Golden Reign Resources Ltd.: Cruz Grande Vein Discovered on "Golden Mile"
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/25/13 -- Golden Reign Resources Ltd. (TSX VENTURE: GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the Las Conchitas-Rio Jicaro Area in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.
Dubbed the "Golden Mile", the Las Conchitas-Rio Jicaro Area has a current strike length of 1,500 metres and is the longest high-grade, near-surface quartz vein structure defined on the Property to date. Grab sampling, which returned a peak assay of 4.72 ounces per ton gold and 1.7 ounces per ton silver (162.09 g/t gold and 58.3 g/t silver), was the catalyst leading to the discovery of both the Cruz Grande mine, situated at the north-east end of the trend, and the Cruz Grande vein that was exposed by trenching in 2012.
The La Fortuna Mine is presently the south-west terminus of the trend; however, Golden Reign has projected the extension of the vein structure for an additional 1 kilometre along strike, down onto the Company's El Jicaro Concession to the south. The zone remains open along strike in both directions and at depth - trenching continues.
The Las Conchitas-Rio Jicaro Area is the third of four highly prospective mineralized areas, covering 2.5 square kilometres, located approximately 1.5 kilometres south of the Company's San Albino Gold Deposit (NI 43-101 technical report and resource estimate available on and ) - all of which can be extended by further trenching and offer potential for the development of significant open-pittable resources. Golden Reign plans to drill test all four mineralized areas in 2013.
Exploration of the Las Conchitas-Rio Jicaro Area in 2012 included the excavation of 7 trenches and 2 exploration pits. This work was a follow-up to the 2011 exploration program that included 17 trenches across 630 metres and 5 highly successful diamond drill holes that tested the Cruz vein. Exploration results to date include:
Trenching (see Table 2 below)
Initial Drill Testing of the Cruz Vein
First exposed in trench LC11-TR-01, the Cruz vein returned three samples averaging: 2.0 metres of 26.27 g/t gold and 17.4 g/t silver; 5.0 metres of 5.21 g/t gold and 7.3 g/t silver; and 2.6 metres of 3.70 g/t gold and 5.9 g/t silver.
Two additional holes, LC11-04 and LC11-05, situated 100 metres to the northwest, intersected two veins: Cruz and Cruz 2. This initial drilling has confirmed the down-dip extension of the Cruz vein for at least 400 metres and demonstrated a very good continuity of both grade and width.
Drilling Intercepts of Cruz 2 Vein:
Las Conchitas-Rio Jicaro Exploration Pits
In 2012, two exploration pits (see Table 1 below and attached map) were excavated to expose the mineralized veins intersected by trenching along strike and down dip in trenches SAM12-TR11 and SAM12-TR-13. Pit samples collected along the strike and dip of the veins returned values ranging from 0.01 g/t to 33.59 g/t gold and 0.9 g/t to 3.55 g/t gold for pits EP-SAM12-TR-11 and EP-SAM12-TR-13, respectively.
Golden Reign also tested the true thickness of the veins, which returned 1.6 metres averaging 4.29 g/t gold and 1.5 metres averaging 3.93 g/t gold for pits EP-SAM12-TR-11 and EP-SAM12-TR-13, respectively.
Gold Mineralization in the Country Rock
Significantly, comprehensive sampling of the country rock (phyllites) confirms that gold mineralization is not restricted solely to the mineralized quartz veins but is distributed within quartz stockwork in the host rock. Gold values in trenches RJ11-TR-01, 02, 04 and LC11-TR-05 reported only from phyllite with quartz fragments are as follows:
To view the maps accompanying this press release please click on the following link:
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.
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 within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and spans the entirety of the Company's land package.
For additional information please visit our website at and SEDAR .
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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: 25.02.2013 - 14:00 Uhr
Sprache: Deutsch
News-ID 232844
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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