|
TORONTO, ONTARIO--(Marketwire
- May 4, 2009) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore
Gold" or the "Company") today announced encouraging
results from 20 holes (12,297 metres) from the Company's 100% owned
Bell Creek and Vogel properties. Included in the results are holes
confirming at least a 200 metre easterly extension of mineralization
from the Bell Creek mine workings including intercepts of 10.40 gpt Au
over 0.60 m and 4.08 gpt over 3.45 m in wedge hole BC08-23A, 7.44 gpt
over 0.50 m within a broader intercept of 4.46 gpt over 2.00 m in Hole
BC08-23 and 5.57 gpt over 1.5 m in BC09-03. These holes were drilled
above discovery Hole BC08-09 (7.76 gpt over 1.50 m, 7.60 gpt over 6.3 m
and 6.06 gpt over 4.65 m) which was reported on December 10, 2008 and
indicate a minimum 300 metre vertical height for the mineralized zone
in this area.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The
results being announced today are very encouraging as they confirm the
significant extension of mineralization at Bell Creek both at depth and
along strike from the historic resource. In addition, the
identification of new mineralization near the planned portal site for
the ramp we will drive as part of our Bell Creek Complex Advanced
Exploration Program creates new opportunities. We are also encouraged
by the drill results at Vogel which support our theory that there
exists significant opportunity to identify new resources at depth at
all three of our Bell Creek Complex properties (Bell Creek, Schumacher,
Vogel) given the lack of historic drilling below 400 metres at each of
the properties."
Also included are results from Hole BC08-24 and wedge holes BC08-24a
and 24b which intersected mineralization 350 metres below the mine
workings. Intercepts in Hole BC08-24 included 4.95 gpt over 8.20 m
including 10.13 gpt over 0.40 m and 29.77 gpt over 0.9 m. Wedge Hole
BC08-24b intersected 5.30 gpt over 6.90 m, including 8.72 gpt over 1.85
m.
New mineralization was intersected by several holes 225 metres south of
the historic mine workings and near the proposed collar location for
the new Vogel ramp which is due to commence development within the next
month. Results from the new area included 4.81gpt over 1.90 m and 4.77
gpt over 0.70 m in Hole BC08-24, 5.61 gpt over 0.50 m in Hole BC08-30,
55.2 gpt over 0.30 m in BC08-32 and 4.08 gpt over 1.00 m in Hole
BC08-33. These new results are located approximately 150 metres
northeasterly from the new south zone discovered by Hole BC08-02 in
2008 which contained an intercept of 5.39 gpt over 6.05 metres
(including 11.70 gpt over 1.70 metres). In total VG was identified at
Bell Creek in four drill holes (BC08-21,23,24,32) and three wedge holes
(BC08-23a,23c,24a).
At Vogel, results are being reported for one new hole, Hole V-08-01
(1,166 metres) which was completed in late 2008. The hole was drilled
in the central part of the property in order to test the down dip
extension of the mineralization. Results of the drilling were highly
favorable and intersected strong alteration and local quartz veining
containing an assay value of 8.89 gpt over 0.70 m in an area 300 metres
below the historic area of mineralization, to a total depth of 950
metres. Drilling is still continuing in this area along with sampling
and assaying of two additional holes (V-08-02 and V-09-01) and one
wedge hole (V-08-01C) (3,248 metres). Initial observations from hole
V-09-01 which is testing a similar elevation level as V-08-01 but on a
north-south cross section 115 metres to the west indicated visible gold
within smokey grey brecciated quartz veining at depths in the hole of
650 and 680 metres.
Mr. Makuch added, "We are currently carrying out an aggressive
exploration program with five surface drills working at the Bell Creek
Complex (four at Bell Creek and one at Vogel), and have started an
advanced underground exploration program including dewatering and
refurbishing the Bell Creek shaft and the collaring of a ramp from
surface to the Bell Creek and Vogel mineralization. Although much work
still needs to be done, we believe that Bell Creek has potential to be
the Company's second mine in Timmins."
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, has been refurbished to a capacity
of 800 tonnes per day. The Company recently announced plans to commence
an 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 Width Grade Comments ------ ---- -- ----- ----- -------- BC08-21 157.50 163.00 5.50 1.79 173.50 174.00 0.50 5.48 193.80 194.70 0.90 3.55 VG @194.25m ---------------------------------------------------------------------------- BC08-23 612.60 614.00 3.31 1.40 615.80 617.80 2.00 4.46 VG @617.5m incl 616.80 617.30 0.50 7.44 ---------------------------------------------------------------------------- BC08-23a 612.40 613.00 0.60 10.40 616.75 620.20 3.45 4.08 VG @615.9m ---------------------------------------------------------------------------- BC08-23b 609.50 610.50 1.00 1.09 616.35 617.75 1.40 2.40 ---------------------------------------------------------------------------- BC08-23c 615.60 617.60 2.00 1.64 VG @615.9m ---------------------------------------------------------------------------- BC08-23d 533.30 535.00 1.70 4.78 ---------------------------------------------------------------------------- BC08-24 141.50 143.40 1.90 4.81 150.15 151.05 0.90 4.77 771.60 779.80 8.20 4.95 including 771.60 772.00 0.40 10.13 and including 778.90 779.80 0.90 29.77 VG @779.3,779.6,781.35m ---------------------------------------------------------------------------- BC08-24a 746.50 747.50 1.00 4.93 VG @744.35m,746.4m 755.60 756.60 1.00 7.86 ---------------------------------------------------------------------------- BC08-24b 768.50 775.90 6.90 5.30 incl 773.55 775.40 1.85 8.72 ---------------------------------------------------------------------------- BC08-27 137.15 138.40 1.25 4.77 ---------------------------------------------------------------------------- BC08-30 99.60 100.15 0.55 5.61 ---------------------------------------------------------------------------- BC08-32 218.6 218.9 0.3 55.2 VG @218.m ---------------------------------------------------------------------------- BC08-33 206.6 207.6 1.0 4.08 ---------------------------------------------------------------------------- BC09-03 760.65 762.15 1.50 5.57 787.9 789.1 1.2 4.94 793.2 795.6 2.4 2.77 ---------------------------------------------------------------------------- V08-01 717.20 717.70 0.50 3.73 981.85 982.55 0.70 8.89 ---------------------------------------------------------------------------- BC08-16,17,18,19,20,22,25,26,28,29,31 No significant assays Notes: Vg indicates visible gold in sample interval True widths are not known at this time ----------------------------------------------------------------------------
To view Figure 1 (Plan View of Bell Creek) - http://media3.marketwire.com/docs/lsg0504fig1.pdf.
To view Figure 2 (Cross Section of Bell Creek) - http://media3.marketwire.com/docs/lsg0504fig2.pdf.
To view Figure 3 (Second Cross Section of Bell Creek) - http://media3.marketwire.com/docs/lsg0504fig3.pdf.
To view Figure 4 (Long Section of Bell Creek) - http://media3.marketwire.com/docs/lsg0504fig4.pdf.
|