Sabina Gold & Silver Corp.: Sabina Gold & Silver Announces Positive Drill Results at Hackett River & Wishbone Projects, Nunavut

Published in Business and Finance on Monday, June 7th 2010 at 11:20 GMT by Market Wire
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2010) - Sabina Gold & Silver Corp. (TSX:SBB) announced today initial drill results on its 100% owned Hackett River silver-zinc project and Wishbone greenstone belt in Nunavut, Canada.

A total of 13,328 meters in 54 holes have been drilled to date in a planned 30,000 meters program on the Hackett River and Wishbone Projects during the winter phase of the 2010 program. Priority was placed on targets that could only be drilled during the winter months from locations on, or near to, lakes or eskers that are best drilled during frozen conditions.

Drilling to date at Hackett River, has focussed on the known ore zones at Main East, Main West, Boot and JO and immediately to the west of East Cleaver on Cleaver Lake in an effort to expand the known resources beyond their currently defined pit margins. The drilling activity at Wishbone was centred on the D'Arcy Lake area testing targets defined by a VTEM survey flown in 2008 in an area which is proximal to the recently discovered May Zone (see press release Oct. 13, 2009).

"We are very encouraged by the results to date at Hackett River and Wishbone," said Tony Walsh, President & CEO. "In 2009, several opportunities to enhance the early life economics of the proposed Hackett River Mine were identified, and drilling was conducted to qualify some of these targets. Our work in 2009 gave some very encouraging indications of the mineralization which we are hoping to quantify in 2010. We are already finding new mineralization close to the existing deposits as well as indication of copper/gold/silver stringer zones outside of the existing resource calculation. We believe that we will be able to increase our global resource at Hackett River."

HACKETT RIVER

At Hackett River, a program of 20,000 meters and $10 million was planned for Hackett in 2010 and commenced in mid-March of this year.

2010 plans focused on quantifying these targets with a view to increasing the existing resource by at least 10% over the longer term by:

Finding high value mineralization (copper/gold/silver stringer zones).
Increasing the size of the existing resource through step out drilling of the current deposits.
Increasing the resource through new near surface discoveries.
Drill within current pit shell aimed at converting waste to ore, reducing stripping ratios and increasing pit size.
Demonstrate a pipeline of exploration opportunities for years to come.

Main Zone East

Drilling at Main Zone East was focused on extending the known mineralized zone to the south and east. Results have been returned for three of the eight holes on this target.

Of particular interest is hole SHR-10-17, where 24.85 m of massive, semi-massive and stringer sulphides were intersected that graded 175 g/t Ag, 0.22% Cu, 5.41% Zn, 0.91% Pb, 0.13 g/t Au starting at a down hole depth of 28.40. Within this was a zone that graded 355 g/t Ag, 0.28% Cu, 12.15% Zn, 1.57% Pb, 0.25 g/t Au over 7.90 m.

This mineralization is shallow and is located immediately to the south of the currently proposed pit outline. Currently not included in the existing resource, it is in an area that is in the heart of the Hackett River mineralized lenses. The area is virtually untested and demonstrates the significant potential to add resources in this already robustly mineralized land package.

A number of follow-up holes testing the zone down dip encountered similar style mineralization and assays are pending.

MAIN ZONE EAST
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SHR-10-17	28.40	53.25	24.85	175	0.22	5.41	0.91	0.13
incl.	28.40	36.30	7.90	355	0.28	12.15	1.57	0.25
incl.	44.50	52.10	7.60	159	0.34	4.45	1.25	0.10
and	81.70	82.10	0.40	119	6.64	0.06	0.00	0.17
and	90.20	90.50	0.30	83	0.03	3.07	0.77	1.34

Main Zone West

At Main Zone West, drilling was focussed on extending the known zone to the west.

Hole SHR-10-04 intersected 26.00 m of semi-massive and stringer sulphides grading 107 g/t Ag, 0.11% Cu, 4.60% Zn, 0.52% Pb, 0.56 g/t Au starting at down hole depth of 240.80 m.

This intersection is immediately below the currently proposed pit at its western terminus. Borehole geophysical data coupled with detailed ground magnetic data indicates a possible dislocated extension of Main Zone occurs further to the west.

MAIN ZONE WEST
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SHR-10-04	240.80	266.80	26.00	107	0.11	4.60	0.52	0.56
and	301.90	305.50	3.65	35	1.39	0.36	0.02	0.17

Boot

Drilling at the Boot deposit targeted the shallow northern and southern margins of the deposit and gaps in the resource model where earlier holes had incompletely tested the mineralized horizon.

These holes were also used as platforms to test for copper stringer mineralization immediately below the massive sulphide horizon.

Hole SHR-10-05, testing the northern end of the deposit intersected 15.03 m grading 278 g/t Ag, 0.13% Cu, 0.75% Zn, 0.31% Pb, 0.65 g/t Au at the massive sulphide horizon followed by over 100 metres of copper stringer mineralization, including narrow intervals of over 3% Cu. Hole SHR-10-12, filling a gap in the resource model, returned a 42.10 m interval grading 127 g/t Ag, 0.18% Cu, 4.29% Zn, 0.46% Pb, 0.24% Au followed by over 40 m of copper stringer mineralization.

These holes indicate that a significant copper/gold/silver stringer zone is present below the Boot massive sulphide horizon.

