Golden Reign Resources Ltd.: Massive Sulphide Mineralization Discovered at San Pablo, San Pablo Trenching Returns 4.0 Metres of 5.77 g/t Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Golden Reign Resources Ltd. (TSX VENTURE: GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the San Pablo Zone in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.
San Pablo Exploration Pits
In 2012, two exploration pits (see Table 1 below and attached map) were excavated to expose the mineralized veins intersected by trenching along strike and down dip in trenches SP11-TR-02 and SP11-TR-04. Samples collected across the true thickness of the intersected veins returned values ranging from 3.46 g/t to 28.29 g/t gold and 0.21 g/t to 3.75 g/t gold for trenches SP11-TR-02 and SP11-TR-04, respectively.
The exploration pit at SP11-TR-02 exposed structurally controlled, heavily mineralized sulphide masses (bodies) intercalated with quartz veins. These bodies carry significant gold values ranging from 1.50 g/t to 31.78 g/t gold with gold mineralization appearing to be more uniformly distributed. This is a new style of mineralization, significantly different from the quartz veins mineralization found at other prospects throughout the Property.
Trenching
Trenching has outlined 4 parallel NE/SW trending structurally controlled mineralized zones (see Table 2 below and attached map) ranging from 300 to 1,500 metres in length, located approximately 1.5 kilometres south of the San Albino Gold Deposit and covering a 2.5 square kilometre area.
The San Pablo Zone, outlined by the most northern set of trenches, has been traced at surface over a strike length of 300 metres and remains open along strike in both directions and down dip. In 2011, a total of 237 samples were collected from 6 trenches (SP11-TR-01 through SP11-TR-06) spaced approximately 50 metres apart (see news releases dated May 2, 2011 and May 19, 2011). Newly excavated Trench SAM12-TR-09 has expanded the dip direction of the mineralized structures by 50 metres.
Highlights from trenching completed to date include:
-- SAM12-TR-09 4.0 metres averaging 5.77 g/t gold and 10.3 g/t silver
-- SP11-TR-01 1.0 metre averaging 6.68 g/t gold and 5.2 g/t silver
and 1.0 metre averaging 1.11 g/t gold, minor silver
-- SP11-TR-02 8.5 metres averaging 8.94 g/t gold and 5.2 g/t silver
including 4.5 metres averaging 15.26 g/t gold and 8.6 g/t silver
-- SP11-TR-03 6.5 metres averaging 1.80 g/t gold, minor silver
including 1.0 metre averaging 6.54 g/t gold and 11.6 g/t silver
-- SP11-TR-04 16.0 metres averaging 6.25 g/t gold and 5.1 g/t silver
including 9.0 metres averaging 6.51 g/t gold, minor silver
and 3.0 metres averaging 13.14 g/t gold and 5.9 g/t silver
-- SP11-TR-05 3.0 metres averaging 9.19 g/t gold, minor silver
Significantly, the mineralized zones within all seven trenches consisted of intercalated quartz and schist, not just quartz veins. Gold mineralization, ranging from under 1 g/t to 37.37 g/t gold, occurs not only in mineralized veins but also in the surrounding phyllite. Trench SAM12-TR-09 returned values from 1.66 g/t to 20.41 g/t gold within the quartz vein and 2.85 g/t to 6.48 g/t gold within the host rock (weathered phyllite). Samples collected from weathered wall rock within the trenches returned high gold values, ranging from 1.11 g/t to 20.60 g/t gold. This style of mineralization is the same as that at the San Albino Gold Deposit, where thicker intersections in drill core consist of anastomising quartz veins in schist.
The Company has identified 5 priority drill targets within the San Pablo Zone for testing during its planned 2013 drilling program.
