Sabina Gold & Silver Reports Completion of Hackett River 2012
Resource Estimate and Filing of Technical Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 12, 2014) -
Sabina Gold & Silver Corp. (TSX:SBB) ("Sabina" or the
"Company") announced today Sabina's updated 2012 mineral resource
estimate for the Hackett River project ("Hackett River"). The
Company has also filed a National Instrument 43-101 ("NI 43-101")
technical report in respect of such mineral resource estimate
entitled "Sabina Gold & Silver Corp. Hackett River Property
Royalty NI 43-101 Technical Report, Nunavut, Canada" (the "Report")
on www.sedar.com.
Hackett River
Project
Hackett River, located 45 km west of the Company's Back River
gold project in Nunavut, is a silver rich volcanogenic massive
sulphide project and is one of the largest undeveloped projects of
its type. In 2011, the Company sold Hackett River to Xstrata Canada
Corporation, Zinc Canada Division ("Xstrata") which is now Glencore
Canada Corporation ("Glencore").
As consideration for the sale, the Company received $50 million
in cash and retained a significant silver royalty on Hackett River.
Under the terms of the royalty, Sabina is entitled to receive 22.5%
of silver production up to the first 190 million ounces produced
and 12.5% of all silver produced thereafter at Hackett River.
Although Sabina is no longer the owner of Hackett River, it still
considers its royalty interest in the project to be a material
mineral project for the purposes of NI 43-101.
Resource Estimate
The updated mineral resource estimate was originally prepared by
Glencore (previously Xstrata) under the JORC code and was reported
by Glencore on May 3, 2013 in its annual report of mineral
resources and reserves as at December, 31, 2012. Glencore's updated
mineral resource estimate has been reviewed by Sabina and is stated
in the Report in accordance with NI 43-101 thus conforming to CIM
Definition Standards.
Mineral Resource Estimate - Hackett River Deposits
|
Mt |
Zn % |
Pb % |
Cu % |
Ag g/t |
Au g/t |
Indicated |
25 |
4.2 |
0.6 |
0.5 |
130 |
0.3 |
Inferred |
57 |
3.0 |
0.5 |
0.4 |
100 |
0.2 |
1. Source: Xstrata R&R Report (as of December 31,
2012). |
2. Mineral resources, which are not mineral reserves,
do not demonstrate economic potential viability. |
3. Xstrata's normal data verification procedures have
been employed in connection with the estimations. |
4. Xstrata used the JORC code and the above estimate
also conforms to the CIM definition standards for Mineral
Resources. |
5. The Qualified Person that prepared the resource
estimate for Glencore is Aline Côté, P.Geo., OGQ of Glencore. |
6. The mineral resource is not constrained by pit or
underground designs. |
7. The cutoff grade is set at a $25/tonne NSR
value. |
An equivalent zinc grade formula (ZnEq) was used to define the
outline of the mineralized zones and the ZnEq field was calculated
on individual assays in the assay database using the formula:
Zn+2.88*Cu%+0.96*Pb%+0.03*Ag g/t+1.34*Au g/t
Glencore does not publish the price assumptions and recovery
data behind the factors in the formula. Both Sabina and AMC have
reviewed the formula for reasonableness and tested the formula
using Sabina's long-term metal prices and metallurgical recoveries.
Metallurgical testing completed by Sabina prior to the sale
estimated recoveries of 92% for zinc, 85% for lead, 74.5% for
copper, 77% for silver and 55% for gold. Sabina used long term
metal prices of $1.01/lb for zinc, $0.92/lb for lead, $2.89/lb for
copper, $23/oz for silver and $1,300/oz for gold (all prices in US
dollars) based on consensus pricing of market analysts, consistent
with industry standard practice.. The prices above are Sabina's and
are not necessarily the prices used by Glencore for the mineral
resource estimate.
The resource estimate utilized 39,000 assays for zinc, lead,
copper, silver and gold from 629 diamond drill core holes totalling
148,920 metres. The database was rebuilt and verified by Glencore.
