Golden Reign Resources Ltd.
TSX VENTURE : GRR

Golden Reign Resources Ltd.

March 21, 2013 07:30 ET

Golden Reign Resources Ltd.: Las Dolores Trenching Returns 21.00 g/t Gold and 21.9 g/t Silver Over 4.0 Metres; Exploration Pit Yields 20.54 g/t Gold and 33.7 g/t Silver Over 4.0 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2013) - Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the Las Dolores Area in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.

The Las Dolores Area is one of four highly prospective mineralized areas, covering 2.5 square kilometres, located only 1.5 kilometres south of the Company's San Albino Gold Deposit [NI 43-101 technical report and resource estimate available on www.sedar.com and www.goldenreign.com] - all of which can be extended by further trenching and offer potential for the development of significant open-pittable resources. Golden Reign plans to drill test all four mineralized areas in 2013.

Bordering the Company's El Jicaro Concession to the south, the Las Dolores Area hosts near-surface high-grade mineralization that has currently been traced along strike for approximately 1,000 metres. Two prime targets - the Las Dolores mine and the California vein - are situated at the northeast and southwest end, respectively, of the currently outlined zone (see attached map). The zone remains open along strike in both directions and at depth. The southwest extension of the zone has been projected for a further 1,000 metres and lies within the El Jicaro Concession. This zone closely mirrors the 'Golden Mile' the longest high-grade, near-surface quartz vein structure defined on the Property to date. The Golden Mile, which has been traced over 1,500 metres and projected for a further 1,000 metres, lies immediately to the north in the Las Conchitas-Rio Jicaro Area.

The Las Dolores Area hosts several mineralized structures, first exposed by trenching in 2011, which comprise a system of parallel, sheeted, quartz veins. Clustered around the mineralized structures, generally within 100 metres, are numerous old mine dumps and pits, float material and quartz vein structures identified and tested during a 2011 comprehensive prospecting and sampling program.

Golden Reign revisited the Las Dolores Area in 2012, expanding the zone significantly with a highly successful trenching program. Of the six trenches completed, five intersected strong mineralization. Five exploration pits were then excavated to further expose the strike and dip of the mineralized veins intersected by trenching. Two pits were located at trench SAM12-TR-04 and one at each of the following trenches: LC11-TR-22; SAM12-TR-02; and SAM12-TR-03. This work was a follow-up to 2011 exploration activities that included the excavation of 8 trenches across 400 metres, testing of 3 road cuts and collection of numerous samples. Exploration results to date include:
2012 Trenching Highlights (see Table 2 below)

  • 21.00 g/t gold and 21.9 g/t silver over 4.0 metres in SAM12-TR-01, and
    14.72 g/t gold and 21.6 g/t silver over 2.0 metres, and
    61.06 g/t gold and 94.0 g/t silver over 1.0 metre
  • 148.70 g/t gold and 39.6 g/t silver over 1.0 metre in SAM12-TR-02, and
    9.49 g/t gold and 3.3 g/t silver over 4.0 metres, and
    7.25 g/t gold and 5.5 g/t silver over 2.0 metres
  • 11.40 g/t gold and 21.5 g/t silver over 7.1 metres in SAM12-TR-04
  • 11.09 g/t gold and 17.2 g/t silver over 2.0 metres in SAM12-TR-05

2012 Exploration Pits (see Table 1 below)

  • 20.54 g/t gold and 33.7 g/t silver over 4.0 metres in EP-LC11-TR22, with
    13.39 g/t gold and 24.5 g/t silver over an average thickness of 1.5 metres, and
    45.60 g/t gold and 174.4 g/t silver along strike over 2.0 metres
  • 8.58 g/t gold and 20.2 g/t silver over 8.5 metres in EP-2-SAM12-TR04, with
    9.72 g/t gold and 17.9 g/t silver over an average thickness of 1.53 metres
  • 16.22 g/t gold and 29.1 g/t silver over 4.6 metres in EP-1-SAM12-TR04 and
    30.69 g/t gold and 47.9 g/t silver along strike over 2.8 metres, and
    37.06 g/t gold and 48.5 g/t silver along strike over 2.5 metres, and
    39.85 g/t gold and 34.4 g/t silver along strike over 2.5 metres
  • 13.08 g/t gold and 4.9 g/t silver along strike over 1.0 metre in EP-SAM12-TR03

