Press release from Marketwire
Golden Reign Resources Ltd.: Cruz Grande Vein Discovered on "Golden Mile"
Monday, February 25, 2013
Golden Reign Resources Ltd.: Cruz Grande Vein Discovered on "Golden Mile"09:00 EST Monday, February 25, 2013VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2013) -Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the Las Conchitas-Rio Jicaro Area in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.Dubbed the "Golden Mile", the Las Conchitas-Rio Jicaro Area has a current strike length of 1,500 metres and is the longest high-grade, near-surface quartz vein structure defined on the Property to date. Grab sampling, which returned a peak assay of 4.72 ounces per ton gold and 1.7 ounces per ton silver (162.09 g/t gold and 58.3 g/t silver), was the catalyst leading to the discovery of both the Cruz Grande mine, situated at the north-east end of the trend, and the Cruz Grande vein that was exposed by trenching in 2012.The La Fortuna Mine is presently the south-west terminus of the trend; however, Golden Reign has projected the extension of the vein structure for an additional 1 kilometre along strike, down onto the Company's El Jicaro Concession to the south. The zone remains open along strike in both directions and at depth - trenching continues.The Las Conchitas-Rio Jicaro Area is the third of four highly prospective mineralized areas, covering 2.5 square kilometres, located approximately 1.5 kilometres south of the Company's San Albino Gold Deposit [NI 43-101 technical report and resource estimate available on www.sedar.com and www.goldenreign.com] - all of which can be extended by further trenching and offer potential for the development of significant open-pittable resources. Golden Reign plans to drill test all four mineralized areas in 2013.Exploration of the Las Conchitas-Rio Jicaro Area in 2012 included the excavation of 7 trenches and 2 exploration pits. This work was a follow-up to the 2011 exploration program that included 17 trenches across 630 metres and 5 highly successful diamond drill holes that tested the Cruz vein. Exploration results to date include: Trenching (see Table 2 below)4.98 g/t gold and 8.4 g/t silver over 14.0 metres in RJ11-TR-04, and 19.05 g/t gold and 24.1 g/t silver over 2.0 metres 12.14 g/t gold and 28.4 g/t silver over 7.0 metres in SAM12-TR-11 11.43 g/t gold and 9.2 g/t silver over 4.0 metres in LC11-TR-05 6.91 g/t gold and 16.3 g/t silver over 3.5 metres in LC11-TR-18 3.52 g/t gold and 6.7 g/t silver over 7.0 metres in RJ11-TR-01 26.27 g/t gold and 13.1 g/t silver over 2.0 metres in LC11-TR-01, and 5.21 g/t gold and 7.3 g/t silver over 5.0 metres Initial Drill Testing of the Cruz Vein 62.96 g/t gold and 61.7 g/t silver over 3.0 metres in LC11-01 29.80 g/t gold and 31.7 g/t silver over 1.2 metres in LC11-02 36.50 g/t gold and 60.6 g/t silver over 1.0 metre in LC11-03 9.44 g/t gold and 17.3 g/t silver over 1.5 metres in LC11-04, including 20.64 g/t gold and 37.0 g/t silver over 0.6 metres 8.63 g/t gold and 3.5 g/t silver over 5.0 metres in LC11-05, including 35.70 g/t gold and 2.0 g/t silver over 1.0 metre First exposed in trench LC11-TR-01, the Cruz vein returned three samples averaging: 2.0 metres of 26.27 g/t gold and 17.4 g/t silver; 5.0 metres of 5.21 g/t gold and 7.3 g/t silver; and 2.6 metres of 3.70 g/t gold and 5.9 g/t silver.Two additional holes, LC11-04 and LC11-05, situated 100 metres to the northwest, intersected two veins: Cruz and Cruz 2. This initial drilling has confirmed the down-dip extension of the Cruz vein for at least 400 metres and demonstrated a very good continuity of both grade and width. Drilling Intercepts of Cruz 2 Vein: 3.24 g/t gold and 6.0 g/t silver over 1.9 metres in LC11-04, including 6.05 g/t gold and 14.3 g/t silver over 0.5 metres 6.49 g/t gold and 4.0 g/t silver over 1.0 metre in LC11-05 Las Conchitas-Rio Jicaro 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 SAM12-TR11 and SAM12-TR-13. Pit samples collected along the strike and dip of the veins returned values ranging from 0.01 g/t to 33.59 g/t gold and 0.9 g/t to 3.55 g/t gold for pits EP-SAM12-TR-11 and EP-SAM12-TR-13, respectively. Golden Reign also tested the true thickness of the veins, which returned 1.6 metres averaging 4.29 g/t gold and 1.5 metres averaging 3.93 g/t gold for pits EP-SAM12-TR-11 and EP-SAM12-TR-13, respectively. Gold Mineralization in the Country Rock Significantly, comprehensive sampling of the country rock (phyllites) confirms that gold mineralization is not restricted solely to the