Sabina Gold & Silver Announces 2020 Exploration Budget
VANCOUVER – December 5, 2019 – Sabina Gold & Silver Corp (the “Company”) (SBB – TSX/SGSVF – OTCQX) is pleased to announce plans for the upcoming 2020 spring exploration program at its 100% owned Back River Gold Project in Nunavut, Canada.
“We are pleased to be fully funded for the planned 2020 Winter exploration program with our recently completed flow-through financing,” said Bruce McLeod, President & CEO “The drill program will target a 600m down plunge portion of the Umwelt underground where high grade Au ounces are projected along a favourable secondary structural setting between the currently defined high grade Vault zone and the limits of the planned Umwelt open pit. The high grade corridor represents an exciting opportunity to optimize the underground mine plan with additional high grade ounces that could positively impact the gold production profile of the Back River Gold Project.Drilling is expected to start in early March of 2020.”
2020 Back River Exploration Budget
The priority focus for exploration advancement at Back River during 2020 is a 6,500 meter spring drilling program that will target expansion and definition of the high grade corridor at the Umwelt underground with a focus on the up plunge portion of the deposit that extends from the current limits of the Vault zone towards the lower limits of the Umwelt open pit.This drilling would encompass approximately 10 holes up plunge to the pit as well as an optional 2-3 holes within the Vault zone and other structural targets within the Umwelt gold system.
Additional exploration work for 2020 will include continued exploration modelling of the Nuvuyak discovery, Llama Extension zone and an extensive project wide target pipeline. A planned airborne geophysical survey and summer field work program will follow up new results and the advancement of target concepts in support of new discovery potential.
SABINA GOLD & SILVER CORP
Sabina Gold & Silver Corp. is well-financed and is an emerging precious metals company with district scale, advanced, high grade gold assets in one of the world’s newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years (see “Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut, Canada” dated October 28, 2015).
The Project received its final Project Certificate on December 19, 2017.The Project received its Type A Water License on November 14, 2018 and is now in receipt of all major authorizations for construction and operations.
In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project.The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
The Company had approximately C$21.9 million in cash, cash equivalents and short-term investments as at September 30, 2019.
Nicole Hoeller, Vice-President, Communications:1 888 648-4218
1800-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M9
Tel 604 998-4175Fax 604 998-1051