Monday, September 17, 2012

Sabina Drill Results

The Arctic drilling season is just a couple of weeks at most from being over and investors will see a few months of none or very minimal news coming from their juniors up north. Sabina released a press release today detailing what they believe to be a new shallow, high grade, discovery between the Umwelt and llama deposits near goose lake at their back river project. We can expect to have further drilling conducted on the area when drilling begins again sometime in late February. It will be interesting to see if this new discovery turns into anything of value.

For those who haven't been following Sabina, they are a gold and silver company with nearly 7 million oz Au in the ground and money in the bank. They say they plan to bring their back river project to a mine by 2016 but we'll see if they can raise the money or if they don't get bought out. If I recall correctly, they have around 160 million in the bank. Heres a link a write up I did on them a month or so ago. When I wrote about them then I think they were trading somewhere around 2.00.

Note that in the last paragraph posted here Sabina states that true widths are not yet known, and that they expect to have the pre-feasibility study out by 2013

Sabina Announces New Shallow High Grade Discovery at Back River Project, Nunavut

Hole 12GSE226 Returns 12.68 g/t Au Over 15.45 m from 52.00 m Down-Hole; Infill Drilling at George Confirms High-Grade Nature of Locale 1 Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2012) - Sabina Gold & Silver Corp. (TSX:SBB) is pleased to announce new assay results from holes drilled at its Goose and George properties as part of the 2012 exploration program at its 100% owned Back River Gold Project in Nunavut, Canada.
Near-Surface Discovery
At the Goose property, a shallow new zone of gold mineralization has been 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.
Hole 12GSE226 intersected 12.68 g /t Au over 15.45 m in the western part of the zone starting at a down-hole depth of 52.00 m. The hole then went on to intersect the eastern limb of the fold returning several significant intercepts including 5.86 g/t Au over 1.05 m, 3.91 g/t Au over 3.00 m, 4.19 g/t Au over 2.95 m and 17.63 g/t Au over 0.60 m between 213.10 and 245.80 m.
The hole finally intersected its target at depth, returning 7.14 g/t Au over 4.05 m in the deep extension of the Llama Main West zone, Below the zone, a sample from a sediment-hosted dyke yielded 7.08 g/t Au over 0.80 m.
A step out hole 100 metres to the southeast of 12GSE226 encountered the Wing Zone again. Hole 12GSE231 returned various lower-grade intersections in both the eastern and western parts of the zone including 2.43 g/t Au over 19.15 m. At target depth in the Llama Main West deep extension zone, 12GSE231 returned intercepts of 14.31 g/t Au over 2.00 m, and 16.34 g/t Au over 1.55 m. Ongoing drilling is continuing to trace the Wing Zone mineralization as it plunges to the south.
"We are pleased to have another high-grade near surface discovery to follow-up on," said Rob Pease, President & CEO. "The Wing Zone's strategic location, near the proposed mining infrastructure and right in between the proposed Llama and Umwelt open pits, makes it of significant interest to us. Results like these continue to demonstrate the prospectivity of our vast land holdings at Back River."
Llama Drilling Highlights
Hole IdFrom
Zone Name
12GSE22643.9045.201.302.28Wing Zone West
52.0067.4515.4512.68Wing Zone West
including57.2059.001.800.00Wing Zone West
(core loss interval)
and59.0064.705.7028.30Wing Zone West
213.10214.151.055.86Wing Zone East
227.10230.103.003.91Wing Zone East
245.20248.152.954.19Wing Zone East
including245.20245.800.6017.63Wing Zone East
260.15260.650.503.00Wing Zone East
518.70522.754.057.14Main West
including518.70520.101.4012.77Main West
539.65540.450.807.08Gwky Core
True widths have not yet been determined
George Infill Drilling
The George property sits approximately 60kms north of the Goose claim block and contains underground resources of 2,727,000 tonnes grading 8.14 g/t Au for a total of 714,000 indicated ounces of gold and an additional 1,857,000 tonnes grading 8.92 g/t Au for a total of 533,000 inferred ounces of gold. The resources at George are made up of a series of deposits on the property and are the Preliminary Economic Assessment contemplates these deposits to be mined at Back River.
Currently three drills are focussed on infill drilling at George to upgrade the resources from Inferred to Indicated. The program is currently focused on the Locale deposits which contain the bulk of the George resources. Five of the first six holes at Locale 1 have confirmed the robust nature of the gold mineralization. Highlights include hole 12GRL058 (16.16 g/t Au over 7.85 m), 12GRL063 (6.12 g/t Au over 18.40 m) and 12GRL064 (16.85 g/t Au over 4.82 m).
Locale 1 Drilling Highlights
Hole IdFrom
Zone Name
12GRL058215.4223.257.8516.16Locale 1
including217.45218.551.174.69Locale 1
and220.5221.150.6525.29Locale 1
12GRL060245.95255.69.656.37Locale 1
12GRL061103.31040.724.4Locale 1
233243106.31Locale 1
including238241317.41Locale 1
246247.71.72.02Locale 1
252261.19.116.83Locale 1
including253258528.91Locale 1
including255258337.83Locale 1
12GRL063217235.418.46.12Locale 1
12GRL06425726031.43Locale 1
27127212.37Locale 1
27727814.44Locale 1
28128873.9Locale 1
294.182994.8216.85Locale 1
True widths have not yet been determined
The 2012 exploration program is expected to continue until the beginning of October with a combination of extension, resource conversion and geotechnical drilling on the Goose and George properties. The resource conversion and geotechnical drilling are intended to provide the technical information necessary to complete the ongoing Pre-Feasibility Study anticipated in 2013.

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