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Press release from Marketwire

Golden Reign Resources Ltd.: Massive Sulphide Mineralization Discovered at San Pablo, San Pablo Trenching Returns 4.0 Metres of 5.77 g/t Gold

Thursday, January 24, 2013

Golden Reign Resources Ltd.: Massive Sulphide Mineralization Discovered at San Pablo, San Pablo Trenching Returns 4.0 Metres of 5.77 g/t Gold12:46 EST Thursday, January 24, 2013VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2013) -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 PitsIn 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.TrenchingTrenching 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 silverSignificantly, 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.Table 1 - 2012 EXPLORATION PITS SAMPLESExploration PitSample #Width (m)Sample TypeRock TypeAu (g/t)Ag (g/t)EP-SP11-TR-02727101.00DipHeavy sulphide mineralized quartz vein31.7819.6EP-SP11-TR-02727111.00DipHeavy sulphide mineralized quartz vein31.0919.8EP-SP11-TR-02727121.00DipHeavy sulphide mineralized quartz vein10.0314.6EP-SP11-TR-02727131.00DipHeavy sulphide mineralized quartz vein1.501.9EP-SP11-TR-02727151.00DipHeavy sulphide mineralized quartz vein17.9818.2EP-SP11-TR-02727171.00DipHeavy sulphide mineralized quartz vein13.239.8EP-SP11-TR-02727181.00DipHeavy sulphide mineralized quartz vein6.974.5EP-SP11-TR-02727201.00DipHeavy sulphide mineralized quartz vein10.463.6EP-SP11-TR-02727221.50True ThicknessHeavy sulphide mineralized quartz vein5.111.3EP-SP11-TR-02727232.00True ThicknessHeavy sulphide mineralized quartz vein5.213.3EP-SP11-TR-02727242.00True ThicknessHeavy sulphide mineralized quartz vein10.027.4EP-SP11-TR-02727251.50True ThicknessHeavy sulphide mineralized quartz vein3.464.7EP-SP11-TR-02727261.50True ThicknessHeavy sulphide mineralized quartz vein4.363.7EP-SP11-TR-02727271.50True ThicknessHeavy sulphide mineralized quartz vein28.2912.2EP-SP11-TR-041428221.00DipQtz vein with sulphides, galena, aspy, py1.172.5EP-SP11-TR-041428231.00DipQtz vein with sulphides, galena, aspy, py1.177.3EP-SP11-TR-041428241.00DipQtz vein with sulphides, galena, aspy, py6.861.2EP-SP11-TR-041428251.00DipQtz vein with sulphides, galena, aspy, py0.620.9EP-SP11-TR-041428261.00DipQtz vein with sulphides, galena, aspy, py0.611.5EP-SP11-TR-041428271.00DipQtz vein with sulphides, galena, aspy, py0.601.0EP-SP11-TR-041428281.50DipPhyllites10.676.1EP-SP11-TR-041428292.00True ThicknessQtz vein with sulphides, galena, aspy, py3.756.2EP-SP11-TR-041428301.50True ThicknessQtz vein with sulphides, galena, aspy, py0.701.2EP-SP11-TR-041428311.50Duplicate of 142830Qtz vein with sulphides, galena, aspy, py2.214.7EP-SP11-TR-041428322.00True ThicknessQtz vein with sulphides, galena, aspy, py1.212.7EP-SP11-TR-041428332.00True ThicknessQtz vein with sulphides, galena, aspy, py0.823.2EP-SP11-TR-041428341.00DipQtz vein with sulphides, galena, aspy, py0.601.1EP-SP11-TR-041428351.00DipQtz vein with sulphides, galena, aspy, py1.071.1EP-SP11-TR-041428361.50True ThicknessQtz vein with sulphides, galena, aspy, py0.291.8EP-SP11-TR-041428372.00True ThicknessQtz vein with sulphides, galena, aspy, py1.532.0EP-SP11-TR-041428381.50True ThicknessQtz vein with sulphides, galena, aspy, py0.210.6Table 2 - 2011 - 2012 SAN PABLO TRENCHES RESULTSTrenchSample #Width (m)Sample TypeRock TypeAu (g/t)Ag (g/t)SP11-TR-011726061.0VerticalPhyllites with qtz veinlets1.440.1SP11-TR-011726781.0FloorIntercalated quartz and schists6.685.2SP11-TR-011726821.0StrikeIntercalated quartz and schists4.224.1SP11-TR-011726831.0StrikeIntercalated quartz and schists1.021.2SP11-TR-011726861.0StrikeIntercalated quartz and schists2.101.2SP11-TR-011726911.0FloorPhyllites with qtz veinlets1.110.3SP11-TR-021727350.8StrikeIntercalated quartz and schists5.655.5SP11-TR-021727360.8StrikeIntercalated quartz and schists37.3721.7SP11-TR-021727370.8StrikeIntercalated quartz and schists5.514.0SP11-TR-021727380.8StrikeIntercalated quartz and schists6.238.3SP11-TR-021727390.8StrikeIntercalated