BOOT
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SHR-10-05	136.47	137.41	0.94	71	0.01	3.85	0.48	0.04
and	157.97	173.00	15.03	278	0.13	0.75	0.31	0.65
and	201.00	201.30	0.30	213	0.97	0.25	0.00	0.31


and	271.06	272.45	1.39	21	3.25	0.12	0.00	0.17
incl.	308.75	313.25	4.50		1.16	0.01	0.00	0.01
SHR-10-12	66.10	108.30	42.20	127	0.18	4.29	0.46	0.24
incl.	67.60	88.55	20.95	182	0.28	6.82	0.74	0.19
incl.	91.35	97.40	6.05	100	0.05	5.14	0.34	0.20
incl.	104.25	108.30	4.05	127	0.08	0.70	0.19	0.97
and	114.60	115.55	0.95	102	0.73	0.16	0.19	0.08
and	119.70	121.35	1.65	79	1.04	0.12	0.01	0.02

East Cleaver

Five holes were drilled to the west of the East Cleaver deposit on Cleaver Lake. These holes targeted strongly altered felsic volcanic rocks with associated Max-Min anomalies.

All the holes intersected weak to moderate sphalerite and chalcopyrite-bearing stringer sulphide horizons such as hole SHR-10-13 where 1.85 m of 112 g/t Ag, 2.23% Cu, 7.08% Zn, 0.28% Pb, 0.07 g/t Au was intersected at a down hole depth of 34.50 m.

EAST CLEAVER
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SHR-10-13	34.50	36.35	1.85	112	2.23	7.08	0.28	0.07

and	192.45	193.95	1.50	1	0.04	1.41	0.00	0.00

WISHBONE

North D'Arcy

The North D'Arcy target is a VTEM anomaly located under the north eastern end of D'Arcy Lake approximately 1,000 m south of the May discovery. Four shallow holes were drilled into this target with the best result being 0.93 m grading 133 g/t Ag, 3.94% Cu, 1.40% Zn, 0.07% Pb, 0.29 g/t Au at a down hole depth of 93.23 m. The area is demonstrating good mineralization and alteration with narrower widths than elsewhere on the property. Further work is warranted.

NORTH D'ARCY
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SWB-10-04	93.23	94.16	0.93	133	3.94	1.40	0.07	0.29

Watson

The Watson target is an extensive EM target that can be traced for over 1,000 m from north of Watson Lake, where a surface grab sample in 2009 returned 5,160 g/t Ag, 30.3 g/t Au, 5.2% Zn, 2.21% Pb, to mid D'Arcy Lake. Eight holes were drilled to test this anomaly under Watson Lake.

Strong results were returned for hole SWB-10-6 where 53 g/t Ag, 0.93% Cu, 5.86% Zn, 0.04% Pb, 0.02 g/t Au was intersected over 1.63 m at a down hole depth of 79.00 m and for hole SWB-10-08 where 20 g/t Ag, 0.22% Cu, 6.53% Zn, 0.16% Pb, 0.03 g/t Au was intersected over 3.49 m at a down hole depth of 99.90 m. This anomaly will be tested further from land based set-ups during the summer campaign.

WATSON
Hole	From	To	Interval	Ag	Cu	Zn	Pb	Au
Number	(m)	(m)	(m)	(g/t)	(%)	(%)	(%)	(g/t)
SWB-10-06	79.00	80.63	1.63	53	0.93	5.86	0.04	0.02
SWB-10-08	99.90	103.39	3.49	20	0.22	6.53	0.16	0.03
and	105.80	106.60	0.80	37	1.13	0.76	0.02	0.11

SABINA GOLD & SILVER CORP

Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, most politically stable mining jurisdictions: Nunavut, Canada.

The properties consist of the Hackett River silver-zinc Project, the Back River Gold Project, both advanced exploration properties, as well as the Wishbone Claims, a vastly prospective grass roots project.

The combined holdings total approximately 3,000 square kilometres and cover the largely unexplored Wishbone Greenstone belt.

Hackett River is one of the largest undeveloped silver - zinc volcanic massive sulphide ("VMS") deposits in the world with indicated resources totaling 43.6 million tonnes with diluted (recovery) grades of 4.15% zinc, 129 g/t silver, 0.35% copper, 0.58% lead and 0.27 g/t gold. An additional inferred open resource totaling 16.0 million tonnes with diluted (recovery) grades of 3.53% zinc, 111 g/t silver, 0.24% copper, 0.46% lead and 0.25 g/t gold is also contained at Hackett River.

The Back River Project is comprised of the George and Goose Lake gold deposits and contain measured & indicated gold resources of 3.4 million tonnes grading 10.9 g/t Au for 1.19 million ounces and inferred resources of 3.6 million tonnes grading 10.2 g/t Au for 1.16 million ounces of gold.

Quality Assurance

Mr. Peter Manojlovic, P. Geo, and Chief Geologist of Sabina Gold & Silver Corp. is a Qualified Person under the terms of NI43-101 and has reviewed the technical content of this press release and approved its dissemination.

Diamond drill core was sent to ALS Chemex in North Vancouver BC. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy. The protocols and procedures used in 2010 are the same as those used in earlier campaigns by Sabina Gold & Silver Corp. and have been deemed appropriate in the above noted 43-101 compliant resource reports.

Forward Looking Statements

Statements relating to exploration, pre-feasibility work and future operations at the Hackett River and Wishbone Projects and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These 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 related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2009.

Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, change.

This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.

To view the maps accompanying this press release please visit the following link: [ http://media3.marketwire.com/docs/sabinamaps67.pdf ]

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Sabina Gold & Silver Corp.: Sabina Gold & Silver Announces Positive Drill Results at Hackett River & Wishbone Projects, Nunavut