VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 4, 2013) - Sabina Gold & Silver Corp (TSX:SBB) ("Sabina" or the "Company") is pleased to announce positive drilling results at the Locale 2 deposit on the George property. The results are from the Company's 2013 exploration program on its 100% owned Back River project in Nunavut.
"Back River continues to demonstrate its amenability to contain gold with positive results continuing to come in from both the Goose and George properties," said Rob Pease President & CEO "This is a highly prospective land package and year over year we continue to extend mineralization to depth and along strike, while adding ounces and finding new targets that warrant follow-up. Over the last two years, work has focussed on de-risking the Back River project with drilling and engineering and environmental studies. While most field and drilling work done in 2013 will support a potential final feasibility study (FS) due out next year, planning and studies continue on our pre-feasibility study (PFS) due out during the third quarter this year."
Back River
The Back River Project is made up of a series of claim properties: Goose and George (which contain the existing resources) and four other exploration areas: Boot, Boulder, Del, and Bath. These claims host approximately 60 km of prospective iron formation of which approximately only 6km has been systematically explored by Sabina.
George Property
George is located approximately 60 km to the north of the Goose property. The resources at George are considered potential satellite ore bodies that will be mined and trucked to the proposed mill facility at Goose.
Work in 2012 and 2013 has focussed on increasing the confidence in and the resources at both Goose and George for inclusion in engineering studies and for permitting efforts. At George, the resources are contained in a number of mainly underground deposits with the majority of the gold ounces located in the Locale 1 and 2 deposits. Work has focused on evaluating these targets for open pit extraction as well as converting underground resources for inclusion later in the project mine life. Regional exploration at the George property in past years also resulted in new discoveries for exploration of potential open pit deposits, Fold Forest and Lone Cow Pond in particular. Work continues to evaluate these targets.
Locale 2 Resource Expansion Drill Program
This year drilling at the Locale 2 deposit focused on testing the Gap and Hinge zones. The Gap zone is an area ~120m wide at the southern end of the Locale 2 deposit without any previous drilling and the Hinge zone is a thickened fold within the Locale 2 deposit with favorable width and grade
A total of 16 exploration holes have been completed at the Locale 2 deposit and results, as highlighted below, continue to support a significant potential for resource expansion. Drilling at the Locale 2 Gap target was completed with 13 drill holes highlighted by new assays including holes 13GRL103 returning 8.96g/t Au over 18.50m and 13GRL102 returning 13.55g/t Au over 7.00m. These new results now establish a significant strike extension to the south portion of the deposit that was previously not recognized and is a direct result of leveraging opportunities from newly developed deposit models.
Additionally, results for the Locale 2 Hinge target have also been received where a total of 3 drill holes are now complete. Drill results from the target consist of encouraging grades and widths including new assays from hole 13GRL104 returning 18.34g/t Au over 8.75m. This newly developed zone provides exciting potential for the identification of structurally controlled mineralization. Targeting of these favourable settings continues to yield high quality gold intercepts that are essential to advancing the threshold size of the resource.
Qualified Persons
The Qualified Person as defined by NI 43-101 as pertains to the Back River Project, is Angus Campbell, P.Geo, Vice-President, Exploration, for the Company.
True widths for the intercepts reported in this news release have not yet been determined.
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 2013 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 resource reports.
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging gold 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 currently has $124 m in cash. (March 31/13 $104m, subsequent private placement of $20m).
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.
Forward Looking Statements
Statements relating to future operations at the Back River Project and the Hackett River Project and the expected results of this work 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 31, 2012.
