Premier-Goldcorp Red Lake Joint Venture Drilling Intersects 14.2g/t Au Across 5.0 Meters
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PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that deep drilling at the Wilmar Mine area, the first of five target main target areas to be tested in the current two-year exploration program, continues to demonstrate the potential for significant high-grade gold mineralization. Drilling has now intersected two of the main targets at Wilmar, the main Wilmar Mine stratigraphy at depth and the Wilmar West Granodiorite Zone. Two surface drills are currently on the Project and one drill is currently drilling on the Project from the workings of the Red Lake Gold Mines. The “Rahill-Bonanza Project” is being operated under a 50/50 exploration joint venture with Red Lake Gold Mines, an affiliate of GOLDCORP INC. (TSX:G, NYSE:GG).
At the Main Wilmar Gold Mine, drilling has intersected multiple gold horizons including a new zone discovered in the hanging wall of the Wilmar Horizon with new assay results of 14.2g/t Au across 5.0 meters including 59.09g/t Au across 1.0 meters. The new zone has been intersected in the first two deep holes (PG07015W4 and PG07018W1) drilled to test the Wilmar Mine horizon. Both holes did not reach the main target of the program, the North-East Breccia Zone (“NEBZ”), due to limiting out of the drill and/or pinching in the soft ultramafic rocks. PG07015W4 will be deepened when a larger drill is available, and an additional hole was wedged from PG07018 that did intersect the NEBZ - assays from the NEBZ remain pending. The new zone is hosted within a mafic volcanic flow containing quartz - carbonate veinlets and has been intersected at depths of approximately 800 and 1240 metres below surface, to some 630 metres beneath the mine workings. The following table provides a summary from the first two holes:
|HOLE NO||INTERSECTION (m)||WIDTH (m)||ASSAY (g/t Gold)||Zone|
|PG07015W4||1273.00-1274.00||1.0||49.00 (1.43 oz/ton)||New - Qtz Carb|
|PG07018W1 (click to view visible gold)||905.00-910.00||5.0||14.19 (0.41 oz/ton)||New - Qtz Carb|
|Incl.||905.00-906.00||1.0||59.09 (1.72 oz/ton)|
|995.00-996.00||1.0||8.81 (0.26 oz/ton)||South Breccia|
The Rahill-Bonanza Project is strategically located along the main Red Lake “Mine Trend” between the Red Lake Gold Mines to the east and the Cochenour Gold Mine and Bruce Channel discovery to the west (See Figure 1 & 2). The geological setting at Wilmar shares many similarities to the Red Lake Gold Mines, located in the same suite of rocks to the east, and the Cochenour Mine-Bruce Channel discovery to the northwest. The current drilling is part of a major, two year, exploration program ($5 Million budgeted for 2007) that will test several prospective targets on the Property.
Recent drill holes have also reached the West Granodiorite Zone and have intersected several mineralized alteration and vein zones hosted within a similar stratigraphy to that recorded at the Wilmar Mine. Visible gold has been noted in several vein zones.
Additionally, a third drill has started drilling toward the Joint Venture project by collaring on the 41 Level (approximately 1,875 meters or 6,150 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. The initial hole was stopped due to drilling difficulties and a second hole is now underway and is expected to be completed in the next several weeks.
Figure 1(Click to Enlarge)
Figure 2(Click to Enlarge)
A brief slideshow in “.pdf” format outlines key aspects of this press release and is available to be viewed on the “Home Page” and “Rahill-Bonanza Project” area of the Premier Gold Mines Limited website.
Matt Long, P. Geo., Red Lake District Project 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 in Thunder Bay for assay.
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.