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Table 1 - 2012 EXPLORATION PITS SAMPLES
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Exploration Width Au Ag
Pit Sample # (m) Sample Type Rock Type (g/t) (g/t)
---------------------------------------------------------------------------
EP-SP11-TR-02 72710 1.00 Dip Heavy sulphide 31.78 19.6
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72711 1.00 Dip Heavy sulphide 31.09 19.8
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72712 1.00 Dip Heavy sulphide 10.03 14.6
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72713 1.00 Dip Heavy sulphide 1.50 1.9
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72715 1.00 Dip Heavy sulphide 17.98 18.2
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72717 1.00 Dip Heavy sulphide 13.23 9.8
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72718 1.00 Dip Heavy sulphide 6.97 4.5
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72720 1.00 Dip Heavy sulphide 10.46 3.6
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72722 1.50 True Thickness Heavy sulphide 5.11 1.3
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72723 2.00 True Thickness Heavy sulphide 5.21 3.3
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72724 2.00 True Thickness Heavy sulphide 10.02 7.4
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72725 1.50 True Thickness Heavy sulphide 3.46 4.7
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72726 1.50 True Thickness Heavy sulphide 4.36 3.7
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-02 72727 1.50 True Thickness Heavy sulphide 28.29 12.2
mineralized
quartz vein
---------------------------------------------------------------------------
EP-SP11-TR-04 142822 1.00 Dip Qtz vein with 1.17 2.5
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142823 1.00 Dip Qtz vein with 1.17 7.3
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142824 1.00 Dip Qtz vein with 6.86 1.2
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142825 1.00 Dip Qtz vein with 0.62 0.9
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142826 1.00 Dip Qtz vein with 0.61 1.5
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142827 1.00 Dip Qtz vein with 0.60 1.0
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142828 1.50 Dip Phyllites 10.67 6.1
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EP-SP11-TR-04 142829 2.00 True Thickness Qtz vein with 3.75 6.2
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142830 1.50 True Thickness Qtz vein with 0.70 1.2
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142831 1.50 Duplicate of Qtz vein with 2.21 4.7
142830 sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142832 2.00 True Thickness Qtz vein with 1.21 2.7
sulphides,
galena, aspy,
py
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EP-SP11-TR-04 142833 2.00 True Thickness Qtz vein with 0.82 3.2
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142834 1.00 Dip Qtz vein with 0.60 1.1
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142835 1.00 Dip Qtz vein with 1.07 1.1
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142836 1.50 True Thickness Qtz vein with 0.29 1.8
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142837 2.00 True Thickness Qtz vein with 1.53 2.0
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
EP-SP11-TR-04 142838 1.50 True Thickness Qtz vein with 0.21 0.6
sulphides,
galena, aspy,
py
---------------------------------------------------------------------------
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Table 2 - 2011 - 2012 SAN PABLO TRENCHES RESULTS
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Width Au Ag
Trench Sample # (m) Sample Type Rock Type (g/t) (g/t)
---------------------------------------------------------------------------
SP11-TR-01 172606 1.0 Vertical Phyllites with 1.44 0.1
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-01 172678 1.0 Floor Intercalated 6.68 5.2
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-01 172682 1.0 Strike Intercalated 4.22 4.1
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-01 172683 1.0 Strike Intercalated 1.02 1.2
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-01 172686 1.0 Strike Intercalated 2.10 1.2
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-01 172691 1.0 Floor Phyllites with 1.11 0.3
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-02 172735 0.8 Strike Intercalated 5.65 5.5
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172736 0.8 Strike Intercalated 37.37 21.7
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172737 0.8 Strike Intercalated 5.51 4.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172738 0.8 Strike Intercalated 6.23 8.3
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172739 0.8 Strike Intercalated 21.73 6.6
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172740 0.8 Strike Intercalated 11.15 5.4
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172858 1.0 Floor Intercalated 3.59 3.3
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172859 1.0 Floor Intercalated 0.85 0.8
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172860 1.5 Floor Intercalated 13.67 8.5
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172861 1.0 Floor Intercalated 12.53 10.8
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172862 1.0 Floor Intercalated 15.40 8.9
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172863 1.0 Floor Intercalated 20.24 10.3
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172865 1.0 Floor Intercalated 2.75 1.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-02 172882 1.0 Vertical Phyllites with 20.60 7.9
