Premier-Goldcorp Intersect Gold at Red Lake Joint Venture
Shares Issued: 59,195,742
Table 1 Summary of 2007 Winter Drill Program — Rahill Bonanza Project
|Target Area||Zone (Metres Drilled)||Hole ID||Azimuth||Dip||Length (m)||From (m)||To (m)||Interval (m)||Grade (g/t)||Comments|
|#1||CP Zone||PG07006||312°||-75°||534||No significant assays|
|PG07009||312°||-63°||450||No significant assays|
|PG07011||324°||-62°||453||No significant assays|
|PG07014||324°||-65°||501||No significant assays|
|PG07005W1||26°||-60°||11.5||Wedged; Didn’t reach target|
|PG07005W2||26°||-60°||161.5||Wedged; Didn’t reach target|
|610||610.5||0.5||18.1||VG; included in interval above|
|PG07005W5||26°||-60°||244.8||Wedged; No significant assays|
|PG07012||40°||-66°||1,113.00||728||729||1||2.18||Didn’t reach target; in ultramafic|
|732||733||1||7.7||Part of anomalous ultramafic|
|#4||North||SWF04-3W2||339°||-81°||361.5||Wedged; Didn’t reach target|
|Contact||SWF04-3W3||339°||-81°||186||Wedged; Didn’t reach target|
|SWF04-3W5||339°||-81°||153||445||447||2||2.09||Hole not completed|
|(704.0 m)||388||390||2||5.54||Included in interval above|
Some 8 holes were drilled in the northwest portion of the Property (See Figure 1, Target Area #3) to test areas that had no previous drilling and were designed to provide better geological knowledge of this area. This drilling intersected significant gold mineralization in two areas:
- Within a granodiorite rock unit similar to, and along strike from, the Wilmar West Granodiorite Zone returned assays of up to 18.10 grams per tonne of gold (g/t Au) across 0.50 metres.
- Within a new ultramafic rock unit that hosts widespread anomalous gold mineralization up to 7.7 g/t Au.
Hole PG07012, which did not reach its intended target due to ice melting, intersected a 15-meter wide section of an ultramafic rock unit that returned highly anomalous gold ranging up to 7.7 g/t Au over 1.0 metre sample intervals. This zone is important as the geological setting is nearly identical to that at the Red Lake Gold Mines (RLGM) that is located in the same suite of rocks approximately 3 kilometres (kms) to the east. Additionally, this area of the Property, and the associated ultramafic unit, has not been tested by previous drilling and this horizon remains open in all directions
The balance of the winter drill program tested under the lake along-strike from the CP Zone (See Figure 1, Target Area #1) and the North Contact Zone (Target Area #4). This CP Zone drill program suggests that the Bonanza Deposit is pinching to the west as the most significant intersection returned 4.08 g/t Au across 1.0 metre in hole PG07007.
Infill Sampling Program
In addition to this drilling, full infill sampling was completed on drill core that was not assayed during previous drill programs in the area of the Bonanza deposit. This sampling continues to demonstrate that the Bonanza Zone hosts significant near-surface gold mineralization with new intercepts such as 3.45 g/t Au across 34.0 metres in hole SWF-05-22A and 4.2 g/t Au across 22.0 metres in hole SWF-05-24 . Significant intercepts are provided in Table 2.
Table 2 2007 Infill Sampling - Summary of Significant Intercepts
|Including 2007 infill samples||Original sample intervals|
|Hole ID||Azimuth||Dip||From (m)||To (m)||Interval (m)||Grade (g/t)||From (m)||To (m)||Interval (m)||Grade (g/t)||Comments|
|101||104||3||3.79||Included in above interval|
|116||120.5||4.5||2.99||116||120.5||4.5||2.99||Included in above interval|
|99||101||2||3||Included in above interval|
|70||74||4||3.6||70||74||4||3.6||Included in above interval|
|62||69.47||7.47||9.36||Included in above interval|
|61||64||3||5.56||Included in above interval|
|76||79||3||11.19||76||79||3||11.19||Included in above interval|
|67||70||3||10.54||Included in above interval|
2007 Spring & Summer Exploration Program
Drilling on the joint venture property will resume immediately, with a program designed to test primary targets of the Property including the Wilmar Main Deposit Area (See Figure 1, Target Area #4), which will also test the ultramafic intersected in PG07012, and the Bonanza Deposit Area. .
The Wilmar Mine was mined between the 1300 and 2000-foot levels for several years prior to the closure of the Cochenour Gold Mine in 1971. During the period from 1967 to 1971, 203,256 tons of ore were mined from Wilmar at an average grade of 0.30 oz/ton Au (10.286 g/t Au) and drilling has returned numerous high-grade intersections beneath, and in the vicinity of, the mine workings. The current drilling will test below the mine workings with holes being fanned from the initial holes.
Figure 1 Target Areas #1 to #5 on Rahill-Bonanza Project
Drilling at Bonanza will test below the existing deposits and will infill previous areas of higher grade mineralization in an effort to define zones that would be amenable to test mining in the near future. Previous drilling has returned numerous significant intersections including 16.39 g/t Au across 6.8 metres in hole 05WB-57, 13.27 g/t Au across 19.0 metres in hole 05WB-69, and 8.66 g/t Au across 22.0 metres in hole 05WB-27.
Also, as previously reported, a two-hole underground diamond drilling program, utilizing the Campbell Complex of RLGM some 1,860 metres below surface, is designed to test the potential for mineralization proximal to and on strike from RLGM to exist on the joint venture property (See Figure 1, Target Area #2).
“We are excited that we have begun testing the primary targets on the Property”, stated Ewan Downie, President and CEO of Premier. “This drilling will include deep drilling, well below any previous work on the property along a trend where deep drilling has proven to be successful. This drilling is expected to provide valuable information as we move closer to expected underground development.”
About the “Mine Trend” Joint Venture
Goldcorp and Premier have combined projects on the main Red Lake “Mine Trend”, strategically located between Goldcorp’s RLGM to the east and the Cochenour Gold Mine, and Gold Eagle’s (GEA:TSX) Bruce Channel discovery, to the west. The partners are exploring this Property on a 50/50 basis. Red Lake is world renowned for high-grade gold and Goldcorp’s RLGM is regarded as one of the highest grade gold mines in the world.
Core has been split, with half sent to Accurassay Laboratories in Thunder Bay for fire assay. Premier’s Red Lake District Project Manager, Mr. Matt Long - 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 a Canadian-based mineral exploration and development company with diverse property holdings that include 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 Goldcorp Inc. (TSX:G). A strategic project is also located on the main Musselwhite Gold Mine trend (Goldcorp-Kinross).
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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.