/t over 2.30 m, with visible gold) and 16GSE494 (2.37 g/t over 1.90 m, with visible gold). Interpretation and integration of the geology and gold assays for refined modelling and review with similar Back River deposit footprints are the next steps with the goal of ultimately vectoring toward new deposit discovery. Additional significant results for the program are listed in the associated table.

At the Hivogani zone, two drill holes spaced 500 m apart and totalling 397 metres were completed within a broadly defined two km target area characterized by anomalous gold values from rock and till sampling and moderate to strong IP chargeability trends. Results of the recent drilling confirmed the correlation of broad areas of gold mineralization with IP chargeability anomalies, areas of increased quartz veining, alteration, and disseminated sulphide mineralization, as first described at Hivogani in 2015. Drill hole 16GSE509 intersected one m of 2.68 g/t Au in a zone of increased veining and alteration. Sabina is encouraged by the new deposit model of clastic sediment-hosted gold within Back River stratigraphy and continues to actively explore the concept on a broad scale.

Qualified persons

The qualified person as defined by National Instrument 43-101 as pertains to the Back River project, is James Maxwell, PGeo, exploration manager -- Back River, 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, B.C., 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.

               2016 GOOSE DRILLING SIGNIFICANT GOLD RESULTS

Hole                   From             To       Interval          Grade 
ID                      (m)            (m)            (m)          (g/t)

16GSE492              24.65          26.95           2.30           2.62
14GSE493                                                             NSV
16GSE494              68.30          70.20           1.90           2.37
                      98.90          99.55           0.65           1.12
16GSE495             102.50         103.00           0.50           1.51
16GSE496              19.25          20.40           2.85           1.65
                      61.50          62.05           0.55           3.48
16GSE497              91.70          92.60           0.90           4.76
16GSE498             162.75         163.25           0.50           1.29
16GSE499                                                             NSV
16GSE500              69.10          72.80           3.70           3.84  
16GSE501                                                             NSV
16GSE502             138.60         139.10           0.50           2.53  
15GSE503              49.60          50.20           0.60           1.33
16GSE504                                                             NSV  
16GSE505                                                             NSV  
16GSE506                                                             NSV  
16GSE507                                                             NSV
16GSE508              67.20          69.05           1.85           1.80  
16GSE509             109.00         110.00           1.00           2.68
16GSE510             121.40         122.35           0.95           1.12  

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.