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Lake Shore Gold Corp.
-- Wide, high-grade intercepts near Thunder Creek 730 Level confirm results
from surface drilling, including multiple occurrences of visible gold
("VG")
-- 6.92 gpt over 61.40m, including 13.90 gpt over 18.56m, intersected
within broad mineralized envelope covering entire width of syenite
porphyry stock grading 4.91 gpt over 99.60m, with additional 5.16
gpt over 2.30m in Rusk Zone for combined width of 101.90m grading
4.92gpt
-- 650-001, in combination with previous surface holes, identifies
thick, large-scale mineralized core (minimum 300m x 125m) to deposit
which remains open in all directions
-- Surface drilling expands both Porphyry and Rusk zones near east and west
limits near 730 Level, zones remain open for further expansion
-- Key intercepts include: 13.30 gpt over 13.20m, including 82.27 gpt
over 1.60m, 6.54 gpt over 23.70m, 4.00 gpt over 27.30m, including
11.30 gpt over 7.13m, and 4.24 gpt over 22.30m
-- Surface drilling southwest of Thunder Creek extends deformation and
alteration zone by 350 metres towards 144 property, suggests potential
for additional deposits
-- Up to 100 metres of hematite and carbonate alteration intersected,
containing multiple porphyry intrusions, several strong shear zones
and elevated gold values.
Lake Shore Gold Corp. (TSX:LSG - News; "Lake
Shore Gold" or the "Company") today announced results from an
additional 15 holes (9,755m) of drilling at the Company's Thunder Creek
Project, including from the first underground hole drilled (561m) from the
650 Level Access Drift and 14 holes (9194m) drilled from surface. Results
from the underground hole confirmed the existence of a broad mineralized
envelope, including multiple occurrence of VG, encompassing the entire width
of a syenite porphyry stock located at the core of
the Thunder Creek deposit. Surface drilling continued to expand both the
Porphyry and Rusk zones near the 730 Level and also extended the deformation
and alteration zone of the Thunder Creek deposit by 350 metres
toward the Company's 100% owned 144 property.
Tony Makuch,
President and CEO commented: "Drilling results from Thunder Creek
continue to demonstrate that the property hosts a very large gold system with
considerable potential to support a long-life, low-cost bulk mining
operation. The core of porphyry mineralization that we have identified near
the 730 Level is similar to those found in world class mines in the Timmins
Camp such as the Hollinger and McIntyre deposits. The excellent widths and
grades intersected both in the drill holes and the current mine development
strongly confirm previous results obtained from surface drilling and provide
us with even greater confidence as we continue development along
mineralization on the 730 Level at Thunder Creek.
"In addition, the excellent results
in our early stage testing to the southwest of Thunder Creek towards our 144
property are exciting and highlight the fact that our current areas of focus
at Thunder Creek represent just a small part of the highly prospective land
package we have along the Timmins Mine, Thunder Creek and 144 property
corridor with abundant opportunities for major new discoveries."
Hole TC650-001 represents the first
underground hole to be drilled towards the Thunder Creek deposit, collared
from the Thunder Creek decline. The decline was initiated from the 650 metre Level station at Timmins Mine to access the Thunder
Creek Rusk and Porphyry zones at roughly the 730 metre
level. Hole TC650-001 intersected mineralization approximately 25 metres below the 730 metre
level and 15 metres below previously reported
surface hole TC09-068b, which intersected 12.75 gpt
over 83.40m (see press release dated June 24, 2009).
Among significant results from TC650-001
was 6.92 gpt over 61.40m, including 13.90 gpt over 18.56m, within a broad mineralized envelope
encompassing the entire width of a syenite porphyry
stock located at the core of the Thunder Creek deposit, and grading 4.91 gpt over 99.60m. In addition, 650-001 also intersected
5.16 gpt over 2.30m in the Rusk Zone for a total
combined width of 110.90m grading 4.92 gpt. The
results strongly confirm the presence of a significant mineralizing system
within the area, with the bulk of mineralization being associated with the
Porphyry Zone and some also being from the Rusk Zone. Observations from the
drill core of 650-001 indicate that the Porphyry Zone intersected has
geological characteristics similar to TC09-68b, including widespread
hematite, carbonate and potassic alteration, local
quartz veining, pyrite, galena, sphalerite, scheelite and multiple occurrences of VG.
Additional significant results were from
surface holes drilled near the east and west margins of the deposit which
continued to confirm and expand mineralization beyond limits defined by
previous drilling. Among significant intercepts near the west margin of the
deposit were 13.30 gpt over 13.20m, including 82.27
gpt over1.60m and 7.89 gpt
over 3.20m in TC09-69g and 6.97 gpt over 9.75m,
12.74 gpt over 5.60m, 2.24 gpt
over 27.10m, 9.40 gpt over 1.50m and 4.88 gpt over 2.90m in TC09-69f. TC09-69g intersected
mineralization approximately 25 metres west of
TC09-69, which intersected 8.86 gpt over 24.85m
(see press release dated May 5, 2009). TC09-69f intersected mineralization
approximately 45 metres below TC09-69g. A
substantial area up plunge and to the southwest of these two new holes
remains untested suggesting excellent potential for further expansions to the
mineralized zones.
