Sabina Gold & Silver reports that the Canadian Business Journal’s Back River Gold Project has begun excavating geese

Vancouver, British Columbia, March 15, 2022 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (SBB.T / SGSVF.OTCQX), (“Sabina” or “Company”) is 100% located in Nunavut, Canada. Goose property of owned Back River Gold project (“Back River” or “Project”).

The planned 3,500-meter spring surface exploration drill program has been launched with an emphasis on targeting the interface between the planned open pit and Umwelt’s downplunge zone. This drilling enables further characterization of the geology and mineralization of high-grade gold zones in these areas, which helps optimize the design of open pit mines and underground mines.

When complete, the excavation will move to the hook zone. The hook zone is believed to be part of the gold structure connecting the Goosemain and Nubuyak gold deposits. Drilling is expected to be completed by mid-April.

Bruce MacLeod, President and CEO, said: “As we have demonstrated in past drilling campaigns, Goose’s gold donations are extraordinary and we continue to work on exploration and resource growth and optimization strategies that we believe will bring significant value to the projects underway for production. We are confident that the application of the exploration framework with progressive 3D modeling, integrated data acquisition and drill testing will continue to demonstrate the great growth potential and world-class nature of this privileged gold project. “

Spring drilling program

Environment excavation

The first series of 6-8 drill holes will more accurately depict and refine the gold mineralization at the intersection of the quartz feldspar porphyry embankment and the lower iron formation, which is the region of the banded iron formation host. Is designed for. Drilling is focused on the crown pillars and the upper and lower sill areas and their surroundings, and it is believed that there are opportunities for better characterization of high-grade mineral zones and planning of mining infrastructure.

One geomechanical drill hole will be completed at the base of the Umwelt open pit for rock property data collection.

Hook drill

A few drill holes will be drilled in the hook zone, located along the favorable gold structure that is trending between the Goosemain gold deposit and the Nubuyak resource. The hook target represents an important connector zone with a strike length of more than 700 m, which represents a strongly mineralized zone associated with a tightly folded anti-formal structure. Two drill holes will be drilled down into the plunge from 2021 drilling, including a drill hole 21 GSE600 returning 5.42 g / t Au over 28.05 m and 12.68 g / t Au over 5.30 m. Additional drill holes are intended for mineralization within the Hook Gold structure, approximately 150 meters north of the Goose main pit. The positive results obtained from this drilling will help future decisions regarding the growth and development of resources along the gold structure of Goosemain to Hook Tonubuyak.

Figure 1. Inclined section. Umwelt shows open pit and underground mining areas, as well as common areas for planned 2022 drilling.

Figure 2. Planning map for the Goose project. The planned open pit location and the area of ​​the 2022 drilling target are shown.

Qualified person

Nicole Rasanen, P.Geo. The Technical Services Manager of Sabina Gold & Silver Corp. is a qualified person under the terms of NI 43-101, reviewing the technical content of this press release of the Back River Project and approving its dissemination.

Sabina Gold & Silver Corp.

Sabina Gold & Silver Corp. is an emerging gold mine that owns 100% of the advanced, high-grade Buck River Gold district of the Nunavut Territory, Canada.

Sabina recently submitted an updated feasibility study (“UFSThe district’s first mine, the Goose mine, presents a project that produces approximately 223,000 ounces of gold annually (average of 287,000 ounces per year for the first five years and 312,000 ounces of peak production for the third year). .. Rapid investment recovery of 15 years and 2.3 years, IRR after tax is about 28%, NPVFive% C $ 1.1 billion. See the National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada, dated March 3, 2021.

The project received final major approval on June 25, 2020 and is currently receiving all major construction and operation permits and approvals.

We are also very enthusiastic about Inuit stakeholders, focusing on Inuit employment and opportunities. We have a 20-year renewable land use agreement with the Kitty Kumeoto Inuit Association and are working on various sustainability initiatives under that agreement.

In February 2022, we announced that we have completed a comprehensive project finance package of US $ 520 million consisting of:

  • US $ 225 million senior secured debt facility by OrionMine Finance.
  • OrionMine Finance US $ 75 million prepaid facility.
  • US $ 125 million gold flow arrangement with Wheaton Precious Metals.When
  • A US $ 95 million private placement of Sabina common stock subscribed to by both Orion and Wheaton Precious Metals.

In addition to the back river, Sabina also owns important silver royalties in Glencore’s Hackett River project. Silver royalties in silver production on the Hackett River consist of 22.5% of the initial 190 million ounces of silver produced and 12.5% ​​of all subsequent silver produced.

For more information, please contact:
Nicole Horror, Vice President of Communications: 1 888 648-4218

Information about the future outlook

This news release assumes the start of construction of the project, the timing of completion of construction, the creation of value for stakeholders, the timing and completion of the second and third tranches of private placements, and the prediction of UFS results. .. These forward-looking statements have been made as of the date of this news release. Readers should be careful not to place excessive reliance on forward-looking statements. There is no guarantee that future situations, results, or results will occur, or that plans, intentions, or expectations will arise in such forward-looking statements. A statement about the future outlook will occur. These forward-looking statements are based on expectations of future events at the time such statements were made, but these statements warrant that such future events will occur. Not affected by risks, uncertainties, assumptions, and other factors. Events or outcomes may differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among other things, the availability of equity financing under reasonable conditions, the approval of private offerings to Orion and Wheaton by Sabina shareholders, the construction, production, development planning and costs of the Back River Gold project. Estimated uncertainties are included; discrepancies between actual mineral reserves and estimated mineral reserves and mineral resources, and actual development costs and estimated development and operating costs. Interpretation of drills, metallurgical tests and other exploration results. The company’s ability to retain key managerial employees and skilled and experienced personnel. Exploration, development, mining risks, and the inherently dangerous nature of mining, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties. Risk of property and mineral ownership, including claims of minerals or defects in ownership of property. General economic conditions, commodity prices, changes in foreign exchange rates, and the impact of government and regulatory measures. Misunderstandings in the process of making a statement about the future outlook. In addition, there are known and unknown risk factors that may cause our actual results, performance, or outcomes to differ materially from future outcomes, performances, or outcomes expressed or implied by forward-looking statements. Known risk factors include risks associated with exploration and project development. Need for additional financing; calculation of mineral resources and reserves. Operational risks associated with mining and mining processing. Metal price fluctuations; the title is important. Government regulation; Obtaining and renewing required licenses and permits. Environmental responsibility and insurance; dependence on key persons. Possible conflicts of interest between certain officers or directors. Lack of dividends; currency fluctuations; labor disputes; competition; dilution; our common stock price and volume volatility. Future sale of shares by existing shareholders. And other risks and uncertainties. This includes the risks associated with the Back River project and the mineral exploration and development described in the annual information form, financial statements, and MD & A for the fiscal period ending December 31, 2020 filed with Canada Securities. Includes general risks associated with the industry. Available to admins and You have attempted to identify important factors that may cause actual actions, events, or outcomes to differ materially from those described in the forward-looking statements, but the actions, events, or outcomes are expected, presumed, or intended. There may be other factors that cause something different than what you did. Actual results and future events may differ materially from those expected in such statements and there is no guarantee that the forward-looking statements will be accurate. Therefore, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or change any forward-looking statement, except as required by applicable securities law.

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Sabina Gold & Silver reports that the Canadian Business Journal’s Back River Gold Project has begun excavating geese

Source link Sabina Gold & Silver reports that the Canadian Business Journal’s Back River Gold Project has begun excavating geese

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