TORONTO,
ONTARIO--(Marketwire - March 31, 2009) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold" or the
"Company") today announced the release of new, high-grade
intercepts from six additional holes (4,093 metres)
as part of its ongoing 22,000 metre diamond drill program on
the Company's Thunder Creek property, which is located immediately
adjacent to Lake Shore Gold's 100%-owned Timmins Mine project. The
Company is the operator of Thunder Creek joint venture with a 60%
interest in the property. The results include an intercept of 8.86 g/t
Au over 24.85 m,
including 10.88 g/t Au over 4.05 m, 19.55 g/t Au over 6.00 m and 7.95 g/t
Au over 5.25 m
in Hole TC09-69, and 7.41 g/t Au over 3.00 m, 5.80 g/t Au
over 13.65 m
and 5.29 g/t Au over 12.85
m in Hole TC09-68. These intercepts extend the
Rusk and Porphyry zones at Thunder Creek by 200 metres at
depth and 100
metres along strike, for a total depth of
approximately 775
metres. They also indicate the presence of a
second significant mineralized horizon within the Porphyry zone. The
zones remain open at depth and along strike.
Hole TC09-68 and 69 were designed to test the downward extension of the
Rusk and Porphyry zones below the previously announced Hole TC08-54
(see press release dated December 16, 2008), which had been the deepest
intercept at 575 m
and was the first to be identified within a new porphyry-hosted
mineralized system. Included within TC08-54 was a high-grade zone of
25.99 g/t Au over 3.00
m within a broader zone averaging 5.90 g/t au
over 26.35 m.
Based on the results of TC09-68 and TC09-69, the overall thickness of
the Syenite porphyry has increased from approximately 30 m in Hole TC08-54
to over 120 m
in Hole TC09-69 and there are at least two significant horizons of
mineralization within the Porphyry extending to depth. Mineralization
in the Porphyry zone continues to indicate a strong association with
quartz veining, increased pyrite and VG (visible gold) with minor
scheelite, sphalerite, galena, molybdenite and tellurides.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The
results being announced today are extremely encouraging. In the
tradition of Timmins
gold deposits, we are seeing that the mineralized system within the
porphyry is running to depth and, equally important, is widening as it
deepens. In addition, the discovery of multiple horizons greatly
enhances the potential of each drill hole to encounter mineralization
and to add meaningfully to the size and resource potential of the
project. Today's results also highlight the significant potential of
the historically un-mined portion of Timmins gold camp lying west of the
Mattagami River Fault, an area that we believe represents an important
new chapter to this legendary mining camp."
In August of 2008, Lake Shore Gold announced the beginning of a 22,000 metre
diamond drilling program on the Thunder Creek property. The program was
designed to be carried-out intermittently with one to two drill rigs,
and will extend to approximately mid-2009. There are currently two
drills working on the property. A total of 10,995 metres
in 19 holes have been completed, with results from the first nine holes
(4,000 metres)
having been released in a press release on December 16, 2008 and an
additional six holes (4,093 metres) being announced in
today's press release. Four additional holes plus wedge holes TC-09-68a
and TC09-69a and portions of holes TC09-68 and TC09-69 above and below
the Rusk and Porphyry Zones are still in the process of being sampled
and assayed and two additional holes, TC09-70 and TC09-71, are still in
progress drilling. TC09-70 is testing the area 100 metres to
the east of TC09-68 and TC09-71 is testing approximately 125 metres west
of TC09-69.
