Premier Reports More Success at Hasaga Red Lake
(Including 1.09 g/t Au across 177.0 metres core length in HLD052)
Premier Gold Mines Limited (TSX-PG) is pleased to provide its latest update from surface drilling on the Company’s 100%-owned Hasaga Project in the Red Lake gold mining district of Northwestern Ontario. Drilling continues to extend near surface mineralization in the Hasaga Porphyry and Central Zone areas and is encountering encouraging initial results at the Northgate exploration target area. All abbreviations used in this press release are available by following this link (click here).
Highlights from the program include the following:
- HMP089 contains 42.11 g/t Au across 7.0m in the H1 Zone at the Hasaga Porphyry target area beginning at 25.0m downhole and includes 285.0 g/t Au across 1.0m beginning at 30.0 m downhole
- HMP095 contains multiple intercepts including 2.15 g/t Au across 16.5m in the H1 Zone, 2.01 g/t Au across 11.0m in the H2 Zone, and 1.44 g/t Au across 31.0m in the H3 Zone
- HLD044 contains 0.78 g/t Au across 209.0m at the Central Zone target area beginning at 51.0m downhole and includes 1.14 g/t Au across 40.0m beginning at 172.0m downhole
- HLD050 contains 0.72 g/t Au across 217.0m beginning at 44.0m downhole and includes 1.05 g/t Au across 61.0m beginning at 44.0m downhole
- HLD052 contains 1.09 g/t Au across 177.0m beginning at 9.0m downhole including 5.10 g/t Au across 17.0m beginning at 75.0m downhole
*True widths range between 65% and 90% of reported results
The Hasaga Property is host to the past-producing Hasaga and Gold Shore Mines and is strategically-located proximal to the Balmer-Confederation regional unconformity, recognized as an important geologic feature at the multi-million ounce past and currently producing Red Lake area mines (See Figure 1).
Tables 1, 2 and 3 provide a more comprehensive summary of highlight results from additional holes drilled at Hasaga. Recent highlights include the identification of a new near-surface mineralized zone in the footwall of the Hasaga Porphyry (noted as F1 in Table 1), expansion and infill-success in the Central Zone (provided in Table 2), and intersecting additional high-grade mineralization in follow-up at the HNG010 target (Table 3). Additional images profiling these results can be viewed utilizing the following link (click here).
Premier is currently concluding the winter phase of drilling at each of the three primary target areas and anticipates a short break in May prior to undertaking the final phase of the program which is expected to include an aggregate 50,000 metres of drilling during 2016.
“We will use the short drilling break to update our internal mineral inventory and litho-structural models prior to reassessing where our priorities will focus during the summer season” commented Ewan Downie, President and CEO on the Company’s C-Suite Blog (http://www.premiergoldmines.com/news/c-suite-blog). “Each of our primary target areas has generated solid results during our winter campaign.”
The remainder of the 2016 exploration program will include a mix of infill and step-out drilling, bulldozer stripping, mapping and channel sampling on relevant outcrop exposures, wedge drilling to test the continuity of recently identified high-grade gold mineralization, and additional step-out drilling along strike on the new property area.
The initial metallurgical test program is underway with the selection of samples to be used and design of program being undertaken; Premier anticipates reporting on results of this program during the second half of the year.
Hasaga Porphyry Target
The Hasaga Property is located along a “regional trend” that was host to multiple historic mines including the Hasaga, Howey and Madsen mines. Drilling has confirmed this target with multiple intercepts of mineralization as highlighted in Table 1 that are surrounded by broad haloes of lower grade mineralization (typically less than 0.60 g/t Au) which results in some intercepts exceeding 100 metres in core length. Apparent gaps in the numerical “HOLE_ ID” sequence listed in Table 1 reflect those holes which don’t contain higher grade composite intervals, but often do contain the lower grade haloes over variable widths. A number of pending results will be reported on in a supplementary update during the second quarter.
The intercept reported in HMP089 (42.11 g/t Au across 7.0m) is supported by broad sericitic alteration, silicification and low levels of intermittent pyrrhotite and chalcopyrite mineralization, however, it is critical we ensure higher grade intercepts are well understood within the context of the deposit type and the frequency of their occurrence. Higher grade mineralization is expected locally within the deposits as supported by the historic underground mining that has occurred along this trend.
Table 1: Highlight Results From final drilling in the Hasaga Porphyry target
|HMP085||441393 E / 5651456 N||-38 / 332||E1400||H2||94.5||105.0||10.5||0.87|
|HMP086||441350 E / 5651428 N||-35 / 332||E1250||H2||33.0
|HMP087||441323 E / 5651364 N||-35 / 332||E1150||H1||29.0||39.0||10.0||1.28|
|HMP088||441424 E / 5651362 N||-35 / 332||E1300||H1||69.0||96.0||27.0||0.75|
|HMP089||441407 E / 5651406 N||-35 / 332||E1300||H1||25.0||32.0||7.0||42.11|
|HMP090||441421 E / 5651468 N||-35 / 342||E1350||H2||48.0||54.0||6.0||1.03|
|HMP091||441461 E / 5651430 N||E1350||H2||46.0||61.0||15.0||0.82|
|HMP092||441485 E / 5651394 N||-35 / 332||E1350||H1||70.0||99.0||29.0||0.69|
|HMP093||441481 E / 5651488 N||-35 / 332||E1400||H2||37.0||50.0||13.0||0.69|
|HMP094||441513 E / 5651444 N||-35 / 332||E1400||H2||93.0||107.0||14.0||1.74|
|HMP095||441528 E / 5651417 N||-35 / 332||E1400||H2||69.0||85.5||16.5||2.15|
|HMP096||441393 E / 5651344 N||-35 / 332||E1250||H2||28.5||118.0||89.5||0.78|
|HMP097||441372 E / 5651384 N||-35 / 332||E1250||H2||39.0||60.0||21.0||0.98|
* - True widths range between 65% and 90% of reported results
Central Zone Target
The Central Zone Target is located where a series of conjugate structures occur within the Dome Stock, a large granodiorite rock unit in the heart of the Red Lake camp. A single hole drilled in this area in the 1980’s by Lac Minerals reported wide spread mineralization that was not followed up. Premier drilling in 2015 confirmed this open pit target, which is further augmented by our 2016 winter drill (see Table 2 below) program results with multiple intercepts of wide-spread gold mineralization up to more than 100 metres in length.
