Golden Reign Trenches 4.0 Metres of 21.0 g/t Gold and 21.9 g/t Silver at Las Conchitas
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/12/12 -- Golden Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX VENTURE: GRR) is very pleased to report results from its on-going 2012 trenching program in the Las Conchitas area of its San Albino-Murra Gold Property (the "Property"), Nicaragua.
The California Vein-Las Dolores Mine area is the first of three highly prospective areas located in the southwest corner of the flagship Property to be tested by trenching (see attached map, http://media3.marketwire.com/docs/grr0612.pdf). Two near-surface high-grade vein prospects -California and Las Dolores - were tested to a depth of approximately 1.5 metres. Highlights from trenching include:
- SAMTR-12-01 - 4.0 metres grading 21.00 g/t gold and 21.9 g/t silver
and 2.0 metres grading 14.72 g/t gold and 21.6 g/t silver
and 4.0 metres grading 15.36 g/t gold and 24.0 g/t silver
- including 1.0 metre of 61.06 g/t gold and 94.0 g/t
silver
- SAMTR-12-02 - 3.5 metres grading 42.64 g/t gold and 11.7 g/t silver
and 4.0 metres grading 9.49 g/t gold and 3.3 g/t silver
and 2.0 metres grading 7.27 g/t gold and 5.5 g/t silver
- SAMTR-12-04 - 12.6 metres grading 6.56 g/t gold and 12.5 g/t silver
- including 4.6 metres of 16.02 g/t gold and 29.6 g/t
silver
This zone now has a strike length of 750 metres and remains open in both directions and at depth. It extends southwest onto Golden Reign's recently acquired El Jicaro Concession.
California and Las Dolores represent the extension of structures first identified by trenching in 2011 and further outlined by a 2012 sampling program (see news releases dated October 6, 2011 and March 21, 2012). Highlights from prior trenching and sampling (see attached map) include:
Trenching
TR-21 - 14.0 metres of 5.89 g/t gold and 11.8 g/t silver
including: 4.0 metres of 8.46 g/t gold and 21.2 g/t silver
and
7.0 metres of 6.11 g/t gold and 9.8 g/t silver
Sampling
California vein 2.0 metres of 69.33 g/t gold and 47.8 g/t silver
comprised of: 1.0 metre of 137.35 g/t gold and 93.7 g/t silver
and
1.0 metre of 1.30 g/t gold and 1.9 g/t silver
California and Las Dolores are only two of twenty-nine high priority targets the Company plans to test in 2012, initially by trenching and subsequently by diamond drill. All targets are hosted within the Corona de Oro Gold Belt, which spans the Company's 138 square kilometre land package and is approximately 3 kilometres wide by 25 kilometres long.
Las Conchitas is located approximately 3 kilometres south of the San Albino Mine area, where the Company currently has three drill rigs in operation and is working towards its maiden resource calculation.
Detailed results from trenching at the California Vein-Las Dolores Mine area follow:
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Trench Sample From To Width Au Ag
No. No. (m) (m) (m) Description (g/t) (g/t)
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CALIFORNIA VEIN
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SAMTR-12-01 - Mineralized schists with quartz veinlets and fragments. Two
intervals returned 4.0 metres grading 21.00 g/t gold and 21.9 g/t silver
and 2.0 metres grading 14.72 g/t gold and 21.6 g/t silver, respectively.
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mineralized schists with
SAMTR-12-01 73063 4.0 6.0 2.0 quartz material 37.88 36.3
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mineralized schists with
SAMTR-12-01 73064 6.0 8.0 2.0 quartz material 4.11 7.5
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mineralized schists with
SAMTR-12-01 73067 11.0 12.0 1.0 quartz material 26.86 39.7
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mineralized schists with
SAMTR-12-01 73068 12.0 13.0 1.0 quartz material 2.58 3.4
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SAMTR-12-01 - Quartz vein within mineralized schist (host rock) returned
4.0 metres grading 15.36 g/t gold and 24.0 g/t silver, including 1.0
metre wide quartz vein which graded 61.06 g/t gold and 94.0 g/t silver.
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mineralized schists with
SAMTR-12-01 73070 15.0 16.0 1.0 quartz material 0.12 0.4
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SAMTR-12-01 73071 16.0 17.0 1.0 mineralized quartz vein 61.06 94.0
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mineralized schists with
SAMTR-12-01 73072 17.0 19.0 2.0 quartz material 0.14 0.7
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SAMTR-12-01 - Sample collected along the strike of the quartz vein
returned 1.0 metre of 70.62 g/t gold and 59.4 g/t silver.
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sample along strike of
SAMTR-12-01 73097 1.0 quartz vein 70.62 59.4
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SAMTR-12-02 - 3.0 metre wide mineralized zone exposed in exploration pit
returned elevated gold values in one sample and included two samples
collected from schists.
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SAMTR-12-02 72591 28.0 29.0 1.0 mineralized quartz vein 1.78 2.4
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mineralized schists with
SAMTR-12-02 72593 30.0 31.0 1.0 quartz material 0.37 0.5
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mineralized schists with
SAMTR-12-02 72594 31.0 32.0 1.0 quartz material 0.55 2.8
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SAMTR-12-02 - Mineralized quartz vein and schists returned 3.5 metres of
42.64 g/t gold and 11.7 g/t silver.
