Premier-Goldcorp Intersect Wilmar Horizon at Depth - Second Drill Mobilized to Red Lake Joint Venture
Shares Issued: 68,089,742
Premier Gold Mines Limited (TSX:PG) is pleased to announce that drilling has intersected the Wilmar Mine stratigraphy at a depth of approximately 1150 meters. Additionally, a second surface diamond drill has been mobilized to the Red Lake District “Rahill-Bonanza Project”. The Project is being operated under a 50/50 exploration joint venture with Red Lake Gold Mines, a subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG). The second drill will be targeting the Wilmar West Granodiorite Zone at depth.
The first diamond drill began drilling on May 7, 2007 and is targeting the Wilmar gold deposit down dip and plunge at depth, approximately 500 meters below the mine workings in an area where no historical diamond drilling has been completed. This drilling will consist of a “mother” hole with numerous wedge holes to test the deposit at depth and to infill a 500 m stratigraphical “gap” between the Follansbee North Zone to the south, and the Wilmar Mine workings to the north. During the final years of mining at the adjacent Cochenour Gold Mine, the Wilmar deposit was developed with 203,256 tons being mined at an average grade of at least 0.3 oz/ton Au (10.3 g/t Au). Historical data from the Wilmar Mine indicates that the deposit contains numerous intervals with high-grade gold mineralization and that the deposit remains open along strike and at depth. The initial hole has reached target depth and has intersected several mineralized alteration and vein zones hosted within a similar stratigraphy to that recorded at the Wilmar Mine, including several ultramafic horizons. These features are also recognized at Goldcorp’s Red Lake Gold Mines located approximately 3 kilometres to the east where the prolific “High Grade Zone” was discovered.
The second surface drill is targeting the Wilmar West Granodiorite Zone (“WGZ”), a second deposit contained on the Wilmar horizon and located on the Project area. The current hole is targeting the depth extension of the WGZ approximately 500 meters below any previous work in this area.
As recently announced, a third drill has started drilling onto the joint venture Project by collaring on the 41 Level (approximately 1,875 meters or 6150 feet below surface) of the Campbell Complex (formerly Campbell Mine) of Red Lake Gold Mines. This drilling is testing for possible extensions and/or repetitions of fault structures, key rock types and vein material on the project area along strike to the west of the current mine workings.
Matt Long, P. Geo., Red Lake Exploration Manager of Premier, 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 for preparation and analysis - 2 assay-tonne fire assay with an AA finish on split NQ-sized drill core.
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).
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.