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Sabina Gold & Silver Corp. Discovers New Mineralization Structure and Reports Final 2021 Spring Drill Results

09/07/2021 | 10:23am EDT

Sabina Gold & Silver Corp. announced final results from the company’s spring drilling program focused on the Hook Target and four additional early-stage exploration areas, on its 100%-owned Back River Gold Project in Nunavut, Canada. Final results for the 2021 spring drilling season have now been received following the completion of the drill campaign. This year’s campaign tested the Hook zone which is thought to be the link between the Goose Main and Nuvuyak deposits, as well as drilled four early-stage targets, progressing the target pipeline on the Goose Property. As previously announced, at Hook, the successful four-hole program was highlighted by hole 21GSE600 which returned 5.42 g/t Au over 28.05 m, including 12.68 g/t Au over 5.30 m confirming Hook as a key mineralizing trend linking the Goose Main and Nuvuyak deposits. Remaining results for the Hook drilling are now available and are currently being integrated into the geological and mineralization modelling in support of future follow up drilling in 2022. Additionally, four early-stage targets were tested, including the Wing zone, two targets associated with strong electromagnetic (EM) anomalies and a secondary iron formation target, the Llama Deep Iron Formation. Highlights include a strong intersection of 8.37 g/t over 6.55 m from drillhole 21GSE601 in the Wing zone; the successful discovery of a new mineralizing structure associated with a previously un-drilled EM anomaly; and the identification of a new iron formation horizon located outside the main Lower Iron Formation horizon. The Wing Zone is defined as an east-dipping anticline plunging from surface southerly for up to 800+ m parallel to the Llama Deposit. Historic drilling at Wing shows potential for shallow zones of mineralization as demonstrated by this year’s results. Drill hole 21GSE601 intersected shallow mineralization with an impressive interval of 8.37 g/t Au over 6.55 m starting approximately 50 m below the surface. This intercept contains high-grade gold including 45.60 g/t Au over 0.90 m which corresponded to visible gold in a quartz vein with strong chlorite alteration accompanied by coarse grained arsenopyrite mineralization. This shallow intercept confirms this zone, with a 100 m strike length, has mineralization that is 20 g/t * m. The second drill hole, 21GSE604, a down plunge step out, intersected a broad zone of weakly anomalous Au from 135.50-168.15 m within a thick oxide iron formation package. This affirms the iron formation package at the Wing Zone remains a strong thickened host for possible gold mineralization down plunge. The Goose Lake EM 1 and Goose Lake EM 2 targets represent two previously undrilled EM anomalies that are located approximately 2.5 km and 1 km respectively north of the Goose Main deposit. The parallels between the Goose Main deposit’s orientation and associated EM response motivated this drilling at these previously untested EM anomalies. This spring drilling has led to important geological discoveries with large implications to the mineralizing system on a regional scale that Sabina is eager to advance. The EM 1 target is a 375 m long conductive response that has a similar orientation to the 350 m long conductive high which marks the west-northwest trending F1 anticline of the Goose Main deposit. A total of four shallow drill holes tested this target highlighted by the discovery of significant quartz veining and arsenopyrite mineralization within the clastic sedimentary host rock. Visible gold was observed in drill hole 21GSE592 within a zone that returned 2.93 g/t over 3.35 m. Further encouraging elements include the geological discovery of an additional quartz-feldspar porphyry (QFP) dyke within this area of the property. QFP dykes at the Goose property commonly exploit and demark large-scale D1 structures that are coincident to known resource discoveries. The intensity of the veining accompanied by strong sulphide mineralization in proximity to the QFP dyke indicates a structurally complex zone that has experienced significant mineralizing fluid interaction. To the southeast, the Goose Lake EM 2 target is a broader conductive response of similar length that was tested by three drill holes. Excitedly, an extensive 70-100 m zone of interbedded mudstone and silicate iron formation was intersected. Mineralization was variable with sulphide mineral concentrations locally increasing to 10%. This identifies a previously unknown iron formation horizon that will be important to define as new mineralization pathways are identified outside of the primary oxide iron formation. With the completion of spring drilling, summer field work has been ongoing since July 1st, 2021. The focus of this summer’s field work is directed towards a dedicated assessment of the George Property mineralization and priority targets for 2022 advancement. In addition, an early stage till sampling survey was conducted over newly recorded claims west of the primary Goose Lake leases with results pending.

© S&P Capital IQ 2021
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Sales 2021 - - -
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P/E ratio 2021 -
Yield 2021 -
Capitalization 554 M 448 M 447 M
Capi. / Sales 2021 -
Capi. / Sales 2022 -277x
Nbr of Employees 22
Free-Float 90,4%
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Donald Bruce McLeod President, Chief Executive Officer & Director
Wendy Louie Chief Financial Officer & Vice President-Finance
Walter Thomas Segsworth Non-Executive Chairman
Anthony Peter Walsh Independent Director
David A. Fennell Independent Director
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