These drill holes at the flagship Back River project had demonstrated an immediate extension of the zone towards the previously identified Hook target, which likely demonstrated a link to the plus-one-million-ounce Goose Main deposit resource, the company said.
Initial drill intercepts have now been returned from follow-up drill holes in the up-plunge direction of the initial discovery hole 18GSE545, which returned 11.58 grams per tonne over 39.50m.
A series of new high-grade gold intercepts in drill hole 18GSE558 at the Nuvayak target includes 16.39g/t over 13.2m, 7.78g/t over 12.4m and 13.32g/t over 5.1m.
Sabina said higher up in the drill hole, significant values of 9.48g/t gold over 9.1m and 7.44g/t over 6.4m were intersected in an area historically called the Hook zone. These results might point to the discovery of a newer, higher-grade mineralisation zone that occured at shallower depths than had previously been recognised.
An additional 8.58g/t over 4.9m and 4.5g/t over 4.1m intersected in drill hole 18GSE553 was interpreted to represent up-plunge mineralisation to Nuvuyak.
"The drilling of multiple new high-grade intercepts at Nuvuyak and a possible new zone at the Hook target area is now rapidly expanding the footprint of another major gold discovery at Back River. Although it is early days yet, we see a lot of similarities in the potential of the emerging Nuvuyak gold structure, when we compare it to the significant size and mineral tenure of the Goose Main deposit," CEO Bruce McLeod said.
He added the extension of Nuvuyak was another example of the organic growth the team continued to achieve at Back River, as the company progressed towards the development of a world class, district-scale gold project.
The news pushed Sabina's Toronto-quoted equity up 2.8% Monday to C$1.47, giving the developer a market cap of $387.81 million.