Sabina Silver delivers hot hole at Hackett River (July 31, 2006)

Vancouver — Significant initial results are trickling in from Sabina Silver’s (SBB-V, SBBFF-O) 2006 resource drilling campaign at its Hackett River silver-zinc project in western Nunavut.

Infill hole SHR-06-08 cut a weighted average composite of 56.7 metres (from 224.6 metres down-hole) grading 303.9 grams silver per tonne, 12.2% zinc, 0.22% copper and 2% lead in the Boot Lake zone. The intercept included a 17.5-metre interval of 581.6 grams silver, 22.5% zinc and 3.9% lead, with an even higher-grade 1.85-metre section averaging 1,141 grams silver, 34.7% zinc and 10.4% lead.

About half of Sabina’s planned 17,000 metres of drilling will be devoted to infill work to upgrade the resource estimate and for a scoping study reviewing potential open-pit operations at Hackett River.

Boot Lake stepout hole SHR-06-01 returned an 11.9-metre intercept (from 375 metres down-hole) of 192.4 grams silver and 7.5% zinc. All the deposits in the project remain open for expansion.

A late 2005 resource estimate for the East Cleaver, Boot Lake and Main A zones at Hackett River reviewed about 28 million indicated tonnes grading 134.4 grams silver, 5.3% zinc, 0.8% lead, 0.4% copper and 0.45 gram gold per tonne (giving a 647.4 gram silver equivalent or 8.6% zinc equivalent) using a silver-equivalent cutoff of 343 grams. An additional inferred resource of about 5 million tonnes at 130.6 grams silver, 4.4% zinc, 0.7% lead, 0.3% copper and 0.34 gram gold (giving a silver-equivalent 551 grams or 7.4% zinc equivalent) was also tabled.

Sabina acquired Hackett River from Cominco, now Teck Cominco (TCK-T, TCK-N), in early 2004 for payments of $430,000 to the major and Etruscan Resources (EET-T, ETRUF-O) and spending $7 million on exploration and development. Teck Cominco, which retains a 2% net smelter royalty, declined exercise of its back-in option in 2005, setting Sabina up with its 100% interest. Etruscan holds a 10% net profits interest capped at $2 million.

Sabina also plans environmental studies and programs to optimize metallurgical recovery studies conducted by Cominco in the early 1980s. The major reviewed recoveries of 81.8% for zinc, 66.7% for silver, 69.6% for copper, 70% for lead and 50% for the gold.

With 46.9 million shares outstanding, the company posts a $54-million market capitalization given its recent trading level around $1.16. The company trades in a 52-week price range of 59-$1.90.

Print

Be the first to comment on "Sabina Silver delivers hot hole at Hackett River (July 31, 2006)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close