PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that it has initiated it’s 2008 exploration program on the PQ North Property in Northwestern Ontario. The PQ North Property is strategically located on the PQ limb of the key iron formation that is host to Goldcorp’s Musselwhite Gold Mine.
Premier has contracted Fugro Airborne Surveys to fly it’s HM1 high resolution magnetometer system along some 530 line-kilometres of flight lines. The survey, flown at a 50-metre line spacing, will provide critical information relating to the Northern Banded Iron Formation (NBIF) and any potential faults and shear zones which may transect it. Premier anticipates conducting a diamond drill program to follow up on favourable targets indicated by the survey and existing information on the property.
The PQ North Property encompasses a major fold structure along strike from and within the NBIF, which hosts the gold-bearing ore zones at Musselwhite. Previous drilling on the property has returned several significant intersections and has identified structural units similar to those at the mine.
Recently, Goldcorp indicated that gold mineralization has been intersected in close proximity to Premier’s PQ North Property. These results include a drill intercept of 15.5 grams per tonne (gpt) gold across a true width of 4.5 metres (m) in hole 07-NSD-005.
Premier holds the right to earn a 100% interest in the PQ North Property subject to a 2% Net Smelter Returns Royalty of which Premier retains the right to acquire 1% by paying to the vendor $1 Million.
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
Premier Gold Mines Limited is a fully financed Canadian-based mineral exploration and development company with several projects and deposits in Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold mining camp, two of these are operated in joint venture with Red Lake Gold Mines. A strategic project is also located on the main Musselwhite Gold Mine trend.