Includes 39.6 m of 17.11 g/t Au
Thunder Bay, September 21, 2020 - Premier Gold Mines Limited (TSX:PG) (OTCPK: PIRGF) (“Premier”, “the Company”) is pleased to announce positive drill results from expansion drilling at the El Nino underground mine on the Company’s 40%-owned South Arturo Property, located in the Carlin Trend of Nevada. The South Arturo Mine is a joint venture between Premier and Nevada Gold Mines LLC. These step-out drill results are part of a campaign of 25 holes (3,500 m) designed to substantially increase the extent of known mineralization at depth.
Highlight intercepts from the ongoing drill program include:
- 39.6 m of 17.11 g/t Au includes 21.3 m of 24.75 g/t Au (SER20019)
- 100.6 m of 5.73 g/t Au includes 13.7 m of 8.52 g/t Au (SER20018)
- 41.1 m of 7.37 g/t Au includes 13.7 m of 11.83 g/t Au (SEC20003)
- 32.0 m of 7.65 g/t Au includes 10.7 m of 14.83 g/t Au (SER20017)
Additional results from the 2020 drilling campaign are pending.
Abbreviations used in this press release are available by following this link (click here).
“El Nino has returned excellent grade and width intercepts in 2020 that bode well for the future of the mine”, stated Peter Van Alphen, Chief Operating Officer of Premier. “We are hopeful to see an increase in year-end reserves and resources based on these successes that will provide for an expanded mine life. The deposit remains open at depth and along strike”.
The El Nino Mine is located on the northern end of the prolific Carlin Trend. As at June 30, 2020, production at El Nino for the year had exceeded 550 tonnes per day at 8.90 g/t Au (100% basis) resulting in 11,495 ounces of production attributable to Premier and supporting all-in sustaining costs (AISC) of $1,031 per ounce sold. Since declaring commercial production in October 2019, the mine has maintained strong performance.
El Nino is a Carlin-type deposit hosted in a silica-sulphide breccia within the Rodeo Creek formation at the contact with the Bootstrap limestone. Exploration drilling in 2020 is testing the down-plunge extent of mineralization at intersections of favorable structures, where high-grade ore often resides. To-date, the results of this campaign (see Table 1 and Figure 1) indicate the ore body remains open to the east and along strike north and south.
The 2020 program at El Nino includes both in-fill and step-out drilling from underground drill stations proximal to existing mine areas and at depth. The irregularly shaped mineralization mapped from mining excavations suggests true widths are likely 60% to 80% of the lengths summarized in Table 1. The intercept summarized for hole SER20025 may be tracing sub-parallel to its host structure.
Additional drilling is currently underway at targets proximal to the proposed Phase 1 and Phase 3 pit projects and results are expected to be received in the fourth quarter. Following the 2020 campaign, a revised mineral resource estimate will be completed.
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.
Stephen McGibbon, P. Geo., Executive Vice President, Corporate and Project Development, 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. The primary assay laboratories for the South Arturo Mine are ALS Chemex Labs (ALS Chemex) and American Assay Labs (American Assay) in Reno, Nevada. For a complete description of sample preparation, analytical methods and QA/QC procedures, refer to the technical report dated March 26, 2018 (effective date December 31, 2017), entitled “Technical Report on the South Arturo Mine, Elko County, State of Nevada, USA” 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 and corporate and technical objectives. 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 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.