Sabina Gets High Grade Zinc and Silver Assays From 2005 Expansion Drilling at Hackett River, Nunavut
Thunder Bay, Canada (ots/PRNewswire)
- Shares Issued: 36,524,244
Sabina Resources Limited (Berlin: RXC, Frankfurt: RXC, TSX-V: SBB) is pleased to present assays from recent 2005 drilling at its 100%-owned Hackett River Property, Nunavut. Sabina is presently engaged in the second phase of a CDN$12 Million exploration campaign at Hackett River. The 2005 program is focused on expansion of the Boot Lake, East Cleaver and main "A" Zone deposit areas.
Sabina expended a total of CDN$7 Million at Hackett River in 2004 thereby earning a 100% interest in the Hackett River Project subject to Earn-Back rights or a 2% NSR royalty held by Cominco Mining Partnership (CMP), an affiliate of Teck Cominco Limited. CMP declined to exercise its initial earn-back right leaving Sabina with a 100% interest in the Hackett River Project pending completion of an additional CDN$5 Million expenditure. Upon completion of the additional CDN$5 Million expenditure, CMP has 90 days to exercise its alternate earn-back right to acquire a 60% interest in the Hackett River Project. Terms include paying Sabina CDN$1 Million cash with its election notice, funding all expenditures to the completion of a bankable feasibility study and paying to Sabina an additional sum of CDN$1 Million cash upon completion of the feasibility study. Should CMP terminate its right to earn back an interest in the Hackett River Project, it shall retain a 2% NSR in the project.
Initial 2005 assay values of up to 10.09% Zinc and 229.9 g/T Silver (6.68 oz Ag/short ton) over 23.1m may indicate the discovery of a new lens of mineralisation at the Boot Lake Deposit. The results add significant zinc and silver-rich potential tonnage and grade onto the west margin of known massive sulphide mineralisation at a potentially open-pittable 200m to 250m vertical depth. A second drill at the Main "A" Zone deposit has expanded the known extent of significant footwall copper grades in the west limb area yielding up to 2.85% Copper over 10.6m. All three main deposit areas including East Cleaver are open to expansion and will be further tested in 2005.
Wardrop Engineering Inc. is providing independent professional services to Sabina in preparation of an updated NI 43-101 mineral resource estimate for all results up to and including 2004 drilling, to be released early in the 3rd Quarter, 2005. Wardrop will subsequently update the resource estimate with 2005 drill results and provide recommendations to Sabina for advancing the Hackett River project to a production pre-feasibility assessment.
Boot Lake Deposit
Results from the SHR-05-03 intersection at 200m vertical depth, which indicate the west end of an apparent eastward zinc enrichment trend with consistently elevated silver (co-sympathetic with lead grade), include:
Zone From To (m) Interval Cu % Pb % Zn % Ag g/t Au g/t
(m)
1 163.05 168.30 5.25 0.04 0.55 2.10 251.0 0.26
1(a) 166.00 167.00 1.00 0.02 0.67 1.55 699.7 0.83
2 178.10 178.80 0.70 0.05 0.24 3.28 61.6 0.08
3 209.00 209.80 0.80 0.09 0.02 3.96 2.7 0.06
4 211.45 213.30 1.85 0.07 0.01 3.40 3.4 0.05
5 233.00 243.55 9.55 0.41 0.01 4.55 21.0 0.06
5(a) 234.10 236.10 2.00 0.87 0.03 12.39 14.9 0.21True thickness of intervals are estimated to be approximately 75% of the drill intercept.
Results from the SHR-05-07 intersection, 50m east of Hole SHR-05-03 at 225m vertical depth include:
Zone From To (m) Interval Cu % Pb % Zn % Ag g/t Au g/t
(m)
1 144.50 165.20 20.70 0.13 0.25 4.08 124.8 0.11
1(a) 144.50 158.00 13.50 0.06 0.38 5.84 112.7 0.08
1(b) 150.85 155.60 4.75 0.03 0.01 10.33 101.2 0.07
2 210.50 212.00 1.50 2.82 less 0.78 35.9 0.12
than
0.01True thickness of intervals are estimated to be approximately 90% of the drill intercept.
Results from the Hole SHR-05-08 intersection, 50m east of Hole SHR-05-07 at 250m vertical depth include:
Zone From To (m) Interval Cu % Pb % Zn % Ag g/t Au g/t
(m)
1 178.25 201.35 23.10 0.30 1.37 10.09 229.9 0.12
1(a) 190.60 194.35 3.75 0.04 5.12 21.41 566.0 0.12True thickness of intervals are estimated to be approximately 93% of the
drill intercept.
Hole SHR-05-01 was abandoned due to technical problems at surface.
Main A Zone Deposit
The Hole SHR-05-04 intersection is located in the western extension of the West Limb of the "A" Zone (also called the Main Zone) where zinc and silver-rich massive sulphide mineralisation in the main deposit is underlain by a thick copper enriched zone characteristic of a volcanogenic massive sulphide feeder zone. Results from this hole include:
Zone From To (m) Interval Cu % Pb % Zn % Ag g/t Au g/t
(m)
1 143.35 144.20 0.85 0.02 0.03 4.26 7.6 less
than
0.01
2 168.00 170.75 2.75 0.77 0.08 1.89 38.8 0.06
3 173.00 179.00 6.00 0.80 0.14 0.48 49.5 0.17
4 191.00 208.30 17.30 1.11 0.02 0.07 33.3 0.20
5 271.90 282.50 10.60 2.85 0.03 0.03 18.2 0.02True thickness of intervals are estimated to be approximately 59% of the drill intercept.
Hole SHR-05-02 was lost due to freezing in the hole.
This release has been prepared under the supervision of Harvey Klatt, P.Geo., a qualified person under the meaning of National Instrument 43-101. All assays were performed by Global Discovery Laboratories, Vancouver, B.C.
Sabina Resources Limited is debt free and has a strong treasury.
The statements made in this press release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the accuracy or the adequacy of this release.
Visit our web site at www.sabinaresources.ca
THUNDER BAY, Canada, June 10 /PRNewswire/ --
Contact:
Abraham Drost, President, Phone: +1-807-766-1799, Fax:
+1-807-345-0284, Email: info@sabinaresources.ca