VANCOUVER, June 28, 2018 /CNW/ - Golden Reign Resources Ltd. (TSXV: GRR) (the "Company" or "Golden Reign") announces the commencement of its 2018 exploration program. The planned program includes 2,000 metres of diamond drilling at its wholly-owned San Albino-Murra Property (the "Property") in Nueva Segovia, Nicaragua.
Drilling will begin in the Las Conchitas area, located immediately south of the San Albino Gold Deposit and south of the area of influence that is currently subject to the San Albino gold streaming agreement. Approximately forty drill holes, aggregating 2,000 metres, will test a portion of the 4 square km Las Conchitas area (4 times the size of the San Albino deposit). The drill holes will be shallow – with maximum depths not exceeding 100 metres – to specifically target near surface open-pittable portions of the mineralized zones. Six newly discovered zones of mineralization within Las Conchitas area will be evaluated with the drill program.
The Las Conchitas area hosts a significant number of mineralized zones structurally and geologically similar to the San Albino Gold Deposit. The zones consist of subparallel, shallow dipping, mineralized quartz veins and schists, with an overall northeast-southwest strike. The aim of the program is to test for continuity and extensions along strike and down dip of the mineralization exposed by the Company's recent trenching programs. The ultimate goal is to begin acquiring sufficient information towards developing a mineral resource.
Las Conchitas is adjacent to, and south of, the San Albino Gold Deposit at the southwest end of Corona de Oro Gold Belt which, at 3 kilometres wide and 20 kilometres long, spans the Company's landholdings. To date, Golden Reign has completed detailed exploration on only a small portion of the Las Conchitas area. Numerous other targets, including geochemical soil anomalies and historical workings remain untested. Work completed to date indicates the likelihood of multiple mineralized high-grade structures close to the surface.
On behalf of the Board,
Kevin Bullock, P.Eng. CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSXV: GRR) mineral exploration company engaged in exploring the San Albino-Murra Property and the El Jicaro Property, both of which are located in Nueva Segovia, Nicaragua.
The Company's prime objective is to bring its San Albino Gold Deposit into production quickly and efficiently, building cash flow to further advance a number of its other prospective exploration targets.
The Company's land package comprises 13,771 hectares (138 km2) of prospective ground for gold and silver mineralization. Hundreds of historical mines and workings exist within the Corona de Oro Gold Belt, which is approximately 3 kilometres wide by 20 kilometres long and is spanned by the Company's land package.
Forward-Looking Statements: Some of the statements contained herein may be considered "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is based on certain expectations and assumptions, including the assumption that the Company's exploration program will be successfully completed, and are subject to known and unknown risks and uncertainties. Such forward-looking information is 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 information, including, without limitation, the risk that satisfactory exploration results will not be obtained, the risk that exploration results will not translate into the discovery of an economically viable deposit, 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 judgment as of the date hereof, based on information currently available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Golden Reign Resources Ltd.
For further information: For additional information please visit our website at www.goldenreign.com and SEDAR www.sedar.com.