2011 Trenching Highlights (see Table 2 below)

  • 5.89 g/t gold and 11.8 g/t silver over 14.0 metres in LC11-TR-21, and
    4.56 g/t gold and 7.3 g/t silver over 2.0 metres
  • 10.81 g/t gold and 6.0 g/t silver over 7.0 metres in LC11-TR-22
  • 18.59 g/t gold and 4.4 g/t silver over 1.0 metre in LC11-TR-30

2011 Sampling Highlights (see news release dated March 21, 2012)

  • 69.33 g/t gold and 47.8 g/t silver over 2.0 metre channel sample
  • 45.42 g/t gold and 74.0 g/t silver, representative sample from old California pit#1 mine dump
  • 33.12 g/t gold and 35.1 g/t silver, float sample from old California pit#2
  • 88.46 g/t gold and 127.5 g/t silver, float sample from old California pit#3; and
    42.54 g/t gold and 27.0 g/t silver, float sample
  • 43.31 g/t gold and 42.3 g/t silver, float sample from old Siles pit#3
  • 66.40 g/t gold and 84.6 g/t silver, float sample from old Las Dolores mine dump#2
  • 16.61 g/t gold and 51.7 g/t silver, float sample from old Las Dolores mine dump#1

Gold Mineralization in the Country Rock

All 4 of the highly prospective mineralized zones - San Pablo Area, Intermediate Area, Las Conchitas/Rio Jicaro Area and Las Dolores Area - exhibit gold mineralization in the country rock (phyllites) containing quartz veinlets, not just in the quartz veins. Further, in 3 of the 4 areas, Golden Reign has discovered heavily mineralized sulphide masses (bodies) intercalated with quartz veins. The Company plans to collect bulk samples: for metallurgical testing purposes; to better estimate the grade potential of the mineralized zones; and, to evaluate the potential for larger bulk tonnage targets.

