Oct 21 2010
Golden Reign Resources Ltd. (TSX VENTURE:GRR) has announced assay results for the first four of fourteen drill holes from the 2010 diamond drill program at its San Albino-Murra Gold Property, Nicaragua.
The 2010 drill program was designed to test grade and continuation of mineralization of at least two highly mineralized zones, San Albino and Arras/San Lorenzo, at depth and along strike. The program, comprising 1,514.75 metres, commenced with a fence of nine diamond drill holes at the San Albino zone. The remaining five holes were cored at Arras/San Lorenzo.
The first four diamond drill holes all intersected the San Albino vein structure. In addition, drill hole SA10-04 has identified a new, parallel mineralized zone, approximately 86 metres below the San Albino zone.
Drilling highlights, over true width intervals, include:
- SA10-01 – 4.0 metres of 7.38 g/t Au and 144.35 g/t Ag
- SA10-02 – 2.0 metres of 29.32 g/t Au and 17.15 g/t Ag
- including 1.0 metre of 54.64 g/t Au
- SA10-03 – 2.13 metres of 10.75 g/t Au and 17.54 g/t Ag
- including 0.61 metre of 20.42 g/t Au
The San Albino zone, striking northeast-southwest at 60°, consists of quartz vein mineralization within graphitic schists. The mineralized zone contains significant amounts of galena, sphalerite and arsenopyrite.
Drilling at San Albino was intended to define the southern extension of the zone, locate the 400 level tunnel of the historic San Albino Mine and extend the zone to depth. The first four drill holes have extended the mineralized zone along strike from 70 metres to 200 metres. The mineralized zone still remains open in both directions along strike and at depth.
Results from the first four diamond drill holes at San Albino correlate strongly with historical sampling (1919 and 1935) of the 200, 300 and 400 levels of the San Albino Mine which returned excellent grades of gold over significant widths.
The 200 and 300 level sampling recorded a grade of 0.70 ounces gold per ton (24 g/t gold) over a strike length of 230.0 feet (70.0 metres) and an average vein width of 4.3 feet (1.33 metres). Sampling was undertaken systematically across the vein every five feet (1.5 metres).
Sampling of the 400 level returned a grade of 0.89 ounces gold per ton (30.7 g/t gold) over a strike length of approximately 230 feet (70 metres) and an average vein width of 4.1 feet (1.25 metres). Sampling was systematic, across the vein every 10 feet (3.05 metres). The highest assay returned 8.3 ounces gold per ton (284.57 g/t gold) and 6.2 ounces silver per ton (212.57 g/t silver) over 6 feet (1.83 metres). The 400 level sampling was down dip of the 300 level sampling.
The 2010 drill targets are situated in the southern, San Albino District, which covers approximately 24 square kilometres of the 87 square kilometre property. Together the San Albino and Arras/San Lorenzo zones comprise the San Albino Mine area, which covers 2 square kilometres, is the most advanced prospect and the Company's primary target.
Detailed results from the first four drill holes are presented below:
SA 10-01 – 53.3 metres
Drill hole SA10-01 was designed to intersect the 400 level in order to confirm the location of the drift and determine the elevation of the adit. The adit was intersected at a depth of 29.0 metres, where most of the vein appears to be mined out; however, significant mineralized intervals were still intersected, including:
4.0 metres averaging 7.38 g/t gold; and
4.0 metres averaging 144.35 g/t silver
SA 10-02 – 109.71 metres
2.0 metres of 29.32 g/t gold
SA 10-03 – 58.84 metres
2.13 metres of 10.75 g/t gold
SA 10-04 – 146.91 metres
Drill hole SA10-04 was drilled along strike, approximately 150 metres south of drill hole SA10-01, and extended to roughly 150 metres in length with the intent of both confirming the continuity of mineralization near surface and along strike and locating parallel mineralized veins below the San Albino vein structure. A second vein structure, or zone, with evaluated gold values was intersected 85.85 metres below the San Albino vein. Two intersections are presented below:
1.85 metres of 3.33 g/t gold; and
1.15 metres of 2.40 g/t gold
All reported drilled intersections are true widths.
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.