Sabina Intersects 15.1 Meters Grading 11.41g/t Gold And 1,471.3g/t Silver (42.9 oz/ton) At Hackett River
Friday September 24, 9:15 am ET
TORONTO, Sept. 24 /CNW/ - SABINA RESOURCES LIMITED (TSX-V:SBB - News) is pleased to present additional information about the drill results reported in the Company's news release dated September 22, 2004. The company's Hackett River Project is located in Nunavut, Canada. The current program consists of drilling for extensions to the known mineralized zones, as well as testing several new targets identified on the Property.
The highlight of the program to-date is hole SHR-04-20 which intersected four high-grade zones of mineralization. The first zone consisted of copper- rich massive sulphides which returned 4.72% Cu, 0.24% Pb, 2.85% Zn, 661.3g/t Ag (19.3 oz/ton Silver) and 2.19g/t Au across 15.0 meters. The second zone intersected was a precious metal rich horizon which returned 11.41g/t Au (0.33 oz/ton Gold) and 1,471.3g/t Ag (42.9 oz/ton Silver) across 15.1m (ECL-04-08 drilled parallel to SHR-04-20 and 35m to the northwest) intersected 18.96g/t Au (0.55 oz/ton Gold) and 92.4g/t Ag (2.69 oz/ton Silver) across 1.45m). The third zone consisted of zinc-rich massive sulphides which assayed 2.55% Pb, 10.71% Zn and 235.8g/t Ag (6.9 oz/ton Silver) across 20.65m. The fourth zone consisted of zinc-rich massive sulphides and assayed 1.21% Pb, 23.63% Zn and 127.0g/t Ag across 2.00m.
Additional highlights include 9.2m grading 10.46% Zinc, 3.03% Lead and 310.7g/t Silver (9.06 oz/ton Ag) in the Knob Hill Zone (SHR-04-02), and 5.5m grading 18.51% Zinc, 0.23% Lead and 29.6g/t Silver in the Main Camp Lake Zone (SHR-04-09).
To-date, 42 holes have been drilled with assays received from 17. Hole
information follows:
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El. Depth
Hole ID UTM E UTM N (m) Az. Dip (m) Zone Comments
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SHR-04-01 619635 7312955 419 340 -65 255 A Zone W
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SHR-04-02 615510 7312897 439 31 -64 182 Knob Hill
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SHR-04-03 615510 7312896 439 31 -45 125 Knob Hill Same collar
as 02
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SHR-04-04 616352 7312789 414 40 -55 22 Boot Lk N Lost hole
at 22 m
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SHR-04-04b 616352 7312789 414 40 -45 254 Boot Lk N
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SHR-04-05 615465 7312810 439 30 -46 227 Knob Hill
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SHR-04-06 615465 7312810 439 30 -62 215 Knob Hill Same collar
as 05
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SHR-04-07 615407 7312914 443 27 -45 160 Knob Hill
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SHR-04-08 615535 7312646 436 74 -50 305 E Cleaver
Lk
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SHR-04-09 619650 7312650 411 340 -52 498 A Zone W
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SHR-04-10 615535 7312646 436 74 -57.5 335 E Cleaver Same collar
Lk as 08
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SHR-04-11 615535 7312646 436 74 -63.5 326 E Cleaver Same collar
Lk as 08, 10
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SHR-04-12 619650 7312650 411 340 -48 491 A Zone W Same collar
as 09
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SHR-04-13 615535 7312646 435 44 -50 293 Knob Hill Swung
30 degrees
from 08,
10, 11
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SHR-04-14 615496 7312729 437 44 -50 305 Knob Hill
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SHR-04-15 615496 7312729 437 44 -65 245 Knob Hill Same collar
as 14
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SHR-04-16 619577 7312658 412 340 -57 487 A Zone W Assays
pending
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SHR-04-17 615496 7312729 437 44 -79 269 Knob Hill Same collar
as 14, 15
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SHR-04-18 615592 7312822 432 44 -78 119 Knob Hill
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SHR-04-19 615592 7312822 432 44 -45 113 Knob Hill Same collar
as 18
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SHR-04-20 615644 7312644 433 74 -64 188 E Cleaver
Lk
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The Hackett River Property is under option from Teck Cominco Metals Ltd.
("Teck"), a wholly owned subsidiary of Teck Cominco Ltd. The Agreement with
Teck Cominco provides for Sabina to earn a 100% interest in the Property,
subject to certain back-in and/or royalty provisions, by completing $7,000,000
in exploration expenditures on the Hackett River property by December 31, 2008
with a minimum commitment of $1,500,000 before April 30, 2005 (now exceeded),
and satisfying other terms of the agreement including providing all technical
information to Teck Cominco. Full terms of the option agreement have been
provided in previous reports and releases.
