Golden Reign signs drill contract drill rig mobilized
Friday, Feb 08, 2013
Golden Reign Resources Ltd. (TSX VENTURE:GRR) (the "Company" or "Golden Reign") is very pleased to announce that a drill rig has been mobilized and drilling will re-commence shortly at its San Albino Gold Deposit located in the Southern District of its San Albino-Murra Property (the "Property"), Nueva Segovia, Nicaragua.
The Company has contracted Canchi Perforaciones de Nicaragua, S.A. for an initial 4,000 metres of a planned 20,000 metre program. The aim of the 2013 definition drill program at the San Albino Gold Deposit is to increase both open-pittable and underground resources via additional step-out drilling.
Mineralization at the San Albino Gold Deposit is open at depth and along strike, offering excellent exploration potential. Golden Reign plans to test and extend the upper, San Albino zone, which lies within 100 metres of surface (see attached map). Drilling completed in 2012 extended the San Albino zone down-dip for 250 metres, with the last, western-most fence of drill holes intercepting the strongest mineralization reported within this zone.
In addition, a trenching program designed to further delineate and extend the surface exposure of the San Albino zone, increasing potential open-pittable resources, is currently underway. The first trench successfully exposed the San Albino vein which has a true thickness ranging from 1.7 to 2.1 metres. Assay results are pending.
The near-surface San Albino Gold Deposit is currently comprised of three shallow dipping high-grade vein systems - San Albino, Naranjo and Arras - situated within approximately 300 metres from surface, striking over 850 metres, with a true average width of 2.6 metres. To date, only a small portion of the prospect has been drill tested.
Other Metal News
- Rare Earth Metals market worth 192,000 tons by 2018
- Red Eagle Mining completes $5,000,000 financing
- Copper Mountain mine achieved record first quarter copper production
- IAMGOLD provides update on advanced exploration projects maiden resource estimate - Pitangui project, Brazil diamond drilling results - Boto Gold proj