Premier Gold Mines Limited (TSX-PG) (“Premier”) is pleased to provide a summary of recent drill results from the Company’s 100%-owned Mercedes Mine located in the State of Sonora, Mexico and at the 100%-owned Hasaga Project located in Red Lake, Ontario. Mercedes drilling is focused on in-fill and expansion of mineralization near underground workings and Hasaga drilling on expansion of the high grade C-Zone at depth below the open pit resource.
Mercedes Mine, Sonora State, Mexico
Highlights of the Aida Vein include:
- Hole M18-065D:18.3 m of 38.28 g/t Au and 25.98 g/t Ag
- Hole M18-873D:12.0 m of 37.29 g/t Au and 32.96 g/t Ag
Hasaga Property, Red Lake, Ontario
Highlights of the C-Zone include:
- Hole HMP151w2:75.0m of 3.10 g/t Au, including 16.0m of 8.67 g/t Au
- Hole HMP169w2:23.0m of 3.57 g/t Au, including 11.0m of 5.78 g/t Au
- Hole HMP173:63.0m of 4.02 g/t Au, including 14.0m of 10.25 g/t Au
“We are very pleased that that both projects continue to generate such compelling drill results,” commented Stephen McGibbon, Executive Vice-President of Premier Gold Mines Ltd in the Company’s C-Suite Blog. “At Hasaga, the C-Zone and D-Zone targets are clearly structurally-controlled and appear to be open for further expansion, while defining such high grades close to our mine workings at Mercedes will support improved operational performance.”
The 2018 exploration program is focused on the expansion of potential high-grade, near-infrastructure targets that may be upgraded to resources. Early results of the 45,000-metre surface and underground drilling program have identified a highly prospective near-surface, high-grade vein (Aida Vein) in the upper part of the main Mercedes vein system.Recent results from surface drilling in the Aida Vein are summarized in Table 1, with ongoing drilling designed to follow-up significant intercepts from previous programs aimed at defining new reserves.
Later in 2018, and into 2019, drilling will focus on the Marianas Zone located down-plunge along the main Mercedes vein structure. A drift is underway to access Marianas from the Lagunas mine workings to allow for definition drilling of this target.
Table 1: Summary of the recent drill results for Mercedes Aida Vein
1) UTM NAD83, Zone 15 2) True widths are estimated to be 80 to 90% of core length
Figure 1: Longitudinal section of grade-thickness contours looking east along the Mercedes Trend
Hasaga Red Lake Project
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.
Recent results of the 20,000 metre, US$2.8 million drill from surface drilling are summarized in Table 2. Previous results from the C-Zone and D-Zone target areas were reported on April 10th, 2018 (click here).
Table 2 : Summary of the recent drill results for the Hasaga C-Zone
1) UTM NAD83, Zone 15 2) True widths are estimated to be 53 to 70% of core length
Figure 2: Longitudinal section of grade-thickness contours looking west along the Hasaga Trend
Abbreviations used in this press release are available by following this link (download list).
Investor Day – May 15, 2018
Premier would like to cordially invite all analysts, investors and interested people to an investor day to highlight exploration and development initiatives completed by the Company to date and discuss plans for the remainder of the year. The meeting will be held Tuesday May 15, 2018 at 10:00am EDT at the Toronto Board of Trade, 1 First Canadian Place. For those that cannot attend in person a webcast and conference call dial-in are available.
Details for the conference call and webcast can be found below and will be accessible on the Company’s website.
Toll Free (North America): 1-888-231-8191
Conference ID: 4262118
Investor Day Webcast Link
Investor Day Conference Call Replay
The conference call replay will be available from 3:00pm EDT on May 15, 2018 until 11:59 pm EDT on May 22, 2018.
Toll Free Replay Call (North America): 1-855-859-2056
International Replay Call: 1-416-849-0833
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. Hasaga 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 Hasaga’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.” Mercedes assay results are from core samples sent to ALS Chemex, an accredited mineral analysis laboratory in Lima, Peru or Vancouver, British Columbia, for preparation and analysis utilizing both fire assay and ICP methods. For a complete description of Mercedes’s sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Mercedes Mine dated April 18, 2018 (effective date December 31, 2017), entitled “Technical Report on the Mercedes Gold-Silver Mine, Sonora State, Mexico.”
Both technical reports are 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.
For further information, please contact:
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.