PREMIER GOLD MINES LIMITED (PG:TSX) is pleased to announce the results from drilling recently completed on the boundary of the company’s 100% owned Bonanza Property in the Red Lake Mining District, Ontario.This drilling was funded 50/50 with Goldcorp Inc. (G:TSX, GG:NYSE) who own a 100% interest in the adjacent property.
Two drill holes were completed on the west boundary of the Bonanza Property to follow-up drilling completed by Goldcorp immediately west of Bonanza and by Wolfden Resources Inc. on the Bonanza Property.
The Bonanza Property is strategically located along the prolific Red Lake-Cochenour “Mine Trend”some 3 kilometres (km) west of Goldcorp’s Red Lake and Campbell mining complexes, 1.5 km south of Goldcorp’s Cochenour Gold Mine, and 1.5 km southeast of the Southern Star Resources (SSR:TSX) and Exall Resources (EXL:TSX) Red Lake discovery.
Previous drilling on the Bonanza Property has identified gold mineralization contained in several zones over a minimum strike length of 500 meters and to a maximum depth of 380 meters including intersections of 13.27 grams of gold per tonne (g/t) over 19.0 metres (m) and 8.66g/t over 22.0m.Mineralization is open along strike to the southwest and at depth.Assays will be released upon receipt.
Hole CW06-033 intersected anomalous gold only in the Follansbee target area.The deeper hole (CW06-034) intersected high-grade gold mineralization in the Follansbee zone at a depth some 300 meters below surface, where it remains open in all directions.A subsidiary hanging wall structure also contained visible gold.The highlight intersection returned 8.75g/t across 12.0m.Table 1 summarizes the two holes (true widths approximately 70% of the drill intersection) which were completed from the same drill platform:
Table 1Bonanza West Boundary Holes
|CW06033||350||-52.0||Follansbee||295.0||334.0||39.0||<1.0||Anomalous grades only|
|Follansbee||363.0||375.0||12.0||8.75||Open in all directions|
|including||363.0||367.0||4.0||14.61||Included in above interval|
Premier will start an aggressive drill program on the Bonanza Property (utilising up to 2 drills) in the next two weeks, focussed on expanding the gold mineralization of their discovery along this historic “trend”.Goldcorp’s Red Lake and Campbell mines have produced more than 16 Million ounces of gold, have more than 11 Million ounces in reserves and resources, and are renowned as some of the highest grade gold mines in the world.
Matt Long, P.Geo., Red Lake Exploration Manager of Premier, 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.
Premier Gold Mines Limited is a Canadian based mineral exploration and development company with diverse property holdings that include several projects and deposits in Northwestern Ontario.These include several in the Red Lake gold mining camp, two of which are operated in joint venture with Goldcorp Inc. (TSX:G), and a strategic project located on the main Musselwhite Gold Mine trend (Goldcorp-Kinross).