VANCOUVER, British Columbia, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (SBB.T/SGSVF.OTCQX), (“Sabina” or the “Company”) is pleased to announce the final results from the remaining four drill holes from this year’s spring drilling program at its 100% owned Back River Gold Project in Nunavut Canada.
Three drill holes targeted the emerging Nuvuyak gold zone while the fourth drill hole targeted a section of the Hook gold structure, just west of the Goose Main deposit (Figure 1).
Results from drill hole 19GSE566W2, a wedge hole off previously announced hole 19GSE56 (July 18, 2019), continue to return multiple high grade values over significant widths within a broadly mineralized envelope of iron formation at Nuvuyak. Significant values, within a +150 m section of alteration and mineralization include 10.15 g/t Au over 6.95m, 14.70 g/t Au over 9.25m and 10.52 g/t Au over 8.60m. Drill hole 19GSE566W2 is wedged off 40 m up-plunge of the portion of high grade intercepts encountered in previously released drill hole 19GSE566 which returned 18.71 g/t Au over 3.5 m and 10.04 g/t Au over 18.00 m. See Table 2 for full listing of significant assays over the broader interval of iron formation.
An additional two drill holes, 19GSE564 and 19GSE568, were completed at the Nuvuyak target in a down plunge section of the gold structure. This drilling is located 320 m down plunge from wedge hole 19GSE566W2 giving the Nuvuyak gold zone a tested strike length of 370 m (Figure 2). Holes 19GSE564 and 19GSE568 were designed to target a down plunge and down dip extension of the discovery. The drill holes were successful in expanding the known zone which remains open in all directions. Drill hole 19GSE564 extended mineralization vertically down the west limb of the mineralized antiformal structure by over 100 m (returning 11.97 g/t Au over 2.85 m). Drill hole 19GSE568 targeted down plunge of the discovery hole, 18GSE545, returning 8.36 g/t over 4.10 m from a strong zone of alteration and mineralization.
Bruce McLeod, President and CEO states, “Over the last two years Sabina has focussed on a number of key strategies around resource growth, resource optimization and discovery of potential new deposits at the Goose Gold Complex. Targeted drilling has extended the strike length of the Llama underground zone to over 1200m below the planned Llama open pit and remains open to depth. The high-grade corridor of mineralization within the Umwelt underground Vault zone has demonstrated that it extends up plunge and remains open to depth. At the Nuvuyak discovery, we believe we have confirmed the potential for a significant new deposit with the elements of high grade gold in thick packages of iron formation that we see at the other Goose deposits (Umwelt, Goose Main and Llama). We are continuing to assess and evaluate the results from this spring and the last two years to better understand options around resource optimization and extension and the potential. This work is being done with a view to impact not only growth at Goose and in the region in general, but also to potentially enhance the economics of the already robust initial project.
Table 1.0 – Table of Selected Significant Drill Intersections at Nuvuyak from Drill Holes 19GSE566W2, 19GSE564 and 19GSE568
| Hole Id | Area | Azimuth/ Dip | Easting UTM | Northing UTM | Hole Depth (m) | From (m) | To (m) | Length (m) | Au (g/t) | Lithology |
| 19GSE564 | NUV | 220/-66 | 433643 | 7269913 | 1071 | 987.65 | 990.50 | 2.85 | 11.97 | Iron Formation |
| 19GSE566W2 | NUV | 57/-59 | 432903 | 7269223 | 917 | 776.90 | 783.85 | 6.95 | 10.15 | Iron Formation |
| 797.15 | 806.40 | 9.25 | 14.70 | Iron Formation | ||||||
| incl. | 801.55 | 806.40 | 4.85 | 23.90 | Iron Formation | |||||
| 847.65 | 856.25 | 8.60 | 10.52 | Iron Formation | ||||||
| incl. | 849.25 | 852.85 | 3.60 | 21.15 | Iron Formation | |||||
| 19GSE568 | NUV | 224/-67 | 433583 | 7269913 | 1001 | 883.75 | 887.85 | 4.10 | 8.36 | Iron Formation |
^ True widths of the intercepts reported are unknown at this time.
** See table at end of press release for additional included zones.
Nuvuyak Discovery Review
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 1000 m down plunge of the Goose Main deposit has now been drilled over 370 m 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 8.70 m, 18GSE558 which returned 16.39 g/t Au over 13.20 m and 18GSE558W2 which returned 5.81 g/t Au over 34.60 m.
Hook Target Drilling
A single exploration drill hole, 19GSE570, aimed to investigate the mineralizing controls at the Hook target area prior to additional testing of the down plunge prospective iron formation. Hole 19GSE570 returned 2.74 g/t over 5.35 m and 2.11g/t over 4.65 m within the lower iron formation advancing the understanding of stratigraphy and mineralization local to the target. The Hook Target area has seen previous, wider spaced drilling with intersections of strong alteration and mineralization but remains under drilled and represents an attractive opportunity for discovery of moderate depth mineral zones located between Nuvuyak and the Goose Main deposit.
