Sabina Silver Corporation-New Focus on Silver Sector.
Sabina Silver's 100% owned polymetallic Hackett River Project contains a NI 43-101 compliant indicated mineral resource in excess of 154 million ounces of silver, 1.8 million tons zinc, 137,000 tons copper, 256,000 tons lead and 448,000 ounces gold. The magnitude of the silver resource at Hackett River ranks Sabina Silver Corporation among the top 12 silver-focused companies operating in North and South America. The Company is currently awaiting a 2005 mineral resource update for Hackett River, based on 10,000 m of additional drilling completed earlier in 2005.
Consistent with the company's new silver focus, Sabina recently signed an option to acquire up to 65% of the Del Norte silver-gold property in the Stewart-Eskay Creek Mining District of British Columbia from Teuton Resources Corp. (press release October 3, 2005). Assay results are currently pending from the 2005 drilling program on the property.
The vein system at Del Norte consists of two main, possibly continuous vein zones along strike. Previous drilling into the southern K zone at Del Norte by optionor Teuton Resources Corp (TUO:TSX-V) intersected mineralization with true widths ranging from 26 to 32.8 feet, and grades varying from 5.22 to 8.09 oz/ton silver and from 0.104 to 0.223 oz/ton gold.
Drilling at Del Norte in 2003 along the northern LG vein zone varied from 3.3 to 6.6 feet wide on surface and encountered significant silver and gold values in 7 of 9 holes. The deepest intersection to date (Hole DN03-07) returned from 475.7 to 480.6 ft (4.9 ft) grading 39.26 oz/ton silver and 0.337 gold, or 0.991 oz/ton gold equivalent. Petrographic work on LG vein material has confirmed it is mesothermal in nature. Mesothermal veins have been known to extend to depths greater than 6,000 feet.
Past surface programs at Del Norte included prospecting, mapping, trenching and geophysical surveys identified several additional targets alongstrike to the south that could extend total strikelength of the mineralized zone to over 2.5km. One of the main targets is the Horatio zone, where preliminary sampling of both heavily mineralized float boulders and outcrop returned gold grades up to 3.457 oz gold/ton associated with sphalerite, galena and pyrite (Teuton Resources press release, August 10, 2004).
In addition to the company's primary projects, Sabina Silver Corporation retains four promising gold projects in the Red Lake Mining District, Ontario. Exploration programs on these projects are being considered for the near future.
Sabina Silver Corporation's objective is the addition of shareholder value through prudent financial management and acquisition, with active exploration and project development to production. An updated presentation is available on the company's website at www.sabinasilver.com.
The foregoing securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sabina does have an ongoing obligation to disclose material information as it becomes available.
Shares Issued: 36,524,244
The TSX Venture Exchange does not accept responsibility for the ac curacy or the adequacy of this release
Sabina Silver Corporation (TSX VENTURE:SBB)
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|Date:||Oct 17, 2005|
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