The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Golden Reign Resources Ltd.: Las Dolores Trenching Returns 21.00 g/t Gold and 21.9 g/t Silver Over 4.0 Metres; Exploration Pit Yields 20.54 g/t Gold and 33.7 g/t Silver Over 4.0 Metres

Thursday, March 21, 2013

Golden Reign Resources Ltd.: Las Dolores Trenching Returns 21.00 g/t Gold and 21.9 g/t Silver Over 4.0 Metres; Exploration Pit Yields 20.54 g/t Gold and 33.7 g/t Silver Over 4.0 Metres07:30 EDT Thursday, March 21, 2013VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2013) -Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the Las Dolores Area in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.The Las Dolores Area is one of four highly prospective mineralized areas, covering 2.5 square kilometres, located only 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.Bordering the Company's El Jicaro Concession to the south, the Las Dolores Area hosts near-surface high-grade mineralization that has currently been traced along strike for approximately 1,000 metres. Two prime targets - the Las Dolores mine and the California vein - are situated at the northeast and southwest end, respectively, of the currently outlined zone (see attached map). The zone remains open along strike in both directions and at depth. The southwest extension of the zone has been projected for a further 1,000 metres and lies within the El Jicaro Concession. This zone closely mirrors the 'Golden Mile' the longest high-grade, near-surface quartz vein structure defined on the Property to date. The Golden Mile, which has been traced over 1,500 metres and projected for a further 1,000 metres, lies immediately to the north in the Las Conchitas-Rio Jicaro Area.The Las Dolores Area hosts several mineralized structures, first exposed by trenching in 2011, which comprise a system of parallel, sheeted, quartz veins. Clustered around the mineralized structures, generally within 100 metres, are numerous old mine dumps and pits, float material and quartz vein structures identified and tested during a 2011 comprehensive prospecting and sampling program.Golden Reign revisited the Las Dolores Area in 2012, expanding the zone significantly with a highly successful trenching program. Of the six trenches completed, five intersected strong mineralization. Five exploration pits were then excavated to further expose the strike and dip of the mineralized veins intersected by trenching. Two pits were located at trench SAM12-TR-04 and one at each of the following trenches: LC11-TR-22; SAM12-TR-02; and SAM12-TR-03. This work was a follow-up to 2011 exploration activities that included the excavation of 8 trenches across 400 metres, testing of 3 road cuts and collection of numerous samples. Exploration results to date include:2012 Trenching Highlights (see Table 2 below)21.00 g/t gold and 21.9 g/t silver over 4.0 metres in SAM12-TR-01, and 14.72 g/t gold and 21.6 g/t silver over 2.0 metres, and 61.06 g/t gold and 94.0 g/t silver over 1.0 metre 148.70 g/t gold and 39.6 g/t silver over 1.0 metre in SAM12-TR-02, and 9.49 g/t gold and 3.3 g/t silver over 4.0 metres, and 7.25 g/t gold and 5.5 g/t silver over 2.0 metres 11.40 g/t gold and 21.5 g/t silver over 7.1 metres in SAM12-TR-04 11.09 g/t gold and 17.2 g/t silver over 2.0 metres in SAM12-TR-052012 Exploration Pits (see Table 1 below)20.54 g/t gold and 33.7 g/t silver over 4.0 metres in EP-LC11-TR22, with 13.39 g/t gold and 24.5 g/t silver over an average thickness of 1.5 metres, and 45.60 g/t gold and 174.4 g/t silver along strike over 2.0 metres 8.58 g/t gold and 20.2 g/t silver over 8.5 metres in EP-2-SAM12-TR04, with 9.72 g/t gold and 17.9 g/t silver over an average thickness of 1.53 metres 16.22 g/t gold and 29.1 g/t silver over 4.6 metres in EP-1-SAM12-TR04 and 30.69 g/t gold and 47.9 g/t silver along strike over 2.8 metres, and 37.06 g/t gold and 48.5 g/t silver along strike over 2.5 metres, and 