Premier Provides Additional Drill Results from Hardrock Including 400.53 g/t Au across 5.0 metres (11.68 oz/t gold across 16.4 feet)

May 21st, 2013
View PDF

PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce additional high-grade results from ongoing drilling at the Company’s Trans-Canada Property in Northwestern Ontario. Drilling has discovered a parallel gold-bearing horizon within 250 metres of surface and continues to confirm extensions to several horizons. New highlight intercepts include:

  • 400.53 grams per tonne gold (g/t Au) across 5.0 metres (m) in hole HR156 including 2,000 g/t Au across 1.0 m drilled to upgrade resources in the deeper portion of the pit shell within the HGN-Zone.
  • A new zone(s) was discovered (North Wall Zone) to the north of the primary resource area in the condemnation program. Early results include 132.32 g/t Au across 3.9 m (3.86 oz/t gold across 12.8 feet) in hole HR155; and 13.96 g/t Au across 6.0 m and 1.52 g/t across 17.0 m in hole HR157 contained within a conceptual pit shell design.
  • 3.80 g/t Au across 22.0 m in hole HR142, a step out hole in the western portion of the conceptual open pit resource area.
  • 20.22 g/t Au across 4.5 m in the Fortune Zone in hole HR143 drilled to upgrade resources from Inferred to Indicated within a larger conceptual open pit shell.
The Trans-Canada Property, with their multi-million ounce gold resource (technical report filed February 1, 2013), are host to four gold deposits with open pit and underground mining potential, The Hardrock Project, which hosts the largest of the four deposits, is the focus of the current drill program.

The open pit portion of the 2012 mineral resource estimate for the Hardrock Deposit was limited to a depth of approximately 200 metres. Recent scoping work suggests that the resource may be optimized by eliminating this limitation and eight (8) drills are currently active to further test this model.

The ongoing program, comprised primarily of delineation drilling at Hardrock, will upgrade inferred resources in addition to testing previously undrilled areas within the conceptual pit shell associated with the resource. Table 1 provides a summary of new assay results from step-out and infill drilling within the open pit target area.

Highlights from initial drilling include multiple intercepts of strong mineralization within the known gold horizons and the discovery of new mineralized horizons to the north of the primary resource area including the North Wall Zone (north of HGN) where appreciable mineralization (veining and rare visible gold) has been identified proximal to a gabbro rock unit.

Table 1: New Assay Results from the Hardrock pit area
Hole-ID UTM
Coordinates
(m)
Dip/Azimuth
(degrees)
From
(m)
To
(m)
Interval
(m)
Grade
(g/tonne)
Interval
(ft)
Grade
(oz/ton)
Zone
HR142 5503325N
504385E
-75/180 325.5 340.0 14.5 1.12 47.6 0.03 North A
419.0 441.0 22.0 3.80 72.2 0.11 North B
446.0 452.0 6.0 2.07 19.7 0.06 North C
558.0 561.0 3.0 7.85 9.8 0.23 HGN
HR143 5503181N
504195E
-68/180 366.5 390.3 23.8 0.79 78.1 0.02 South Limb B
411.0 427.0 16.0 1.00 52.5 0.03 South Limb C
469.0 473.5 4.5 20.22 14.8 0.59 Fortune Zone
497.5 502.0 4.5 8.07 14.8 0.24 F Zone
HR144 5503300N
504675E
-40/180 76.0 86.5 10.5 0.85 34.4 0.02 North Wall Zone
137.0 142.0 5.0 2.78 16.4 0.08 North B
170.5 176.5 6.0 1.09 19.7 0.03 North A
357.0 365.5 8.5 0.80 27.9 0.02 South Limb C
398.5 403.0 4.5 3.56 14.8 0.10 F Zone
HR145 5503395N
504285E
-42/180 131.5 168.0 36.5 0.57 119.7 0.02 North Wall Zone
186.6 218.0 31.4 0.88 103.0 0.03 North Wall Zone
265.0 272.0 7.0 1.27 23.0 0.04 Lower NN
HR146 5503350N
504425E
-47/180 145.0 169.0 24.0 0.72 78.7 0.02 North Wall Zone
HR147 5503300N
504675E
-66/180 116.5 122.5 6.0 0.69 19.7 0.02 North Wall Zone
145.0 149.5 4.5 4.05 14.8 0.12 X
228.5 229.5 1.0 6.16 3.3 0.18 North Limb C
273.0 278.0 5.0 0.54 16.4 0.02 North Zone
HR148 5503350N
504425E
-68/180 15.0 29.5 14.5 0.42 47.6 0.01 X
210.0 218.5 8.5 0.61 27.9 0.02 North Wall Zone
HR149 5503395N
504285E
-64/180 255.2 263.5 8.3 1.94 27.2 0.06 North Wall Zone
295.0 301.5 6.5 0.72 21.3 0.02 North Wall Zone
395.0 410.0 15.0 0.70 49.2 0.02 X
452.0 458.7 6.7 3.96 22.0 0.12 North Zone
HR150 5503340N
504600E
-45/180 112.0 115.0 3.0 0.64 9.8 0.02 North Wall Zone
HR151 5503370N
504525E
-48/180 240.3 249.0 8.7 4.12 28.5 0.12 North Wall Zone
310.9 319.2 8.3 1.53 27.2 0.04 North Limb C
325.1 326.1 1.0 6.66 3.3 0.19 X
374.5 383.0 8.5 0.67 27.9 0.02 North Limb B
398.0 408.0 10.0 1.98 32.8 0.06 North Limb
438.5 443.0 4.5 1.72 14.8 0.05 X/North Zone
490.0 491.5 1.5 5.59 4.9 0.16 F1
517.4 520.0 2.6 8.95 8.5 0.26 F2
546.0 549.0 3.0 5.14 9.8 0.15 F2
561.0 583.0 22.0 0.37 72.2 0.01 X
700.0 715.5 15.5 1.74 50.8 0.05 X
HR152 5503435N
504600E
-48/180 242.5 244.0 1.5 4.71 4.9 0.14 X
282.0 290.0 8.0 0.67 26.2 0.02 North Wall Zone
HR153 5503390N
504200E
-45/180 371.5 382.0 10.5 0.77 34.4 0.02 NN
HR154 5503435N
504600E
-64/180 NSV
HR155 5503390N
504200E
-66/180 307.1 311.0 3.9 132.32 12.8 3.86 North Wall Zone
341.0 352.5 11.5 0.69 37.7 0.02 North Wall Zone
476.0 501.4 25.4 2.18 83.3 0.06 North Zone
HR156 5503400N
504600E
-43/180 298.0 303.0 5.0 400.53 16.4 11.68 HGN


