Sabina doubles Hackett River indicated mineral resource
2005-12-07 08:28 ET - News Release
Mr. Abraham Drost reports
HIGHER GRADE TONNAGE MORE THAN DOUBLES IN 2005 MINERAL RESOURCE UPDATE AT HACKETT RIVER
Wardrop Engineering Inc. has delivered an independent mineral resource estimate on Sabina Silver Corp.'s 100-per-cent-owned Hackett River project, Nunavut, in compliance with National Instrument 43-101. Aggressive exploration by Sabina in 2005 has more than doubled the indicated mineral resource above the 15-ounce-per-ton silver equivalent cut-off from the previous 2004 mineral resource estimate (Aug. 15, 2005).
In response to the new resource figures, Abraham Drost, PGeo, president of Sabina Silver Corp., states, "Drill definition of a larger, higher-grade core to the indicated mineral resource gives the company a strong basis to continue aggressive exploration and begin to apply economic parameters to the Hackett River project."
The indicated mineral resource grade distribution at successively increasing silver equivalent cut-off grades is presented in table 1.
TABLE 1
2005 CUMULATIVE INDICATED RESOURCE
HACKETT RIVER
Cut-off Tons Ag Eq Zn Eq Ag
Ag Eq oz/ton % oz/ton
oz/ton
+20 11,046,617 26.57 12.17 5.67
+15 20,251,800 22.41 10.26 4.75
+10 31,300,755 18.88 8.64 3.92
+5 39,347,008 16.65 7.62 3.40
Continued ...
Cut-off Zinc Cu Lead Au
Ag Eq % % % g/t
oz/ton
+20 7.69 0.41 1.19 0.52
+15 6.35 0.40 1.00 0.49
+10 5.30 0.37 0.84 0.45
+5 4.63 0.36 0.73 0.41
The inferred mineral resource grade distribution at successively increasing silver equivalent cut-off grades is presented in table 2.
TABLE 2
2005 CUMULATIVE INFERRED RESOURCE
HACKETT RIVER
Cut-off Tons Ag Eq Zn Eq Ag
Ag Eq oz/ton % oz/ton
oz/ton
+20 1,111,028 23.33 10.68 5.90
+15 2,875,910 19.85 9.08 4.79
+10 5,703,876 16.07 7.36 3.81
+5 8,766,884 13.22 6.05 2.96
Continued ...
Cut-off Zinc Cu Lead Au
Ag Eq % % % g/t
oz/ton
+20 6.75 0.18 0.99 0.39
+15 5.65 0.23 0.88 0.36
+10 4.42 0.27 0.70 0.34
+5 3.49 0.34 0.54 0.30
The 2005 drill program focused on optimizing the geological and structural model for the deposits and grade characteristics of the Boot Lake, East Cleaver and Main A zone deposit areas. Metallurgical work on beneficiation and optimizing recoveries of the Hackett River commodity mix is planned in 2006.
Two other resource areas on the property, the Jo and the Finger zones, also have small silver and zinc dominant mineral resources which do not qualify under National Instrument 43-101. The company plans additional aggressive exploration to expand existing resource blocks and hitherto untested resource areas in 2006.
The 2005 resource estimate is based on a historical diamond drill database of 248 diamond drill holes with a total length of 46,435 metres. Sabina's drilling in 2004 and 2005 comprises 105 holes with a total length of 24,536 metres. Wardrop Engineering Inc. considers the prior, historical exploration database to be robust and essentially free from error, allowing these results to be employed along with Sabina's 2004 and 2005 drilling in the estimation of indicated and inferred mineral resources at Hackett River.
A system of standards, blanks and duplicates were inserted as part of the company's QA/QC analytical procedures. Metal grades have been determined using ordinary kriging into a 3-D block model constrained by wireframes interpreted from drill hole intercepts. The deposit models were constrained within the wireframe with primary block dimensions of 10 metres along the strike and 10 metres in the vertical direction. Metal tonnages and grades are reported using a silver (Ag) equivalent cut-off calculated using historical metallurgical recoveries and current metal price predictions.
Wardrop Engineering Inc. has reviewed this press release and approved its release. The detailed mineral resource report on Hackett River will be filed on SEDAR and on the company website within 30 days of this release. The mineral resource estimates have been prepared in accordance with the Canadian National Instrument 43-101 based on information compiled by Harvey Klatt, PGeo, project manager, Sabina Silver, and Gregory Mosher, PGeo, senior geologist, Wardrop Engineering, both of whom are qualified persons as defined in Canadian National Instrument 43-101.
Sabina's 100-per-cent interest in the Hackett River project is subject to a 2-per-cent net smelter royalty (NSR) to Cominco Mining Partnership (CMP). Etruscan Resources Inc. retains a 10-per-cent net profits interest (NPI) capped at $2-million.
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