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mineralized schists with
SAMTR-12-02 72595 32.0 32.5 0.5 quartz material 0.88 1.0
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SAMTR-12-02 72596 32.5 33.5 1.0 mineralized quartz vein 148.47 39.6
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mineralized schists with
SAMTR-12-02 72597 33.5 35.5 2.0 quartz material 0.16 0.4
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SAMTR-12-02 - Mineralized quartz vein and schists returned 4.0 metres of
9.49 g/t gold and 3.3 g/t silver.
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SAMTR-12-02 72651 40.0 41.0 1.0 mineralized quartz vein 0.84 1.5
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less
mineralized schists with than
SAMTR-12-02 72652 41.0 41.5 1.5 quartz material 0.15 0.1
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SAMTR-12-02 72653 41.5 43.0 1.5 mineralized quartz vein 24.60 7.8
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SAMTR-12-02 - Mineralized quartz vein and schists returned 2.0 metres of
7.27 g/t gold and 5.5 g/t silver.
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mineralized schists with
SAMTR-12-02 72656 47.0 49.0 2.0 quartz material 7.27 5.5
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SAMTR-12-03 - 3.0 metres wide mineralized zone exposed in exploration pit
returned elevated gold values in one sample and included two samples
collected from schists.
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mineralized schists with
SAMTR-12-03 72180 10.5 12.0 1.5 quartz material 0.31 0.6
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mineralized schists with
SAMTR-12-03 72181 12.0 13.5 1.5 quartz material 0.45 0.3
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SAMTR-12-03 - Sample collected along the strike of the quartz vein
returned 1.0 metre of 13.08 g/t gold and 4.9 g/t silver.
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sample along strike of
SAMTR-12-03 75858 1.0 quartz vein 13.08 4.9
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Trench Sample From To Width Au Ag
No. No. (m) (m) (m) Description (g/t) (g/t)
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LAS DOLORES VEIN
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SAMTR-12-04 - 12.6 metre wide mineralized zone returned 6.56 g/t gold and
12.5 g/t silver, including 4.6 metres grading 16.02 g/t gold and 29.6
g/t silver and 1.0 metre of 6.62 g/t gold and 12.4 g/t silver.
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mineralized schists with
SAMTR-12-04 75870 0.0 2.0 2.0 quartz material 0.21 0.6
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mineralized schists with
SAMTR-12-04 75871 2.0 3.5 1.5 quartz material 0.23 0.4
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SAMTR-12-04 75872 3.5 4.5 1.0 mineralized quartz vein 24.98 33.2
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SAMTR-12-04 75873 4.5 5.5 1.0 mineralized quartz vein 9.22 20.6
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SAMTR-12-04 75874 5.5 6.5 1.0 mineralized quartz vein 29.37 70.2
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SAMTR-12-04 75875 6.5 7.5 1.0 mineralized quartz vein 2.89 6.4
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SAMTR-12-04 75876 7.5 8.1 0.6 mineralized quartz vein 12.05 5.6
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mineralized schists with
SAMTR-12-04 75877 8.1 9.6 1.5 quartz material 0.63 4.3
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SAMTR-12-04 75878 9.6 10.6 1.0 mineralized quartz vein 6.62 12.4
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mineralized schists with
SAMTR-12-04 75879 10.6 12.6 2.0 quartz material 0.32 1.4
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SAMTR-12-04 - Seven samples collected along the strike of the quartz vein
totalling 8.8 metres returned an average of 1.26 metres grading 31.21
g/t gold and 40.3 g/t silver.
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SAMTR-12-04 72677 1.5 mineralized quartz vein 19.61 40.1
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SAMTR-12-04 72678 1.3 mineralized quartz vein 45.47 56.2
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SAMTR-12-04 72579 1.5 mineralized quartz vein 19.71 38.6
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SAMTR-12-04 72680 1.0 mineralized quartz vein 68.56 63.3
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SAMTR-12-04 72681 1.5 mineralized quartz vein 5.52 6.4
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SAMTR-12-04 72682 1.0 mineralized quartz vein 77.54 76.5
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SAMTR-12-04 72683 1.0 mineralized quartz vein 2.20 14.0
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The trenches were all excavated perpendicular to the strike of the veins. After the trench has been completed, the floor of each trench is washed, swept clean and sampled. The trench is then mapped geologically to determine the strike, dip and thickness of the quartz veins. A rock saw was used to cut a 5cm by 5 cm groove in the vein to get a consistent sized sample of vein material. While in the schist, a saw was not required as the rock is soft and easily sampled. Unless previously stated, all samples were taken, continuously along the floor of the trench across the strike of the veins. The veins all appear to be dipping steeply and sampling is believed to be representative of the true thickness of the veins.
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, 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 recently earned an 80% interest in the San Albino-Murra Property, approximately 1.5 years ahead of schedule. The El Jicaro Property is 100% owned by Golden Reign.
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.
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:
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
www.goldenreign.com