Welcome To The Golden Reign Resources HUB On AGORACOM
Edit this title from the Fast Facts Section
Message: Golden Reign Resources Ltd.: Additional
Your Vote:
Did you know?
You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)
High-Grade Gold Prospects Identified in Murra District
.
VANCOUVER, BRITISH COLUMBIA, Jan. 25, 2011 (Marketwire) --
.
Golden Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX VENTURE:GRR) is pleased to announce additional results from its 2010 regional sampling program conducted in the northern block of its San Albino-Murra Gold Property (the "Property"), Nicaragua.
The Company has discovered three new zones bearing significant gold mineralization located in close proximity to Mina Estrella. Mina Estrella returned 10.5 metres of 24.75 g/t gold, including 1.1 metres of 112.09 g/t gold and 0.7 metres of 176.18 g/t gold (see released dated December 22, 2010).
Underground sampling of schists with quartz veinlets has returned strong gold values, confirming that gold mineralization is not constrained to quartz veins. Highlights from underground sampling are as follows:
-- Mina Estrella, adit #5 - 1.8 metre channel sample returned 18.29 g/t Au
-- Minas El Soccoro, adit # 4 - 1.5 metre chip channel sample returned
10.16 g/t Au
-- Minas El Soccoro, adit # 4 - 1.2 metre chip channel sample returned 8.44
g/t Au
-- Minas Gresin - 1.7 metre chip channel sample returned 6.32 g/t Au
-- Minas Gresin - 1.6 metre chip channel sample returned 6.39 g/t Au
At Mina Estrella adit #5, historical artisanal workings did not reach the targeted quartz vein material. However, high grade gold values received from sampling of the host rock indicate that the quartz vein is situated nearby, likely within approximately within a few metres of the adit.
At Minas El Soccoro and Mina Gresin, the majority of the samples carried gold mineralization. Both prospects represent areas of old artisanal underground workings with extensive tunneling, most of which is flooded. Both have large underground galleries constructed within chlorite schists containing numerous quartz veinlets. Based upon proximity, the two prospects may be separate approaches to the same deposit. Further work is planned.
Mina Estrella and the surrounding area are characterized by wide, steeply dipping (approximately 80 degrees) quartz veins. Although, geologically, the structure is very similar to that of the San Albino-Arras area in the southern San Albino District, the quartz veins in the northern, Murra District tend to be more competent and considerably wider.
The northern, Murra District has the potential to host significant resources. There also remains very good potential for the discovery of further mineralized zones in this underexplored district.
Mina Estrella Adit #5
Mina Estrella adit #5, located 40 metres east of the main Mina Estrella adit, is an old artisanal working initially excavated in order to reach the Estrella vein. However, the tunnel is collapsed after 15 metres and the quartz vein was never reached. Samples were collected along the walls of adit #5, from intensely weathered host rock (saprolite) containing quartz veinlets.
---------------------------------------------------------------------------
Length
Type Type of
Prospect Sample of of Sample Au Ag
Name # working Sample (m) Rock type (g/t) (g/t)
---------------------------------------------------------------------------
Mina Estrella Chip Saprolite with
- Adit#5 173522 Tunnel channel 1.8 quartz veinlets 18.29 2.80
---------------------------------------------------------------------------
less
Mina Estrella Chip Saprolite with than
- Adit#5 173511 Tunnel channel 1.7 quartz veinlets 1.25 0.1
---------------------------------------------------------------------------
Mina Socorro
Mina Soccoro is a group of old artisanal underground workings and the largest system of tunneling located to date. The tunnels, striking 360 degrees and connecting large underground areas known as galleries, were constructed within chlorite schists containing numerous quartz veinlets. They are accessible for 25 metres. The remainder of the underground workings is flooded. Samples were collected from the tunnel walls. Sample results, shown below, and the volume of historical work justify the draining of the tunnels and completion of additional underground sampling and mapping.
