It will also complement Zhaojin's plans to double its annual production base, currently understood to be 655,000 ounces of gold, within the next decade through international investments.
The C$415 million (US$323 million) Back River project is forecast to produce about 200,000 ounces of gold annually for 11 years with a payback of 2.9 years, according to a 2015 feasibility study.
It was given the green light by Canada's indigenous and northern affairs minister Carolyn Bennett earlier this month to enter the permitting stage.
Sabina recently agreed principle terms for Inuit benefits and land tenure and hopes to start building the mine in the second half of 2018, with plans for further de-risking, pre-construction activities and further exploration in the coming year.
Zhaojin International Mining has agreed to a private placement at C$2.65 per share and Sabina president and CEO Bruce McLeod said the strategic investment was a strong endorsement of Back River.
"This financing with Zhaojin provides Sabina with a cornerstone investor that has financial and technical resources to assist us in advancing the project to production," he said.
Under a connected shareholder agreement, Zhaojin can appoint one director to Sabina's board and appoint a second if it takes the option to increase its shareholding to 19.9% through future financings.
Shares in Sabina, which had C$38 million in cash and equivalents at September 30, closed unchanged at $2.44.