PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that ongoing drilling at the Hardrock
Project in Geraldton, Northwestern Ontario continues to intersect high
grade open pit style mineralization in the EP-Zone target. Intersections
that include 4.56 grams per tonne gold (g/t Au) across 24.5 metres (m) in
hole EP029, 3.04g/t Au across 31.3m in hole EP031, and 2.63g/t Au across
43.5m in hole EP032 suggest strong tonnage potential as drilling progresses
into the heart of the EP-Zone. These intersections are located 50m and 100m
west of a previously announced intersection of 2.37g/t Au across 62.7m in
hole EP026. This drilling continues to identify significant near
surface (open pit-style) mineralization contained within multiple zones and
further supports management's belief that high grade potential exists
proximal to mine workings.
Recent
highlights include:
- EP-Zone mineralization has been intersected
over a minimum strike length of 400 metres and remains open in all
directions.
- The above mentioned intersections are
contained within the north limb of the EP-Zone. Drilling is ongoing in
the South Limb (assays pending) along strike from a previously
announced intersection of 11.83 g/t Au across 11.4 m.
"These
drill results further demonstrate the potential of the EP-Zone and confirm
the high-grade open pit resource potential of the Hardrock Project",
stated Ewan Downie, President of Premier. "We have now intersected
gold mineralization in four target areas, with drilling yet to move into the
confirmation phase of the sizeable historical resource".
The EP-Zone is comprised of near-surface mineralization proximal to the
historic North Zone mine workings from which nearly one million ounces of
gold was produced to a depth of 2,000 feet. Drilling has identified
multiple sub-zones within the iron formation-hosted South (SL) and North
(NL) Limbs of the EP target. Significant mineralization has been
intersected over a strike length of 400 metres, to depths of up to 150
metres, and remains open in all directions.
The following table of results demonstrates continuity and grade within the
EP-Zone, supporting management's belief that historic and new results will
be utilized in a NI43-101 compliant resource calculation which is expected
to be completed in Q4 2009.
HOLE-ID
|
ZONE
|
FROM (m)
|
TO (m)
|
INTERVAL (m)
|
GRADE (g/tonne)
|
INTERVAL (ft)
|
GRADE (oz/t)
|
EP026**
|
NL
|
79.0
|
141.7
|
62.7
|
2.37
|
205.7
|
0.07
|
EP027
|
NL - B
|
5.0
|
6.0
|
1.0
|
5.84
|
3.3
|
0.17
|
|
NL
|
48.3
|
58.7
|
10.4
|
1.28
|
34.1
|
0.04
|
EP028
|
NL - B
|
40.0
|
51.9
|
11.9
|
1.01
|
39.0
|
0.03
|
|
NL
|
79.0
|
88.0
|
9.0
|
1.42
|
29.5
|
0.04
|
EP029
|
NL - C
|
34.5
|
39.0
|
4.5
|
3.46
|
14.8
|
0.10
|
|
NL - B
|
54.0
|
78.5
|
24.5
|
4.56
|
80.4
|
0.13
|
|
NL
|
96.5
|
118.7
|
22.2
|
1.98
|
72.8
|
0.06
|
EP030
|
NL
|
159.0
|
179.0
|
20.0
|
1.10
|
65.6
|
0.03
|
EP031
|
NL
|
111.2
|
142.5
|
31.3
|
3.04
|
102.7
|
0.09
|
EP032
|
NL
|
13.9
|
57.4
|
43.5
|
2.63
|
142.7
|
0.08
|
EP033
|
NL - B
|
10.0
|
24.0
|
14.0
|
0.55
|
45.9
|
0.02
|
|
NL
|
41.5
|
57.5
|
16.0
|
2.06
|
52.5
|
0.06
|
EP034
|
NL - C
|
14.5
|
22.3
|
7.8
|
0.90
|
25.6
|
0.03
|
|
NL - B
|
38.7
|
43.8
|
5.1
|
3.19
|
16.7
|
0.09
|
|
NL
|
70.6
|
115.5
|
44.9
|
1.73
|
147.3
|
0.05
|
including
|
|
100.5
|
114.0
|
13.5
|
3.72
|
44.3
|
0.11
|
EP035
|
NL - B
|
25.0
|
43.8
|
18.8
|
2.04
|
61.7
|
0.06
|
|
NL
|
102.6
|
138.0
|
35.4
|
2.12
|
116.1
|
0.06
|
EP036
|
NL - B
|
13.7
|
15.0
|
1.3
|
27.82
|
4.3
|
0.81
|
|
NL
|
24.6
|
25.0
|
0.4
|
7.09
|
1.3
|
0.21
|
* True widths estimated at
approximately 70% of intersection width ** previously announced
intersection
The current program at Hardrock is expected to consist of more than 50,000
metres of definition and exploration drilling. The Project is operated
under a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier
earning a 70% interest). The Hardrock Project is host to several
past-producing mines which collectively produced more than 2.0 Million
ounces of gold from the same deposits to shallow depths of some 2000 feet
(600 metres) from 1938-1968. The mined zones remained open at depth at the
time mining ceased and developed historical resources were left in place
within the existing mine workings (a qualified person has not done
sufficient work to verify the historical resource, the company is not
treating the historical resource as a current resource and the historical
resource should not be relied upon). Importantly, the Hardrock Project
has the potential for defining several styles of mineralization capable of
hosting resources, with grades and widths similar to many of Ontario's
major gold mines including:
1) Open pit-style mineralization with grades
exceeding 1.5 g/t Au (Timmins, Hemlo)
2) Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
3) Narrow vein zones with higher gold grades often exceeding 7.0g/t (Red
Lake, Pickle Lake)
Initial drilling is focusing on delineating both
open pit and underground resources with the goal of defining a multi-million
ounce gold resource that can be moved quickly towards development (See
references to historical resources above.). The Project offers development
advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major
power lines running through, or located proximal to, the property.
Significant potential exists for developing resources in several areas
including: 1) Open pit-style mineralization at the site of the original
discovery where a resource containing several hundred thousand ounces of
gold was partially drilled off by previous operators; 2) Several newer
high-grade discoveries have been made throughout this large property
package that have received little to no follow-up; 3) Resource blocks
reported to remain within the mine workings; and, 4) The main mined zones
which remain open below the 600m level.
Stephen McGibbon, P. Geo., 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. The assay results presented are from
core samples sent to Activation Laboratories, an accredited mineral
analysis laboratory in Thunder Bay, Ontario, for preparation and analysis
utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is a well financed Canadian-based mineral
exploration and development company with several projects and deposits in
Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold
mining camp, two of these are operated in joint venture with Red Lake Gold
Mines and the Company has recently signed an Option Agreement to acquire a
100% interest in the strategic Lennie Red Lake Property. The company also
owns a strategic project located on the main Musselwhite Gold Mine trend.
For further information, please contact:
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: Info@premiergoldmines.com
Web Site: www.premiergoldmines.com
The statements made in this
Press Release may contain forward-looking statements that may involve a
number of risks and uncertainties. Actual events or results could differ
materially from the Company's expectations and projections.