---------------------------------------------------------------------------
Length
Type Type of
Prospect Sample of of Sample Au Ag
Name # working Sample (m) Rock type (g/t) (g/t)
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173573 Tunnel channel 1.5 quartz veinlets 10.16 1.7
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173576 Tunnel channel 1.5 quartz veinlets 2.16 0.5
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173577 Tunnel channel 1.8 quartz veinlets 3.23 0.8
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173579 Tunnel channel 2.0 quartz veinlets 1.92 0.3
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173580 Tunnel channel 2.0 quartz veinlets 3.56 0.8
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173581 Tunnel channel 1.7 quartz veinlets 2.58 0.7
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173582 Tunnel channel 2.1 quartz veinlets 2.31 0.5
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173583 Tunnel channel 1.2 quartz veinlets 8.44 1.0
---------------------------------------------------------------------------
Mina Socorro
Tunnel#4 Chip Schists and
gallery 173584 Tunnel channel 1.8 quartz veinlets 0.62 0.4
---------------------------------------------------------------------------
Minas Gresin
Minas Gresin is an area of advanced underground workings that is host to numerous tunnels. Similar to Mina Socorro, the tunnels strike 360 degrees, were constructed within chlorite schists containing numerous quartz veinlets and connect large mine galleries. The tunnels are accessible for 25 metres. The remaining underground workings are flooded. This prospect merits further testing and mapping. Samples collected from the tunnel walls are presented below:
---------------------------------------------------------------------------
Length
Type Type of
Prospect Sample of of Sample Au Ag
Name # working Sample (m) Rock type (g/t) (g/t)
---------------------------------------------------------------------------
Mina Gresin
Tunnel#1 Chip
gallery 173367 Tunnel channel 1.0 Quartz vein 1.08 0.3
---------------------------------------------------------------------------
Mina Gresin
Tunnel#1 Chip
gallery 173368 Tunnel channel 1.0 Quartz vein 2.71 3.1
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173371 Tunnel channel 1.0 Qtz veinlets 1.96 0.5
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173373 Tunnel channel 1.0 Qtz veinlets 1.43 0.2
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173374 Tunnel channel 1.0 Qtz veinlets 4.79 0.8
---------------------------------------------------------------------------
Mina Gresin
Tunnel#1 Chip
gallery 173375 Tunnel channel 1.0 Quartz vein 0.71 0.1
---------------------------------------------------------------------------
Mina Gresin
Tunnel#1 Chip
gallery 173376 Tunnel channel 1.0 Quartz vein 1.60 0.5
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173377 Tunnel channel 1.7 Qtz veinlets 1.65 0.4
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173378 Tunnel channel 0.9 Qtz veinlets 0.89 0.5
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173379 Tunnel channel 1.7 Qtz veinlets 6.32 1.3
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173380 Tunnel channel 1.3 Qtz veinlets 2.97 0.7
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173381 Tunnel channel 1.1 Qtz veinlets 1.74 0.5
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173382 Tunnel channel 1.5 Qtz veinlets 6.31 0.8
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173383 Tunnel channel 1.7 Qtz veinlets 1.72 0.6
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173384 Tunnel channel 1.0 Qtz veinlets 2.13 0.3
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173385 Tunnel channel 1.6 Qtz veinlets 6.39 2.5
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173386 Tunnel channel 1.0 Qtz veinlets 1.01 0.3
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173387 Tunnel channel 0.8 Qtz veinlets 4.40 0.3
---------------------------------------------------------------------------
Mina Gresin Schists-
Tunnel#1 Chip phyllite-
gallery 173388 Tunnel channel 0.9 Qtz veinlets 1.24 0.2
---------------------------------------------------------------------------
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has reviewed the technical information contained in this news release.
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 located in Nueva Segovia, Nicaragua. Held under a 25 year mining license expiring February 3, 2027, the property covers an area of 8,700 hectares (87 sq km).
The Company has outlined a structural corridor approximately 3 kilometres wide by 15 kilometres long, which spans the Property, stretching from Las Conchitas in the south to the northeast mining town of Murra. Old workings exist along the corridor. The San Albino Mine flanks the northwestern edge of this structural trend.
Under the terms of the option agreement, the Company may acquire an 80% interest in the Property over a four year period by making cash payments totalling US$450,000, issuing 4,000,000 common shares from treasury and incurring aggregate exploration expenditures of US$5,000,000.
Nicaragua, a mining-friendly jurisdiction, is situated in the Central American Gold Belt, which extends from Costa Rica in the south to Guatemala in the north. Within this prolific gold belt, estimates of historical production total more than 20 million ounces.
For additional information please visit our website at 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 judgent as of the date hereof, based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Golden Reign Resources Ltd.
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)
www.goldenreign.com
Loading...
Loading...
New Message
Please
login
to post a reply