From the Wires
Golden Reign Signs Drill Contract; Drill Rig Mobilized
By: Marketwired .
Feb. 7, 2013 01:02 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- 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, as follows:
Highlights from 2012 drill intercepts of the San Albino zone include:
-- 20.70 g/t gold and 16.6 g/t silver over 5.50 metres in DDH SA 12-46, including 23.29 g/t gold and 16.3 g/t silver over 2.20 metres -- 13.45 g/t gold and 16.6 g/t silver over 6.50 metres in DDH SA 12-49, including 54.47 g/t gold and 63.4 g/t silver over 1.50 metres -- 9.07 g/t gold and 14.3 g/t silver over 6.00 metres in DDH SA 12-48, including 17.95 g/t gold and 25.1 g/t silver over 2.40 metres
The Arras zone, which has been traced for 925 metres down-dip, will also be tested by drilling.
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.
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.
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 map accompanying this release please click on the following link: http://media3.marketwire.com/docs/0207grr.pdf
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.
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