Sabina Resources Limited - Drilling Continues to Expand Bonanza-Follansbee Red Lake Gold Zones - Step-Out Drilling Intersects 29.89g/t Au Across 2.0 Meters
Thunder Bay, Ontario (ots/PRNewswire)
- Shares Issued: 36,524,244
Sabina Resources Limited (SBB:TSX-V) is pleased to announce an update from its 60%-owned Follansbee Joint Venture Project (40% Wolfden Resources Inc. (WLF:TSX)). The Follansbee Property hosts significant gold mineralization in the Red Lake gold camp. Joint Venture partner Wolfden reports (August 30, 2005) that recent deep drilling has intersected multiple zones of silicification and mineralization at depths of up to 500 meters on the adjoining Bonanza Property (100% Wolfden). Hole 05WB-38, the furthest step-out hole drilled to the southwest to-date, intersected 29.89g/t Au across 2.0 meters associated with an ultramafic dike.
Drilling has intersected gold mineralization in multiple horizons over a strike length of more than 500 meters across the Bonanza and Follansbee Properties. The primary zones are named the Follansbee, Rahill and Bonanza Zones. The northerly Follansbee and Rahill Zones, previously referred to as the "Conglomerate Zone" and the "Silicified Zone" respectively, are contained primarily within silicified conglomerate/greywacke rock units containing trace to 10% sulphides. The southerly Bonanza Zones, previously referred to as the "Sulphide" Zone, is contained primarily within silicified iron formation and/or argillite rock units containing trace to 20% sulphides. All zones display vertical and horizontal continuity and contain significant widths of near-surface mineralization, suggesting the potential to develop a "bulk tonnage" gold deposit. Three drills continue to expand mineralization that remains open both along strike and down dip.
Drilling continues to intersect broad zones of gold mineralization in a near-surface setting and narrower, high-grade gold that may be targets for underground mining. Holes 34 and 35 were drilled to the southwest to better define an area where a cross-cutting intrusive displaces the gold zones. The following table provides a summary of new assays received from the drill program:
Hole Grid Dip/ Intersection Int. Int. Au Au
No. Coord- Azimuth (m) (m) (ft) (g/t) (oz/ton)
inates (m)
05WB-31 350E 975S -45/360 148.55-160.00 11.45 37.6 2.56 0.07
Bo-Incl. 148.55-150.00 1.45 4.8 11.89 0.35
05WB-32 250E 1025S -51/360 278.00-286.00 8.00 26.2 5.22 0.15
Bo-Incl. 279.00-282.00 3.00 9.8 8.29 0.24
Fo 327.00-350.37 23.37 76.7 3.1 0.09
Incl. 337.00-339.00 2.00 6.6 7.6 0.22
Fo 372.12-375.69 3.57 11.7 4.08 0.12
05WB-33 350E 1050S -45/360 250.90-303.00 52.10 170.90 2.77 0.08
Bo - Incl. 264.10-267.20 3.10 10.20 14.26 0.42
05WB-34 050E 1150S -45/360 No Significant Assays Dike
05WB-35 0E 1200S -45/360 131.00-135.00 4.00 13.10 1.40 0.04
Zone displaced by dike
05WB-36 250E 1000S -45/360 24.00-25.36 1.36 4.46 4.01 0.12
Bo Additional 41.00-57.00 16.00 52.49 1.41 0.04
Bo-2 81.00-82.00 1.00 3.28 24.18 0.71
Fo 118.00-141.40 23.40 76.77 3.03 0.09
Incl. 136.00-141.00 5.00 16.4 5.94 0.17
Fo 144.00-153.00 9.00 29.50 3.01 0.09
Fo 167.00-173.00 6.00 19.69 2.42 0.07
Fo Assays Pending
05WB-37 300E 1025S -45/360 85.00-86.75 1.75 5.74 2.95 0.09
Bo Additional 116.90-120.20 3.30 10.83 2.90 0.08
Bo 138.35-153.10 14.75 48.39 2.50 0.07
Fo Assays Pending
05WB-38 050W 1225S -45/360 208.00-210.00 2.00 6.56 29.89 0.87
Additional Assays Pending
Fo - Follansbee Zone Rh - Rahill Zone Bo - Bonanza ZoneGold mineralization at Bonanza and Follansbee occurs along the main Red Lake "Mine Trend" in a major east-west shear/alteration zone, proximal to a contact phase between Bruce Channel(?) sediments and Balmer Assemblage volcanics containing ultramafic rock units. High-grade gold in the Red Lake Greenstone belt is often found in high strain zones proximal to ultramafic rock units - to-date, numerous ultramafic rock units have been intersected on the Bonanza and Follansbee Properties. Red Lake is world renowned for high-grade gold, with Placer Dome's Campbell Gold Mine and Goldcorp's Red Lake Mine, located approximately 3 kilometers to the east of Bonanza- Follansbee, being two of the highest grade gold mines in the world.
Core at Bonanza has been split, with half sent to Accurassay Laboratories for fire assay. Wolfden employee Mr. Dave Laudrum, P.Geo., is the qualified person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
A recent assay highlights plan from the Follansbee and Bonanza properties may be viewed at www.sabinaresources.ca/documents/property- july22-2005- FollansbeeBonanzaRedLake.pdf.
Sabina Resources Limited is a Canadian public mineral exploration and development company with assets in the Red Lake gold camp and at the Hackett River silver and zinc-rich base metal property in Nunavut. Sabina is debt free and has a strong treasury. Given the strength of its asset mix , Sabina's objective is the addition of significant value through active exploration.
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.
Contact:
For further information: Abraham Drost, P.Geo., President, 309 Court
Street South, Thunder Bay, Ontario, Phone: +1-(807)-766-1799, Fax:
+1(807)-345-0284, Email: info@sabinaresources.ca; Visit our web site
at www.sabinaresources.ca