Knob Hill Zone
--------------
Drilling to date at Knob Hill indicates a variably mineralized sulphide
horizon dipping at approximately 55 degrees to the southwest. The sulphide
horizon is interpreted to join at depth with the East Cleaver Lake deposit.
Potentially economic mineralization occurs over a combined total strike length
of approximately 500 meters.
Holes SHR-04-02, 03, 05, 06 were drilled along a section line located
approximately 50m along strike to the WNW of Knob Hill discovery holes
ECL-93-05 and 06 (see below). Hole SHR-04-07 was drilled on a section line
located approximately 100m along strike to the WNW of discovery holes
ECL-93-05 and 06. Holes SHR-04-14, 15, 17, 18, 19 were drilled on a section
line located approximately 60 m SE of discovery hole ECL-94-05. Hole SHR-04-15
was drilled on a section line located approximately 145 m SE of discovery hole
ECL-94-05.
Historic Knob Hill discovery hole results as reported by Etruscan
Resources Inc. (1997)
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From To Interval Cu Pb Zn Ag Au
Hole No. (m) (m) (m) % % % g/t g/t
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ECL-93-05 93.38 96.96 3.58 0.00 0.00 0.00 2642.9 10.09
And 101.06 103.80 2.74 0.04 2.66 11.57 329.7 0.17
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ECL-93-06 120.60 125.18 4.58 0.02 1.83 18.53 240.6 0.25
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Assay results from drilling in the Knob Hill Zone are as follows:
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Estim-
ated
true
thick-
Hole No. From To Interval Cu Pb Zn Ag Au ness
(m) (m) (m) % % % g/t g/t (m)
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SHR-04-02 64.80 89.20 22.40 0.05 1.45 5.35 182.7 0.10 21.0
Incl. 75.80 85.00 9.20 0.05 3.03 10.46 310.7 0.18 8.6
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SHR-04-03 77.80 82.10 4.30 0.06 0.46 2.12 52.2 0.02 4.3
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SHR-04-05 155.00 156.40 1.40 0.03 1.80 9.92 269.9 0.08 1.4
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SHR-04-06 170.00 171.05 1.05 0.01 0.10 2.88 43.1 0.04 1.0
And 180.40 183.95 3.55 0.03 0.52 0.23 561.1 1.52 3.3
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SHR-04-07 106.55 109.20 2.65 0.03 0.19 2.09 19.0 0.05 2.6
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SHR-04-13 220.55 221.65 1.10 0.03 0.96 12.07 211.2 0.57 1.0
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SHR-04-14 188.25 193.80 5.55 0.16 3.67 10.48 496.3 0.20 5.4
-------------------------------------------------------------------------
SHR-04-18 79.50 80.90 1.40 0.08 1.16 5.87 476.3 0.19 0.8
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SHR-04-19 No significant mineralization
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East Cleaver Lake Zone
----------------------
Previous drilling at East Cleaver identified a resource of 4,567,000
tonnes grading 0.90% Pb, 6.84% Zn, 0.34g/t Au and 160.11g/t Ag (resource from
Burton, 1992; as quoted in Squires, 1997 as calculated for Cominco 1981 (note:
The following 'resources' have been historically quoted and were completed
prior to National Instrument 43-101. Due diligence has not been performed by
the current author to establish the reliability of these numbers, that have
been calculated by credible independent consultants, nor to categorize them in
National Instrument 43-101 - defined terms. The reserves contained herein
would be better classified as "indicated resources").
Step-out drilling was conducted in a previously untested area along the
northern edge of the East Cleaver Lake deposit. A fan of 3 holes, SHR-04-08,
10 and 11, traced the mineralized horizon from 130 to 230 m depth below
surface. Hole SHR-04-08 intersected the stringer and massive sulphide zones
approximately 50 m below ECL-93-04. Hole SHR-04-20 was drilled on a section
line parallel to and approximately 35 m south of holes SHR-04-08, 10 and 11.
Hole SHR-04-20 was collared 25 m in front of hole ECL-73-4 which was abandoned
in sulphide mineralization at 162.9m depth.
