Premier Expands High-Grade Open Pit Potential at Hardrock Including 1.54 Oz/Ton Gold Over 25.9 Feet
PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce drill results from the NN Zone, comprising the final results from drilling that will be used for an upcoming NI43-101 resource calculation relating to open pit style deposits on the Hardrock Project in Northwestern Ontario. Drilling has delineated multiple zones potentially amenable to open pit mining, including recently identified high-grade gold mineralization within the NN Zones. Highlights from recent drilling include the following results:
- 5.26 grams per tonne gold (g/t Au; 0.15 ounces per ton) across 11.7 metres (m; 38.4 feet) in hole MM053
- 3.50 g/t Au (0.10 ounces per ton) across 36.5m (119.7 feet) in hole MM056
- 52.90 g/t Au (1.54 ounces/ton) across 7.9m (25.9 feet) in hole MM062
- 35.45 g/t Au (1.04 ounces/ton) across 3.6m (11.8 feet) in hole MM066
Premier intends to release the results of the initial resource estimate prior to the end of 2009. Initial drilling results during the latter stages of 2009 support Premier’s belief that additional mineral resources, amenable to underground mining methods, may be delineated at depth. It is Premier’s intention to aggressively pursue this style of drill target during 2010, with the goal of amending the initial mineral resource sometime after the end of the second quarter.
At Hardrock, significant potential exists for developing resources in several areas including:
- Open pit-style mineralization at sites where historic resources were partially delineated by previous operators, in addition to newly defined mineralization at the Tenacity, EP and Kailey Zones;
- Numerous surface and historic high-grade gold intercepts throughout the large property package that have received little to no follow-up;
- Historic resource blocks reported to remain within the mine workings, including high-grade vein targets; and,
- The main mined zones which remain open below the 600m Level.
Table 1 New Sub Zone Intercepts from NN Zone drilling at Hardrock
True widths estimated at approximately 70% of intersection widths NSV - No Significant Values
Figure 1 Planview: Collar Locations From NN Zone Drilling at Hardrock
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier holds a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold primarily from relatively shallow depths (600 metres) from 1938-1968. A recent hole to test the North Zone horizon below the bottom mine level at Hardrock has intersected several mineralized zones further demonstrating the potential for the project to host a multi-million ounce resource. This hole is the first deep hole completed by the joint venture. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property.
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. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, 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 active projects and deposits in Northwestern Ontario. In the Red Lake gold mining camp, two projects are operated in joint venture with Red Lake Gold Mines, and another, adjacent to the Red Lake Gold Mines complex, is operated on a 100% basis. The company also owns a 100% interest in the PQ-North Project, located along strike from Goldcorp’s Musselwhite Gold Mine.
For further information, please contact:
Ewan Downie, President & CEO
Web Site: www.premiergoldmines.com