The assay data was combined with the geological data to create
three dimensional wireframe solids for the four mineral zones at
Hackett: the Main, Boot, East Cleaver and Jo zones. The mineralized
zones were confined and constructed using a 2.5 percent zinc
equivalent grade cutoff and a minimum downhole length of 3 metres.
Statistical analysis and the decile method were used to determine
any capping required.
Analyses of variograms were used to determine appropriate search
distances, dimensions and orientation of the search ellipses for
all mineral domains. Block models with a block size of 5 by 5 by 5
meters were created for the four mineral zones and metal values
were interpolated using the inverse distance squared method for all
mineral zones.
The block model was validated by visual comparison of wireframes
and block model along sections and in plan view and by examination
of point areas with block grades. Additionally, a comparison of
grades and tonnages between previous block models and current
version was carried out.
Technical Report
The Report has been prepared jointly by qualified persons
("QPs") of Sabina and AMC Mining (Canada) Ltd ("AMC") with an
effective date of July 31, 2013. Mining companies are not typically
required as a matter of practice to disclose detailed project
information to royalty holders on their operations. Sabina
therefore is limited to the information on the Project which is in
the public domain as well as certain portions of the resource
information that Glencore has provided. Glencore has also provided
for an employee of Glencore to sign off as a QP in regard to
certain sections of the Report. The Report also includes general
information derived from the public domain, including Glencore's
annual reports, and information from previously filed technical
reports on Hackett River. As Sabina is no longer the owner or
operator of Hackett River the preliminary economic assessment
prepared by Sabina for Hackett River is no longer considered
material. Also, as the holder of a royalty interest in Hackett
River, Sabina has relied on an exemption under NI 43-101 from
completing certain items in the Report relating to data
verification, inspection of documents and completing a site
visit.
SABINA GOLD & SILVER CORP.
Sabina is an emerging gold developer with district scale, world
class assets in one of the world's newest, most politically stable
mining jurisdictions: Nunavut, Canada.
Sabina's primary assets, all located in Nunavut, consist of: the
Back River Gold Project, currently in the pre-feasibility and
permitting phase; the Wishbone Claims, a vastly prospective grass
roots project; and the Hackett River Silver Royalty, a silver
production royalty on Glencore's Hackett River project comprising
22.5% of the first 190 million ounces produced and 12.5% of all the
silver produced thereafter.
Mr. Stanley Clemmer, P.Geo., and Project Manager of the Company
is a Qualified Person under the terms of National Instrument 43-101
and has reviewed the technical content of this press release and
approved its dissemination.
Forward-Looking Information
Statements relating to mineral resources and future operations
at the Hackett River Project, and the expected results of work
being carried out on such projects are forward-looking information
within the meaning of securities legislation of certain Provinces
in Canada. Forward-looking information are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Information inferred from the interpretation of
drilling results, including mineral resource estimates, may also be
deemed to be forward-looking information, as they constitute a
prediction of what might be found to be present when and if a
project is actually developed. This forward-looking information is
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 information, including, without limitation:
risks related to fluctuations in metal prices; uncertainties
related to raising sufficient financing to fund the planned work in
a timely manner and on acceptable terms; changes in planned work
resulting from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties; risk
of accidents, equipment breakdowns and labour disputes or other
unanticipated difficulties or interruptions; the possibility of
cost overruns or unanticipated expenses in the work program; the
risk of environmental contamination or damage resulting from
Sabina's operations and other risks and uncertainties, including
those described in Sabina's Annual Information Form for the year
ended December 31, 2012.
Forward-looking information is based on the beliefs, estimates
and opinions of Sabina's management on the date the statements are
made. Sabina undertakes no obligation to update this
forward-looking information should management's beliefs, estimates
or opinions, or other factors, should change.
This news release has been authorized by the undersigned on
behalf of Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp.Nicole HoellerVice-President,
Communications1 888
648-4218nhoeller@sabinagoldsilver.comwww.sabinagoldsilver.com
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