Sabina Gold & Silver Announces Results of Phase 1 Drilling at Newman-Madsen Property in Red Lake Ontario -50/50 Joint Venture With Premier Gold Mines On Prospective Gold Property-Vancouver, BC - Sabina Gold & Silver Corp (SBB.T) is pleased to announce the results of the first of a two phase drilling program that began last fall on its 50% owned Newman-Madsen property in the prolific Red Lake gold district of Ontario, Canada.
Newman-Madsen is one of the Company’s early stage exploration projects in Ontario and is held in a 50/50 joint venture with Premier Gold Mines with Sabina as the operator. Initial Newman-Madsen work has been organized into a two phase $1.09 million drilling program with 50% of the cost borne each by Sabina and Premier.
Phase 1 consisted of four holes totalling 3,183 metres of drilling to test the north eastern extension of the Madsen Mine stratigraphy at levels significantly deeper than previously explored.
Drilling was successful in intersecting the targeted stratigraphy and delineating a highly prospective area of hydrothermal alteration where significant gold values including a high-grade intercept of 43.51g/t over 0.65 meters were encountered.
The intercept is interpreted to demonstrate the potential for the Newman-Madsen property to host significant mineralization consistent with the recognized horizons hosting the Madsen Mine (>2.4 million ounces) located immediately to the Southwest.
Further anomalous and significant gold assays were also returned from a series of quartz-feldspar porphyry intrusives that are a part of ongoing interpretations and follow up exploration. Phase I mapping and core re-logging has also been completed increasing the geologic confidence within the property while further defining exploration targets.
“We continue to adapt our exploration “tool box” to be able to apply it to one of the world’s greatest mining camps,” said Tony Walsh, President & CEO. “Our Phase 1 drilling has encouraged us to continue drilling on this property and we look forward to testing the high priority targets identified during the Phase 1 campaign.”
Phase II exploration of the Neman-Madsen property has commenced with diamond drill testing of a diverse group of high priority targets generated through the incorporation of newly derived and historic data that has been coupled with developing geologic interpretations throughout phase I exploration. A series ten holes, totalling approximately 3000 meters has been implemented to test this series of targets. The targeting focuses dominantly on interpreted folded mafic and ultramafic rock sequences of the Balmer Assemblage where coincident with favourable D2 structures, geochemical signatures, and resistivity anomalies. These targets are elected to present opportunities to intersect mineralization reflecting in similarity to the Red Lake Mine High-Grade Zone style.
The rock units underlying Newman-Madsen property are considered to be very prospective in that all of the key features for high-grade mineralization in the Red Lake belt can be found on the property. These units are locally cut by northwest-trending structures, making them especially attractive where coupled with elevated gold and arsenic geochemical signatures.
The property is underlain by Archean rocks of the Red Lake greenstone belts consisting of the Mesoarchean Balmer assemblage in the northern portion of the property and the Neoarchean Confederation assemblage to the south. The assemblages are separated by a regional unconformity which has been identified in close proximity to numerous high grade gold deposits in the Red Lake area, including the Madsen, Campbell and Red Lake mines. This regional unconformity crosses the south-southeastern sector of Newman-Madsen property over approximately 1.6 km where it remains largely untested at depth. The Madsen Mine situated along trend to the Southwest historically produced >2.4 million ounces from an underground mining operation.
SABINA GOLD & SILVER CORP
Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world’s newest, most politically stable mining jurisdictions: Nunavut, Canada.
The Company’s flagship properties consist of the Hackett River silver-zinc Project, the Back River Gold Project, both advanced exploration properties, as well as the Wishbone Claims, a vastly prospective grass roots project.
The combined holdings total approximately 3,000 square kilometres and cover the largely unexplored Wishbone Greenstone belt.
Diamond drill core was sent to SGS Laboratories in Red Lake, ON. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy under the supervision of James Maxwell, P.Geo, a Qualified Person under the meaning of National Instrument 43-101
For further information please contact:
Nicole Hoeller, Director, IR:
1 888 648-4218
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and future operations at the Back 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, 2009.
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
Tony Walsh, President & CEO
930 West 1st Street, Suite 202
North Vancouver, BC V7P 3N4
Tel 604 998-4175 Fax 604 998-1051
Newman-Madsen Phase I Exploration
Significant Assay Table
You can view the Next News item:February 3rd, 2011, Sabina Gold & Silver Opens Nunavut Camp For Aggressive 2011 Exploration Program
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