Premier Hardrock Drilling Continues to Intersect High Grade Gold
PREMIER GOLD MINES LIMITED (TSX:PG)
is pleased to announce that ongoing drilling at the Hardrock Project in
Geraldton, Northwestern Ontario continues to intersect high grade open
pit style mineralization in the EP-Zone target.
include 4.56 grams per tonne gold (g/t Au) across 24.5 metres (m) in
hole EP029, 3.04g/t Au across 31.3m in hole EP031, and 2.63g/t Au across
43.5m in hole EP032 suggest strong tonnage potential as drilling
progresses into the heart of the EP-Zone. These intersections are
located 50m and 100m west of a previously announced intersection of
2.37g/t Au across 62.7m in hole EP026.
This drilling continues to
identify significant near surface (open pit-style) mineralization
contained within multiple zones and further supports management’s belief
that high grade potential exists proximal to mine workings.
Recent highlights include:
- EP-Zone mineralization has been intersected over a minimum strike length of 400 metres and remains open in all directions.
- The above mentioned intersections are contained within the north limb of the EP-Zone. Drilling is ongoing in the South Limb (assays pending) along strike from a previously announced intersection of 11.83 g/t Au across 11.4 m.
The EP-Zone is comprised of near-surface mineralization proximal to the historic North Zone mine workings from which nearly one million ounces of gold was produced to a depth of 2,000 feet. Drilling has identified multiple sub-zones within the iron formation-hosted South (SL) and North (NL) Limbs of the EP target. Significant mineralization has been intersected over a strike length of 400 metres, to depths of up to 150 metres, and remains open in all directions.
The following table of results demonstrates continuity and grade within the EP-Zone, supporting management’s belief that historic and new results will be utilized in a NI43-101 compliant resource calculation which is expected to be completed in Q4 2009.
|HOLE-ID||ZONE||FROM (m)||TO (m)||INTERVAL (m)||GRADE (g/tonne)||INTERVAL (ft)||GRADE (oz/t)|
|EP027||NL - B||5.0||6.0||1.0||5.84||3.3||0.17|
|EP028||NL - B||40.0||51.9||11.9||1.01||39.0||0.03|
|EP029||NL - C||34.5||39.0||4.5||3.46||14.8||0.10|
|NL - B||54.0||78.5||24.5||4.56||80.4||0.13|
|EP033||NL - B||10.0||24.0||14.0||0.55||45.9||0.02|
|EP034||NL - C||14.5||22.3||7.8||0.90||25.6||0.03|
|NL - B||38.7||43.8||5.1||3.19||16.7||0.09|
|EP035||NL - B||25.0||43.8||18.8||2.04||61.7||0.06|
|EP036||NL - B||13.7||15.0||1.3||27.82||4.3||0.81|
The current program at Hardrock is expected to consist of more than 50,000 metres of definition and exploration drilling. The Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier earning a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced more than 2.0 Million ounces of gold from the same deposits to shallow depths of some 2000 feet (600 metres) from 1938-1968. The mined zones remained open at depth at the time mining ceased and developed historical resources were left in place within the existing mine workings (a qualified person has not done sufficient work to verify the historical resource, the company is not treating the historical resource as a current resource and the historical resource should not be relied upon) . Importantly, the Hardrock Project has the potential for defining several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario’s major gold mines including:
- Open pit-style mineralization with grades exceeding 1.5 g/t Au (Timmins, Hemlo)
- Broad zones of mineralization with grades averaging 5.0+ g/t Au (Musselwhite)
- Narrow vein zones with higher gold grades often exceeding 7.0g/t (Red Lake, Pickle Lake)
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. The assay results presented are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Thunder Bay, 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 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 Red Lake Gold Mines and the Company has recently signed an Option Agreement to acquire a 100% interest in the strategic Lennie Red Lake Property. The company also owns a strategic project located on the main Musselwhite Gold Mine trend.
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.