Golden Reign Resources Ltd.: Underground Sampling at El Jicaro Property Returns 5.5 Metres Grading 12.33 g/t Gold and 25.6 g/t Silver
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/12 -- Golden Reign Resources Ltd. (TSX VENTURE: GRR) (the "Company" or "Golden Reign") is pleased to report the results from preliminary sampling work completed on its newly acquired El Jicaro Gold Property (the "Property"), Nueva Segovia, Nicaragua.
Golden Reign purchased the Property on the basis of historical data combined with the results from its successful 2011 major trenching program, which exposed numerous highly mineralized southwest trending structures within a distance of 1 kilometre. Showings and historical workings within the El Jicaro Property lie along strike of the mineralized structures exposed by trenching.
The El Jicaro Property has no fewer than 16 veins that were exploited by historical mines and workings, which were partially mined by the Spaniards in the late 1700's and then by larger scale operations until 1915. A reconnaissance sampling program by Golden Reign tested nine of these prospects, including:
Comprehensive mapping, prospecting and trenching programs are planned for 2012 to identify drill ready targets. In addition, the Company plans to re-open several caved adits for further underground sampling.
Situated adjacent and to the south of the Company's flagship San Albino-Murra Gold Property, the El Jicaro Property covers an area of 5,071 hectares (51 km2), nearly doubling the Company's current land package to an aggregate 13,771 hectares (138 km2). Numerous historical mines and workings exist along a structural corridor approximately 3 kilometres wide by 20 kilometres long which spans the entirety of the Company's land package.
Aggregate costs incurred to purchase and transfer title of the mining exploration and exploitation license were USD$150,000. The El Jicaro Concession license is valid for a period of twenty-five years, until September 28, 2033. The Concession was acquired from a third party, individual Nicaraguan title holder.
To view a map of the El Jicaro property click on:
Qualified Person
John M. Kowalchuk, P.Geo., a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
On behalf of the Board,
Kim Evans, CGA, President & CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX VENTURE: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company's land package comprises 13,771 hectares (138 km2) of highly prospective ground. Hundreds of historical mines and workings exist along a structural corridor approximately 3 kilometres wide by 20 kilometres long which spans the entirety of the Company's land package.
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 and SEDAR at .
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 judgment 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.
Contacts:
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
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Datum: 08.02.2012 - 19:56 Uhr
Sprache: Deutsch
News-ID 112584
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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