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TORONTO,
ONTARIO--(Marketwire - July 7, 2009) - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced encouraging results from 16 holes and 7 wedge holes (12,593
metres) from the Company's 100% owned Bell Creek and Vogel properties.
At Bell Creek, 14 holes and 3 wedge holes (9,273 metres) were designed
to test areas below and east of the historic resource and encountered
attractive grades and widths of gold mineralization in several holes,
among them: 6.76 grams per tonne (gpt) gold (Au) over 6.10 metres (m),
including 13.26 gpt over 1.15 m, in Hole BC-09-02, 7.90 gpt Au over
5.95 m, including 11.73 gpt over 2.95 m, in Hole BC-09-3A, plus 5.16
gpt Au over 8.50 m in Hole BC-09-12. The Company's Bell Creek Complex
(including the Bell Creek Mine, with its existing 280 metre shaft and
related mine workings, the 1,500 tonne per day Bell Creek Mill and the
contiguous Vogel and Schumacher properties) is located in Timmins,
Ontario along the New Mine Trend, approximately 5.0 kilometers west of
Goldcorp Inc.'s Hoyle Pond Mine.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We
are very encouraged by the depth potential and extensions of
mineralization being discovered at Bell Creek and Vogel, which support
our view that these properties may host large orebodies similar to
those found elsewhere along the New Mine Trend. The exploration success
we are achieving in an area supported by existing mining and milling
infrastructure, positions the Bell Creek Complex to become Lake Shore
Gold's second significant mining operation in the Timmins Camp after
our 100% owned Timmins Mine."
Some of the best results at Bell Creek occur as multiple zones of gold
mineralization marked by increased quartz, sulphides and visible gold
located east of the Bell Creek Mine where the North A and Bell Creek
West zones converge at depth. These two zones were the major sources of
ore for past operations. The convergence of the two zones is related to
a sharp bend in stratigraphy near the Bell Creek fault where the
volcanic rocks hosting the North A and Bell Creek West zones have been
twisted into a wedge shaped nose which will become a main focus for
future drilling. Intercepts from this new area indicate favourable
grades, widths and consistency. Together with previously released holes
BC08-09, BC08-23 and BC09-03 (see press releases dated December 16,
2008 and May 4, 2009), these results suggest a minimum 500 metre long
easterly plunging system of mineralization which extends approximately
700 metres down plunge from the lowest level of previous mining and is
open at depth and to the east. The system includes extensions of the
Bell Creek West and North A zones plus possible new zones emerging at
depth.
Drilling at Vogel included 2 holes and 4 wedge holes (3,320 metres)
which was designed to test approximately 300 metres below the historic
resource in this area. Hole V-09-01A intersected visible gold with
assays of 22.50 gpt Au over 1.00 m, 8.39 gpt Au over 1.60 m and 7.06 gpt
Au over 1.95 m. These assay results are located approximately 150
metres west of the previously released results of 8.90 gpt over 0.70 m
in Hole V08-01 and continue to suggest that a new vein system is
emerging at depth.
Mr. Makuch added: "We continue to make good progress with our
surface and underground advanced exploration programs at the Bell Creek
Complex. The surface program involves four drills testing for depth
extensions along the plunge line of the newly defined easterly plunging
system at Bell Creek, drilling to infill within the plunge of the new
mineralized system and exploring for new systems on other parts of the
Bell Creek Complex. We are very encouraged by the results achieved to
date from our surface program.
"Our underground advanced exploration program involves de-watering
the Bell Creek shaft and rehabilitating the existing mine workings, as
well as driving a ramp to support underground diamond drilling and to
complete bulk samples at both the Bell Creek and Vogel properties. To
date, the ramp has been advanced 215 metres and the Bell Creek shaft is
de-watered to the 60 metre level. The program remains on schedule and
on budget.
"Additionally, the identification of a new high grade system at
depth from our wide spaced drilling at Vogel is very encouraging. Our
plan is to continue to aggressively explore for extensions of this new
system with upcoming drilling."