Our highlighted drill intercept in hole HLD052 of 1.09 g/t Au across 177.0m is supported by two other intercepts exceeding 200m in core length and beginning within the first 50m of core length down the hole.
Table 2: Highlight Results From final drilling in the Central Zone target
|HLD037||440884 E / 5652098 N||-57 / 220||40500||1.5||19.0||17.5||0.78|
|HLD038||440881 E / 5652098 N||-45 / 220||40500||120.0||137.0||17.0||0.66|
|HLD039||440756 E / 5652186 N||-60 / 216||40600||145.0||155.0||10.0||0.99|
|HLD040||440670 E / 5652048 N||-45 / 216||40600||9.0||27.0||18.0||0.74|
|HLD041||440756 E / 5652186 N||-45 / 216||40600||37.0||42.0||5.0||0.98|
|HLD042||440757 E / 5652032 N||-45 / 215||40500||7.0||71.0||64.0||0.75|
|HLD043||440702 E / 5652237 N||-45 / 0||40700||191.0||197.0||6.0||2.70|
|HLD044||440791 E / 5652086 N||-45 / 213||40500||51.0||260.0||209.0||0.78|
|HLD045||440700 E / 5652237 N||-45 /180||40700||232.0||243.0||11.0||1.90|
|HLD046||440697 E / 5652089 N||-45 /215||40600||79.0||108.0||29.0||1.17|
|HLD047||440708 E / 5652050 N||-45 /215||40550||74.0||94.0||20.0||1.55|
|HLD048||440751 E / 5652092 N||-45 /214||40550||60.0||65.0||5.0||1.14|
|HLD049||440700 E / 5652234 N||-60 / 180||40700||305.0||313.0||8.0||1.44|
|HLD050||440837 E / 5652088 N||-45 / 215||40450||44.0||261.0||217.0||0.72|
|HLD051||440729 E / 5652219 N||-45 / 214||40650||51.0||59.0||8.0||0.90|
|HLD052||440942 E / 5652005 N||-45 / 213||40300||9.0||186.0||177.0||1.09|
|HLD053||440730 E / 5652220 N||-60 / 209||40650||68.0||73.0||5.0||1.03|
* - True widths range between 65% and 90% of reported results
Upon acquiring the Hasaga Property from Goldcorp in early 2015, Premier believed that Hasaga and Gold Shore underground mines (that ceased production in the early 1950’s) had the potential to host gold mineralization that could be amenable to open pit mining methods in addition to higher grade underground mineable potential. Drilling suggested the open pit potential at the Hasaga Porphyry and Central Zone target areas and has also intersected high-grade gold mineralization in the Gold Shore structural trend. The Red Lake Gold Shore mine, which saw limited historic production (grading 8.37 g /t Au), is situated within a structural corridor that has seen little exploration.
Table 3 provides highlight results from recent follow-up drilling of high grade mineralization (with visible gold) that occurred in hole HNG010 and was first reported on January 26, 2016.
Table 3: Highlight results from follow-up drilling of HNG010 target
|HNG010**||441014 E / 5652556 N||-45 / 035||462.0||471.0||9.0||1.16|
|HNG010WB||441014 E / 5652556 N||-38 / 038||376.5||382.5||6.0||4.43|
|HNG010WC||441014 E / 5652556 N||-37 / 039||461.0||480.0||19.0||0.83|
|HNG010WD||441014 E / 5652556 N||-36 / 034||432.0||471.0||39.0||2.65|
* - True widths range between 65% and 90% of reported results; ** - previously released
The results of the three wedge holes to test the continuity of the high grade in HNG010 suggest that mineralization at the target depth is persistent, but variable. Of the three new holes drilled, hole HNG010WD returned an intercept of 2.62 g/t Au across 39.0 metres including 11.00 g/t Au across 7.0 metres at a depth generally consistent with the original high grade intercept in HNG010.
Stephen McGibbon, P. Geo., is the Qualified Person, has approved 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 either Accurassay Laboratories or Activation Labs, both accredited mineral analysis laboratories in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. A quality assurance and quality control program (QA/QC) was implemented by Premier Gold Mines and the laboratory to insure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and field duplicates in the sample batches sent to the laboratory and a systematic re-assaying of samples returning values above 5 g/t Au by fire-assay using a gravimetric finish.
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 well-financed with approximately $50 million in cash and investments as of March 1st, 2016, and 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.
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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.