Significant intersections near the east
margin of the deposit include 6.54 gpt over 23.70m
in TC09-68f, 4.00 gpt over 27.30m, including 7.13 gpt over 11.30m, and 14.09 gpt
over 2.00m in TC09-80c and 4.24 gpt over 22.30m in
TC09-68e. These holes were part of a five hole
series testing on a cross section approximately 50 metres
east of TC09-68b. TC09-68f was the uppermost hole in the series and
intersected mineralization approximately 120 metres
above hole TC09-68b. TC09-68e intersected
mineralization 40 metres below TC09-68f, with
TC09-80c intersecting mineralization 60 metres
below TC09-68e. TC09-80a and TC09-80b tested up to 100 metres
below TC09-80c and intersected significant widths of porphyry but decreased widths
and grades. Potential to expand the zones further to the east are considered
excellent.
Favourable drill results were also intersected by
two early stage exploration holes testing to the southwest of the Thunder
Creek Deposit. Holes TC10-83a and TC10-84 were designed to test the potential
extension of the Thunder Creek Alteration and Deformation zone at Thunder
Creek at distances of 150 and 350 metres from the
previous west limit of the deposit near the 950-1000 metre
level and were successful. Both holes intersected up to 100 metres of hematite and carbonate alteration containing
several strong shear zones, multiple porphyry intrusions and locally elevated
gold values which appear to line up well with the Thunder Creek deposit. Of
significance, the trend of the zone appears to have shifted slightly to a
more southerly direction than originally thought which places it on a path to
intersect both a major Porphyry body and the 144 Zone, which is known to host
very similar alteration and rock types to Thunder Creek near surface. The
total distance between Thunder Creek and the 144 area is approximately 1.6 km
and has had little to no previous diamond drilling along the Thunder Creek
Alteration and Deformation zone.
Drilling is continuing at the Thunder
Creek project with two underground drills on the 650 Level and two on the 300
Level as well as one surface drill. The company also has nine other drills
active in the area, including four underground at Timmins Mine and five
surface drills (two at the 144 property, two at the Thorne property (Gold
River Trend), and one at the AGE/RT Joint Venture property).
Quality Control
The Company's Qualified Person
("QP") for the underground drilling being completed on the Thunder
Creek property is Dean Crick, P. Geo. and for surface drilling at Thunder
Creek is Jacques Samson, P. Geo. As QPs, they have prepared or supervised the
preparation of the scientific or technical information related to drilling at
Thunder Creek and have verified the data disclosed
in this press release. Mr. Crick and Mr. Samson are employees of Lake Shore
Gold.
Lake Shore Gold has a quality control
program to ensure best practices in the sampling and analysis of drill core.
Assays have been completed using a standard fire assay with a 30-gram aliquot.
For samples that return a value greater than three grams per tonne gold, another pulp is taken and fire assayed with a
gravimetric finish. Zones with visible gold are generally tested by pulp
metallic analysis. NQ size drill core is saw cut and half the drill core is
sampled in standard intervals. The remaining half of the core is stored in a
secure location. The drill core is transported in security-sealed bags for
preparation at ALS Chemex Prep Lab located in
Timmins, Ontario, and the pulps shipped to ALS Chemex
Assay Laboratory in Vancouver, B.C. ALS Chemex is
an ISO 9001-2000 registered laboratory preparing for ISO 17025 certification.
Assays from underground hole 650-001 have been completed at ALS Chemex using a standard fire assay with a 50-gram aliquot.
For samples that return a value greater than 10 grams per tonne
another pulp is taken and fire assayed with a gravimetric finish. BQTK size
drill core is saw cut and half the drill core is sampled in standard
intervals. The remaining half of the core is stored in a secure location. The
drill core is transported in security-sealed bags to the ALS Chemex Prep Lab located in Timmins, Ontario. The pulps
from core that is sent to the ALS Chemex Prep Lab
are then shipped to ALS Chemex Assay Laboratory in
Vancouver, B.C.
About Lake Shore Gold Corp.
Lake Shore Gold is a rapidly growing
mining company with a vision is to become a mid-tier gold producer through
the successful exploration, development and operation of its properties in
the Abitibi Greenstone belt in Northern Ontario and Quebec, starting with its
strong base in Timmins, Ontario. In Timmins, the Company is currently
carrying out pre-production development at the Timmins Mine, where it is
using both a shaft and ramp to mine the Timmins deposit, and has intersected
mineralization underground at the adjacent Thunder Creek deposit, which is
being developed using the same infrastructure and as part of the Timmins Mine
project. Progress is also being made with an underground advanced exploration
program at its Bell Creek Mine, located on the east side of the City of
Timmins, which is moving forward to become the Company's second mining
operation in the Timmins Gold Camp. The Company's wholly owned mill (located
on the Bell Creek property) has been refurbished and is currently operating
at 2,000 tonnes per day. The Company continues to
invest aggressively in exploration primarily in the Timmins Gold Camp and in
its other properties in Northern Ontario and Quebec, and owns a large land
position in Mexico. The Company's common shares trade on the TSX under the
symbol LSG.