mineralized quartz veins but is distributed within quartz stockwork in the host rock. Gold values in trenches RJ11-TR-01, 02, 04 and LC11-TR-05 reported only from phyllite with quartz fragments are as follows:3.52 g/t gold over 7.0 metres in RJ11-TR-01 4.25 g/t gold over 1.0 metre vertical sample in RJ11-TR-02 4.98 g/t gold over 14.0 metres in RJ11-TR-04 11.43 g/t gold over 4.0 metres in LC11-TR-05 Table 1 - 2012 EXPLORATION PIT SAMPLESExploration PitSample #Width (m)Sample typeRock typeAu (g/t)Ag (g/t)EP-SAM12-TR-111741401.00dipmineralized quartz vein6.5227.7Cruz Grande1741411.00dipmineralized quartz vein0.010.21741421.00dipmineralized quartz vein8.716.21741431.00dipmineralized quartz vein3.166.11741441.00dipmineralized quartz vein1.1613.41741451.00dipmineralized quartz vein4.2525.21741461.00dipmineralized quartz vein12.55.41741471.50true thicknessmineralized quartz vein2.6210.01741481.50true thicknessmineralized quartz vein5.8611.51741492.00true thicknessmineralized quartz vein0.194.81741501.50true thicknessmineralized quartz vein7.0025.3727051.50true thicknessmineralized quartz vein7.1529.7727061.00Strikemineralized quartz vein6.9915.0727071.50Strikemineralized quartz vein4.1345.2727081.00Strikemineralized quartz vein10.2928.1727091.50Strikemineralized quartz vein33.5973.7EP-SAM12-TR-131428051.00dipmineralized quartz vein0.900.5La Fortuna1428071.00dipmineralized quartz vein0.830.21428081.50true thicknessmineralized quartz vein3.931.11428121.00dipmineralized quartz vein3.553.5Table 2 - 2011-2012 LAS CONCHITAS-RIO JICARO TRENCH RESULTSTrench #Sample #Width (m)Sample typeRock typeAu (g/t)Ag (g/t)RJ11-TR-011728241.00floorphyllite with quartz fragments3.217.41728251.00floorphyllite with quartz fragments8.6312.81728261.00floorphyllite with quartz fragments5.1212.11728271.00floorphyllite with quartz fragments3.016.11728281.00floorphyllite with quartz fragments1.614.71728291.00floorphyllite with quartz fragments1.012.11728301.00floorphyllite with quartz fragments2.021.6RJ11-TR-02592131.00floorphyllite1.593.9592721.00verticalphyllite4.2513.9RJ11-TR-041761201.00floorphyllite2.2712.71761312.00floorphyllite4.217.91761322.00floorphyllite2.817.71761332.00floorphyllite0.260.61761342.00floorphyllite5.608.01761352.00floorphyllite2.9510.01761362.00floormineralized quartz vein0.010.21761372.00floorphyllite with quartz veinlets19.0524.1LC11-TR-01592761.00floorphyllite4.057.2592781.00floorphyllite5.387.2592971.00floorphyllite5.385.2593071.00floormineralized quartz vein2.635.3593081.00floormineralized quartz vein49.9029.4593131.00floormineralized quartz vein6.1413.7593141.00floormineralized quartz vein5.286.1593151.00floormineralized quartz vein11.3912.0593161.00floorphyllite1.881.4593171.00floorphyllite1.343.1593231.50floorphyllite5.3712.0593321.00verticalphyllite16.542.4LC11-TR-05593341.00floorphyllite25.5717.5593351.00floorphyllite11.5810.7593361.00floorphyllite0.604.0593371.00floorphyllite7.984.5LC11-TR-07593811.00floormineralized quartz vein3.1023.9593821.00floormineralized quartz vein0.939.4593831.00floormineralized quartz vein2.269.9593841.00Strikemineralized quartz vein4.6421.8593851.00Strikemineralized quartz vein1.0910.7593921.00floormineralized quartz vein2.085.3594521.00VerticalPhyllite1.0028.5LC11-TR-11595291.00floormineralized quartz vein2.871.7LC11-TR-18660821.50floormineralized quartz vein12.6932.3660832.00floorphyllite with quartz veinlets2.584.3660891.00floorphyllite with quartz veinlets1.412.7660991.00Strikemineralized quartz vein17.5733.2SAM12-TR-131428081.50verticalmineralized quartz vein3.931.11428121.00floormineralized quartz vein3.553.5SAM12-TR-101429022.00floorPhyllite4.795.5SAM12-TR-11766421.00floorphyllite with quartz veinlets8.4210.4766461.00floormineralized quartz vein42.9983.5766471.00floormineralized quartz vein33.1822.1766481.00floormineralized quartz vein1.096.4766491.00floormineralized quartz vein0.365.3766501.00floormineralized quartz vein3.5368.6766511.00floormineralized quartz vein2.372.3766521.00floorphyllite with quartz veinlets1.4310.9766611.50True thicknessmineralized quartz vein1.707.3766621.50True thicknessmineralized quartz vein4.9220.8766631.00Strikemineralized quartz vein47.6759.6766652.00Strikemineralized quartz vein1.138.3766662.00Strikemineralized quartz vein2.8411.5Note: In most instances, Table 2 provides assay results for samples grading 1.0 g/t gold or greater.To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/GRR0225.pdfQualified 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. FOR 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