Premier has prepared an initial 14-hole diamond drill program of 3,650 metres on the STC in order to test the extent, continuity and grade of known gold-bearing vein structures previously evaluated only within 20 metres of surface.
The STC is located adjacent to and on strike from the past-producing Princessa Mine (the district's largest gold producer), whose orebody was known to extend close to the STC boundary. Data suggests that potential extensions of the Princessa Mine along strike and at depth have not been tested. The El Alamo District's gold production halted at its peak owing to technological and political circumstances early in the 20th century, thus presenting a unique opportunity to the JV today.
Premier is attracted to the El Alamo District because of a unique history of high mined grades, but little modern exploration. The properties being explored by Premier and its joint venture partner Sutter Gold Mining Inc (SGMI; SGM.V):
. Located within a proven (some 220,000 ounces of past production) gold district.
. Historical data indicates that mined grades within the district are between 1.00 and 2.00 ounces per ton (opt).
. The majority of district production occurred within 120 metres of surface, but remains open at depth.
. Has characteristics similar to the historic Mother Lode District of California.
The upcoming initial phase of exploration on the STC will conclude late in Q1 2008 and be followed up by a second phase that expands into the recently acquired STC2 concessions.
Stephen McGibbon, P.Geo., Executive Vice-President and Chief Operating Officer 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.
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Premier Gold Mines Ltd.
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EXPLORATION STAGE |
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CODE : PG.TO |
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ISIN : CA74051D1042 |
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Premier Gold Mines is a gold exploration company based in Canada. Premier Gold Mines holds various exploration projects in Canada and in Mexico. Its main exploration properties are HARDROCK, GERALDTON, ARGOSY, EAST BAY, RAHILL-BONANZA, SADDLE GOLD, RAIN and NEWMAN-MADSEN in Canada and SANTA TERESA in Mexico. Premier Gold Mines is listed in Canada. Its market capitalisation is CA$ 596.5 millions as of today (US$ 474.8 millions, € 399.1 millions). Its stock quote reached its highest recent level on April 08, 2011 at CA$ 8.00, and its lowest recent point on March 20, 2020 at CA$ 0.85. Premier Gold Mines has 201 530 000 shares outstanding. |