Premier Gold Mines Limited (TSX-PG) is pleased to provide a summary of recent drill results from the Company’s 100%-owned Hasaga Project located at Red Lake, Ontario. The 2018 program is focused on infill and expansion of mineralization within the C-Zone, D-Zone and Buffalo targets areas.
The Hasaga Property is located in the Red Lake Greenstone Belt (RLGB), an Archean-aged greenstone belt within the Uchi Sub-province of the Superior Structural Province. The Red Lake district has produced nearly 29 million ounces of gold from multiple mineralization settings. Gold mineralization at the Hasaga Property occurs as quartz-veinlet stockworks veinlet arrays hosted predominantly within the Dome Stock (a granodioritic intrusion) or a nearby quartz-porphyry dike that occurs within the proximal Balmer Assemblage.
Highlights of the initial results from drilling in 2018 include the following:
- Hole HMP167: 5.5m of 7.21 g/t Au and 10.0m of 8.54 g/t Au
- Hole HMP169: 3.0m of 14.36 g/t Au, 1.0m of 20.00 g/t Au and 2.0m of 58.76 g/t Au
- Hole HMP169-W1: 4.0m of 26.45 g/t Au, 4.0m of 6.83 g/t Au and 5.0m of 17.93 g/t Au
- Hole HMP171: 6.0m of 5.86 g/t Au
- Hole HMP172: 6.0m of 13.67 g/t Au
Abbreviations used in this press release are available by following this link (download list).
The US$2.8 million 2018 program consists of 20,000 metres of drilling to follow up significant intercepts from Premier’s 2017 exploration program. Highlight intercepts from the 2017 exploration campaign in the C-Zone include; 54.0 metres of 10.94 g/t Au in hole HMP151 and 21.0 metres of 12.03 g/t Au in hole HMP164-W3. Figure 1 is a long section view displaying the location of the 2017-2018 drilling in the C-Zone, D-Zone and Buffalo target areas.
“We are very pleased with our success to date, in delineating and expanding the continuity of the Hasaga trend along strike and at depth,” commented Stephen McGibbon, Executive Vice-President of Premier Gold Mines Ltd in the Company’s C-Suite Blog. “These deeper, higher-grade structures could indicate the potential for the optionality of a lower CAPEX, higher grade standalone production opportunity in addition to the near surface open-pitable potential demonstrated in our 2016-17 program.”
Figure 1: Longitudinal section looking west of the Hasaga Trend exploration program
Table 1: Summary of recent exploration results from the 2018 Deep Hasaga drill program
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 Labs, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. For a complete description of Premier’s sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Hasaga Project dated February 24, 2017 (effective date December 30, 2016), entitled “National Instrument 43-101 Technical Report: Hasaga Project, Red Lake Mining District, Ontario, Canada” located on Premier’s website and at www.sedar.com.
Premier Gold Mines Limited is a gold producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico. Premier’s team is focused on creating a low-cost, mid-tier gold producer through its two producing gold mines; and two advanced multi-million ounce development projects where permitting and pre-construction initiatives are in progress.
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This Press Release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the completion of the Financing, strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, timing of geological reports and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Premier’s annual information form under the heading “Risk Factors”. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.