PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce additional high-grade results from ongoing drilling at the Company’s Trans-Canada Property in Northwestern Ontario. Drilling has discovered a parallel gold-bearing horizon within 250 metres of surface and continues to confirm extensions to several horizons. New highlight intercepts include:
- 400.53 grams per tonne gold (g/t Au) across 5.0 metres (m) in hole HR156 including 2,000 g/t Au across 1.0 m drilled to upgrade resources in the deeper portion of the pit shell within the HGN-Zone.
- A new zone(s) was discovered (North Wall Zone) to the north of the primary resource area in the condemnation program. Early results include 132.32 g/t Au across 3.9 m (3.86 oz/t gold across 12.8 feet) in hole HR155; and 13.96 g/t Au across 6.0 m and 1.52 g/t across 17.0 m in hole HR157 contained within a conceptual pit shell design.
- 3.80 g/t Au across 22.0 m in hole HR142, a step out hole in the western portion of the conceptual open pit resource area.
- 20.22 g/t Au across 4.5 m in the Fortune Zone in hole HR143 drilled to upgrade resources from Inferred to Indicated within a larger conceptual open pit shell.
The Trans-Canada Property, with their multi-million ounce gold resource (technical report filed February 1, 2013), are host to four gold deposits with open pit and underground mining potential, The Hardrock Project, which hosts the largest of the four deposits, is the focus of the current drill program.
The open pit portion of the 2012 mineral resource estimate for the Hardrock Deposit was limited to a depth of approximately 200 metres. Recent scoping work suggests that the resource may be optimized by eliminating this limitation and eight (8) drills are currently active to further test this model.
The ongoing program, comprised primarily of delineation drilling at Hardrock, will upgrade inferred resources in addition to testing previously undrilled areas within the conceptual pit shell associated with the resource. Table 1 provides a summary of new assay results from step-out and infill drilling within the open pit target area.
Highlights from initial drilling include multiple intercepts of strong mineralization within the known gold horizons and the discovery of new mineralized horizons to the north of the primary resource area including the North Wall Zone (north of HGN) where appreciable mineralization (veining and rare visible gold) has been identified proximal to a gabbro rock unit.
Table 1: New Assay Results from the Hardrock pit area
|-68/180||366.5||390.3||23.8||0.79||78.1||0.02||South Limb B|
|411.0||427.0||16.0||1.00||52.5||0.03||South Limb C|
|-40/180||76.0||86.5||10.5||0.85||34.4||0.02||North Wall Zone|
|357.0||365.5||8.5||0.80||27.9||0.02||South Limb C|
|-42/180||131.5||168.0||36.5||0.57||119.7||0.02||North Wall Zone|
|186.6||218.0||31.4||0.88||103.0||0.03||North Wall Zone|
|-47/180||145.0||169.0||24.0||0.72||78.7||0.02||North Wall Zone|
|-66/180||116.5||122.5||6.0||0.69||19.7||0.02||North Wall Zone|
|228.5||229.5||1.0||6.16||3.3||0.18||North Limb C|
|210.0||218.5||8.5||0.61||27.9||0.02||North Wall Zone|
|-64/180||255.2||263.5||8.3||1.94||27.2||0.06||North Wall Zone|
|295.0||301.5||6.5||0.72||21.3||0.02||North Wall Zone|
|-45/180||112.0||115.0||3.0||0.64||9.8||0.02||North Wall Zone|
|-48/180||240.3||249.0||8.7||4.12||28.5||0.12||North Wall Zone|
|310.9||319.2||8.3||1.53||27.2||0.04||North Limb C|
|374.5||383.0||8.5||0.67||27.9||0.02||North Limb B|
|282.0||290.0||8.0||0.67||26.2||0.02||North Wall Zone|
|-66/180||307.1||311.0||3.9||132.32||12.8||3.86||North Wall Zone|
|341.0||352.5||11.5||0.69||37.7||0.02||North Wall Zone|
|Additional Assays Pending|
|-60/180||255.0||272.0||17.0||1.52||55.8||0.04||North Wall Zone|
|Additional Assays Pending|
|553.0||556.0||3.0||2.27||9.8||0.07||South Limb C|
|425.4||433.0||7.6||1.26||24.9||0.04||South Limb C|
|484.0||494.5||10.5||1.27||34.4||0.04||South Limb C|
* True widths estimated at 60-70% of intercept * Assays as presented are un-cut
The North Wall discovery includes multiple lenses of mineralization, locally high-grade, associated with or in close proximity to the northern gabbro rock unit. Locally, the veining associated with this new horizon contains impressive visible gold. These new horizons remain open for expansion and ongoing drilling is testing the potential of this new area.
“Hardrock continues to impress with its ongoing ability not only to provide excellent results within the known horizons, but also yielding new discoveries” stated Stephen McGibbon, Executive Vice-President of Premier. “This year’s substantial drill program will advance the project towards our goal of firming up resources for future economic studies”.
Work is now underway to advance Trans-Canada towards a production decision. A Preliminary Economic Assessment (PEA) is expected to be completed in Q3-2013 for the Hardrock and Brookbank deposits that will include combined open pit and underground scenarios.
The Trans-Canada Property benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or in close proximity to, the Project sites. Significant services and a skilled labour pool exist with several communities located in close proximity.
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 Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
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 fully financed with 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.