PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that drilling at the Geraldton Project has confirmed it’s initial exploration model by intersecting multiple zones with high-grade gold mineralization proximal to the past-producing Little Long Lac Gold Mine including 254.8g/t Au (7.44 opt) over 0.3m, 60.88/t Au (1.78 opt) over 1.0m and 45.3g/t Au (1.32 opt) over 1.0m. The Geraldton Project is being operated by Premier under an option agreement with Roxmark Mines Limited (TSX-V:RMK).
The “Geraldton Project” is located in the heart of the Beardmore-Geraldton greenstone belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers approximately 10 kilometres of some of the most prospective geology in the region and is host to three past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 Million ounces of gold.
The first target area tested in the ongoing $2.5 Million program was to confirm Premier’s belief that previously untested sub-parallel mineralized faults occur proximal to the historic Little Long Lac Gold Mine. The mine produced more than 600,000 ounces of gold during the period 1934-53 at an average grade of 11.66g/t Au. The initial drill program consisted of 8 wide-spaced holes drilled immediately south of the historic mine workings over a strike length of 400 metres. This drilling successfully intersected multiple, near-surface, mineralized vein zones including what is believed to be the up-dip extension of the No.10 Vein. Prior to closure, drifting was carried out on the “No.10 Vein” that was discovered on the 16th Level, one of the deeper levels (675 metres below surface) of the mine. Limited data available with respect to this zone suggests that the No.10 Vein carried high-grade gold and that little previous exploration was carried out up-dip towards surface. Highlights from this initial drilling are presented in Table 1.
Table 1 Significant Results at Little Long Lac Target Area
|Hole-ID||Section||From||To||Length (m)||Zone||AU (g/t)||AU (opt)|
NOTE: True widths estimated at approximately 70% of intersection width
Current drilling is following-up on the new high-grade gold veins to further delineate the zones, and is also testing two additional, highly prospective targets located immediately north and east of the Little Long Lac Mine.
Premier, operator of the Project, holds the option to earn up to a 70% interest in the Geraldton Project by making cash and share payments to Roxmark, and performing exploration on the Project.
In addition to Geraldton, Premier is active on two additional projects:
- A major exploration program has resumed on the Rahill-Bonanza Project, operated under a 49%:51% joint venture with Red Lake Gold Mines: (a) Drilling is expected to continue from the underground workings of the Red Lake Gold Mines complex in the near future; (b) deep drilling is underway in the vicinity of the Wilmar deposit; and, (c) a major drill program has commenced at Bonanza consisting of in-fill and expansion drilling to further define the Bonanza Deposit, where previous drilling has returned numerous significant intersections to depths of less than 600 metres including 13.27 g/t Au across 19.00 metres, 8.66 g/t Au across 22.0 metres and 5.05 g/t Au across 34.95 metres. A recent NI 43-101 compliant inferred mineral resource estimate on the Bonanza Deposit reported 512,000 ounces of gold at an undiluted grade of 6.98 g/t Au.
- Exploration drilling is underway at the Santa Teresa Property in Mexico, a joint-venture project with Sutter Gold Mining Inc. Drilling is testing for the potential down-plunge extension of the high-grade, past-producing, Princessa Gold Mine which produced at an average grade of more than 1.0 ounce of gold per ton. Drilling has intersected several mineralized vein zones including local occurrences of visible gold — Assays are expected in March.
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. Core is sent to Accurassay Laboratories in Thunder Bay for preparation and analysis — fire assay and pulp metallic assay.
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.