High-Grade Gold Projects
Red Lake and Geraldton are Canada's PREMIER addresses for gold
Message: News March 20: Premier Hardrock Drilling Returns best gold intersection to-date
Premier Hardrock Drilling Returns best gold intersection to-date and defines strong gold mineralization at tenacity target
- Friday March 20, 2009, 9:18 am EDT
- Buzz up!
Shares Issued: 78,065,179
THUNDER BAY, ON, March 20 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG - News) is pleased to announce that ongoing drilling at the Hardrock Project in Geraldton, Northwestern Ontario: 1) has intersected the most significant mineralization to date in the EP-Zone target; 2) has defined a robust gold-bearing zone at the Tenacity target; and 3) demonstrates high-grade gold potential in the Oreo Zone. This drilling continues to identify significant near surface (open pit-style) mineralization contained within multiple zones and continues to confirm high-grade potential proximal to existing mine workings. Recent highlights include:- EP-Zone mineralization has been intersected over a minimum strike length of 350 metres (m) with new intersections of up to 2.37 grams per tonne gold (g/t Au) across 62.7m. - Tenacity mineralization (open pit and underground target) has returned near surface intersections of up to 4.13 g/t Au across 18.9 m with higher grade mineralization of up to 7.79 g/t Au across 5.5 m. - Oreo drilling proximal to the historic North Zone mine workings continues to intersect high-grade gold mineralization with intersections up to 8.25 g/t Au across 2.0 m.Follow-up drilling, as well as testing of new targets, is on-going.
"The consistency of drill results to date is remarkable and confirms management's confidence that this project will develop into a significant gold resource", stated Ewan Downie, President of Premier, "as gold mineralization has been intersected in every target tested."
EP-ZONE -------The EP-Zone is comprised of near-surface mineralization proximal to the historic North Zone mine workings. Drilling has identified multiple sub-zones within the EP target consisting of the South Limb (SL) and North Limb (NL). Significant mineralization has been intersected over a strike length of 350 metres and remains open in all directions.
The following tables demonstrate the potential of the EP-Zone, highlighting mineralization within each horizon. These results demonstrate continuity and grade within the EP-Zone, supporting management's belief that historic and new results will be utilized in a NI43-101 compliant resource calculation which is expected to be completed in Q4 2009.
------------------------------------------------------------------------- Grid Coord- Dip/ Hole inates Azimuth Intersection Int. Int. Au Au No. (m) (Degrees) From-to (m) (m) (ft) (g/t)(oz/ton) EPZone ------------------------------------------------------------------------- EP023 504949E -55/180 111.0 - 122.4 11.40 37.4 1.36 0.04 North Limb 5503237N including 120.7 - 122.4 1.70 5.6 7.46 0.22 146.2 - 147.5 1.30 4.3 13.15 0.38 ------------------------------------------------------------------------- EP024 504900E -45/180 24.0 - 32.5 8.50 27.9 0.82 0.02 5503189N 43.0 - 55.9 12.90 42.3 1.01 0.03 North Limb ------------------------------------------------------------------------- EP025 504902E -45/180 49.0 - 70.5 21.50 70.5 1.32 0.04 North Limb 5503222N 96.0 - 100.0 4.00 13.1 2.07 0.06 106.0 - 109.0 3.00 9.8 9.51 0.28 ------------------------------------------------------------------------- EP026 504902E -60/180 79.0 - 141.7 62.70 205.7 2.37 0.07 North Limb 5503222N including 79.0 - 88.0 9.00 29.5 7.73 0.23 including 97.7 - 119.9 22.20 72.8 2.28 0.07 including 132.6 - 141.7 9.10 29.9 2.88 0.08 198.6 - 201.0 2.40 7.9 1.92 0.06 ------------------------------------------------------------------------- The following holes were previously released on March 11, 2009 and are in the same cross-section as EP023, which demonstrate strong continuity of gold grade. ------------------------------------------------------------------------- Grid Coord- Dip/ Hole inates Azimuth Intersection Int. Int. Au Au No. (m) (Degrees) From-to (m) (m) (ft) (g/t)(oz/ton) Zone ------------------------------------------------------------------------- EP021 504948E -50/180 8.90-17.90 9.00 29.5 3.07 0.09 North Limb 5503189N Incl. 15.40-17.90 2.50 8.2 