quartz and schists21.736.6SP11-TR-021727400.8StrikeIntercalated quartz and schists11.155.4SP11-TR-021728581.0FloorIntercalated quartz and schists3.593.3SP11-TR-021728591.0FloorIntercalated quartz and schists0.850.8SP11-TR-021728601.5FloorIntercalated quartz and schists13.678.5SP11-TR-021728611.0FloorIntercalated quartz and schists12.5310.8SP11-TR-021728621.0FloorIntercalated quartz and schists15.408.9SP11-TR-021728631.0FloorIntercalated quartz and schists20.2410.3SP11-TR-021728651.0FloorIntercalated quartz and schists2.751.0SP11-TR-021728821.0VerticalPhyllites with qtz veinlets20.607.9SP11-TR-021728831.0VerticalPhyllites with qtz veinlets6.744.7SP11-TR-021728841.0VerticalPhyllites with qtz veinlets2.501.7SP11-TR-021728851.5VerticalPhyllites with qtz veinlets3.091.7SP11-TR-031726211.0FloorIntercalated quartz and schists3.070.8SP11-TR-031726230.7StrikeIntercalated quartz and schists2.372.3SP11-TR-031726240.7StrikeIntercalated quartz and schists1.282.4SP11-TR-031726251.0FloorPhyllites with qtz veinlets6.5411.6SP11-TR-031726281.0FloorFault material with quartz material1.110.4SP11-TR-041727021.0FloorPhyllites with qtz veinlets18.995.7SP11-TR-041727031.0FloorPhyllites with qtz veinlets7.084.4SP11-TR-041727041.0FloorPhyllites with qtz veinlets7.716.9SP11-TR-041727051.0FloorPhyllites with qtz veinlets7.016.9SP11-TR-041727061.0FloorPhyllites with qtz veinlets7.667.2SP11-TR-041727071.0FloorIntercalated quartz and schists1.009.0SP11-TR-041727081.0FloorIntercalated quartz and schists5.227.4SP11-TR-041727091.0FloorIntercalated quartz and schists2.003.7SP11-TR-041727101.0FloorIntercalated quartz and schists1.924.5SP11-TR-041727131.0StrikeIntercalated quartz and schists2.442.0SP11-TR-041727141.0StrikeIntercalated quartz and schists1.481.0SP11-TR-041727161.0StrikeIntercalated quartz and schists1.041.6SP11-TR-041727181.0FloorIntercalated quartz and schists5.404.5SP11-TR-041727191.0FloorIntercalated quartz and schists32.1011.6SP11-TR-041727201.0FloorIntercalated quartz and schists15.7818.4SP11-TR-041727211.0FloorIntercalated quartz and schists8.253.0SP11-TR-041727221.0FloorIntercalated quartz and schists1.921.6SP11-TR-041727301.0VerticalDisturbed area with quartz fragments8.0910.3SP11-TR-051727551.0FloorIntercalated quartz and schists7.202.0SP11-TR-051727561.0FloorIntercalated quartz and schists15.775.9SP11-TR-051727571.0FloorIntercalated quartz and schists4.590.1SP11-TR-051727600.8StrikeIntercalated quartz and schists4.031.2SAM12-TR-091424431.0FloorQuartz vein with sulphides4.144.3SAM12-TR-091424441.0FloorQuartz vein with sulphides2.975.6SAM12-TR-091424451.0FloorQuartz vein with sulphides3.374.0SAM12-TR-091424461.0FloorQuartz vein with sulphides11.6217.6SAM12-TR-091424471.0FloorQuartz vein with sulphides1.665.4SAM12-TR-091424481.0FloorQuartz vein with sulphides7.409.4SAM12-TR-091424511.0FloorQuartz vein with sulphides3.558.6SAM12-TR-091424521.0FloorDuplicate of sample 1424517.6115.2SAM12-TR-091424531.0FloorQuartz vein with sulphides9.7514.8SAM12-TR-091424541.3FloorQuartz vein with sulphides20.4122.2SAM12-TR-091424551.7FloorQuartz vein with sulphides3.877.6SAM12-TR-091424561.0StrikeQuartz vein with sulphides6.665.9SAM12-TR-091424571.0StrikeQuartz vein with sulphides4.968.9SAM12-TR-091424581.0StrikeQuartz vein with sulphides5.7312.8SAM12-TR-091424591.0StrikeQuartz vein with sulphides5.7313.7SAM12-TR-091424611.0StrikeQuartz vein with sulphides5.5613.8SAM12-TR-091424631.0Verticalweathered phyllites with qtz lenses6.488.0SAM12-TR-091424641.0Verticalweathered phyllites with qtz lenses2.855.7Note: Table 2 provides assay results for samples grading 1.0 g/t gold or greater.Qualified PersonJohn 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 & CEOAbout 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.pdfFOR FURTHER INFORMATION PLEASE CONTACT: 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. Contact Information: Golden Reign Resources Ltd.Kim Evans, CGAPresident & CEO(604) 685-4655 or Toll Free: 1-888-685-4655(604) 685-4675 (FAX)www.goldenreign.com