Forward-looking Statements
Certain statements in this press release
relating to the Company's exploration activities, potential for increasing
resources, project expenditures and business plans are "forward-looking
statements" within the meaning of securities legislation. The Company
does not intend, and does not assume any obligation, to update these
forward-looking statements. These forward-looking statements represent
management's best judgment based on current facts and assumptions that
management considers reasonable, including that operating and capital plans
will not be disrupted by issues such as mechanical failure, unavailability of
parts, labour disturbances, interruption in
transportation or utilities, or adverse weather conditions, that there are no
material unanticipated variations in budgeted costs, that contractors will
complete projects according to schedule, and that actual mineralization on
properties will not be less than identified mineral reserves. The Company
makes no representation that reasonable business people in possession of the
same information would reach the same conclusions. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. In particular,
fluctuations in the price of gold or in currency markets could prevent the
Company from achieving its targets. Readers should not place undue reliance
on forward-looking statements. More information about risks and uncertainties
affecting the Company and its business is available in Lake Shore Gold's most
recent Annual Information Form and other regulatory filings which are posted
on sedar at www.sedar.com.
There is no guarantee that drill results
reported in this news release will lead to the identification of a deposit
that can be mined economically, and further work is required to identify
resources and reserves.
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Thunder Creek Property-Significant New Assay Results to Nov 19 2010
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Interval Grade
Hole Number From (m) To (m) (m) (gpt) Section Comments
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TC650-001 335.80 338.10 2.30 5.16 Rusk Horizon
347.30 446.90 99.60 4.91 Porphyry
including 361.50 422.90 61.40 6.92
including 386.20 400.10 13.90 18.56
Rusk & Porphyry; incl.
TC09-68e 844.50 866.80 22.30 4.24 9600N VG
including 844.50 849.30 4.80 8.14
including 864.90 865.40 0.50 49.30 incl. VG
TC09-68f 825.50 849.20 23.70 6.54 9600N Porphyry
including 825.50 832.50 7.00 8.37
including 836.50 839.90 3.40 19.06 incl. VG
843.50 849.20 5.70 3.39 incl. VG
TC09-69f 819.35 829.10 9.75 6.97 9500N Rusk Horizon
including 823.90 829.10 5.20 10.78
and 851.55 851.90 0.35 12.20
863.00 865.90 2.90 4.88 Porphyry
899.20 899.70 0.50 5.43
905.70 932.80 27.10 2.24
926.30 926.80 0.50 17.10
932.30 932.80 0.50 33.50
and 952.70 954.20 1.50 9.40
969.90 975.50 5.60 12.74 Footwall porphyry
including 969.90 970.40 0.50 125.50
TC09-69g 791.10 804.30 13.20 13.30 9475N Rusk Horizon
including 797.50 799.10 1.60 82.27
818.20 821.40 3.20 7.89 Porphyry
877.80 879.80 2.00 3.61
Altd volc in the
TC09-79a 993.80 994.60 0.80 31.90 9450N footwall
TC09-80a 914.00 934.90 20.90 1.67 9600N Rusk Horizon
including 914.00 915.00 1.00 10.97
932.90 933.40 0.50 9.91 Porphyry
946.70 947.20 0.50 4.19
965.70 966.20 0.50 9.76
1025.15 1025.70 0.55 4.11
TC09-80b 886.00 888.70 2.70 3.16 9600N Rusk Horizon
914.40 923.50 9.10 2.40 Porphyry
942.40 942.90 0.50 8.00
950.20 963.90 13.70 1.70
970.70 971.20 0.50 4.31
974.70 975.20 0.50 5.38
TC09-80c 876.00 903.30 27.30 4.00 9600N Porphyry; incl. VG
including 892.40 903.70 11.30 7.13 incl. VG
including 902.90 903.30 0.40 156.00
908.20 908.50 0.30 7.00
918.60 921.80 3.20 2.56 Footwall porphyry
928.50 930.50 2.00 14.09 Footwall porphyry
TC09-81 304.60 305.30 0.70 3.52 9420N
385.90 386.40 0.50 3.93 Porphyry
TC09-83a 1099.80 1100.40 0.60 4.22 9380N Porphyry dykelet
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Notes:
- TC09-69f is a bypass hole to TC09-69e (previously released) due to an
obstruction in the hole below the Rusk Horizon.
- TC10-82,-83 were abandoned; no significant assays. TC10-84 (9200N) and
TC09-79b (9430N) had no significant results.
- Due to uncertainties in zone orientations, true widths are not known at
this time.
- Assays reported are uncut.
- Approximately 1.5m of core was missing from TC650-001 between 363.0 and
364.1.
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