39.85 g/t gold and 34.4 g/t silver along strike over 2.5 metres 13.08 g/t gold and 4.9 g/t silver along strike over 1.0 metre in EP-SAM12-TR03 2011 Trenching Highlights (see Table 2 below)5.89 g/t gold and 11.8 g/t silver over 14.0 metres in LC11-TR-21, and 4.56 g/t gold and 7.3 g/t silver over 2.0 metres 10.81 g/t gold and 6.0 g/t silver over 7.0 metres in LC11-TR-22 18.59 g/t gold and 4.4 g/t silver over 1.0 metre in LC11-TR-302011 Sampling Highlights (see news release dated March 21, 2012)69.33 g/t gold and 47.8 g/t silver over 2.0 metre channel sample 45.42 g/t gold and 74.0 g/t silver, representative sample from old California pit#1 mine dump 33.12 g/t gold and 35.1 g/t silver, float sample from old California pit#2 88.46 g/t gold and 127.5 g/t silver, float sample from old California pit#3; and 42.54 g/t gold and 27.0 g/t silver, float sample 43.31 g/t gold and 42.3 g/t silver, float sample from old Siles pit#3 66.40 g/t gold and 84.6 g/t silver, float sample from old Las Dolores mine dump#2 16.61 g/t gold and 51.7 g/t silver, float sample from old Las Dolores mine dump#1 Gold Mineralization in the Country Rock All 4 of the highly prospective mineralized zones - San Pablo Area, Intermediate Area, Las Conchitas/Rio Jicaro Area and Las Dolores Area - exhibit gold mineralization in the country rock (phyllites) containing quartz veinlets, not just in the quartz veins. Further, in 3 of the 4 areas, Golden Reign has discovered heavily mineralized sulphide masses (bodies) intercalated with quartz veins. The Company plans to collect bulk samples: for metallurgical testing purposes; to better estimate the grade potential of the mineralized zones; and, to evaluate the potential for larger bulk tonnage targets.TABLE 1 - 2012 EXPLORATION PIT SAMPLESExploration PitSample #Width (m)Sample typeRock typeAu (g/t)Ag (g/t)EP-2-SAM12-TR041428391.00DipMineralized quartz vein10.8618.51428401.00DipMineralized quartz vein2.738.41428421.00DipMineralized quartz vein23.3254.71428431.00DipMineralized quartz vein19.6939.81428441.00DipMineralized quartz vein5.8210.81428451.50DipPhyllite with Qtz veinlets2.285.01428461.00DipMineralized quartz vein5.1513.91428471.00DipMineralized quartz vein1.9518.01428481.80True ThicknessMineralized quartz vein2.2210.31428491.60True ThicknessMineralized quartz vein5.989.91428501.50True ThicknessMineralized quartz vein8.8620.21741021.50True ThicknessMineralized quartz vein11.2319.71741031.80True ThicknessMineralized quartz vein19.4831.31741041.00True ThicknessMineralized quartz vein10.7013.71741051.00StrikeMineralized quartz vein1.581.61741062.00StrikeMineralized quartz vein14.8127.91741072.00StrikeMineralized quartz vein20.9837.91741082.00StrikeMineralized quartz vein14.6929.3EP-1-SAM12-TR04758721.00DipMineralized Quartz vein28.2433.2758731.00DipMineralized Quartz vein11.1220.6758741.00DipMineralized Quartz vein26.9670.2758751.00DipMineralized Quartz vein3.026.4758760.60DipMineralized Quartz vein8.755.6726771.50StrikeMineralized Quartz vein20.7240.1726781.30StrikeMineralized Quartz vein42.2056.2726791.50StrikeMineralized Quartz vein18.9538.6726801.00StrikeMineralized Quartz vein64.2363.3726811.50StrikeMineralized Quartz vein8.036.4726821.00StrikeMineralized Quartz vein87.5776.5EP LC11-TR221741321.00DipMineralized quartz vein with massive sulphide lenses2.554.01741331.00DipMineralized quartz vein with massive sulphide lenses12.8725.81741341.00DipMineralized quartz vein with massive sulphide lenses44.2955.11741351.00DipMineralized quartz vein with massive sulphide lenses22.4549.91741371.50True ThicknessMineralized quartz vein with massive sulphide lenses1.142.91741381.50True ThicknessMineralized quartz vein with massive sulphide lenses25.6446.01741392.00StrikeMineralized quartz vein45.60174.4EP SAM12-TR02725911.00True ThicknessMineralized quartz vein1.782.4EP SAM12-TR03758581.00StrikeMineralized quartz vein13.084.9Table 2 - 2011-2012 LAS DOLORES TRENCH