TABLE 1 - 2012 EXPLORATION PIT SAMPLES
Exploration Pit Sample # Width (m) Sample type Rock type Au
(g/t)
Ag
(g/t)
EP-2-SAM12-TR04 142839 1.00 Dip Mineralized quartz vein 10.86 18.5
142840 1.00 Dip Mineralized quartz vein 2.73 8.4
142842 1.00 Dip Mineralized quartz vein 23.32 54.7
142843 1.00 Dip Mineralized quartz vein 19.69 39.8
142844 1.00 Dip Mineralized quartz vein 5.82 10.8
142845 1.50 Dip Phyllite with Qtz veinlets 2.28 5.0
142846 1.00 Dip Mineralized quartz vein 5.15 13.9
142847 1.00 Dip Mineralized quartz vein 1.95 18.0
142848 1.80 True Thickness Mineralized quartz vein 2.22 10.3
142849 1.60 True Thickness Mineralized quartz vein 5.98 9.9
142850 1.50 True Thickness Mineralized quartz vein 8.86 20.2
174102 1.50 True Thickness Mineralized quartz vein 11.23 19.7
174103 1.80 True Thickness Mineralized quartz vein 19.48 31.3
174104 1.00 True Thickness Mineralized quartz vein 10.70 13.7
174105 1.00 Strike Mineralized quartz vein 1.58 1.6
174106 2.00 Strike Mineralized quartz vein 14.81 27.9
174107 2.00 Strike Mineralized quartz vein 20.98 37.9
174108 2.00 Strike Mineralized quartz vein 14.69 29.3
EP-1-SAM12-TR04 75872 1.00 Dip Mineralized Quartz vein 28.24 33.2
75873 1.00 Dip Mineralized Quartz vein 11.12 20.6
75874 1.00 Dip Mineralized Quartz vein 26.96 70.2
75875 1.00 Dip Mineralized Quartz vein 3.02 6.4
75876 0.60 Dip Mineralized Quartz vein 8.75 5.6
72677 1.50 Strike Mineralized Quartz vein 20.72 40.1
72678 1.30 Strike Mineralized Quartz vein 42.20 56.2
72679 1.50 Strike Mineralized Quartz vein 18.95 38.6
72680 1.00 Strike Mineralized Quartz vein 64.23 63.3
72681 1.50 Strike Mineralized Quartz vein 8.03 6.4
72682 1.00 Strike Mineralized Quartz vein 87.57 76.5
EP LC11-TR22 174132 1.00 Dip Mineralized quartz vein with massive sulphide lenses 2.55 4.0
174133 1.00 Dip Mineralized quartz vein with massive sulphide lenses 12.87 25.8
174134 1.00 Dip Mineralized quartz vein with massive sulphide lenses 44.29 55.1
174135 1.00 Dip Mineralized quartz vein with massive sulphide lenses 22.45 49.9
174137 1.50 True Thickness Mineralized quartz vein with massive sulphide lenses 1.14 2.9
174138 1.50 True Thickness Mineralized quartz vein with massive sulphide lenses 25.64 46.0
174139 2.00 Strike Mineralized quartz vein 45.60 174.4
EP SAM12-TR02 72591 1.00 True Thickness Mineralized quartz vein 1.78 2.4
EP SAM12-TR03 75858 1.00 Strike Mineralized quartz vein 13.08 4.9
Table 2 - 2011-2012 LAS DOLORES TRENCH RESULTS
Trench # Sample # Width (m) Sample type
Rock type
Au
(g/t)
Ag
(g/t)
LC11-21 66362 1.0 Floor Phyllite with quartz veinlets 4.57 11.3
66363 1.0 Floor Heavy sulphide mineralized quartz vein 5.13 28.7
66364 1.0 Floor Heavy sulphide mineralized quartz vein 4.91 16.9
66365 1.0 Floor Heavy sulphide mineralized quartz vein 16.11 24.4
66366 1.0 Floor Heavy sulphide mineralized quartz vein 7.69 14.8
66367 2.0 Floor Phyllite with quartz veinlets 0.64 0.3
66368 2.0 Floor Phyllite with quartz veinlets 9.51 15.4
66369 1.0 Floor Heavy sulphide mineralized quartz vein 7.27 11.5
66370 1.0 Floor Heavy sulphide mineralized quartz vein 1.78 3.2
66371 1.0 Floor Heavy sulphide mineralized quartz vein 2.82 5.7
66372 1.0 Floor Heavy sulphide mineralized quartz vein 10.59 14.2
66373 1.0 Floor Heavy sulphide mineralized quartz vein 1.32 3.2
66377 2.0 Floor Phyllite with quartz veinlets 4.56 7.3
66381 1.0 Strike Heavy sulphide mineralized quartz vein 9.57 12.8
66383 1.0 Strike Heavy sulphide mineralized quartz vein 6.58 5.8
66384 1.0 Strike Heavy sulphide mineralized quartz vein 1.91 4.1
66385 1.0 Strike Heavy sulphide mineralized quartz vein 2.32 3.9
66386 1.0 Strike Heavy sulphide mineralized quartz vein 19.55 29.5
66387 1.0 Strike Heavy sulphide mineralized quartz vein 6.57 28.1
66388 1.0 Strike Heavy sulphide mineralized quartz vein 5.53 20.7
