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Sabina Silver Announces Initial Hackett River Drilling Results: High Grade Mineralization Encountered at JO Zone Including 457 g/t Silver and 26.2% Zinc Over 8.8 Meters
6/25/2009 10:36:15 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Jun 25, 2009 (Marketwire via COMTEX News Network) --
Sabina Silver Corporation (TSX VENTURE:SBB) announced today further favourable results from the initial 2009 drilling campaign on its 100% owned Hackett River silver-zinc project in Nunavut, Canada.
HACKETT RIVER
Hackett River is one of the largest undeveloped silver - zinc volcanic massive sulphide ("VMS") deposits of its type in the world with indicated resources totalling 43 million tonnes grading 4.65% zinc, 144 g/t silver, 0.42% copper, 0.64% lead and 0.30 g/t gold and an additional inferred open resource totalling 14.6 million tonnes grading 4.46% zinc, 136 g/t silver, 0.31% copper, 0.57% lead and 0.31 g/t gold.
2009 EXPLORATION PROGRAM - HACKETT RIVER
As previously reported, in September 2008, a review was conducted by an independent consulting geologist with significant applied (VMS) experience on existing data and recommendations were made regarding the exploration potential of Hackett River. Based on these recommendations, the following observations / opportunities were identified:
- 47,000 meters of drilling resulted in adding 47 million additional tonnes to the resource. This sustained rapid growth tends to reflect a highly prolific geological setting found in world class VMS deposits.
- There are a number of near surface showings and targets that present opportunities to increase the resource base at Hackett River. Management believes this can be done by looking for extensions of the existing deposits and seeking new discoveries. In order to optimize these opportunities improved geological modeling would be required.
- Previous exploration and resource drilling has encountered a number of intercepts of higher value mineralization consisting of generally copper mineralization with high grade silver and occasionally gold. Improved geological modeling would provide an opportunity to expand this higher value mineralization.
With these opportunities in mind, a two-phase, 5,400 m spring and 3,500 m summer, drilling program was implemented to test some of the targets identified. The spring drilling phase commenced in April and continued through May. The summer drill program is planned for start-up in mid-July.
"We believe the key to developing a large base/precious metals project in the Arctic that can provide robust returns despite volatile metal markets is to maximize tonnage and to increase the component of higher value mineralization that goes through the mill, for example copper, silver or gold," said Tony Walsh, President & CEO. "Maximizing mill through-put allows significant offsetting against the large fixed costs required, especially with a large project like Hackett that will require its own road and port. Historically large VMS deposits like Kidd Creek were able to profitably support high infrastructure costs such as railways and smelters. By adding more size to the project we can enhance the project economics and the time to find that tonnage is prior to the completion of engineering studies."
Drilling results
Drilling continued at Hackett River throughout April and concluded in late May. A total of 28 holes have been completed totalling 5,408 meters. The initial campaign focused on near surface extensions of the known zones. These targets could only be tested during winter conditions at Boot Lake, East Cleaver Lake and between the Main deposit and the JO Zone. Further definition of the JO Zone was also completed and included some validation of historical drilling done by Cominco in the early 1970's. Testing of geophysical targets outside of the known resource area that had received little, to no previous drilling was also begun in the Finger Lake, Bat Lake and Hungrat Lake areas. Drilling at the JO Zone in particular represents an opportunity for additional higher grade resources which to date have not been included in existing resource estimates due to insufficient drilling information.
JO Zone
The JO Zone is located 500 meters south of the Main Zone. Drilling in 2007 demonstrated the possibility that the JO Zone could add significantly to the resource at Hackett River. JO Zone mineralization is, on average, higher in grade, though more complex than any of the zones in the existing resource and expanding mineralization at JO could provide an opportunity for a shallow high-grade starter pit.
Excellent results were returned for hole SHR09-19 reporting 26.2% Zn, 457 g/t Ag, 0.13% Cu, 2.51% Pb and 0.12 g/t Au over 8.8 meters at a down hole depth of 61.6 m including 40.92% Zn, 618 g/t Ag, 0.08% Cu, 3.70% Pb and 0.12 g/t Au over 4.85 meters. These results continue to demonstrate the high grade potential of the JO Zone.
Significant results were also returned from drill hole SHR09-25 which was a re-drilling of hole JO-71-04 completed in 1971 by Cominco. The historical database contains no assays for this 1971 drillhole despite its favourable location. Hole SHR09-25 returned 5.55% Zn, 98 g/t Ag, 0.77% Cu and 0.11 g/t Au over 23.60 m at a down hole depth of 44.00 m. In addition, JO hole SHR-09-06 drilled near to historical hole JO-71-02 which was terminated short of target, encountered strong mineralization including 8.57% Zn, 436 g/t Ag, 0.26% Cu, 1.41% Pb and 0.44 g/t Au over 10.0 m at a downhole depth of 25 meters. Included in this interval is a 1.0 m interval which returned 35.28% Zn, 1,770 g/t Ag, 0.23% Cu, 8.80% Pb and 0.59 g/t Au. The assay confirmation of mineralization in these holes that previously reported no values helps to better define the continuity of the JO Zone.
The alteration associated with the JO Zone is strong and extensive and is similar in nature to the alteration associated with the Main Zone. Drilling to date has only tested the zone to a maximum depth of 200 meters and there is significant opportunity for the deposit to continue to depth.
Further review is underway to determine what drilling will be included in the summer campaign at Hackett River. The results of this winter's drill campaign are being compiled for inclusion in the next NI43-101 compliant resource evaluation.
Regional Targets
Drilling at Hungrat Lake, north of the Boot Lake Zone focused on strong electro-magnetic and magnetic targets. Initial drilling did not return any significant assays, however the host rocks associated with the Hungrat Lake target strongly resemble "crackle breccias" associated with prolific VMS deposits such as Kidd Creek. Further work on this target is clearly warranted and planning is underway.
Step-out Drilling on Existing Deposits
Initial large step out holes to test for extensions to the three main deposits (Main East, Boot Lake and East Cleaver) returned weak results with respect to alteration and mineralization. Further study is being undertaken to determine the requirements for future drilling.
Corporate
On June 19th, 2009, the Company granted 1,286,000 stock options at a strike price of $1.04 exercisable until June 12, 2014 to various directors and employees of the Company.
Quality Assurance
Mr. John Wakeford, P.Geo. VP Exploration and Qualified Person under the terms of NI43-101 has reviewed the technical content of this press release and approved its dissemination.
The mineral resource estimate for Hackett River was prepared by Mr. Albert Chong, P.Geo., Senior Geologist of AMEC Americas Limited, and can be found on SEDAR at www.sedar.com. Mr. Chong is a qualified person as defined by National Instrument 43-101. CIM Definition Standards (2005) have been used in defining the mineral resource categories.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut and several projects in the Red Lake gold camp. The Company is well capitalized with approximately $40 million in cash and marketable securities at March 31, 2009. The strategy to grow the company focuses on two mandates: 1) to continue to focus on enormous exploration and development potential of the Hackett River silver-zinc and Back River gold projects; and 2) maintain a strong balance sheet to acquire accretive precious metals assets.
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