Golden Reign Resources Ltd. : THIRD DRILL RIG ACTIVE AT LAS CONCHITAS - TRENCHING INTERSECTS 7.0 METRES OF 7.64 G/T GOLD
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Golden Reign Resources Ltd. : THIRD DRILL RIG ACTIVE AT LAS CONCHITAS - TRENCHING INTERSECTS 7.0 METRES OF 7.64 G/T GOLD
Golden Reign Resources Ltd. (the "Company" or "Golden Reign")(TSX-V: GRR) is pleased to report that the third drill rig is now in operation at the Company’s San Albino-Murra Property (the “Property”), Nicaragua.
Approximately 3,000 metres will be cored in an initial six drill holes to test the San Pablo and Las Conchitas areas of the Southern (San Albino) District. The program represents the first drilling initiative for these areas, where on-going trenching has outlined numerous drill targets including at least four highly prospective mineralized zones. Mineralized zones are structurally controlled, containing a system of parallel, quartz veins ranging from 1 to 8 metres in true width. Trenching was oriented perpendicular to the mineralized zones, which have been traced at surface over a distance of two kilometres and remain open in at least two directions and at depth. (see map)
The first drill hole in the Las Conchitas area has been designed to test the down-dip extension of mineralized zones identified in trenches TR-1, TR-5 and TR-7. Highlights from trenching include:
-TR-1 – 3.6 metres of 2.86 g/t gold and 4.9 g/t silver and 7.0 metres of 7.64 g/t gold and 5.5 g/t silver and 5.0 metres of 5.21 g/t gold and 7.3 g/t silver
-TR-5 – 4.0 metres of 11.43 g/t gold and 9.2 g/t silver including 2.0 metres of 18.58 g/t gold and 14.1 g/t silver
-TR-7 – 4.0 metres of 2.45 g/t gold and 11.7 g/t silver
Additional trenching results from the Las Conchitas area include:
-TR-16 – 8.4 metres of 6.53 g/t gold and 6.9 g/t silver including 3.0 metres of 14.44 g/t gold and 13.1 g/t silver
-TR-18 – 3.5 metres of 6.91 g/t gold and 16.3 g/t silver
-TR-23 – 4.0 metres of 5.35 g/t gold and 5.0 g/t silver including 2.0 metres of 8.80 g/t gold and 8.0 g/t silver
Recent trenching near the Rio Jicaro, located to the north-east of Las Conchitas, has intersected:
-TR-1 – 8.0 metres of 7.31 g/t gold and 5.9 g/t silver including 4.0 metres of 11.91 g/t gold and 9.6 g/t silver
-TR-4 – 10.0 metres of 3.17 g/t gold and 6.8 g/t silver and 2.0 metres of 19.05 g/t gold and 24.1 g/t silver
Drilling continues at San Albino/Arras, which lies approximately 1 kilometre to the north of San Pablo and Las Conchitas. Two diamond drill rigs continue to expand the 2011 definition drilling program, which is designed to test the continuity and extension of mineralized structures laterally in both directions and to depth. Upon completion of the proposed 16,000 metres of drilling, the Company expects that it will have sufficient data to calculate a NI 43-101 compliant mineral resource. To date, 10,471 metres have been cored at San Albino/Arras.
Quality Assurance
The Company has implemented a rigorous QA/QC program using best industry practices, involving insertion of appropriate blanks and duplicates. All drill holes are sampled on at most a 1.0 metre interval within the mineralized zones, with drill core split on site and one half then being transported to the Inspectorate America Corporation (“Inspectorate”), a certified USA based laboratory (UKAS, NAMAS, STERLAB, ISO 17025), preparation facility in Managua. The samples are then transferred to Inspectorate’s analytical laboratory in Richmond, British Columbia, Canada. Duplicate samples have also been sent to Acme Analytical Laboratories Ltd. in Vancouver, British Columbia, Canada, for comparative analysis.
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”
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.
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 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.
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
Datum: 20.10.2011 - 16:52 Uhr
Sprache: Deutsch
News-ID 78592
Anzahl Zeichen: 5892
contact information:
Town:
Wien
Kategorie:
Business News
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