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Sabina Gold & Silver Continues to Expand the Nuvuyak Discovery With Strong Gold Values Over Broadly Mineralized Iron Formation

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Sabina Gold & Silver Continues to Expand the Nuvuyak Discovery With Strong Gold Values Over Broadly Mineralized Iron Formation

 

 

 

 

 

Sabina Gold & Silver Corp (TSX:SBB) (OTCQX:SGSVF), is pleased to announce further results from this year’s spring drilling program at its 100% owned Back River Gold Project in Nunavut Canada.

 

On June 19, 2019 the Company announced results of an up-plunge hole at the Vault Zone at Umwelt (hole 19GSE569) which returned 14.97 g/t Au over 21.75m including 28.94 g/t Au over 5.20m.  Further drilling during the spring, includes an up-plunge drill hole at the Nuvuyak discovery (hole 19GSE566), and two holes, (19GSE563 and 19GSE565) drilled to test portions of the Llama gold structure.

 

At Nuvuyak, drill hole 19GSE566 tested a folded section of the main anticline structure approximately 50m up plunge of the original discovery area. Multiple broad zones of mineralized iron formation were intersected from 719m to 836m with a number of gold mineralized intervals highlighting 18.71 g/t Au over 3.50m, 2.59 g/t Au over 19.0m, 4.21 g/t Au over 3.20m and 10.04 g/t Au over 18.00m.

 

At the Llama Extension target, where aggressive step out drilling has successfully demonstrated over 500m of potential down plunge resource extension from the existing underground NI 43-101 resource, hole 19GSE563 tested a 150m undrilled gap area between the resource and the upper portions of the Llama Extension. This hole drifted lower than planned, only testing an eastern portion of the full structure, but importantly, it returned strong values that confirm continuity of the gold structure with 5.48 g/t Au over 4.95m including 31.38 g/t Au over 0.60m and 3.84 g/t Au over 5.60m including 15.27 g/t Au over 0.85m. Drill hole 19GSE565 tested a down plunge, lower section of the Llama Extension mineral zone to provide additional information on geometry of the structure, and returned numerous intercepts of well mineralized iron formation that include; 6.59 g/t Au over 4.75m including 26.40 g/t Au over 1.10m, 4.24 g/t Au over 10.65m and 9.70 g/t Au over 1.00m.

 

Bruce McLeod, President and CEO states: “This drilling at Nuvuyak and Llama Extension continues to build positive momentum for de-risked resource growth optionality at these two growth targets. It has also further enabled us to continue to build confidence in and understanding of the mineralized structures within the Goose property gold complex. In the future our team will be able to utilize this knowledge when exploration expands to other areas of the Back River District.  I look forward to the results of the final four drill hole of the Spring drilling campaign in the coming weeks.”

 

Table 1.0 – Table of Selected Significant Drill Intersections from Drill Holes 19GSE566, 19GSE563 and 19GSE565

 

 

Hole Id Area Azimuth/ Dip Easting
UTM
Northing UTM Hole Depth (m) From
(m)
To
(m)
Length
(m)
Au (g/t) Lithology
19GSE566 NUV 57/-59 432903 7269223 933 719.75 723.25 3.50 18.71 Iron Formation
            738.60 757.60 19.00 2.59 Iron Formation
            806.80 810.00 3.20 4.21 Iron Formation
            818.90 836.90 18.00 10.04 Iron Formation
19GSE563 LL 236/-66 429530 7271690 632 515.50 520.45 4.95 5.48 Iron Formation
incl.           517.90 518.50 0.60 31.38 Iron Formation
            536.20 541.80 5.60 3.84 Iron Formation
incl.           540.95 541.80 0.85 15.27 Iron Formation
19GSE565 LL 61/-51 429035 7271082 815 714.75 719.50 4.75 6.59 Felsic Dyke & Quartz Veining
incl.           714.75 715.85 1.10 26.40 Felsic Dyke & Quartz Veining
            738.35 749.00 10.65 4.24 Iron Formation & Greywacke
incl.           741.30 744.95 3.65 8.35 Iron Formation & Greywacke
            758.00 759.00 1.00 9.70 Iron Formation

 

^ True widths of the intercepts reported are unknown at this time.

** See table at end of press release for included zones.

 

Nuvuyak Discovery Drilling

 

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 800m down plunge of the Goose Main deposit has now been drilled for over 250m 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 8.70m, 18GSE558 which returned 16.39 g/t Au over 13.20m and 18GSE558W2 which returned 5.81 g/t Au over 34.60m.

 

Llama Extension Drilling

 

Sabina has now tested the Llama Extension target with 16 drill holes over a strike length of greater than 500m. The folded and sulphidized iron formation host structure remains open at depth. Currently, the feasibility only incorporates an open pit operation at Llama with no underground production. Recent drilling suggests the opportunity for future expansion and addition of an underground mining scenario at the Llama complex. Significant gold mineralization below the planned Llama open pit, including existing NI 43-101 resources and the new Llama Extension, potentially now continues for greater than 1200m down plunge. Examples of select significant intervals from recent Llama Extension drilling along the strike of the new zone includes, drill holes 18GSE535 which returned 28.95 g/t Au over 5.65m, 17GSE516B which returned 9.48 g/t Au over 38.55m and 18GSE546 which returned 11.43 g/t Au over 5.48m.

 

Table 2.0 – Table of all Significant Drill Intersections from Drill Holes 19GSE563, 19GSE565 and 19GSE566

 

 

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
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

 

^ True widths of the intercepts reported are unknown at this time.

 

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.

 

 

A photo accompanying this announcement is available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/398ef0ba-4303-481b-be75-7992db2a16a0

 

A photo accompanying this announcement is available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/a8f740f2-ef8b-4d06-99ff-23753836554d

 

A photo accompanying this announcement is available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2c3d2a7d-3248-49b3-85c8-c4946330fed8

 

Posted July 18, 2019

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