RESULTSTrench #Sample #Width (m)Sample typeRock typeAu (g/t)Ag (g/t)LC11-21663621.0FloorPhyllite with quartz veinlets4.5711.3663631.0FloorHeavy sulphide mineralized quartz vein5.1328.7663641.0FloorHeavy sulphide mineralized quartz vein4.9116.9663651.0FloorHeavy sulphide mineralized quartz vein16.1124.4663661.0FloorHeavy sulphide mineralized quartz vein7.6914.8663672.0FloorPhyllite with quartz veinlets0.640.3663682.0FloorPhyllite with quartz veinlets9.5115.4663691.0FloorHeavy sulphide mineralized quartz vein7.2711.5663701.0FloorHeavy sulphide mineralized quartz vein1.783.2663711.0FloorHeavy sulphide mineralized quartz vein2.825.7663721.0FloorHeavy sulphide mineralized quartz vein10.5914.2663731.0FloorHeavy sulphide mineralized quartz vein1.323.2663772.0FloorPhyllite with quartz veinlets4.567.3663811.0StrikeHeavy sulphide mineralized quartz vein9.5712.8663831.0StrikeHeavy sulphide mineralized quartz vein6.585.8663841.0StrikeHeavy sulphide mineralized quartz vein1.914.1663851.0StrikeHeavy sulphide mineralized quartz vein2.323.9663861.0StrikeHeavy sulphide mineralized quartz vein19.5529.5663871.0StrikeHeavy sulphide mineralized quartz vein6.5728.1663881.0StrikeHeavy sulphide mineralized quartz vein5.5320.7LC11-TR-221766381.0FloorMineralized quartz vein with massive sulphide lenses11.8219.01766391.0FloorMineralized quartz vein with massive sulphide lenses22.0830.91766401.0FloorMineralized quartz vein with massive sulphide lenses8.916.81766411.0FloorMineralized quartz vein with massive sulphide lenses11.5123.01766421.0FloorMineralized quartz vein with massive sulphide lenses19.5825.91766431.0FloorMineralized quartz vein with massive sulphide lenses0.02<0.11766441.0FloorMineralized quartz vein with massive sulphide lenses1.731.31766961.0StrikeMineralized Quartz vein9.85<0.11766971.0StrikeMineralized Quartz vein44.37<0.11766991.0StrikeMineralized Quartz vein19.71<0.11767001.0StrikeMineralized Quartz vein31.442.21768021.0StrikeMineralized Quartz vein6.616.4LC11-TR-231765291.0FloorMineralized quartz vein with massive sulphide lenses5.379.11765301.0FloorMineralized quartz vein with massive sulphide lenses12.237.01765311.0FloorPhyllite with quartz stringers1.613.01765321.0FloorPhyllite with quartz stringers2.171.11766141.0StrikeMineralized Quartz vein19.470.51766161.0StrikeMineralized Quartz vein3.090.7LC11-TR-30729701.0FloorPhyllite with quartz stringers18.594.4SAM12-TR-01730632.0FloorPhyllite with quartz fragments37.8836.3730642.0FloorPhyllite with quartz fragments4.117.5730671.0FloorPhyllite with quartz fragments26.8639.7730681.0FloorPhyllite with quartz fragments2.583.4730711.0FloorMineralized Quartz vein61.0694.0730971.0StrikeMineralized Quartz vein70.6259.4725661.5VerticalPhyllite4.268.5725671.0VerticalPhyllite2.323.5725681.5VerticalPhyllite3.243.1725691.0VerticalPhyllite4.616.0725701.0VerticalPhyllite0.711.1725721.5VerticalPhyllite6.9322.3SAM12-TR-02725961.0FloorMineralized Quartz vein148.4739.6726511.0FloorMineralized Quartz vein0.841.5726521.5FloorPhyllite0.150.1726531.5FloorMineralized Quartz vein24.607.8726562.0FloorMineralized Quartz vein7.275.5SAM12-TR-03758581.0StrikeMineralized Quartz vein13.084.9SAM12-TR-04726831.0StrikeMineralized Quartz vein3.1414.0726971.0VerticalMineralized Quartz vein3.344.7758721.0FloorMineralized Quartz vein28.2433.2758731.0FloorMineralized Quartz vein11.1220.6758741.0FloorMineralized Quartz vein26.9670.2758751.0FloorMineralized Quartz vein3.026.4758760.6FloorMineralized Quartz vein8.755.6758771.5FloorPhyllite0.634.3758781.0FloorMineralized Quartz vein5.4312.4SAM12-TR-05765261.0FloorPhyllite with quartz lenses9.1018.1765271.0FloorPhyllite with quartz lenses13.0816.3Note:In most instances, Table 1 and 2 above provide 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 associated with this press release, please visit the following link: http://media3.marketwire.com/docs/grr-0321-maps.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