8.06 0.23 North Limb ------------------------------------------------------------------------- EP022 504948E -50/180 52.00-61.00 9.00 29.5 2.62 0.08 North Limb 5503213N 85.00-96.40 10.80 37.4 4.34 0.13 North Limb Incl. 92.20-94.70 2.50 8.2 10.01 0.29 North Limb 103.00-106.20 3.20 10.5 1.08 0.03 North Limb ------------------------------------------------------------------------- (x) True widths estimated at approximately 70% of intersection widths TENACITY ZONE ------------- Initial drilling at the Tenacity Zone has confirmed the potential for both open pit and underground gold mineralization. Drilling has defined a zone with a strike length of more than 400 metres and is open in all directions. To date, 20 holes have been drilled into this target with the initial 11 summarized in the following table. Of particular significance is an intersection of 4.13 g/t Au across 18.9 m in the western most down-plunge drill-hole, TN011. A longitudinal section of the Tenacity Zone, including historic intercepts in this area, is available on the Premier website www.premiergoldmines.com. Follow-up drilling continues to intersect strong vein zones including several occurrences of visible gold. These intercepts demonstrate significant gold mineralization within the Tenacity Zone, which remains open down-plunge of TN011: ------------------------------------------------------------------------- Grid Coord- Dip/ Hole inates Azimuth Intersection Int. Int. Au Au No. (m) (Degrees) From-to (m) (m) (ft) (g/t)(oz/ton) Zone ------------------------------------------------------------------------- TN001 505749E -50/360 58.6 - 82.0 23.40 76.8 1.72 0.05 Tenacity 5502617N 88.5 - 89.5 1.00 3.3 2.68 0.08 TB 107.0 - 108.0 1.00 3.3 16.60 0.48 South HGV ------------------------------------------------------------------------- TN002 505749E -70/360 95.6 - 99.5 3.90 12.8 2.35 0.07 Tenacity 5502617N 124.5 - 127.5 3.00 9.8 1.73 0.05 TB ------------------------------------------------------------------------- TN003 505648E -45/360 80.0 - 97.0 17.00 55.8 1.02 0.03 Tenacity 5502605N ------------------------------------------------------------------------- TN004 505647E -55/360 169.0 - 170.4 1.40 4.6 1.20 0.04 TA 5502557N 176.0 - 180.2 4.20 13.8 1.30 0.04 Tenacity ------------------------------------------------------------------------- TN005 505549E -50/360 174.1 - 190.5 16.40 53.8 2.25 0.07 Tenacity 5502558N 196.5 - 198.0 1.50 4.9 2.55 0.07 TB ------------------------------------------------------------------------- TN006 505551E -50/360 26.8 - 29.5 2.70 8.9 1.77 0.05 Upper Tenacity 5502504N 226.5 - 228.0 1.50 4.9 3.73 0.11 Tenacity 237.0 - 238.5 1.50 4.9 4.62 0.13 Tenacity 254.0 - 255.5 1.50 4.9 1.65 0.05 TB ------------------------------------------------------------------------- TN007 505600E -55/360 NSV 5502485N ------------------------------------------------------------------------- TN008 505651E -45/360 31.5 - 42.7 11.20 36.8 2.15 0.06 Tenacity 5502656N 53.0 - 78.3 25.30 83.0 2.25 0.07 Tenacity ------------------------------------------------------------------------- TN009 505553E -50/360 91.0 - 110.0 19.00 62.3 1.71 0.05 Tenacity 5502605N 138.0 - 152.0 14.00 45.9 4.77 0.14 Tenacity 183.5 - 186.5 3.00 9.8 2.11 0.06 East Pit ------------------------------------------------------------------------- TN010 505642E -55/360 226.5 - 228.7 2.20 7.22 1.41 0.04 Tenacity 5502497N ------------------------------------------------------------------------- TN011 505450E -50/360 257.8 - 276.7 18.90 62.0 4.13 0.12 Tenacity 5502508N ------------------------------------------------------------------------- (x) True widths estimated at approximately 70% of intersection widths (xx) NSV - No significant assay values OREO ZONE --------- The Oreo Zone was identified in historic drilling between the two main producing horizons at Hardrock, namely the North Iron Formation and the Porphyry Hill horizons. The historic drilling, testing for mineralization between these horizons returned numerous high-grade intercepts in the area currently being tested. The current program has intersected gold mineralization within the Oreo Zone and proximal to the North Zone mine workings. The following table provides results from the continued drilling at the Oreo and North Zones: ------------------------------------------------------------------------- Grid