2013-02-05 18:08:22 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is pleased to provide additional results from the Intermediate Area in the Southern District of its San Albino-Murra Property (the "Property") located in Nueva Segovia, Nicaragua.
The Intermediate Area has a strike length of 1,000 metres and is located approximately 2 kilometres south of the Company's San Albino Gold Deposit and 500 metres south of the San Pablo Area, for which trenching and exploration pit results were released on January 24, 2012. Golden Reign plans to conduct additional work, with the aim of geologically connecting the San Pablo and Intermediate areas.
Continued exploration of the Intermediate Area in 2012 included the excavation of two exploration pits. This work was a follow-up to the comprehensive trenching program completed in 2011 that consisted of 13 trenches across 417 metres.
Intermediate Area Exploration Findings include:
-- High-grade, near-surface quartz vein structure traced strike length of
1,000 metres, open in both directions and down-dip
-- Second discovery of heavily mineralized sulphide masses (bodies)
intercalcated with quartz veins, with the first situated only 500 metres
to the north in the San Pablo Area
-- High-grade gold mineralization is distributed in the country rock, not
restricted solely to the mineralized quartz veins
Intermediate Area Exploration Results include:
-- High-grade, near-surface mineralization includes 5.3 metres of 48.28 g/t
gold and 21.0 g/t silver intersected in trench LC11-TR-10, which
includes 2.0 metres of 118.91 g/t gold and 40.2 g/t silver
-- 5 samples from mineralized sulphide masses within exploration pit EP-
INT11-TR-03 returned an average of 15.93 g/t gold and 20.3 g/t silver
over a true thickness of 1.8 metres
-- Continuous sampling of the host rock (phyllites) in trenches returned
high-grade gold mineralization:
-- LC11-TR-26 returned 18.0 metres of 3.40 g/t gold and 7.0 g/t silver
-- LC11-TR-15 returned 2.0 metres (vertical sample) of 62.96 g/t gold
and 19.2 g/t silver
Intermediate 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 INT11-TR-03 and LC11-TR-10. Pit samples collected along the strike and dip of the veins returned values ranging from 0.26 g/t to 30.88 g/t gold and 1.53 g/t to 122.40 g/t gold for pits EP-INT11-TR-03 and EP-LC11-TR-10, respectively.
Golden Reign also tested the true thickness of the veins, which returned 1.80 metres averaging 15.93 g/t gold and 1.62 metres averaging 2.52 g/t gold for trenches INT11-TR-03 and LC11-TR-10, respectively.
The exploration pit at INT11-TR-03 exposed a structurally controlled, heavily mineralized sulphide mass (body) intercalated with quartz veins with similar mineralization. This marks the second discovery of mineralized sulphide masses; the prior discovery was at exploration pit SP11-TR-02 within the San Pablo Zone, situated 500 metres north. The sulphide masses in both areas carry significant gold values and are very similar in style of mineralization. Additional exploration work will be conducted to test the Company's theory that these are conjoined and represent one continuous heavily mineralized sulphide mass system.
Exploration pit EP-LC11-TR-10, representing the southwest extension of the Intermediate Area, exposed the true thickness of the highly mineralized vein averaging 1.62 metre of 2.52 g/t Au and 6.0 g/t Ag. Systematic sampling along the strike and dip of the vein returned extremely high gold and silver values ranging from 1.53 to 122.40 g/t Au and 2.9 to greater than 100 g/t Ag. A bulk sample will be collected to more accurately evaluate the grade of this target. Only one sample was collected from the surrounding country rock (phyllites), which returned 0.12 g/t Au and 1.1 g/t Ag.
Trenching has outlined 4 parallel NE/SW trending structurally controlled mineralized zones (see 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 Intermediate Area, outlined by 13 trenches, has been traced at surface over a strike length of approximately 1 kilometre, remaining open along strike in both directions and down-dip. A total of 353 samples were collected from 13 trenches (see Table 2 below) spaced approximately 50 metres apart (see news releases dated April 12, 2011, May 25, 2011 and October 20, 2011). Two trenches (LC11-TR-27 and LC11-TR-28) were not deep enough to expose the vein. A further two trenches were completed at and near Mina Francisco (see news release dated September 24, 2012), which appears to represent the northeast extension of the zone, with the best intervals returning:
The near-surface Mina Francisco has now been exposed for 12 metres in strike length and 7 metres down-dip at a depth of only 5 metres from surface. Underground sampling, also completed in 2012, returned an average thickness of 1.56 metres grading 13.04 g/t gold and 22.7 g/t silver, including:
Highlights from trenching completed to date include:
Comprehensive and detailed sampling of the country rock (phyllites) has been completed. The significant finding is that gold mineralization is distributed in the host rock containing quartz veinlets, occasionally represented as a quartz stockwork or breccia, and is not restricted solely to the mineralized quartz veins, as previously believed. Previously unreleased results from trench LC11-TR-26, as example, returned 18.0 metres averaging 3.40 g/t gold and 7.0 g/t silver in the country rock.
Other highlights from trenching completed in country rock:
To view the map accompanying this press release please click on the following link: media3.marketwire.com/docs/GRR0205.pdf
John 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 & CEO
About 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 : 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.
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.
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
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