Mining Explorers 2013: Sabina Gold & Silver Corp.
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President and CEO:
Vice President, Project
Development: Wes Carson
Exploration: Angus Campbell
In 2013 Sabina Gold & Silver Corp. carried out an extensive exploration program on its flagship Back River Gold Project in Nunavut in its ongoing push to become a mid-tier gold producer. The company also owns the Wishbone grassroots exploration project and a silver royalty on the Hackett River Project and certain Wishbone claims in Nunavut as well as exploration properties in the Red Lake gold camp and Nipigon in Ontario. The Back River Project, located about 520 kilometers (322 miles) northeast of Yellowknife and 75 kilometers (46 miles) south of Bathurst Inlet, is comprised of 45 federal mineral leases and 16 federal mining claims covering about 58,179 hectares (143,760 acres). The project is divided into Goose, George, Boot, Boulder, Needle, Del and Bath. The Goose property hosts the Goose, Llama and Umwelt gold deposits. The Back River site was opened for the season in late January 2013 in order to allow drilling to begin in late February. Sabina also reported updated resources for Back River, incorporating the results from its 2012 drilling campaign. In May, Sabina received the final project scope and guidelines for development of the environmental impact statement for the project. Work on the draft EIS commenced following this decision and submission of the completed document is expected in late 2013 or early 2014. Exploration work during the second quarter of 2013 continued to focus on a combination of infill drilling, deposit extension drilling, drilling of prospective exploration targets, as well as geo-technical and geo-mechanical drilling as noted above in support of the planned feasibility study. Using eight rigs on the property, Sabina completed drilling at the Goose, George, Boot and Boulder areas, with a total of about 35,000 meters being drilled. At the Goose property, drilling has been focused on infill drilling at the Llama and Umwelt deposits within the proposed open-pit shells. The purpose of this drilling is the conversion of a portion of the indicated resource material to the measured category. Once all drilling results have been received and analyzed from the 2013 work program, an updated resource estimate will be undertaken for completion early in 2014. While most of the drilling done by Sabina in 2013 was to support the 2014 feasibility study, significant work has continued on the engineering, geotechnical and environmental aspects of the pre-feasibility study expected to be announced in mid-October. Sabina spent C$26.2 million on exploration and drilled 39,243 meters at Back River during the three months that ended June 30 and in the previous quarter, about C$14 million on exploration and drilled about 7,240 meters. The company said it anticipated spending another C$34 million by year’s end.
In early 2013 Sabina joined Glencore, owner of the Hackett River project, in submitting an updated project proposal for the Bathurst Inlet Port and Road project that contemplates new infrastructure for the region. Work during the first half of the year focused on completing a draft EIS on BIPR for filing by late 2013. This work included a geotechnical drilling program to assess the foundation material around the proposed port area. Preliminary results suggest material in the currently proposed port area is not adequate and further geotechnical drilling has been planned to assess a more suitable port area in the immediate vicinity. As a result, the draft EIS will not be filed until this work has been completed.
Cash and short-term deposits: C$94.2 million (June 30, 2013)
Working capital: C$90.1 million (June 30, 2013)
Market capitalization: C$165.9 million
(Sept. 27, 2013)
930 West 1st St.
Suite 202, North
Canada V7P 3N4
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