VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2011) - Golden Reign Resources Ltd. (News - Market indicators) (the "Company" or "Golden Reign") is pleased to report results from three additional trenches located in the San Pablo/Las Conchitas area of its San Albino-Murra Gold Property (the "Property"), Nicaragua.
Covering an aggregate 125.3 metres, the trenches have exposed the southwestern extension of a newly discovered gold mineralized zone (see news release NR-11-12 dated April 12, 2011), extending the mineralized zone by an additional 400 metres, for a total strike length of approximately 600 metres. The zone remains open in both directions and at depth. The zone hosts several excellent targets and will be tested by drilling during the on-going 2011 drill program.
Continuous one metre channel sampling was completed along both the floors and walls of the trenches. A total of 129 samples were collected. The most significant results are as follows:
| Trench 10: |
5.3 metres averaging 48.28 g/t gold and 20.98 g/t silver |
| |
including |
2.0 metres averaging 118.91 g/t gold and 40.20 g/t silver |
Located to the northeast of trench TR-10, trenches TR-14 and TR-15 intersected 4 and 7 quartz veins, respectively. The quartz veins, ranging from 1.0 to 6.0 metres in true width, returned gold values of between 0.01 to 2.47 g/t. The most significant intercepts are presented below:
| Trench 14: |
1.0 metre of 2.25 g/t gold and minor silver |
| |
and |
1.0 metre of 0.88 g/t gold and minor silver |
| |
|
| Trench 15: |
1.0 metre of 2.00 g/t gold and minor silver |
| |
and |
1.0 metre of 2.47 g/t gold and 1.20 g/t silver |
The steeply dipping vein system exposed by TR-14 and TR-15 was covered by a 6 metre thick layer of highly weathered rock. Only the top of the veins were exposed and accessible for sampling. The Company also sampled the walls of the trenches, collecting a total of 29 vertical samples from highly altered schists containing narrow quartz veinlets up to 2 centimetres wide. Most of the vertical samples, which were not used for grade calculation purposes, returned elevated gold values. Two samples from TR-15 returned high gold values:
| Sample #13 – |
2.0 metres of 62.96 g/t gold and 19.20 g/t silver; and |
| Sample #21 – |
2.0 metres of 3.53 g/t gold and 7.80 g/t silver |
Typically, the altered schists contain high-grade gold mineralization when located in close proximity to gold-bearing quartz veins. The Company is very encouraged by the trenching results.
The following table presents the most significant results from the trenches:
Trench
No. |
Description |
From
(m) |
To
(m) |
Interval
(m) |
Gold
(g/t) |
Silver
(g/t) |
| Trench #10 |
Quartz-chalcedonic vein with galena, pyrite, scorodite, including: |
15.5 |
20.8 |
5.3 |
48.28 |
20.98 |
| |
|
Channel Sample |
15.5 |
16.5 |
1.0 |
3.47 |
15.60 |
| |
|
Channel Sample |
16.5 |
17.5 |
1.0 |
4.16 |
4.00 |
| |
|
Channel Sample |
17.5 |
18.5 |
1.0 |
106.42 |
15.90 |
| |
|
Channel Sample |
18.5 |
19.5 |
1.0 |
131.39 |
64.50 |
| |
|
Channel Sample |
19.5 |
20.8 |
1.3 |
8.04 |
8.60 |
| Trench #14 |
Quartz vein 6 metres wide, sampling over 2 metres returned elevated Au values, including: |
5.0 |
7.0 |
2.0 |
1.57 |
minor |
| |
Quartz vein, channel sample |
5.0 |
6.0 |
1.0 |
2.25 |
minor |
| |
Quartz vein, channel sample |
6.0 |
7.0 |
1.0 |
0.88 |
minor |
| Trench #15 |
Quartz vein 5 metres wide, sampling over 2 metres returned elevated Au values, including: |
2.0 |
4.0 |
2.0 |
2.24 |
minor |
| |
Quartz vein, channel sample |
2.0 |
3.0 |
1.0 |
2.00 |
minor |
| |
Quartz vein, channel sample |
3.0 |
4.0 |
1.0 |
2.47 |
1.20 |
| |
Vertical samples collected from trench TR-15 wall - not used for grade calculation: |
| |
Schists containing mm–cm wide quartz veinlets |
|
|
2.0 |
62.96 |
19.20 |
| |
Schists containing mm–cm wide quartz veinlets |
|
|
2.0 |
3.53 |
7.80 |
Qualified Person
John M. Kowalchuk, P.Geo., a geologist and qualified person (as defined under NI 43-101) has read and approved 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 (News - Market indicators) mineral exploration company engaged in exploring the San Albino-Murra Property located in Nueva Segovia, Nicaragua.
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.
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