-------------------------------------------------------------------------- Gold Hole From To Length (g/T) Number(i) (m) (m) (m) (ii) Comments -------------------------------------------------------------------------- TC08-60 546.8 567.95 21.15 3.48 Rusk Zone -------------------------------------------------------------------------- including 548.05 548.70 0.65 13.33 -------------------------------------------------------------------------- and including 552.45 553.05 0.60 15.00 -------------------------------------------------------------------------- and including 567.6 567.95 0.35 25.50 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TC08-61 48.90 49.40 0.50 6.03 Hangingwall Volcanic Zone -------------------------------------------------------------------------- -------------------------------------------------------------------------- TC08-62 No significant results -------------------------------------------------------------------------- -------------------------------------------------------------------------- TC08-64 587.85 598.9 11.05 3.02 Rusk Zone -------------------------------------------------------------------------- Including 595.55 598.90 3.35 6.81 -------------------------------------------------------------------------- and including 596.50 597.00 0.50 12.80 -------------------------------------------------------------------------- and including 598.50 598.90 0.40 12.10 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TC09-68 894.00 897.00 3.00 7.41 Rusk Zone -------------------------------------------------------------------------- 897.00 899.00 2.00 2 metres of lost core -------------------------------------------------------------------------- 899.00 900.50 1.50 3.87 Rusk Zone -------------------------------------------------------------------------- -------------------------------------------------------------------------- And 906.40 1028.55 122.15 1.81 Porphyry Zone -------------------------------------------------------------------------- Including 915.45 929.10 13.65 5.80 -------------------------------------------------------------------------- and including 952.90 965.75 12.85 5.29 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TC09-69 781.40 806.25 24.85 8.86 Rusk Zone -------------------------------------------------------------------------- Including 783.20 787.25 4.05 10.88 -------------------------------------------------------------------------- and including 789.20 795.20 6.00 19.55 -------------------------------------------------------------------------- and including 801.00 806.25 5.25 7.95 -------------------------------------------------------------------------- -------------------------------------------------------------------------- And 810.45 855.00 44.5 1.00 Porphyry zone -------------------------------------------------------------------------- Including 810.45 810.90 0.45 17.45 -------------------------------------------------------------------------- and including 853.70 854.10 0.40 11.25 -------------------------------------------------------------------------- (i) Due to uncertainties in zone orientations, true widths are not known at this time. Assays reported are uncut (ii) Mettallic screen assay results remain pending for certain samples.
Based on data collected to date, the
Rusk Gold Zone appears to represent a high-grade shoot within a broad
north-east trending mineralized corridor, steeply dipping to the
northwest. This shoot lies along the contact between the Alkalic
Intrusive Complex and sediments located in the footwall to the
intrusive. It is characterized by very strong alteration and
deformation, accompanied by numerous ultramafic to felsic dykes,
quartz-ankerite veining, and sulphide mineralization. Significant
intercepts below the 200
metre level, previously reported by the Company,
within this Zone include: 10.91 g/t Au over 3.65 m (TC07-30),
8.57 g/t au over 9.00
m (TC07-43) and up to 24.61 g/t au over 7.0 m (TC07-36).
Among other holes reported today, TC08-60 and 64 intersected the Rusk
Horizon between 400 and 500
m below surface. Hole TC08-60 intersected three
zones averaging 5.55 g/t Au over 2.40 m, 5.50 g/t Au over 5.80 m and 4.24 g/t
Au over 4.55 m,
within a wider interval which averages 3.48 g/t Au over 21.15 m. The
intercepts include high grade hits up to 13.33 g/t Au over 0.65 m, 15.00 g/t Au
over 0.60 m
and 25.50 g/t Au over 0.35
m. Hole TC08-64, located about 50m below TC07-41
(8.52 g/t Au over 2.05
m --see press release dated March 31, 2008),
roughly 80m vertically below hole TC08-60, intersected 3.02 g/t Au over
11.05 m,
including 6.81 g/t Au over 3.35 m, 12.80 g/t Au over 0.50 m and 12.10 g/t
Au over 0.40 m.
TC08-61 and TC08-62 tested the Rusk Horizon at less than 150m below
surface and did not obtained significant results, though it is believed
that given uncertainties regarding the plunge in this area the holes
may have passed over the projected plunge line for the high grade
shoot.
The Thunder Creek property is a joint venture, with Lake Shore Gold
owning a 60% interest and acting as project operator, with the
remaining 40% interest owned by West Timmins Mining Inc.
Quality Control
The Company's Qualified Person ("QP") for the Thunder Creek
property is Jacques Samson, 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 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 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.
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 Timmins Mine project is located 18 kilometers
west of Timmins, one of the world's most productive mining camps having
produced approximately 75 million ounces of gold over the last century.
The wholly owned Bell Creek Mill, located just east of Timmins, has
been refurbished to a capacity of 800 tonnes per day, and the Company
is moving forward with a number of prospective exploration properties
in the Timmins area and in other parts of 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.
To view Figure 1 (Cross Section), please click on the following link: http://media3.marketwire.com/docs/fig_1.pdf
To view Figure 2 (Plan View), please click on the following link: http://media3.marketwire.com/docs/fig_2.pdf
To view Figure 3 (3D View), please click on the following link: http://media3.marketwire.com/docs/figa_3.pdf
To view Figure 4 (Long Section), please click on the following link: http://media3.marketwire.com/docs/fig_4.pdf
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