Premier Begins Drilling at Hardrock Project
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PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that drilling
has begun at the company’s Hardrock Project in Northwestern Ontario.
This program is expected to consist of more than 50,000 metres of
drilling leading to NI43-101 compliant resources in 2009. Two core
drills have begun testing the EP and Oreo Zones.
The EP-Zone is a near-surface, potential high-grade open pit, target consisting of mineralization up-dip and adjacent to the previously mined North Zone from which 2.97 Million tonnes of ore was mined at a grade of 7.54 g/t Au. The potential of the EP-Zone is highlighted by the following results from drilling in 1994 and previously untested core from more recent drilling that was completed for environmental purposes. Highlights include:
|Hole-ID||From (m)||To (m)||Length (m)||Grade (gpt)||Zone|
|H4||6.0||8.0||2.0||1.89||crown pillar North Zone|
|H5||5.6||8.0||2.4||9.60||crown pillar North Zone|
|H9||15.5||16.5||1.0||5.20||crown pillar North Zone|
Hardrock Project The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier earning a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced more than 2.0 Million ounces of gold from the same deposits to relatively shallow depths of approximately 2000 feet (600 metres) from 1938-1968. The mined zones remained open at depth at the time mining ceased and developed historical resources were left in place within the existing mine workings (a qualified person has not done sufficient work to verify the historical resource, the company is not treating the historical resource as a current resource and the historical resource should not be relied upon). Importantly, the Hardrock Project has the potential for defining several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario’s major gold mines including:
- Open pit style mineralization with grades exceeding 1.5 g/t Au (Timmins, Hemlo)
- Broad zones of mineralization with grades averaging 5.0+ g/t Au (Musselwhite)
- Narrow vein zones with higher gold grades often exceeding 7.0g/t (Red Lake, Pickle Lake)
The Hardrock 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 some of the most prospective geology in the region and is host to several past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 Million ounces of gold.
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. The GH results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is a well 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. The company also owns a strategic project located on the main Musselwhite Gold Mine trend and recently signed an agreement to acquire mineral properties in Geraldton area from Barrick Gold.
For further information, please contact:
Ewan Downie, President & CEO
Web Site: www.premiergoldmines.com
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.