Golden Reign Resources Ltd.: MAJOR TRENCHING PROGRAM UNDERWAY IN HIGHLY MINERALIZED ZONES, INCLUDING TESTING CONTINUITY OF MINA ESTRELLA VEIN OF 10.5 METRES GRADING 24.75 G/T GOLD
(firmenpresse) -
Golden Reign Resources Ltd.: MAJOR TRENCHING PROGRAM UNDERWAY IN HIGHLY MINERALIZED ZONES, INCLUDING TESTING CONTINUITY OF MINA ESTRELLA VEIN OF 10.5 METRES GRADING 24.75 G/T GOLD
Golden Reign Resources Ltd. (the “Company” or “Golden Reign”) (TSX-V: GRR) is very pleased to announce that it is completing an extensive, systematic trenching program in both the northern and southern districts of its San Albino-Murra Gold Property (the "Property"), Nicaragua.
Systematic trenching programs are being conducted across highly mineralized zones identified during the Company’s 2010 exploration program. Trenching has been designed to expose near-surface mineralized quartz veins, confirm the direction, size and continuity of the mineralized structures and delineate additional targets for the 2011 diamond drill program, set to commence in March 2011.
Southern District (San Albino)
The Company’s initial regional mapping and sampling program identified numerous quartz veins covering a strike length in excess of 2 kilometres, stretching from Las Conchitas northeast to San Pablo. Five zones which returned significant assay results were selected for systematic trenching. A total of 27 trenches, covering 1,300 metres strike length, are planned to be excavated under the current program (see map below). An estimated 1,500 channel samples will be collected during this trenching program.
Mineralization in the San Pablo area, situated in the central part of the southern district, is predominantly controlled by 60 degree trending structures, producing quartz veins up to 8 metres true thickness. Sheeted veins containing native gold, arsenopyrite, pyrite, galena and scorodite form large mineralized stockwork zones of roughly 50 x 50 metres across. These stockwork zones are situated where the veins are intersected by 310 degree structures.
Thus far, 10 trenches have been completed in the San Pablo area exposing several veins, one of which ranges from 5 to 8 metres in width. The veins have been traced for over 700 metres of strike length and remain open in both directions. Visible gold was observed in each of the trenches.
The Las Conchitas area also hosts sheeted quartz veins containing native gold, arsenopyrite, pyrite, and galena. One grab sample of vein material returned an assay of 121.00 g/t gold. Similar to San Pablo and the San Albino Mine area, mineralization is controlled by regional trending structures, or shear zones.
Northern District (Murra)
The 2010 exploration program identified numerous quartz vein structures, extending for at least 5 kilometres and encompassing Mina Estrella and several other Spanish and artisanal workings.
Mina Estrella, an old artisanal mine, returned 10.5 metres of 24.75 g/t gold, including 1.1 metres of 112.09 g/t gold and 0.7 metres of 176.18 g/t gold. The main vein exposed in the adit measures 5 metres in width, oriented 240/60 and dipping subvertically (80 degrees). Two other veins were located at the entrance of the adit.
A total of five trenches have been completed at Mina Estrella to test the extension and continuity of gold bearing quartz veins sampled in the old adit. The trenches are approximately 25 metres in length, average 3 metres in depth, and are spaced 15 metres apart. Quartz veins, up to 5 metres wide, were exposed in each trench. They are mineralized by pyrite, galena and contain visible gold.
Sampling was completed in 1 metre intervals across the bottom of each trench. Additionally, vertical samples were collected from the walls of the trenches at various intervals, approximately 5 metres apart. A total of 248 samples were collected from the five trenches. Results are pending.
The San Pablo and Las Conchitas areas are situated roughly 1.5 and 2.5 kilometres, respectively, south of the San Albino Mine area.
San Albino-Murra Property – 2011 Trenching Program, Southern District (San Albino): http://www.goldenreignresources.com/i/maps/2011-02-22_NR.jpg
On behalf of the Board,
“Kim Evans”
Kim Evans, CGA
President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX-V: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property located in Nueva Segovia, Nicaragua. Held under a 25 year mining license expiring February 3, 2027, the property covers an area of 8,700 hectares (87 sq km).
The Company has outlined a structural corridor approximately 3 kilometres wide by 15 kilometres long, which spans the Property, stretching from Las Conchitas in the south to the northeast mining town of Murra. Old workings exist along the corridor. The San Albino Mine flanks the northwestern edge of this structural trend.
Under the terms of the option agreement, the Company may acquire an 80% interest in the Property over a four year period by making cash payments totalling US$450,000, issuing 4,000,000 common shares from treasury and incurring aggregate exploration expenditures of US$5,000,000.
Nicaragua, a mining-friendly jurisdiction, is situated in the Central American Gold Belt, which extends from Costa Rica in the south to Guatemala in the north. Within this prolific gold belt, estimates of historical production total more than 20 million ounces.
For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.
Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such 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 and uncertainties relating to political risks involving the Company’s exploration and development of mineral properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management’s best judgent as of the date hereof, based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Leseranfragen:
Golden Reign Resources Ltd.
595 Howe Street, Suite 501
Vancouver, BC; V6C 2T5
Kanada
Kim Evans, CGA
President & CEO
Tel.: +1 604 685-4655
" alt="Zinco Announces Continuation of Exploration Work on Its San Juan Prospect in the Cuale District, Jalisco VMS Project, MexicoDatum: 24.02.2011 - 14:29 Uhr
Sprache: Deutsch
News-ID 28213
Anzahl Zeichen: 0
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 286 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Golden Reign Resources Ltd.: MAJOR TRENCHING PROGRAM UNDERWAY IN HIGHLY MINERALIZED ZONES, INCLUDING TESTING CONTINUITY OF MINA ESTRELLA VEIN OF 10.5 METRES GRADING 24.75 G/T GOLD
"
steht unter der journalistisch-redaktionellen Verantwortung von
Golden Reign Resources Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
