Drilling during Sabina Gold and Silver’s (TSX: SBB) spring exploration program has extended mineralization 300 metres down plunge of the Back River project’s existing resources in southwestern Nunavut.
Drill hole 17GSE513 stepped out about 300 metres down plunge of the existing resource structure at the project’s Llama deposit and intersected 48 metres of altered and mineralized iron formation that included an intercept of 6.52 grams gold over 8.3 metres from a depth of 618.90 metres. Another hole, 17GSE512, cut 6.30 grams gold over 2.65 metres from a depth of 603.5 metres.
“Results bode well for future resource growth,” Andrew Kaip of BMO Capital Markets wrote in a research note. “We continue to believe that the Back River project represents an attractive feasibility study stage project, at an advanced stage of permitting, in a safe jurisdiction, and with a large reserve base containing above-average grade.”
The Llama deposit remains open and currently hosts 3.56 million tonnes grading 6.50 grams gold for 743,000 measured and indicated ounces of gold and 295,000 tonnes grading 6.77 grams gold for 64,000 inferred ounces of gold.
Sabina says it believes that Llama, which has now been intersected to a vertical depth of about 550 metres, is analogous to other iron formation deposits around the world, including Goldcorp’s (TSX:G: NYSE: GG) Musselwhite complex, where mining continues along structures that are well in excess of 1,000 metres and still remain open.
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