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-02 172883 1.0 Vertical Phyllites with 6.74 4.7
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-02 172884 1.0 Vertical Phyllites with 2.50 1.7
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-02 172885 1.5 Vertical Phyllites with 3.09 1.7
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-03 172621 1.0 Floor Intercalated 3.07 0.8
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-03 172623 0.7 Strike Intercalated 2.37 2.3
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-03 172624 0.7 Strike Intercalated 1.28 2.4
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-03 172625 1.0 Floor Phyllites with 6.54 11.6
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-03 172628 1.0 Floor Fault material 1.11 0.4
with quartz
material
---------------------------------------------------------------------------
SP11-TR-04 172702 1.0 Floor Phyllites with 18.99 5.7
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-04 172703 1.0 Floor Phyllites with 7.08 4.4
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-04 172704 1.0 Floor Phyllites with 7.71 6.9
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-04 172705 1.0 Floor Phyllites with 7.01 6.9
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-04 172706 1.0 Floor Phyllites with 7.66 7.2
qtz veinlets
---------------------------------------------------------------------------
SP11-TR-04 172707 1.0 Floor Intercalated 1.00 9.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172708 1.0 Floor Intercalated 5.22 7.4
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172709 1.0 Floor Intercalated 2.00 3.7
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172710 1.0 Floor Intercalated 1.92 4.5
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172713 1.0 Strike Intercalated 2.44 2.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172714 1.0 Strike Intercalated 1.48 1.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172716 1.0 Strike Intercalated 1.04 1.6
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172718 1.0 Floor Intercalated 5.40 4.5
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172719 1.0 Floor Intercalated 32.10 11.6
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172720 1.0 Floor Intercalated 15.78 18.4
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172721 1.0 Floor Intercalated 8.25 3.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172722 1.0 Floor Intercalated 1.92 1.6
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-04 172730 1.0 Vertical Disturbed area 8.09 10.3
with quartz
fragments
---------------------------------------------------------------------------
SP11-TR-05 172755 1.0 Floor Intercalated 7.20 2.0
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-05 172756 1.0 Floor Intercalated 15.77 5.9
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-05 172757 1.0 Floor Intercalated 4.59 0.1
quartz and
schists
---------------------------------------------------------------------------
SP11-TR-05 172760 0.8 Strike Intercalated 4.03 1.2
quartz and
schists
---------------------------------------------------------------------------
SAM12-TR-09 142443 1.0 Floor Quartz vein 4.14 4.3
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142444 1.0 Floor Quartz vein 2.97 5.6
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142445 1.0 Floor Quartz vein 3.37 4.0
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142446 1.0 Floor Quartz vein 11.62 17.6
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142447 1.0 Floor Quartz vein 1.66 5.4
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142448 1.0 Floor Quartz vein 7.40 9.4
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142451 1.0 Floor Quartz vein 3.55 8.6
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142452 1.0 Floor Duplicate of 7.61 15.2
sample 142451
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SAM12-TR-09 142453 1.0 Floor Quartz vein 9.75 14.8
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142454 1.3 Floor Quartz vein 20.41 22.2
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142455 1.7 Floor Quartz vein 3.87 7.6
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142456 1.0 Strike Quartz vein 6.66 5.9
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142457 1.0 Strike Quartz vein 4.96 8.9
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142458 1.0 Strike Quartz vein 5.73 12.8
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142459 1.0 Strike Quartz vein 5.73 13.7
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142461 1.0 Strike Quartz vein 5.56 13.8
with sulphides
---------------------------------------------------------------------------
SAM12-TR-09 142463 1.0 Vertical weathered 6.48 8.0
phyllites with
qtz lenses
---------------------------------------------------------------------------
SAM12-TR-09 142464 1.0 Vertical weathered 2.85 5.7
phyllites with
qtz lenses
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Note: Table 2 provides assay results for samples grading 1.0 g/t gold or greater.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and Company qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release on behalf of the Company.
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'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.
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.
To view the maps accompanying this press release please click the following link: http://media3.marketwire.com/docs/GRMaps124.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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