Coord- Dip/ Hole inates Azimuth Intersection Int. Int. Au Au No. (m) (Degrees) From-to (m) (m) (ft) (g/t)(oz/ton) Zone ------------------------------------------------------------------------- OR004 504601E -60/360 NSV 5502925N ------------------------------------------------------------------------- OR005 504701E -60/360 414.5 - 416.0 1.50 4.9 12.99 0.38 North 5502921N ------------------------------------------------------------------------- OR006 504653E -55/360 96.0 - 109.0 13.00 42.6 2.03 0.06 West Pit 5502729N including 96.0 - 97.0 1.00 3.3 11.89 0.35 West Pit including 107.5 - 109.0 1.50 4.9 5.02 0.15 West Pit 121.1 - 125.5 4.40 14.4 1.44 0.04 PHP ------------------------------------------------------------------------- OR007 504602E -60/360 110.5 - 112.0 1.50 4.9 2.68 0.08 DS 5502865N ------------------------------------------------------------------------- OR008 504700E -60/360 57.2 - 58.7 1.50 4.9 1.70 0.05 PHP 5502865N 98.7 - 111.3 12.60 41.3 1.75 0.05 PHP 129.0 - 129.8 0.80 2.6 13.30 0.39 PHP 156.1 - 157.6 1.50 4.9 5.54 0.16 DS 225.1 - 226.6 1.50 4.9 6.02 0.18 DS ------------------------------------------------------------------------- OR009 504553E -60/360 230.5 - 235.0 4.50 14.8 1.30 0.04 DS 5502927N 263.5 - 271.0 7.50 24.6 1.48 0.04 Oreo 316.2 - 318.2 2.00 6.6 8.25 0.24 Oreo 349.7 - 350.7 1.00 3.3 10.20 0.30 Oreo 367.4 - 374.0 6.60 21.7 2.10 0.06 North 368.3 - 369.5 1.20 3.9 3.46 0.10 North 372.5 - 373.0 0.50 1.6 10.60 0.31 North 379.4 - 379.9 0.50 1.6 10.10 0.29 North ------------------------------------------------------------------------- (x)True widths are estimated at approximately 70% of intersection widthsThe current program at Hardrock is expected to consist of more than 50,000 metres of definition and exploration drilling. The Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK - News; Premier earning a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced more than 2.0 Million ounces of gold from the same deposits to relatively shallow depths of approximately 2000 feet (600 metres) from 1938-1968. The mined zones remained open at depth at the time mining ceased and developed historical resources were left in place within the existing mine workings (a qualified person has not done sufficient work to verify the historical resource, the company is not treating the historical resource as a current resource and the historical resource should not be relied upon). Importantly, the Hardrock Project has the potential for defining several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario's major gold mines including:
1) Open pit-style mineralization with grades exceeding 1.5 g/t Au (Timmins, Hemlo) 2) Broad zones of mineralization with grades averaging 5.0+ g/t Au (Musselwhite) 3) Narrow vein zones with higher gold grades often exceeding 7.0g/t (Red Lake, Pickle Lake)Initial drilling with four drills is focusing on delineating both open pit and underground resources with the goal of defining a multi-million ounce gold resource that can be moved quickly towards development (See references to historical resources above.). The Project offers development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property. Significant potential exists for developing resources in several areas including: 1) Open pit-style mineralization at the site of the original discovery where a resource containing several hundred thousand ounces of gold was partially drilled off by previous operators; 2) Several newer high-grade discoveries have been made throughout this large property package that have received little to no follow-up; 3) Resource blocks reported to remain within the mine workings; and, 4) The main mined zones which remain open below the 600m Level.
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. The assay results are from core samples sent to Activation 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 well 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. The company also owns a strategic project located on the main Musselwhite Gold Mine trend
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
For further information
Ewan Downie, President & CEO, Phone: (807) 346-1390 , Fax: (807) 346-0100, E-mail: info@premiergoldmines.com, Web Site: http://www.premiergoldmines.com
Loading...
Loading...
New Message
Please
login
to post a reply