The permitting process is being initiated in order to ensure that future, potentially advanced exploration, can be conducted on a timely and uninterrupted schedule. Advanced exploration may include dewatering and rehabilitation of the Cochenour-Willans Gold Mine, which would provide underground access for delineation drilling at Wilmar on the joint venture property. The Wilmar Gold Mine, accessed through the workings of the Cochenour mine workings, was brought into production during the final years of operations at Cochenour, resulting in the mining of 203,256 Tons at an average grade of at least 0.3 oz/ton Au (10.3g/t Au). The Wilmar Mine carried a resource at closure and the deposit remained open at depth. Definition drilling of the mined horizons and of mineralized zones intersected in the current drill program can be carried out from underground, in addition to potential bulk sampling. Recent drilling at Wilmar has intersected the main horizon in all holes drilled over an area of more than 600 meters below the historic workings and over a strike length of approximately 300 meters with assays that include 49.0g/t Au over 1.0m, 14.2g/t Au over 5.0 meters and 18.1g/t Au over 2.0m.
The Rahill-Bonanza Project is strategically located along the main Red Lake "Mine Trend" between the prolific Red Lake Gold Mines complex to the east and the Cochenour Gold Mine and Bruce Channel discovery to the west (See Figure 1 & 2). The partners are in the process of completing a major, two year, exploration program that will continue until the end of 2008 and will test several prospective targets on the Property. At the far eastern part of the joint venture property, an initial hole drilled from the adjacent Red Lake Gold Mines complex has been completed to 1239.6 meters and was stopped due to squeezing of the drill rods. This hole, designed to test the mine horizon along strike from the existing mine workings, was collared on the 41 Level (approximately 1,875 meters or 6,150 feet below surface) of the Campbell Complex (formerly Campbell Mine) of Red Lake Gold Mines, and intersected several mineralized vein zones. Results are pending. A presentation with more detailed slides can be viewed at the Company's web site: http://www.premiergoldmines.com
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 |
CODE : PG.TO |
ISIN : CA74051D1042 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
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. |