TSX- V: GRR
VANCOUVER, June 28, 2018 /CNW/ - Golden Reign Resources
Ltd. (TSX-V: 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"
Kevin Bullock,
P.Eng.
CEO
About Golden Reign:
Golden Reign Resources Ltd. is a publicly listed (TSX-V: 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.