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 approx. 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
From Length Au
Hole Id Area Section Easting Northing Depth (m) To (m) (m) (g/t)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL099 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL100 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL101 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL102 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL103 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL104 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL105 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL106 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL107 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Locale 2
13GRL108 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.
Contacts: Sabina Gold & Silver Corp. Nicole Hoeller
Vice-President, Communications 1 888
648-4218nhoeller@sabinagoldsilver.com www.sabinagoldsilver.com
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