Ongoing Exploration Work
Summer field programs have focussed on advancing the Back River deposit level paragenesis in regards to the known gold mineralization and related alteration. Uncovering a 50 m x 20 m bedrock exposure at the Goose Main deposit enabled detailed studies of mineralogy, stratigraphy and structure to further increase confidence in the deposit scale mineralizing controls. These studies are ongoing and suggest the conditions leading to the abundant gold depositional event are consistent across the Goose and other Back River properties, highlighting the prospective nature of the district. Through this process targeting criteria are being refined and strengthened for future exploration programs. The recent discovery and expansion successes at the Nuvuyak, Llama Extension and Umwelt Vault zones are particular focusses of these studies as the understanding and tracing of the high grade structures could have a large impact on future exploration.
Table 2.0 – Table of Significant Drill Intersections from all Drill Holes in 2019
| Hole Id | Area | Azimuth/ Dip | Easting UTM | Northing UTM | Hole Depth (m) | From (m) | To (m) | Length (m) | Au (g/t) | Lithology |
| 19GSE563 | LL | 236/-66 | 429530 | 7271690 | 632 | 489.75 | 491.55 | 1.80 | 2.84 | Iron Formation |
| 515.50 | 520.45 | 4.95 | 5.48 | Iron Formation | ||||||
| incl. | 517.90 | 518.50 | 0.60 | 31.38 | Iron Formation | |||||
| 524.40 | 531.30 | 6.90 | 1.33 | Iron Formation | ||||||
| 536.20 | 541.80 | 5.60 | 3.84 | Iron Formation | ||||||
| incl. | 540.95 | 541.80 | 0.85 | 15.27 | Iron Formation | |||||
| 19GSE564 | NUV | 220/-66 | 433643 | 7269913 | 1071 | 117.70 | 121.10 | 3.40 | 1.37 | Argillite |
| 125.65 | 126.45 | 0.80 | 1.71 | Iron Formation | ||||||
| 152.70 | 155.65 | 2.95 | 2.07 | Iron Formation | ||||||
| 920.90 | 922.90 | 2.00 | 2.13 | Iron Formation | ||||||
| 987.65 | 990.50 | 2.85 | 11.97 | Iron Formation | ||||||
| incl. | 989.55 | 990.50 | 0.95 | 27.00 | Iron Formation | |||||
| 997.15 | 998.20 | 1.05 | 1.08 | Felsic Dyke | ||||||
| 999.60 | 1000.35 | 0.75 | 1.12 | Quartz Vein | ||||||
| 19GSE565 | LL | 61/-51 | 429035 | 7271082 | 815 | 501.90 | 503.25 | 1.35 | 1.24 | Iron Formation |
| 714.75 | 719.50 | 4.75 | 6.59 | Felsic Dyke & Quartz Veining | ||||||
| incl. | 714.75 | 715.85 | 1.10 | 26.40 | Felsic Dyke & Quartz Veining | |||||
| 723.75 | 724.65 | 0.90 | 1.36 | Iron Formation | ||||||
| 738.35 | 749.00 | 10.65 | 4.24 | Iron Formation & Greywacke | ||||||
| incl. | 741.30 | 744.95 | 3.65 | 8.35 | Iron Formation & Greywacke | |||||
| 755.00 | 760.00 | 5.00 | 3.26 | Iron Formation | ||||||
| incl. | 758.00 | 759.00 | 1.00 | 9.70 | Iron Formation | |||||
| 770.00 | 770.65 | 0.65 | 1.00 | Iron Formation | ||||||
| 19GSE566 | NUV | 57/-59 | 432903 | 7269223 | 933 | 246.55 | 247.60 | 1.05 | 1.16 | Iron Formation |
| 310.40 | 311.35 | 0.95 | 1.07 | Greywacke | ||||||
| 315.25 | 316.30 | 1.05 | 1.49 | Iron Formation | ||||||
| 719.75 | 723.25 | 3.50 | 18.71 | Iron Formation | ||||||
| incl. | 719.75 | 720.80 | 1.05 | 57.30 | Iron Formation | |||||
| 738.60 | 757.60 | 19.00 | 2.59 | Iron Formation | ||||||
| incl. | 754.25 | 756.50 | 2.25 | 10.68 | Iron Formation | |||||
| 806.80 | 810.00 | 3.20 | 4.21 | Iron Formation | ||||||
| 818.90 | 836.90 | 18.00 | 10.04 | Iron Formation | ||||||
| incl. | 826.80 | 827.75 | 0.95 | 24.10 | Iron Formation | |||||
| and | 834.55 | 835.90 | 1.35 | 38.80 | Iron Formation | |||||
| 887.00 | 888.00 | 1.00 | 1.80 | Iron Formation | ||||||
