PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to provide an update of results from the summer drill campaign at the Company’s 100%-owned PQ-North Project in Northwestern Ontario. This program confirmed a potentially significant gold discovery along strike from, and within the PQ-Limb (PQL) of the iron formation that is host to, Goldcorp’s nearby Musselwhite Gold Mine with intersections of up to 10.52 grams per tonne gold (g/t Au) across 3.7 metres (m).
The Phase I and Phase II drill programs confirm the discovery of multiple horizons of “Musselwhite-style” gold mineralization, tentatively designated as the PQL, UIF, QV and MA zones. Similarities to the mine noted in the PQ-North core include:
- Hosted within the PQ-Limb of the Northern Iron Formation;
- Alteration, veining, and mineralization are similar;
- Widths of zones typically range between 2.0 and 5.0 metres; and
- Gold grades vary within similar ranges.
The average grade mined at Musselwhite in 2008 was 5.56 g/t Au. Grades at PQ-North include up to 10.24 g/t Au across 5.1m intersected in previous drilling in the UIF (Upper Iron Formation) Zone and new intersections that include 10.52g/t Au across 3.7m in the PQL Zone.
These horizons are marked by biotite-garnet altered mineralized zones consisting of folded and laminated iron formation containing pyrite, pyrrhotite, chalcopyrite and rare visible gold. The discoveries made to date have returned impressive intersections with grades and widths comparable to those at Musselwhite.
Due to the wet summer conditions, Phase II drilling evaluated the potential of only the PQL discovery and not the UIF discovery area. Numerous intersections have been obtained in the PQL over a plunge length of approximately 125 metres, suggesting continuous mineralization with intersections that include 6.7g/t Au across 3.0m, 7.4g/t Au across 2.0m, 10.2g/t Au across 1.8m and 10.52g/t Au across 3.7m in the furthest down-plunge hole drilled to date.
“These solid results at PQ North confirm that an important regional mineralizing event extends well beyond the Musselwhite Mine.” states Tim Twomey, Exploration Manager of Premier. “We are looking forward to the upcoming winter drill program when we’ll be able to move drills to preferred locations in order to follow-up these exciting results.”
The PQ-North Project is located within Goldcorp’s Musselwhite Property holdings and is strategically located along the PQ-Limb of the key iron formation that is host to the majority of the ore zones at Musselwhite (in 2008, Musselwhite produced 210,500 ounces of gold). In addition to the PQL and UIF zones, several additional priority targets on the Property will be tested in the upcoming winter program.
Table 1 provides a summary of intersections within the PQL Zone drilled during 2009.
Table 1: Summary of PQL Intercepts
|AZIMUTH (deg)||DIP (deg)||FROM-TO (m)||INTERVAL (m)||GRADE (g/tonne)||INTERVAL (ft)||GRADE (oz/t)|
|PQ09009||PQL||5837786 N 674837 E||73||-65||519.3-521.1||1.8||10.25||5.9||0.30|
|PQ09012||QV||5837786 N 674837 E||73||-72||476.6-479.8||3.2||4.31||10.5||0.13|
|PQ09013||QV||5837786 N 674837 E||68||-50||385.0-387.5||2.5||1.92||8.2||0.06|
|PQ09014||QV||5837865 N 674508 E||73||-70||709.0-712.2||3.2||1.88||10.5||0.05|
|PQ09015||QV||5837786 N 674837 E||45||-70||37.5-38.5||1.0||5.56||3.3||0.16|
|PQ09016||QV||5837786 N 674837 E||55||-70||462.4-464.4||2.0||7.40||6.6||0.22|
|PQ09018||QV||5837786 N 6745837 E||73||-75||562.6-565.1||2.5||3.20||8.2||0.09|
|PQ09019||QV||5837972 N 674706 E||51||-70||571.7-575.6||3.9||1.77||12.8||0.05|
|PQ09020||QV||5837865 N 674508 E||58||-70||464.0-488.0||24.0||1.40||78.7||0.04|
|PQ09021||PQL||5837972 N 674706 E||51||-50||708.4-709.2||0.8||9.74||2.6||0.28|
|PQ09022||QV||5838336 N 674755 E||48||-70||488.4-501.3||12.9||1.22||42.3||0.04|
|PQ09023||QV||5838336 N 674755 E||57||-70||580.2-581.0||0.8||11.23||2.6||0.33|
* True widths estimated at 80-100% of intersection width - PQ09009 was previously released
** PQL – PQ Limb intersection MA – Main Anticline QV – Quartz Vein Zone
Note that drill holes PQ09014, 019 and 021 tested the PQ Limb in a different target area with minor intersections and assays of up to 9.74g/t Au. Hole PQ09017 was abandoned.
A presentation of the PQ-North Project can be viewed on Premier’s website www.premiergoldmines.com
Premier previously announced that it had signed a Letter of Intent (LOI) with the North Caribou Lake First Nation (“NCLFN”) that paves the way for a major exploration program on the PQ-North Property in Northwestern Ontario. The LOI forms the basis of a cooperative relationship between Premier and NCLFN that will guide the early phase of exploration on the property, including line cutting, geophysics and diamond drilling, as well as lead to a Memorandum of Understanding (MOU).
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. Presentations detailing the Company’s activities on its active projects are available on the Premier Gold Mines Limited website.
Table 1: PQ-North Plan View
Premier Gold Mines Limited is a well-financed Canadian-based mineral exploration and development company with several active projects and deposits in Northwestern Ontario. In the Red Lake gold mining camp, two projects are operated in joint venture with Red Lake Gold Mines, and another, adjacent to the Red Lake Gold Mines complex, is operated on a 100% basis. The company also owns a 70% interest in the Hardrock Project, an advanced-stage gold project in the Geraldton area.