LC11-TR-22 176638 1.0 Floor Mineralized quartz vein with massive sulphide lenses 11.82 19.0
176639 1.0 Floor Mineralized quartz vein with massive sulphide lenses 22.08 30.9
176640 1.0 Floor Mineralized quartz vein with massive sulphide lenses 8.91 6.8
176641 1.0 Floor Mineralized quartz vein with massive sulphide lenses 11.51 23.0
176642 1.0 Floor Mineralized quartz vein with massive sulphide lenses 19.58 25.9
176643 1.0 Floor Mineralized quartz vein with massive sulphide lenses 0.02 <0.1
176644 1.0 Floor Mineralized quartz vein with massive sulphide lenses 1.73 1.3
176696 1.0 Strike Mineralized Quartz vein 9.85 <0.1
176697 1.0 Strike Mineralized Quartz vein 44.37 <0.1
176699 1.0 Strike Mineralized Quartz vein 19.71 <0.1
176700 1.0 Strike Mineralized Quartz vein 31.44 2.2
176802 1.0 Strike Mineralized Quartz vein 6.61 6.4
LC11-TR-23 176529 1.0 Floor Mineralized quartz vein with massive sulphide lenses 5.37 9.1
176530 1.0 Floor Mineralized quartz vein with massive sulphide lenses 12.23 7.0
176531 1.0 Floor Phyllite with quartz stringers 1.61 3.0
176532 1.0 Floor Phyllite with quartz stringers 2.17 1.1
176614 1.0 Strike Mineralized Quartz vein 19.47 0.5
176616 1.0 Strike Mineralized Quartz vein 3.09 0.7
LC11-TR-30 72970 1.0 Floor Phyllite with quartz stringers 18.59 4.4
SAM12-TR-01 73063 2.0 Floor Phyllite with quartz fragments 37.88 36.3
73064 2.0 Floor Phyllite with quartz fragments 4.11 7.5
73067 1.0 Floor Phyllite with quartz fragments 26.86 39.7
73068 1.0 Floor Phyllite with quartz fragments 2.58 3.4
73071 1.0 Floor Mineralized Quartz vein 61.06 94.0
73097 1.0 Strike Mineralized Quartz vein 70.62 59.4
72566 1.5 Vertical Phyllite 4.26 8.5
72567 1.0 Vertical Phyllite 2.32 3.5
72568 1.5 Vertical Phyllite 3.24 3.1
72569 1.0 Vertical Phyllite 4.61 6.0
72570 1.0 Vertical Phyllite 0.71 1.1
72572 1.5 Vertical Phyllite 6.93 22.3
SAM12-TR-02 72596 1.0 Floor Mineralized Quartz vein 148.47 39.6
72651 1.0 Floor Mineralized Quartz vein 0.84 1.5
72652 1.5 Floor Phyllite 0.15 0.1
72653 1.5 Floor Mineralized Quartz vein 24.60 7.8
72656 2.0 Floor Mineralized Quartz vein 7.27 5.5
SAM12-TR-03 75858 1.0 Strike Mineralized Quartz vein 13.08 4.9
SAM12-TR-04 72683 1.0 Strike Mineralized Quartz vein 3.14 14.0
72697 1.0 Vertical Mineralized Quartz vein 3.34 4.7
75872 1.0 Floor Mineralized Quartz vein 28.24 33.2
75873 1.0 Floor Mineralized Quartz vein 11.12 20.6
75874 1.0 Floor Mineralized Quartz vein 26.96 70.2
75875 1.0 Floor Mineralized Quartz vein 3.02 6.4
75876 0.6 Floor Mineralized Quartz vein 8.75 5.6
75877 1.5 Floor Phyllite 0.63 4.3
75878 1.0 Floor Mineralized Quartz vein 5.43 12.4
SAM12-TR-05 76526 1.0 Floor Phyllite with quartz lenses 9.10 18.1
76527 1.0 Floor Phyllite with quartz lenses 13.08 16.3
Note: In most instances, Table 1 and 2 above provide assay results for samples grading 1.0 g/t gold or greater.

Qualified Person

John M. Kowalchuk, P.Geo, a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.

On behalf of the Board,

Kim Evans, CGA, President & CEO

About Golden Reign:

Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE:GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.

The Company's land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and spans the entirety of the Company's land package.

For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.

Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such 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 and uncertainties relating to political risks involving the Company's exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available.

To view the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/grr-0321-maps.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Golden Reign Resources Ltd.
    Kim Evans, CGA
    President & CEO
    (604) 685-4655 or Toll Free: 1-888-685-4655
    (604) 685-4675 (FAX)
    www.goldenreign.com