VANCOUVER, British Columbia, July 18, 2019 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (SBB.T: SGSVF.OTCQX), (“Sabina” or the “Company”) is pleased to announce further results from this year’s spring drilling program at its 100% owned Back River Gold Project in Nunavut Canada.

On June 19, 2019 the Company announced results of an up-plunge hole at the Vault Zone at Umwelt (hole 19GSE569) which returned 14.97 g/t Au over 21.75m including 28.94 g/t Au over 5.20m.  Further drilling during the spring, includes an up-plunge drill hole at the Nuvuyak discovery (hole 19GSE566), and two holes, (19GSE563 and 19GSE565) drilled to test portions of the Llama gold structure.

At Nuvuyak, drill hole 19GSE566 tested a folded section of the main anticline structure approximately 50m up plunge of the original discovery area. Multiple broad zones of mineralized iron formation were intersected from 719m to 836m with a number of gold mineralized intervals highlighting 18.71 g/t Au over 3.50m, 2.59 g/t Au over 19.0m, 4.21 g/t Au over 3.20m and 10.04 g/t Au over 18.00m.

At the Llama Extension target, where aggressive step out drilling has successfully demonstrated over 500m of potential down plunge resource extension from the existing underground NI 43-101 resource, hole 19GSE563 tested a 150m undrilled gap area between the resource and the upper portions of the Llama Extension. This hole drifted lower than planned, only testing an eastern portion of the full structure, but importantly, it returned strong values that confirm continuity of the gold structure with 5.48 g/t Au over 4.95m including 31.38 g/t Au over 0.60m and 3.84 g/t Au over 5.60m including 15.27 g/t Au over 0.85m. Drill hole 19GSE565 tested a down plunge, lower section of the Llama Extension mineral zone to provide additional information on geometry of the structure, and returned numerous intercepts of well mineralized iron formation that include; 6.59 g/t Au over 4.75m including 26.40 g/t Au over 1.10m, 4.24 g/t Au over 10.65m and 9.70 g/t Au over 1.00m.

Bruce McLeod, President and CEO states: “This drilling at Nuvuyak and Llama Extension continues to build positive momentum for de-risked resource growth optionality at these two growth targets. It has also further enabled us to continue to build confidence in and understanding of the mineralized structures within the Goose property gold complex. In the future our team will be able to utilize this knowledge when exploration expands to other areas of the Back River District.  I look forward to the results of the final four drill hole of the Spring drilling campaign in the coming weeks.”

Table 1.0 – Table of Selected Significant Drill Intersections from Drill Holes 19GSE566, 19GSE563 and 19GSE565

^ True widths of the intercepts reported are unknown at this time.
** See table at end of press release for included zones.

Nuvuyak Discovery Drilling

The Nuvuyak Zone was discovered in 2018 with drill hole 18GSE545 which returned 11.58 g/t Au over 39.50m – see news release August 20, 2018. The mineral zone which is located approximately 800m down plunge of the Goose Main deposit has now been drilled for over 250m of strike length and exhibits many of the geologic and mineralogic characteristics of the existing Goose Property deposits (Llama, Umwelt and Goose Main) The deposit is open up and down plunge as well as in the down dip direction along the limbs of the anticlinal fold. Examples of select significant intervals from recent Nuvuyak drilling include; drill holes 18GSE559W1 which returned 12.41 g/t Au over 8.70m, 18GSE558 which returned 16.39 g/t Au over 13.20m and 18GSE558W2 which returned 5.81 g/t Au over 34.60m.

Llama Extension Drilling

Sabina has now tested the Llama Extension target with 16 drill holes over a strike length of greater than 500m. The folded and sulphidized iron formation host structure remains open at depth. Currently, the feasibility only incorporates an open pit operation at Llama with no underground production. Recent drilling suggests the opportunity for future expansion and addition of an underground mining scenario at the Llama complex. Significant gold mineralization below the planned Llama open pit, including existing NI 43-101 resources and the new Llama Extension, potentially now continues for greater than 1200m down plunge. Examples of select significant intervals from recent Llama Extension drilling along the strike of the new zone includes, drill holes 18GSE535 which returned 28.95 g/t Au over 5.65m, 17GSE516B which returned 9.48 g/t Au over 38.55m and 18GSE546 which returned 11.43 g/t Au over 5.48m.

Table 2.0 – Table of all Significant Drill Intersections from Drill Holes 19GSE563, 19GSE565 and 19GSE566

^ True widths of the intercepts reported are unknown at this time.

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 well-financed and is an 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). 

The Project received its final Project Certificate on December 19, 2017.  The Project received its Type A Water License on November 14, 2018 and is now in receipt of all major authorizations for construction and operations.

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.

For further information please contact:            Nicole Hoeller, Vice-President, Communications:  

                                                                        1 888 648-4218  nhoeller@sabinagoldsilver.com

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 Statements
This 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 and exploration results, reserves estimates, potential production from and viability of the Company’s properties, , 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 licenses 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, 2018 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 & CEO
1800-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M7

Tel 604 998-4175     Fax 604 998-1051

http://www.sabinagoldsilver.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/398ef0ba-4303-481b-be75-7992db2a16a0

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a8f740f2-ef8b-4d06-99ff-23753836554d

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2c3d2a7d-3248-49b3-85c8-c4946330fed8