Premier Confirms Filing Of Hardrock Deposit NI 43-101 Technical Report
PREMIER GOLD MINES LIMITED (“Premier” or “The Company”) (TSX:PG)
is pleased to confirm that it has filed a technical report (“Report”)
prepared in accordance with Canadian Securities Administrators’ National
Instrument 43-101. The Report may be found on the Company website or
under the Company’s profile at
Highlights of the 2013 mineral resource estimate are summarized in Table 1 and include:
- Indicated resources of 3.24M ounces of gold
- Inferred resources of 3.78M ounces of gold
- New estimate includes a deeper pit when compared to previous estimates
Table 1 Hardrock Deposit Mineral Resource Summary
|Cut-off Category||Resource Category||Tonnes (Mt)||Gold (Au) Grade (g/t)||Au Ounces (Mozs)|
|Open Pit (O/P)||Indicated (I)||50.228||1.46||2.352|
|Underground (U/G)||Indicated (I)||5.522||5.01||0.889|
- The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by Regulation 43-101, are Carl Pelletier, PGeo, and Karine Brousseau, PEng (InnovExplo Inc), and the effective date of the estimate is September 23, 2013.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Results for the open pit resource potential are presented undiluted outside a Whittle-optimized pit shell, designed with a 30-metre buffer around lakes. Results for the underground resource potential are presented undiluted outside a Whittle-optimized pit shell, designed with a 30-metre buffer around lakes.
- The estimate includes 10 gold-bearing zones and a remaining undifferentiated envelope containing isolated gold intercepts.
- Resources were compiled at cut-off grades of 0.30, 0.40, 0.50, 0.60, 0.70, 0.80 and 0.90 g/t Au. The official In-pit resource potential is reported at a cut-off grade of 0.50 g/t Au. The official Underground resource potential is reported at a cut-off grade of 3.00 g/t Au.
- Cut-off grades must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost).
- Density (g/cm3) data used is on a per zone basis (envelope: 2.77, porphyry: 2.74, S4_1: 2.78, S4_2: 2.78, IF_N_1: 3.00, IF_N_2: 2.85, IF_N_3: 2.85, I0: 2.93, IF_HL: 2.81, IF_HU: 2.81, Tenacity: 2.77)
- Grade interpolation was executed within the geological zones, using the grade of the adjacent material when assayed, or a value of zero when not assayed.
- High grade capping (g/t Au) was done raw assay data and established on a per zone basis (envelope: 70, porphyry: 70, S4_1: 20, S4_2: 20, IF_N_1: 40, IF_N_2: 40, IF_N_3: 40, I0: 2.5, IF_HL: 50, IF_HU: 50, Tenacity: 70).
- Compositing was done on drill hole sections falling within the mineralized zone envelopes (composite = 1.5 m).
- Resources were evaluated from drill hole using a 2-pass ID2 interpolation method in a block model (block size = 5 m x 5 m x 5 m).
- The inferred category is only defined within the areas where blocks were interpolated during pass 1 or pass 2.
- The indicated category is only defined in areas where the maximum distance to drill hole composites is less than 40 m and where the drilling density was deemed sufficient.
- Ounce (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t).
- The number of metric tonnes was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in Regulation 43-101.
- InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource Estimate.
- Whittle parameters used (all amounts in Canadian dollars): Mining cost = $2.50/t, milling cost = $13.00/t; G&A = $3.00/t; gold price = $1,140/oz; mining recovery = 95%; mining dilution = 5%; milling recovery = 90%; pit slope 50°.
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 one of North America’s leading exploration and development companies with a high-quality pipeline of gold projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States.
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.