Nov 23 2010
Golden Reign Resources Ltd. (TSX VENTURE:GRR) has reported the latest assay results from drilling at its San Albino-Murra Gold Property, Nicaragua.
Drill holes SA10-07, SA10-08 and SA10-09 all intersected the San Albino Zone (Gold Zone 1) mineralization, with the best intercept returning:
Drilling at the historic San Albino Mine has confirmed the uniformity of high-grade near-surface mineralization, both in thickness and grade. As previously reported, several drill holes returned excellent gold intervals over significant widths:
- SA10-06 averaged 22.40 g/t gold over 3.1 metres
- SA10-02 averaged 29.32 g/t gold over 2.0 metres
- SA10-03 averaged 10.75 g/t gold over 2.13 metres
- SA10-01 averaged 7.35 g/t gold over 4.0 metres
Results from drill holes SA10-01 through SA10-09 correlate strongly with historical underground sampling of the 200, 300 and 400 levels of the San Albino Mine. Systematic sampling in 1919 and 1935 was conducted to effectively define ore grade and to ensure an economically optimized mill feed during the mining operation.
- On the 200 and 300 levels, sampling recorded a grade of 0.70 ounces gold per ton (24 g/t gold) over a strike length of 70 metres and an average vein width of 1.33 metres
- On the 400 level, sampling returned a grade of 0.89 ounces gold per ton (30.7 g/t gold) over a strike length of approximately 70 metres and an average vein width of 1.25 metres
The San Albino Gold Zone, which hosts the San Albino Mine, has been extended from 70 metres to 200 metres along strike. Additionally, the zone has been extended to depth by up to 50 metres from level 400, giving merit to historical projections for the development of new levels, 500 and 600, at San Albino Mine. The San Albino Zone remains open in both directions along strike and at depth. This zone is one of four parallel zones being investigated in the area of the San Albino Mine.
The San Albino Mine area has an excellent potential to host a significant gold deposit. The discovery of three new mineralized zones has greatly expanded the size potential of such a deposit. All four gold zones remain open along strike and at depth.
Golden Reign is awaiting the results for five diamond drill holes completed at the Arras Mine area, situated approximately 450 metres to the south-east of the San Albino Mine.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has reviewed the technical information contained in this news release.
Source: Golden Reign Resources Ltd.