Sabina Update; Up to 2.09 oz Gold Over 2.26m in High Grade Zone at Follansbee, Red Lake
Thunder Bay, Canada (ots/PRNewswire)
- Shares Issued: 36,524,244
Sabina Resources Limited (TSX-V: SBB; 60%) as Operator, together with its joint venture partner Wolfden Resources Inc. (TSX: WLF; 40%), is pleased to present assays from recent follow-up drilling on the South Contact Zone on the Follansbee Property at Red Lake, Ontario. These complement today's news from Wolfden's adjacent Bonanza Property along strike and confirm the discovery of a new gold deposit in Red Lake. Hole SWF-05-24 returned a high-grade interval of 71.72 g/t gold (2.09oz/short ton) over 2.26m within a mineralised section grading 12.00 g/t over 15.57m from 324.43 to 340.00m downhole. The assay interval was drilled below a high grade intersection in SWF-05-08 previously reported (Sabina and Wolfden hit 1.53 oz/ton gold over 3.1 m at Red Lake; Feb 9, 2005). Recent drilling has encountered high grade gold mineralisation within a plunging shoot formed by a number of crosscutting structures identified in core, geophysics and surface mapping in the South Contact Zone. Certain gold intersections drilled to date within the shoot form a linear pattern on a high-grade mineralised structure within the shoot. These include:
- 52.67 g/t Au over 3.10m (SWF-05-08)
- 39.31 g/t Au over 0.3m (SWF-05-13)
- 15.35 g/t Au over 0.33m (SWF-05-17A)
- 9.949 g/t Au over 1.50m (SWF-05-18)
- 71.72 g/t Au over 2.26m (SWF-05-24).
Visible gold mineralisation has been noted over a down plunge distance of 200m within this structure and other portions of the shoot to date. The key structure is open to depth and shows potential for additional high-grade gold mineralisation as drilling continues. The relatively near-surface Follansbee South Contact Zone mineralisation is similar to other mineralisation in the Red Lake Gold Camp, which is world renowned for the occurrence of steeply plunging, structurally controlled, very high grade gold mineralisation that may extend to great depth. Today's results from the Follansbee Property complement recent news from Wolfden's adjacent Bonanza Property (June 20, 2005) along strike to the southwest and confirm the discovery of a new gold system in the Red Lake Gold Camp. Assays for Phase 2 holes to date, SWF-05-12 to SWF-05-24, are summarised in the following table (SWF-05-12 to SWF-05-14 previously reported May 3, 2005(x)):
Hole Number Interval (m) Assay Core Vertical Visible
(g/t Au) Width (m) Depth (m) Gold
SWF-05-12(x) 285.72 to 307.00 3.825 21.29 225 Yes
(incl. 8.382 g/t over 3.29m,
including 16.6g/t over 1.0m)
SWF-05-13(x) 291.63 to 302.55 5.85 10.92 175 Yes
(incl. 10.076 g/t over 5.30m with
21.55g/t Au/1.45m and 39.31g/t Au/0.3m)
SWF-05-14(x) No significant values
SWF-05-15 Abandoned due to excessive deviation near surface
SWF-05-16 293.50 - 298.30 1.505 4.80 225 No
298.68 - 300.2 1.449 1.52 No
301.50 - 304.30 2.338 2.80 No
Including 303.50 - 304.30 4.744 0.80 No
306.70 - 307.00 11.917 0.30 No
SWF-05-17A 360.00 - 370.84 2.103 10.84 275 Yes
Including 363.90 - 364.23 15.357 0.33 Yes
SWF-05-18 403.50 - 409.68 2.702 6.18 350 No
Including 405.00 - 407.30 4.830 2.30 No
415.28 - 416.50 1.643 1.22 No
417.60 - 422.00 4.982 4.40 Yes
(incl. 9.949
g/t Au/1.5m)
SWF-05-19A No Significant Values
SWF-05-20 346.60 - 348.55 4.470 1.95 300 Yes
Including 347.05 - 347.65 6.357 0.60 Yes
and 348.06 - 348.36 4.327 0.30 Yes
SWF-05-21 284.25 - 295.00 2.025 10.75 200 Yes
Including 288.00 - 288.85 6.036 0.85 Yes
and 288.55 - 288.85 10.342 0.30 Yes
and 293.00 - 293.50 11.633 0.50 Yes
SWF-05-22A Logging in progress
SWF-05-23 Logging in progress
SWF-05-24 324.43 - 340.00 12.000 15.57 265 Yes
Including 331.94 - 334.20 71.715 2.26 Yes
and 331.94 - 333.00 142.404 1.06 YesThe Follansbee South Contact Zone envelops a pyrrhotite-rich sulphide horizon containing arsenopyrite and specks of visible gold, at or near the contact between conglomeratic metasediments of the Bruce Channel assemblage and older mafic metavolcanic rocks of the Balmer assemblage. This geological setting is stratigraphically similar to that at Goldcorp's Red Lake Mine and Placer Dome's Campbell Mine properties located approximately 3km to the east.
This release has been prepared under the supervision of David S. Hunt, P.Geo., Qualified Person under the meaning of National Instrument 43-101. All assays are being performed by Accurassay Laboratories, Thunder Bay.
Sabina is a Canadian mineral exploration and development company with investment in a diversified portfolio of advanced stage exploration properties. This includes the silver and zinc-rich Hackett River base metal property that presently has two drills operating and for which a resource estimated is presently being calculated. Sabina 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 does not accept responsibility for the accuracy or the adequacy of this release.
Visit our web site at www.sabinaresources.ca
Contact:
Abraham Drost, Phone: +1-807-766-1799, Fax: +1-807-345-0284, Email:
info@sabinaresources