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Sabina Gold & Silver Reports Strong Mineralization at the Hook Target; Unlocking Key Linking Zone between Goose Main and Nuvuyak

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Sabina Gold & Silver Reports Strong Mineralization at the Hook Target; Unlocking Key Linking Zone between Goose Main and Nuvuyak

 

 

 

 

 

Highlighted results include 5.42 g/t Au over 28.05 m in drill hole 21GSE600, including 12.68 g/t Au over 5.30 m, and 10.05 g/t over 8.50 m including 78.20 g/t over 1.0 m in drill hole 21GSE598B

 

 

Sabina Gold & Silver Corp (TSX:SBB) (OTCQX:SGSVF) is pleased to announce initial results from the company’s spring drilling program completed at the Hook Target, which has been identified as a key link along a mineralized trend hosting the Goose Main and Nuvuyak gold deposits, on its 100%-owned Back River Gold Project in Nunavut, Canada.

 

For the first half of this year, exploration was focused on the southern mineralized trend that hosts Goose Main and Nuvuyak. The Hook target, which was thought to be the link between these deposits received the bulk of the meterage of this spring’s program.    Drill testing within the trend is highlighted by hole 21GSE600 which returned 5.42 g/t Au over 28.05 m, including 12.68 g/t Au over 5.30 m, returning the highest gram-meter intercept within the target trend to date. The intercept through the fold nose of the antiform sits within a 50.50 m length of anomalous gold mineralization (see Table 1), representing a key link in unlocking the trend by identifying a robust area for potential resource growth through further exploration. Three additional drill holes were also completed within the trend during the 2021 spring program which continued to further advance the geological controls and refine targets highlighted by broad mineralizing intercepts including 10.05 g/t over 8.50 m in drill hole 21GSE598B, 1.72 g/t over 10.30 m in drill hole 21GSE599 and 1.67 g/t over 15.55m in drill hole 21GSE590 (additional drill hole results supporting this release are available in Table 1).

 

“The ability to demonstrate significant resource growth potential such a short distance from our proposed mining infrastructure is a tremendous success and further testament to the Goose Property gold endowment. Our Hook target is located within the shadows of the Goose Main open pit and provides opportunities for exceptional alignment as we advance both exploration and development synergies for the entire southern Goose Main – Hook – Nuvuyak gold trend.” said Bruce McLeod, President & CEO.

 

Drill advancement at the Hook target area has become an important focus for exploration to establish future resource growth and mining synergies. An approximate 1,500 m of F1 antiform stratigraphy is identified to be relatively continuous from the daylighting of the Goose Main deposit to the furthest down plunge mineralization intercepts at Nuvuyak. A total of 450 m of exploration plunge length is interpreted to be open between these two deposits (see Figure 1) establishing a very prospective area for exploration and additional resource opportunity. The Goose Main deposit currently hosts an open pit and underground Proven reserve of 548,000 oz at an average grade of 4.60g/t and an additional open pit and underground Probable reserve of 301,000 oz at an average of 4.96 g/t. The Nuvuyak deposit currently hosts an initial NI 43-101 compliant Inferred resource of 583,000 oz at an average grade of 7.50 g/t and remains open in all directions.

 

Drill holes in this release targeted an area surrounding key features at the Hook Target that are demarked by a quartz feldspar porphyry dyke hosted in an interpreted early structural setting within the Lower Iron Formation. The southern envelope of the demarking structure is interpreted as an important intersection lineation where in contact with the LIF stratigraphy, as it appears to be spatially associated with a key gold structure. Drill hole 21GSE600 is located approximately 120 m down plunge along the unfolded D2 trend of the Goose Main deposit and 330 m up plunge from the Nuvuyak deposit. Mineralization within the drill hole is noted as fine – to medium- grained pyrrhotite occurring as replacement bands of the stratigraphy and fracture infills. Lesser arsenopyrite occurs locally associated with fine chlorite and silica veins/alteration. Visible gold was frequent within the main interval occurring as fine specks throughout the drill core intercept.

 

The spring drilling program at the Goose property is now complete with all drill holes totaling 4480 m which included the focused testing of five drill holes at the Hook Target (including one abandoned due to excessive deviation), twelve drill holes testing earlier staged target areas, and an additional six drill holes supporting geotechnical investigations.

 

Operating under Sabina’s COVID-19 Protocol Operational Framework, site personnel have now safely completed programs over a full year period with success in accomplishments in exploration and development activities. Our site staff and contract teams have contributed significantly in our ability to maintain the health and safety of our workforce, their families, and the local regional communities.

 

 

Hole ID Area Azimuth/ Dip Easting
UTM
Northing UTM Hole Depth (m) From
(m)
To
(m)
Length
(m)
Au (g/t) Lithology
21GSE590 HK 16/-66 433459 7269398 549 404.15 419.70 15.55 1.67 Iron Formation
inc           415.40 416.55 1.15 5.11 Iron Formation
            444.35 445.55 1.20 1.75 Iron Formation
            484.75 488.75 4.00 2.67 Iron Formation
inc           484.75 485.55 0.80 8.49 Iron Formation
21GSE598 HK 16/67 433437 7269429 128 Abandoned – NSV
21GSE598B HK 15/65 433438 7269429 491 34.05 35.00 0.95 5.66 Greywacke
            353.00 361.00 8.00 1.19 Iron Formation
            367.90 376.40 8.50 10.05 Iron Formation
inc           368.50 369.50 1.00 78.20 Iron Formation
            389.00 395.60 6.60 2.14 Iron Formation
            390.75 391.40 0.65 9.10 Iron Formation
21GSE599 HK 15/-66 433530 7269480 542 398.30 408.60 10.30 1.72 Iron Formation
inc           398.30 399.30 1.00 2.44 Iron Formation
and           403.50 405.50 2.00 3.81 Iron Formation
and           406.90 408.60 1.70 2.50 Iron Formation
21GSE600 HK 17/-65 433495 7269516 494 347.80 351.30 3.50 3.06 Iron Formation
inc           347.80 349.10 1.30 5.06 Iron Formation
            357.75 363.40 5.65 3.36 Iron Formation
inc           362.00 362.55 0.55 15.55 Iron Formation
            370.25 398.30 28.05 5.42 Iron Formation
inc           378.50 379.60 1.10 27.20 Iron Formation
and           389.00 394.30 5.30 12.68 Iron Formation
            Assays Pending
 

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

Table 1: Significant Intervals for Diamond Drill Holes at the Hook Target.

 

Qualified Persons

 

Mr. James Maxwell, P. Geo., and Director of Exploration for Sabina, is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved of the technical content of this press release as it relates to the Back River Project.

 

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 Nunavut, Canada.

 

Sabina recently filed an Updated Feasibility Study on its 100% owned Back River Gold Project which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, with a post-tax IRR of ~28% and NPV5% of C$1.1B. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

 

The Project received its final major authorization on June 25, 2020 and is now in receipt of all major permits and 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/5ec21fe3-395a-4b11-97c2-f0af7f22d248

 

Posted August 10, 2021

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