Golden Reign Resources Ltd.: Mina Francisco Returns 9.0 Metres of 15.23 g/t Gold, 9.7 g/t Silver
06.04.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 6, 2011) - Golden Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX VENTURE: GRR) is pleased to report assay results from underground sampling of Mina Francisco, located in the Southern (San Albino) District of its San Albino-Murra Gold Property (the "Property"), Nicaragua.Sampling highlights are:
9.0 metres of 15.23 g/t gold and 9.7 g/t silver
Including: 2.5 metres of 25.26 g/t gold and 10.2 g/t silver; and
0.5 metre of 47.24 g/t gold and 15.6 g/t silver
Mina Francisco, an old underground working from the 1920\'s, is situated approximately 8 kilometres south of the historic San Albino Mine. The Mina Francisco vein is at least 9.0 metres wide, striking northeast-southwest and dipping northwest roughly 65 degrees. It is one of Charles Butter\'s twelve high-grade veins, planned for development to supply the San Albino Mill. Charles Butters, one of the foremost mining engineers of his time, owned and operated the San Albino Mine from 1922 until 1927, prior to the onset of the Nicaraguan revolution.
The mineralized zone hosting Mina Francisco exceeds 700 metres of strike length and remains open in both directions.
The following table shows the results of sampling at Mina Francisco:
Prospect Sample # Type of Type of Length of Rock type Au g/t Ag ppm
Name Working Sample sample (m)
Mina Francisco 172743 Tunnel Chip channel 1.0 Schists 4.46 less
Qtz than
veinlets 0.1
Mina Francisco 172778 Tunnel Chip channel 0.5 Quartz 0.06 0.6
Mina Francisco 172779 Tunnel Chip channel 1.0 Quartz 4.43 2.6
Mina Francisco 172780 Tunnel Chip channel 1.0 Quartz 31.16 7.0
Mina Francisco 172781 Tunnel Chip channel 1.0 Quartz 8.36 10.7
Mina Francisco 172782 Tunnel Chip channel 0.5 Quartz 47.24 15.6
Mina Francisco 172783 Tunnel Chip channel 1.5 Quartz 19.49 4.1
Mina Francisco 172784 Tunnel Chip channel 1.0 Quartz 17.50 34.7
Mina Francisco 172785 Tunnel Chip channel 1.0 Quartz 5.87 7.2
Mina Francisco 172786 Tunnel Chip channel 1.5 Quartz 5.52 4.8
Mina Francisco 172787 Tunnel Chip channel 1.2 Quartz 16.03 9.3
Mina Francisco 172788 Tunnel Chip channel 2.0 Quartz 0.15 1.8
Mina Francisco 172789 Tunnel Chip channel 1.2 Quartz 0.40 1.2
Mina Francisco 172790 Tunnel Chip channel 1.2 Quartz 0.29 0.4
Mina Francisco 172791 Tunnel Chip channel 2.0 Quartz 0.14 0.5
Mina Francisco 172792 Tunnel Chip channel 1.0 Schists 0.04 0.3
Qtz
veinlets
The collapsed portal to Mina Francisco was reopened, permitting access to the approximately 15.0 meters of the drift, where it is again obstructed by cave.
The assays provided in the table above are channel samples across the quartz vein and schist, both horizontal and vertical, as illustrated by the following diagram:
http://media3.marketwire.com/docs/grr0406.pdf
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 located in Nueva Segovia, Nicaragua. Held under a 25 year mining license expiring February 3, 2027, the property covers an area of 8,700 hectares (87 sq km).
The Company has outlined a structural corridor approximately 3 kilometres wide by 15 kilometres long, which spans the Property, stretching from Las Conchitas in the south to the northeast mining town of Murra. Old workings exist along the corridor. The San Albino Mine flanks the northwestern edge of this structural trend.
Under the terms of the option agreement, the Company may acquire an 80% interest in the Property over a four year period by making cash payments totalling US$450,000, issuing 4,000,000 common shares from treasury and incurring aggregate exploration expenditures of US$5,000,000.
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.
Contacts:
Senergy Communications
Anthony Zelen
Investor Relations
778-331-2028
anthony@senergyir.com
Golden Reign Resources Ltd.
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
www.goldenreign.com