Quality Control
The Company's Qualified Person ("QP") for the Bell Creek
property is Richard Labine, P.Geo. As QP, he has prepared or supervised
the preparation of the scientific or technical information for the
property and has verified the data disclosed in this press release.
Lake Shore Gold has implemented a quality-control program to ensure
best practice in the sampling and analysis of the drill core. Assays
have been completed using a standard fire assay with a 30g aliquot. Any
assays showing VG or with greater than five grams per tonne Au were
re-analyzed using the pulp metallic method. 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 to ALS Chemex.
About Lake Shore Gold
Lake Shore Gold Corp. is a mineral development and exploration company
that is moving towards gold production through its 100%-owned Timmins
Mine project, where the Company is sinking a shaft and driving a ramp
to access shallow mineralization. The wholly owned Bell Creek Mill,
located on the east side of Timmins, was refurbished to a capacity of
800 tonnes per day as of the end of 2008, with the capacity currently
being increased to 1,500 tonnes per day. The Company recently commenced
an underground advanced exploration program at its Bell Creek Complex,
including the Bell Creek Mine, Schumacher and Vogel properties, which
have the potential to become the Company's second mining project in the
Timmins Camp, and is pursuing a number of other highly prospective
exploration properties in Northern Ontario and Quebec. Lake Shore
Gold's common shares trade on the Toronto Stock Exchange under the
symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's
exploration activities, 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 a reserve or
resource.
--------------------------------------------------------------------------- Hole From To Length Assay Target Comments --------------------------------------------------------------------------- Number (m) (m) (m) (gpt) Zone --------------------------------------------------------------------------- BC-09-01 nsv possible NS fault --------------------------------------------------------------------------- BC-09-02 736.90 749.55 12.65 4.30 North A --------------------------------------------------------------------------- includes 736.90 743.05 6.15 1.98 North A --------------------------------------------------------------------------- and 743.05 749.15 6.10 6.76 North A --------------------------------------------------------------------------- and 743.05 744.20 1.15 13.36 North A --------------------------------------------------------------------------- and 747.15 748.15 1.00 11.03 North A --------------------------------------------------------------------------- 793.90 796.30 2.40 3.67 North A --------------------------------------------------------------------------- BC-09-02A 669.85 670.45 0.60 9.43 North A --------------------------------------------------------------------------- 703.25 705.25 2.00 3.11 North A --------------------------------------------------------------------------- 711.45 711.90 0.45 12.25 North A --------------------------------------------------------------------------- 720.00 728.10 8.10 3.63 North A --------------------------------------------------------------------------- includes 720.00 721.40 1.40 7.08 North A --------------------------------------------------------------------------- and 726.20 728.10 1.90 8.71 North A --------------------------------------------------------------------------- 728.10 734.50 6.40 1.64 North A --------------------------------------------------------------------------- BC-09-03A 781.10 787.05 5.95 7.90 West Zone --------------------------------------------------------------------------- includes 781.60 784.55 2.95 11.73 West Zone VG @ 781.25 --------------------------------------------------------------------------- and 781.60 783.05 1.45 15.74 West Zone --------------------------------------------------------------------------- 864.50 866.50 2.00 3.90 North A --------------------------------------------------------------------------- 911.00 912.00 1.00 3.63 North A --------------------------------------------------------------------------- BC-09-04 244.50 246.50 2.00 7.06 West Zone --------------------------------------------------------------------------- BC-09-05A nsv --------------------------------------------------------------------------- diabase dyke BC-09-06 nsv at zone interval --------------------------------------------------------------------------- BC-09-10 237.30 239.20 1.90 3.66 VG @ 238.70 --------------------------------------------------------------------------- 357.90 366.40 8.50 1.85 West Zone --------------------------------------------------------------------------- BC-09-12 713.80 714.10 0.30 4.86 North A --------------------------------------------------------------------------- 721.90 730.40 8.50 5.16 North A --------------------------------------------------------------------------- includes 722.70 723.00 0.30 15.85 North A --------------------------------------------------------------------------- and 729.10 730.10 1.00 13.50 North A --------------------------------------------------------------------------- 748.30 749.10 0.80 5.14 North A --------------------------------------------------------------------------- 779.80 780.80 1.00 8.19 North A --------------------------------------------------------------------------- 792.00 792.70 0.70 24.40 North A --------------------------------------------------------------------------- BC-09-13 380.10 381.50 1.40 2.38 W1 --------------------------------------------------------------------------- BC-09-14 389.00 389.90 0.90 1.97 W7 --------------------------------------------------------------------------- 421.20 421.60 0.40 1.81 --------------------------------------------------------------------------- BC-09-15 221.10 221.60 0.50 11.10 --------------------------------------------------------------------------- 243.10 245.10 2.00 2.82 --------------------------------------------------------------------------- 327.30 328.50 1.20 2.15 E1 --------------------------------------------------------------------------- BC-09-16 273.40 274.20 0.80 2.64 E1 --------------------------------------------------------------------------- 333.20 333.70 0.50 2.56 E5 --------------------------------------------------------------------------- 483.60 484.80 1.20 1.67 North A --------------------------------------------------------------------------- BC-09-17 791.70 793.70 2.00 2.00 West Zone --------------------------------------------------------------------------- 945.85 946.50 0.65 6.94 North A --------------------------------------------------------------------------- BC-09-18 426.10 426.70 0.60 1.42 North A --------------------------------------------------------------------------- 434.80 435.80 1.00 1.13 North A --------------------------------------------------------------------------- 438.30 439.30 1.00 4.88 North A --------------------------------------------------------------------------- 451.15 451.65 0.50 1.81 North A --------------------------------------------------------------------------- 453.15 453.45 0.30 6.64 North A VG @ 453.25 --------------------------------------------------------------------------- 454.15 455.15 1.00 2.26 North A --------------------------------------------------------------------------- BC-09-21 126.40 128.60 2.20 4.12 --------------------------------------------------------------------------- 140.50 140.90 0.40 7.37 --------------------------------------------------------------------------- 268.50 274.00 5.50 2.18 E1 --------------------------------------------------------------------------- 277.00 280.00 3.00 1.75 E2 --------------------------------------------------------------------------- 321.70 322.00 0.30 6.04 E7 --------------------------------------------------------------------------- BC-09-22 314.20 316.00 1.80 1.34 E2 --------------------------------------------------------------------------- 335.00 336.00 1.00 10.05 E3 --------------------------------------------------------------------------- Vogel Deep V-08-01C 724.20 725.70 1.50 1.66 Expl --------------------------------------------------------------------------- Vogel Deep V-08-02 789.90 790.40 0.50 1.58 Expl VG @ 789.35 --------------------------------------------------------------------------- Vogel Deep 868.00 868.50 0.50 0.25 Expl speck of VG @ 868.35m --------------------------------------------------------------------------- Vogel Deep V-09-01A 643.15 644.15 1.00 22.50 Expl --------------------------------------------------------------------------- Vogel Deep 670.15 671.75 1.60 8.39 Expl --------------------------------------------------------------------------- Vogel Deep 678.40 678.90 0.50 16.75 Expl VG @ 678.50 --------------------------------------------------------------------------- Vogel Deep 727.55 728.05 0.50 12.05 Expl VG @ 727.8 & 727.9 --------------------------------------------------------------------------- Vogel Deep 729.75 731.70 1.95 7.06 Expl --------------------------------------------------------------------------- V-08-1A, V-08-1B and V-09-01 were abandoned and failed to test mineralization. True widths are not known at this time due to low drill hole density. Assays reported are uncut.
To view Figure 1. Plan View (Bell Creek),
please visit the following link: http://media3.marketwire.com/docs/LSG0707A.pdf.
To view Figure 2. Long Section (Bell Creek), please visit the following
link: http://media3.marketwire.com/docs/LSG0707B.pdf.
To view Figure 3. Cross Section (Bell Creek), please visit the
following link: http://media3.marketwire.com/docs/lsgfig3.pdf.
To view Figure 4. Cross Section (Vogel), please visit the following
link: http://media3.marketwire.com/docs/LSG0707D.pdf.
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