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From To Interval Cu Pb Zn Ag Au
Hole No. (m) (m) (m) % % % g/t g/t
-------------------------------------------------------------------------
SHR-04-08 87.70 89.20 1.50 2.69 0.01 1.21 124.6 1.12
and 188.10 198.55 1.45 0.64 0.03 0.24 92.4 18.96
and 232.80 234.05 1.25 0.02 0.20 9.13 55.9 0.07
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SHR-04-10 86.00 89.80 3.80 0.46 1.24 3.97 77.5 0.05
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less than
SHR-04-11 89.50 92.55 3.05 0.07 0.07 4.71 7.6 0.01
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SHR-04-20 99.00 114.00 15.00 4.72 0.24 2.85 661.3 2.19
Zone 2 138.50 153.60 15.10 0.48 4.72 0.32 1,471.3 11.41
Zone 3 153.60 174.25 20.65 0.36 2.55 10.71 235.8 0.21
Incl. 153.60 164.50 10.90 0.26 3.76 16.65 241.7 0.08
Zone 4 181.60 183.60 2.00 0.16 1.21 23.63 127.0 0.05
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..........
The true thickness of mineralized intercepts in holes SHR-04-08, 10 and
11 are estimated to be 90 - 100% of the drill core intercepts. The true
thickness of mineralized intercepts in hole SHR-04-20 is estimated to be
approximately 88% of the reported drill core intercepts.
West Limb "A" Zone
------------------
The West Limb of the "A" Zone (Main Camp Lake Zone) plunges steeply to
the SW and is characterized by a zone of massive sulphides underlain in part
by copper rich stringer mineralization. Previous drilling in the Main Zone
identified a resource of 4,000,000 tonnes grading 1.38% Pb, 12.76% Zn,
0.46g/t Au and 231.1g/t Ag to a depth of approximately 200 meters where it
remains open at depth (resource from Burton, 1992; as quoted in Squires, 1997
as calculated for Cominco 1981 (note: The following 'resources' have been
historically quoted and were completed prior to National Instrument 43-101.
Due diligence has not been performed by the current author to establish the
reliability of these numbers, that have been calculated by credible
independent consultants, nor to categorize them in National Instrument
43-101 - defined terms. The reserves contained herein would be better
classified as "indicated resources"). Recent drilling has extended
mineralization to a depth of approximately 300 m, suggesting considerable
potential to expand the mineralized zones down dip, where it remains open.
The first hole of the program, SHR-04-01, tested a copper horizon located
parallel to the West Limb of the "A" Zone and approximately 25 m up dip from
hole A81-5 (reporting 42.84m of 3.04% Cu). Assay results from SHR-04-01, as
previously reported on August 12, 2004, include:
--------------------------------------------------------------
From To Interval Cu Pb Zn Ag Au
(m) (m) (m) % % % g/t g/t
--------------------------------------------------------------
92.90 93.50 0.60 0.08 5.25 31.92 1,157.0 0.204
--------------------------------------------------------------
112.50 251.00 138.50 1.25 0.06 0.39 22.2 0.116
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less than
211.00 245.00 34.00 2.67 0.01 0.01 12.7 0.031
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True thickness is estimated to be approximately 80% of the above drilled
lengths.
Holes SHR-04-09 and 12 were drilled from the same collar location, along
strike to the south and down-dip of previous drilling on the West Limb of the
"A" Zone. The following table summarizes significant intervals from this
drilling:
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From To Interval Cu Pb Zn Ag Au
Hole No. (m) (m) (m) % % % g/t g/t
-------------------------------------------------------------------------
SHR-04-09 367.45 384.30 16.85 0.01 0.97 7.87 141.7 0.13
Incl. 367.45 372.60 5.15 0.00 0.23 18.51 29.6 0.03
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SHR-04-12 371.00 381.50 10.50 0.04 0.66 8.57 141.9 0.92
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True thickness is estimated to be approximately 90% of the above drilled
lengths.
Regional Target Testing
-----------------------
.............
SHR-04-04 targeted a geophysical anomaly and did not intersect any
significant sulphides. Assays for all other holes not listed in this release
are pending.
Recent drilling has focused on defining the Boot Lake Zone, and one drill
has been mobilized in an attempt to identify a resource in the East Cleaver
Gold Zone intersected in holes SHR-04-08 and SHR-04-20.
The Hackett River drill program is being carried out under the direction
of Harvey Klatt, MSc, PGeo, the qualified person and project manager.
Mr. Klatt is supervising drill hole planning, implementation and quality
control programs. Core is one-half split, with half sent to Global Discovery
Labs and/or Accurassay Laboratories for preparation and analyses.
Sabina has completed adequate financing to fund all exploration
requirements at Hackett River, and at June 30, 2004 Sabina had $13 million in
the bank.
ON BEHALF OF THE BOARD OF DIRECTORS
William Cummins
President
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 has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
%SEDAR: 00005733E
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=19084
For further information
Ewan Downie, Chairman, Phone: (807) 346-1668, Fax: (807) 345-0284
Bill Cummins, President, Phone: (519) 438-4555, Fax: (519) 438-9666
Visit our Website at: sabinaresources.ca
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