Thunder Bay, February 13, 2020 - PREMIER GOLD MINES LIMITED (“Premier”, “the Company”) (TSX:PG) (OTCPK: PIRGF) is pleased to announce exploration is underway on the Company’s 100%-owned Hasaga Project. This program is testing the expansion of the Hasaga “C Zone” and “D Zone” target areas where drilling has delineated significant high-grade mineralization down plunge of the historic Howey and Hasaga Mines that collectively produced more than 640,000 ounces of gold between 1930 and 1957.
Highlights from Premier’s exploration campaigns up to late 2018 include:
- C Zone results include 50.0 m of 9.19 g/t Au (HMP164), 21.0 m of 12.03 g/t Au (HMP164W3), 54.0 m of 10.94 g/t Au (HMP151), and 67.0 m of 4.02 g/t Au (HMP176W3)
- A near-surface mineral resource estimate was completed in early 2017 with 1.12M ounces gold Indicated and 0.63M ounces gold Inferred from multiple optimized pit shells, suggesting the potential for future open-pit mining
- A new discovery located 500 m west of the C Zone with intercepts of 8.0 m of 9.55 g/t Au (HMP162) and 6.0 m of 13.67 g/t Au (HMP172)
Abbreviations used in this press release are available by following this link (click here).
The Hasaga Property is host to the past-producing underground Hasaga, Buffalo and Goldshore Mines. The property is being evaluated for both near surface lower-grade for open-pit potential as well as at depth higher-grade mineralization. Hasaga, considered to be the most prospective undeveloped gold deposit in the Red Lake camp by Premier, has earmarked in excess of $4M for 20,000m of exploration drilling in 2020. The goal is to update the current mineral resource estimate on the property, including the underground mineralization.
“Our previous drilling campaigns have confirmed the substantial potential of this property located in the heart of one of the world’s most respected high-grade gold camps. Numerous intercepts host common visible gold within attractive geometries” commented Stephen McGibbon, Premier’s Executive Vice-President. “The C Zone deposit remains open at depth and down plunge, and the 2017 D Zone discovery suggests the presence of a significant gold deposit.”
Past and future exploration are aiming to understand the western extension of the structure that hosts the Howey and Hasaga Mines. Premier’s first hole of the 2017 campaign returned a high-grade intercept grading 54.0 m of 10.94 g/t Au (HMP151) with mineralization characteristic of the Hasaga Mine. Further drilling confirmed the potential of the C Zone deposit, still wide open for expansion.
The D Zone remains a priority for exploration, with a potential southwest extension of the C Zone deposit. Holes HMP161 and HMP162 were 500 m step-outs along strike from the C Zone and intersected respectively 181.0m of 1.21 g/t Au including narrower higher-grade intervals, and 8.0 m of 9.55 g/t Au. Gold mineralization in these holes are associated with minor sulphide-bearing sequences and includes visible gold within common quartz veinlet arrays like that in the C Zone.
The current mineral resource estimate, completed in early 2017, hosts over 1.1 million ounces of gold of Indicated material and 0.6 million ounces of gold of Inferred material. The mineralization is potentially open-pitable. The 2020 drill program will seek to add higher-grade, potentially underground mineable resources on the property.
Premier Gold Mines Limited is a gold-producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico. Premier remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines; South Arturo and Mercedes, and through future mine development opportunities at Hardrock in Ontario (Greenstone Gold JV) where permitting and development initiatives are ongoing and McCoy-Cove in Nevada.
Julie-Anaïs Debreil, Ph.D, 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. Assay results are from core samples sent to Activation Labs, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. For a complete description of Premier’s sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Hasaga Project dated February 24, 2017 (effective date December 30, 2016), entitled “National Instrument 43-101 Technical Report: Hasaga Project, Red Lake Mining District, Ontario, Canada” located on Premier’s website and at www.sedar.com.
For further information, please contact:
Ewan Downie, President & CEO
This Press Release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, mineral resource and mineral reserve estimates, corporate and technical objectives, the completion of the Offering and the closing date for the Offering. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risk that the Offering may not be completed on favourable terms or at all, the risk that Premier may not be able to obtain all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange, the risk that the proposed transaction with Orion may not be completed, the risk that Premier may apply the net proceeds of the Offering differently than as stated herein depending on future circumstances, the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Premier's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.