Sabina Reports on a Successful 2012 Program at Back River Project,
-- Hole 12GRL090 at Locale 1 at George returns 24.20g/t over 25.45m
-- Several highly prospective mineralized zones discovered in 2012
for follow up in 2013
-- New resource estimate underway
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Sabina
Gold & Silver Corp (TSX:SBB) is pleased to announce final results
from the 2012 work program at its 100% owned Back River Gold Project
in Nunavut, Canada.
The program was heavily focussed on infill, geotechnical and
extension drilling at the Llama, Umwelt and George deposits in
support of the upcoming Back River Pre-Feasibility Study ("PFS"), as
well as testing targets proximal to the existing deposits on the
Overall the Back River conversion drilling program, intended to
upgrade resources for inclusion in the PFS, produced positive
results. A recent highlight was hole 12GRL090 at Locale 1 on the
George property which returned 24.20 g/t Au over 25.45 m. Resource
conversion drilling at Llama, Umwelt and at the prominent George
deposits has confirmed the presence of the expected mineralization,
while some results have demonstrated improving grades.
Extension drilling of the Llama and Umwelt deposits was also a focus
this year. Llama mineralization was extended approximately 400 metres
south of last year's drilling. Umwelt has also been extended
approximately 400 metres south of previous drilling to a vertical
depth of 800 metres. Both deposits are still open along strike and to
Other previously reported highlights of the 2012 program include:
-- Hole 12GSE141 returning 15.16 g/t Au over 36.40 m with a second
mineralized zone returning 7.15 g/t Au over 41.05 m;
-- Hole 12GSE152 returning 8.58 g/t Au over 20.00 m;
-- Hole 12GSE153 returning 21.58 g/t Au over 12.90 m; and
-- Hole 12GSE182 returning 21.76 g/t Au over 11.70 m among others
Umwelt pit and underground
-- Hole 12GSE214 returning 18.81 g/t Au over 21.9 m (bottom of the pit
-- Hole 12GSE217 returning 51.93 g/t Au over 16.10 m (extending the G2 zone
-- Hole 12GSE234 returning 10.31 g/t Au over 39.85 m (G2 Zone); and
-- Hole 12GSE238 returning 18.18 g/t Au over 25.7 m among others.
-- Hole 12GRL058 returning 16.16 g/t Au over 7.85 m (Locale 1);
-- Hole 12GRL076 returning 12.84 g/t Au over 23.00m (Locale 2); and
-- Hole 12GRL080 returning 16.54 g/t Au over 25.45, (Lone Cow Pond) among
"Our 2012 results have confirmed the robust nature of the iron
formation-hosted deposits at Back River," said Rob Pease, President &
CEO. "The Back River claims host approximately 60 km of prospective
iron formation of which approximately only 6km has been
systematically explored by Sabina. This is a highly prospective land
package and year over year we continue to extend mineralization to
depth and along strike, all the while adding ounces and finding new
targets that warrant follow-up."
Updated resource calculations incorporating all of the 2012
exploration results are currently underway under the supervision of
AMC Mining Consultants (Canada) Ltd. The results of this update,
which will also serve to inform the ongoing PFS, are expected to be
released in early 2013.
Identifying potential new discoveries was also an objective for the
2012 Back River program. Several mineralized zones of interest were
discovered during the season which should warrant further work in
At the Goose property a new discovery was made at a target located
immediately to the west of the Goose deposit termed the Goose Hook.
The Goose Hook is interpreted to be an extension of the
mineralization at the Goose deposit. Ongoing drilling should provide
us with additional information necessary to better understand the
geology of this new discovery.
Also at the Goose property a high grade, shallow new zone of gold
mineralization was 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.
At the Boulder Property, located approximately 15 km north of the
Goose Property, a number of targets were tested with encouraging
early results. 12BRP001 was the first hole to test one of these
targets and returned 4.05 g/t Au over 11.00 m including 5.78 g/t Au
over 6.0 m in an extensive thickness of altered and locally
sulphidized iron formation. More exploration is planned for Boulder
as the property has the potential for more high-grade shallow
deposits in the corridor between George and Goose.
Exploration drilling on the George property resulted in the discovery
of the Fold Forest area, where drill holes encountered broad zones of
mineralized oxide iron formation in a thickened antiform structure
that can be traced for at least a 1.0 km strike length. The iron
formations encountered at Fold Forest are significantly thicker than
the narrow units that are common at George and offer good potential
for a large thick deposit to be found in the system.
All drill holes referred to above have been previously reported in
news releases that can be found, along with composites of all holes
drilled in 2012, on the Company's website at
The Qualified Persons under NI 43-101 are Kaesy Gladwin, P. Geo,
Senior Geologist for Sabina Gold & Silver Corp., who has approved
this release as it pertains to the Umwelt and Llama results, and
Stanley Clemmer, P. Geo, Regional Project Manager for Sabina, who has
approved this release as it pertains to the George results.
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 2012 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
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging precious metals 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. The Company had cash of $129.1 million at September 30,
2012 and expects to end the year with approximately $118 million in
All news releases and further information regarding drill results for
the 2012 campaign can be found on the Company's website at
www.sabinagoldsilver.com or on SEDAR at www.sedar.com.
To view Figure 1 associated with this press release, please visit the
Forward Looking Statements
Statements relating to mineral resource estimates and drilling
results at Llama, Umwelt, George and Goose and the expected impact of
these mineral resources 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
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
Sabina Gold & Silver Corp.
1 888 648-4218
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