Sabina's Goose property from the air in Summer 2014 (SBB photo)
Sabina Gold and Silver Corp. (SBB.TO) is already advancing one of North America’s largest and highest-grade undeveloped gold projects at Back River in Nunavut, Canada, and a new discovery promises to add to its significant mineral endowment.
Back River hosts more than 5.3 million ounces of gold, Measured and Indicated, and a further 1.8 million ounces Inferred at average grades of over 6 g/t gold.
With roughly 400,000 metres of drilling already completed and a substantial resource established, the company executed a low-cost field exploration program this summer to generate new targets at the Goose property.
Early results from grab samples have identified a new near-surface high-priority banded iron formation drill target at Goose, one of several deposits on the property. Rock sample assays at the Kogoyok target returned gold values including 33.86 g/t, 28.10 g/t and 18.23 g/t along a zone of approximately 650 metres of significantly gold-mineralized iron formation stratigraphy. Visible gold is present in multiple samples.
Bruce McLeod, president and CEO states "The discovery of this new zone of outcropping mineralization is likely the most significant surface discovery on the project since the early days of prospecting in the 80's. Kogoyok is within 2 km of the proposed plant site at Goose and shares the same geological characteristics as the other major known deposits in the Back River District. While still early days, Kogoyok presents one of the many targets in the Back River district drill ready for future field campaigns. Its discovery strongly validates our current exploration strategy and targeting methodology," he said. "The identification of new shallow mineral occurrences at the Goose Property speaks to the tremendous gold endowment of the project area and Sabina's continued ability to add value through successful exploration advancements focused on future resource additions."
Sabina has published two Back River Feasibility Studies since May 2015 and is focusing on engineering and permitting.
Geological mapping, prospecting, channel sampling, till sampling, core re-logging, and induced polarization (IP) geophysical programs were completed at the Goose property as part of the focused exploration program. Management believes there are many underexplored targets throughout the broader Back River land package, approximately 75 kilometres southwest of tide water at Bathurst Inlet.
Here’s a link to the news release: Sabina Gold & Silver Announces Assays from Back River Confirm Potential for New, Near-Surface Kogoyok Mineral Zone
Sabina Gold and Silver Corp. $SBB.TO
Shares outstanding: 196,781,526
Recent price: $0.48
Cash: C $22 Million (June 30, 2015)
http://www.sabinagoldsilver.com/s/presentations.asp
Disclaimer:
Author holds a share position in Sabina Gold and Silver. This publication contains "forward-looking information" within the meaning of applicable securities laws (the "forward-looking statements"), including our belief as to the extent, results and timing of the FEIS, the results of the FS, including, but not limited to, gold price, diesel price and exchange rate assumptions, cash flow forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates; the Company's potential plans and operating performance; the estimation of the tonnage, grades and content of deposits, and the extent of the resource and reserves estimates; potential production from and viability of the Company's properties; estimates of future production and operating costs; estimates of permitting submissions and timing, including the anticipated timing for the holding of final public hearings; the timing and receipt of necessary permits and project approvals for future operations, including the timing of the anticipated receipt of a project certificate; access to project funding; and the estimation of cash and equivalents at the end of the year. These forward-looking statements are made as of the date of this publication. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the ability of the Company to raise sufficient funds to implement the FS; the effects of general economic conditions; changes in commodity prices including the gold price assumed in the FS; increases in input costs; uncertainty of production and cost estimates for the project; changing foreign exchange rates; actions by government and regulatory authorities; and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licences and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2014 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