1.0 2000.00 3.3 58.40 Including
Additional Assays Pending
HR157 5503390N
504200E
-60/180 255.0 272.0 17.0 1.52 55.8 0.04 North Wall Zone
Additional Assays Pending
MM352 5502770N
504125E
-54/360 164.0 165.5 1.5 6.43 4.9 0.19 X
263.0 274.5 11.5 2.86 37.7 0.08 Upper NN
393.0 423.0 30.0 0.68 98.4 0.02 NN
453.0 459.0 6.0 0.52 19.7 0.02 Lower NN
585.0 587.5 2.5 5.16 8.2 0.15 HGN
MM353 5502765N
504075E
-55/360 241.0 250.0 9.0 1.10 29.5 0.03 X
266.0 276.0 10.0 1.35 32.8 0.04 X
298.0 322.0 24.0 0.79 78.7 0.02 X
408.0 418.0 10.0 0.55 32.8 0.02 South Limb
519.0 551.5 32.5 1.10 106.6 0.03 North Zone
MM354 5502735N
503575E
-54/360 90.5 96.5 6.0 0.56 19.7 0.02 X
137.0 144.0 7.0 0.51 23.0 0.01 83-93 Zone
390.0 425.5 35.5 0.82 116.4 0.02 F Zone
466.0 469.0 3.0 27.38 9.8 0.80 X
510.5 513.5 3.0 9.77 9.8 0.29 Fortune Zone
553.0 556.0 3.0 2.27 9.8 0.07 South Limb C
MM355 5502795N
504325E
-50/360 381.0 383.0 2.0 2.54 6.6 0.07 NN
417.0 435.2 18.2 1.20 59.7 0.04 North Zone
MM356 5502715N
503775E
-51/360 101.5 106.3 4.8 0.53 15.7 0.02 X
364.0 378.0 14.0 2.48 45.9 0.07 X
425.4 433.0 7.6 1.26 24.9 0.04 South Limb C
485.0 494.0 9.0 0.55 29.5 0.02 North Zone
500.0 501.0 1.0 11.20 3.3 0.33 North Zone
MM357 5502743N
504025E
-56/360 303.0 313.0 10.0 0.96 32.8 0.03 F Zone
344.5 348.0 3.5 3.30 11.5 0.10 X
427.0 439.0 12.0 1.59 39.4 0.05 Fortune Zone
484.0 494.5 10.5 1.27 34.4 0.04 South Limb C
548.0 592.0 44.0 1.22 144.3 0.04 NN

* True widths estimated at 60-70% of intercept * Assays as presented are un-cut

The North Wall discovery includes multiple lenses of mineralization, locally high-grade, associated with or in close proximity to the northern gabbro rock unit. Locally, the veining associated with this new horizon contains impressive visible gold. These new horizons remain open for expansion and ongoing drilling is testing the potential of this new area.

“Hardrock continues to impress with its ongoing ability not only to provide excellent results within the known horizons, but also yielding new discoveries” stated Stephen McGibbon, Executive Vice-President of Premier. “This year’s substantial drill program will advance the project towards our goal of firming up resources for future economic studies”.

Work is now underway to advance Trans-Canada towards a production decision. A Preliminary Economic Assessment (PEA) is expected to be completed in Q3-2013 for the Hardrock and Brookbank deposits that will include combined open pit and underground scenarios.

The Trans-Canada Property benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or in close proximity to, the Project sites. Significant services and a skilled labour pool exist with several communities located in close proximity.

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 one of North America’s leading exploration and development companies with a high-quality pipeline of gold projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. The Company is fully financed with a portfolio of advanced-stage assets in world class gold mining districts such as Red Lake and Geraldton in Ontario and the most prolific gold trends in Nevada.

For further information, please contact:

Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: Info@premiergoldmines.com
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.