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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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Sabina Silver Reports Summer Campaigns Underway at Hackett River, Back River and Wishbone
Four drills turning with mapping, prospecting and geophysical teams fully active
VANCOUVER, BRITISH COLUMBIA, Jul 20, 2009 (MARKETWIRE via COMTEX News Network) --
Sabina Silver Corporation (TSX VENTURE: SBB) announced today that the 2009 summer exploration programs are fully underway the Company's 100% owned Hackett River silver-zinc and Back River gold projects (including the Wishbone claims) in Nunavut, Canada.
The Goose Lake and Hackett River camps opened smoothly for the summer exploration campaigns with a total of four diamond drills now turning: two at Back River and two at Hackett River. Geophysical crews are active on both projects and mapping and prospecting teams are in the field.
"We are excited to be back at Hackett River and to embark on Sabina's first campaigns at the Back River and Wishbone projects," said Tony Walsh, President & CEO of Sabina Silver Corporation. "There is much work to be done and many prospective targets to be tested. We look forward to the results of this work through the remainder of the summer."
Back River Gold Project
The 2009 program at Back River is focused on the Goose Lake claim group which hosts the Goose deposit. Mineralization at Goose Lake consists of gold hosted within a thick unit of folded iron formation with a high grade indicated resource of 1.8 million tonnes grading 10.0 g/t Au (contained 590,000 ounces gold) and an additional inferred resource of 2.6 million tonnes grading 10.5 g/t Au (contained 866,000 ounces gold). The Goose deposit contains over 60% of the total Back River resource.
Drilling will be directed toward priority exploration targets that have similar characteristics to the Goose deposit: thick folded iron formation units in areas of structural complexity and areas of synvolcanic intrusives cutting the iron formation units. Drilling will continue through to September 15th with a drilling target of 6,000 meters. Induced polarization (IP) and magnetic geophysical surveys are currently in progress to finalize the drill targets.
Hackett River Silver-Zinc Project
At Hackett River, diamond drilling has commenced with a campaign target of drilling 3,500 meters.
The Hackett River project hosts a series of silver rich volcanic massive sulphide deposits containing a indicated resource of 43.3 million tonnes containing 200 million ounce of silver, 2 million tonnes of zinc, 180,000 tonnes of copper, 279,000 tonnes of lead and 419,000 ounces of gold. Additional inferred resources total 64 million tonnes containing, 652,000 ounces of silver, 652,000 tonnes of zinc, 46,000 tonnes of copper, 84,000 tonnes of lead and 144,000 ounces of gold. Development studies indicate a long mine life at a 10,000 tonne per day production rate.
Drilling for the winter campaign continued at Hackett River throughout April and concluded in late May. A total of 28 holes were completed totalling 5,408 meters. The initial campaign focused on near surface extensions of the known zones which could only be tested during winter conditions.
The JO Zone is located 500 meters south of the Main Zone. 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. During the winter campaign 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.
Incorporating the JO Zone into the next resource update remains a priority and a portion of the summer 2009 program will be directed toward better defining the near surface limits of this high grade deposit.
Drilling during the summer will also test priority exploration targets that potential to impact the grade and size of current development models by targeting areas of higher value mineralization (copper, silver gold), areas of near surface mineralization and large scale standalone exploration targets near the existing deposits. Geophysical crews are completing both surface and down hole surveys and crews are completing detailed mapping in areas of high interest. Testing of these targets is designed to potentially impact the ongoing project studies by defining high value near surface mineralization that could enhance the earlier years of production.
Wishbone Claims - Hackett Greenstone Belt
Surface mapping, prospecting and geophysical surveys will soon be underway on the large Wishbone property which covers the Hackett River Greenstone Belt and extends for approximately 150 kilometers in length and up to 30 kilometers in width. Ground surveys will target selected geophysical and geological targets working outward from the Hackett River deposits. Summer work will include 1,200 m of diamond drilling for target testing with the initial priority given to gold and VMS targets that are proximal to Hackett River to best impact possible synergies with Hackett.
Results of this work will be reported through the remainder of the campaign as they become available. Drilling is expected to continue until mid-September.
Quality Assurance
Mr. John Wakeford, P.Geo. and a Qualified Person in accordance with NI 43-101 has reviewed the results referred to above and has approved their 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.
Mineral resources for Goose Lake and George Lake were generated by RSG Global Consulting Pty Ltd (Coffey Mining) in September 2007, and are posted on www.sedar.com. Mr. John Wakeford, P.Geo. and a Qualified Person in accordance with NI 43-101 has reviewed the resources referred to above and attached and has approved their dissemination.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc and the recently acquired Back River gold project and Wishbone claims in Nunavut along with 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 (not including the proceeds raised in the brokered and non-brokered financings). 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.
Forward Looking Statements
Statements relating to exploration work, resources and production 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, 2008.
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