PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that a third drill has been added to accelerate exploration at the Geraldton Project in Northwestern Ontario. To-date gold has been discovered in the first three targets tested as part of the ongoing program. Drilling has now moved to test the primary two targets of the program, while one drill continues to expand on mineralization identified in the recently discovered zones.
Discoveries so far include two broad parallel (open pit style) horizons and high-grade veins located proximal to the historic Little Long Lac Gold Mine. As previously released, results to-date from drilling in the recently discovered Kailey Zone include 39.64g/t Au (1.16 oz/ton) across 2.0 metres contained within a wider zone of mineralization which returned 5.87g/t Au across 16.0 metres, and 2.01g/t Au across 101.0 metres. Two drills have been moved to begin testing the two primary targets of the program.
Despite the early successes of the program, the two primary targets identified for testing during the current Phase I program, the “Mine Repetition” and the Talmora Anticline Zone (“TAZ”), remain untested. The “Mine Repetition” target represents the interpreted fault offset of the host horizon of the historic Little Long Lac Gold Mine from which more than 600,000 ounces of gold was produced during the period 1934-53 at an average grade of 11.66g/t Au. The first two holes have successfully intersected mineralized vein zones in the intended target area (assays pending). The TAZ target is a large untested fold structure similar to those that host the largest mines in the district. A ground geophysical survey has identified several prospective structural targets at TAZ, some with coincident gold-in-soil anomalies.
Premier holds the option to acquire up to a 70% interest in the Geraldton Project from Roxmark Mines Limited (TSX-V:RMK) by making cash and share payments to Roxmark, and performing exploration on the Project. The current Phase I drilling is part of an ongoing minimum $2.5 Million exploration program aimed at confirming Premier’s belief that numerous untested prospective areas of the property could host gold mineralization. A systematic drill program is being carried out at Little Long Lac in an effort to discover new zones and to build gold resources in the Kailey, the No.9, No.10, and No.11 Vein zones.
The “Geraldton Project” is located in the heart of the Beardmore-Geraldton greenstone belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers approximately 10 kilometres of some of the most prospective geology in the region and is host to three past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 Million ounces of gold. Several slides of the Little Long Lac area can be viewed on the Premier Gold Mines Limited website, www.premiergoldmines.com.
Other Projects - Red Lake & Santa Teresa
In addition to the Geraldton Project, Premier holds several additional highly prospective projects located in proven gold districts that are currently being explored by diamond drilling. In Red Lake, drilling continues at the Rahill-Bonanza Project, a joint venture with Red Lake Gold Mines Limited, where several key target areas are being tested with a minimum of four drills — Wilmar, Bonanza, and the deep mine target. Ongoing drilling at the Santa Teresa Project in Mexico, a joint venture between Premier and Sutter Gold Mining Inc. (TSX-V:SGM), has intersected numerous mineralized quartz vein zones along strike the past-producing Princessa Gold Mine (Historical data indicates that mined grades within the district average better than 1.00 ounce gold per ton). Assays from the first several holes are expected to be released in the near future.
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. Core from Geraldton is sent to Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is a fully financed Canadian-based mineral exploration and development company with several projects and deposits in Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold mining camp, two of these are operated in joint venture with Red Lake Gold Mines. A strategic project is also located on the main Musselwhite Gold Mine trend.