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, should 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
Tel 604 998-4175 Fax 604 998-1051
http://www.sabinagoldsilver.com
| Hole Id | Area | Section | Easting | Northing | Depth | From (m) | To (m) | Length (m) | Au (g/t) |
| 13GRL099 | Locale 2 Hinge | 328 | 329 | 1.00 | 2.14 | ||||
| 354 | 357 | 3.00 | 3.23 | ||||||
| 396.5 | 397 | 0.50 | 6.74 | ||||||
| 596.8 | 597.8 | 1.00 | 2.19 | ||||||
| 13GRL100 | Locale 2 Gap | 3890 | 388128 | 7312560 | 359 | 36.8 | 37.8 | 1.00 | 1.05 |
| 159 | 164 | 5.00 | 4.12 | ||||||
| 181.8 | 183.5 | 1.70 | 3.47 | ||||||
| 201 | 203 | 2.00 | 2.86 | ||||||
| 223 | 223.85 | 0.85 | 1.29 | ||||||
| 265 | 266 | 1.00 | 3.05 | ||||||
| 269 | 270 | 1.00 | 1.46 | ||||||
| 272 | 272.9 | 0.90 | 1.37 | ||||||
| 273.45 | 275 | 1.55 | 3.45 | ||||||
| 278 | 279 | 1.00 | 2.33 | ||||||
| 290 | 295.8 | 5.80 | 1.15 | ||||||
| 301 | 303.15 | 2.15 | 2.85 | ||||||
| 13GRL101 | Locale 2 Gap | 3860 | 388153 | 7312542 | 347 | 93 | 93.9 | 0.90 | 3.48 |
| 140.75 | 144.1 | 3.35 | 4.42 | ||||||
| 193 | 194 | 1.00 | 1.87 | ||||||
| 198 | 199 | 1.00 | 1.10 | ||||||
| 206 | 207 | 1.00 | 5.86 | ||||||
| 244 | 245 | 1.00 | 2.25 | ||||||
| 256 | 257 | 1.00 | 1.23 | ||||||
| 261.00 | 262.00 | 1.00 | 1.54 | ||||||
| 291.00 | 293.00 | 2.00 | 1.72 | ||||||
| 13GRL102 | Locale 2 Gap | 240 | 247.00 | 7.00 | 13.55 | ||||
| 240.00 | 244.2 | 4.20 | 21.17 | ||||||
| 286.00 | 287 | 1.00 | 1.15 | ||||||
| 352.55 | 355.75 | 3.20 | 2.45 | ||||||
| 359.00 | 360 | 1.00 | 1.32 | ||||||
| 365.00 | 379.4 | 14.40 | 2.52 | ||||||
| 369.00 | 371 | 2.00 | 6.57 | ||||||
| 13GRL103 | Locale 2 Gap | 118.05 | 118.90 | 0.85 | 1.85 | ||||
| 180.00 | 180.80 | 0.80 | 9.24 | ||||||
| 226.75 | 227.25 | 0.50 | 5.01 | ||||||
| 253.1 | 257.1 | 4.00 | 0.78 | ||||||
| 253.1 | 254.1 | 1.00 | 1.11 | ||||||
| 256.1 | 257.1 | 1.00 | 1.82 | ||||||
| 260.1 | 261.8 | 1.70 | 2.05 | ||||||
| 260.1 | 261.1 | 1.00 | 2.83 | ||||||
| 269.80 | 270.80 | 1.00 | 1.08 | ||||||
| 342.5 | 361 | 18.50 | 8.96 | ||||||
| 346.6 | 358.4 | 11.80 | 13.49 | ||||||
| 349.4 | 350.3 | 0.9 | 67.63 | ||||||
| 367.1 | 368.1 | 1 | 3.46 | ||||||
| 371.1 | 372.1 | 1 | 8.85 | ||||||
| 13GRL104 | Locale 2 Hinge | 528.8 | 537.55 | 8.75 | 18.34 | ||||
| 539.5 | 540.5 | 1 | 1.11 | ||||||
| 542.5 | 543.5 | 1 | 4.20 | ||||||
| 605.8 | 608.8 | 3.00 | 5.58 | ||||||
| 13GRL105 | Locale 2 Gap | 46.70 | 47.45 | 0.75 | 3.92 | ||||
| 108 | 111 | 3.00 | 1.92 | ||||||
| 137 | 140 | 3.00 | 2.46 | ||||||
| 164 | 166 | 2.00 | 1.15 | ||||||
| 206.3 | 206.85 | 0.55 | 1.11 | ||||||
| 13GRL106 | Locale 2 Gap | 48.7 | 49.5 | 0.8 | 3.67 | ||||
| 112.5 | 113.45 | 0.95 | 1.11 | ||||||
| 114.4 | 115.2 | 0.8 | 1.11 | ||||||
| 117.6 | 118.6 | 1 | 1.03 | ||||||
| 167.95 | 168.95 | 1 | 11.57 | ||||||
| 179.1 | 184.95 | 5.85 | 5.42 | ||||||
| 188 | 188.8 | 0.8 | 1.08 | ||||||
| 302 | 306.2 | 4.20 | 1.47 | ||||||
| 314.3 | 315 | 0.7 | 3.21 | ||||||
| 319 | 326 | 7.00 | 2.02 | ||||||
| 13GRL107 | Locale 2 Gap | 80.5 | 91.4 | 10.90 | 3.79 | ||||
| 93.4 | 94.4 | 1 | 1.56 | ||||||
| 198.6 | 203.4 | 4.80 | 1.51 | ||||||
| 210.4 | 211.4 | 1 | 1.94 | ||||||
| 13GRL108 | Locale 2 Gap | 190.2 | 192 | 1.80 | 4.02 | ||||
| 240.4 | 241.1 | 0.7 | 4.36 | ||||||
| 252 | 253 | 1 | 12.24 | ||||||
| 286 | 287 | 1 | 1.29 |
The figures associated with this release are available at the following address: http://media3.marketwire.com/docs/n703sbb3.pdf.
Contact Information:
Nicole Hoeller
Vice-President, Communications
1 888 648-4218
nhoeller@sabinagoldsilver.com
www.sabinagoldsilver.com