| 893.00 | 897.50 | 4.50 | 2.79 | Iron Formation | ||||||
| incl. | 894.85 | 895.50 | 0.65 | 10.30 | Iron Formation | |||||
| 19GSE566W1 | NUV | 57/-59 | 432903 | 7269223 | 354 | NSV - Hole Abandoned | ||||
| 19GSE566W2 | NUV | 57/-59 | 432903 | 7269223 | 917 | 306.15 | 308.15 | 2.00 | 1.17 | Iron Formation |
| 314.00 | 315.00 | 1.00 | 1.79 | Iron Formation | ||||||
| 705.10 | 734.40 | 29.30 | 2.50 | Iron Formation | ||||||
| incl. | 726.90 | 729.10 | 2.20 | 7.60 | Iron Formation | |||||
| and | 733.20 | 734.40 | 1.20 | 9.10 | Iron Formation | |||||
| 756.50 | 757.60 | 1.10 | 2.48 | Iron Formation | ||||||
| 762.75 | 784.75 | 22.00 | 4.81 | Iron Formation | ||||||
| incl. | 776.90 | 783.85 | 6.95 | 10.15 | Iron Formation | |||||
| 789.55 | 790.00 | 0.45 | 1.64 | Felsic Dyke | ||||||
| 797.15 | 806.40 | 9.25 | 14.70 | Iron Formation | ||||||
| incl. | 801.55 | 806.40 | 4.85 | 23.90 | Iron Formation | |||||
| 816.70 | 817.60 | 0.90 | 7.10 | Iron Formation | ||||||
| 847.65 | 856.25 | 8.60 | 10.52 | Iron Formation | ||||||
| incl. | 849.25 | 852.85 | 3.60 | 21.15 | Iron Formation | |||||
| 859.00 | 860.10 | 1.10 | 1.90 | |||||||
| 19GSE567 | NUV | 221/-67 | 433563 | 7269913 | 104 | NSV - Hole Abandoned | ||||
| 19GSE568 | NUV | 224/-67 | 433583 | 7269913 | 1001 | 813.70 | 815.80 | 2.10 | 2.92 | Iron Formation |
| 854.00 | 862.85 | 8.85 | 2.75 | Iron Formation | ||||||
| 883.75 | 887.85 | 4.10 | 8.36 | Iron Formation | ||||||
| incl. | 883.75 | 885.65 | 1.90 | 14.20 | Iron Formation | |||||
| 928.10 | 929.30 | 1.20 | 2.47 | Iron Formation | ||||||
| 19GSE569 | UM | 226/-68 | 430444 | 7270638 | 569 | 422.25 | 422.75 | 0.50 | 5.65 | Iron Formation |
| 430.35 | 431.15 | 0.80 | 1.75 | Iron Formation | ||||||
| 452.40 | 453.20 | 0.80 | 3.99 | Iron Formation | ||||||
| 464.85 | 465.85 | 1.00 | 5.00 | Iron Formation | ||||||
| 476.50 | 477.50 | 1.00 | 2.72 | Iron Formation | ||||||
| 486.35 | 487.15 | 0.80 | 6.40 | Iron Formation | ||||||
| 511.70 | 515.00 | 3.30 | 1.56 | Iron Formation | ||||||
| 518.65 | 540.40 | 21.75 | 14.97 | Iron Formation | ||||||
| incl. | 523.90 | 526.20 | 2.30 | 27.68 | Iron Formation | |||||
| and | 529.25 | 530.40 | 1.15 | 40.05 | Iron Formation | |||||
| and | 532.25 | 537.45 | 5.20 | 28.94 | Iron Formation | |||||
| incl. | 532.25 | 534.35 | 2.10 | 41.07 | Iron Formation | |||||
| 546.00 | 547.00 | 1.00 | 3.79 | Greywacke | ||||||
| 19GSE570 | HK | 125/-58 | 433563 | 7269937 | 669 | 584.65 | 585.45 | 0.80 | 8.10 | Iron Formation |
| 587.55 | 589.45 | 1.90 | 3.08 | Iron Formation | ||||||
| 601.00 | 602.00 | 1.00 | 1.37 | Iron Formation | ||||||
| 605.00 | 606.00 | 1.00 | 1.99 | Iron Formation | ||||||
| 622.55 | 627.90 | 5.35 | 2.74 | Quartz Veins | ||||||
| incl. | 626.60 | 627.90 | 1.30 | 7.40 | Quartz Veins | |||||
| 632.45 | 637.10 | 4.65 | 2.11 | Iron Formation | ||||||
| incl. | 632.45 | 633.50 | 1.05 | 6.00 | Iron Formation | |||||
| 642.00 | 642.80 | 0.80 | 2.42 | Quartz Veins | ||||||
^ True widths of the intercepts reported are unknown at this time.
# Holes 19GSE536, 19GSE565, 19GSE566 and 19GSE569 already released.
## One new interval in 19GSE569 at 476.5-477.5m
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
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/46e0ccf9-9117-45de-9495-f7595884ae71
https://www.globenewswire.com/NewsRoom/AttachmentNg/be8d6e54-1586-441c-9c66-82ac1d8b9fd2
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2fe8991-07cb-4d9c-ace4-c14ac8de6ced