PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to
announce that ongoing drilling at the Hardrock Project in Geraldton,
Northwestern Ontario continues to return high-grade gold mineralization in
the Tenacity Zone. Initial drilling at the Tenacity Zone has been focused
on defining potentially open pit-style mineralization which is being
confirmed by intersections of up to (un-cut) 15.97 grams per tonne gold
(g/t Au) across 32.1 metres (m) and 2.38g/t Au across 23.0m. Drilling
is now directed on extending the Tenacity Zone down plunge to follow-up on
recent intersections of up to 16.86g/t Au across 5.5m. Highlights of
recent Tenacity drilling include:
- The potential to develop both open pit and
underground resources.
- Extremely high-grade gold with individual samples
returning assays of up to 688.0g/t Au (20.1 ounces per ton gold)
across 0.7m.
- The intersection of a second near-surface
mineralized horizon located along a similar geological contact.
Follow-up drilling at Tenacity, as well as the
testing of other target areas, is on-going.
The Tenacity
Zone is marked by moderately to intensely silicified and veined greywacke
host rocks, adjacent to a folded ultramafic rock unit. Mineralization
consists of pyrite, pyrrhotite, arsenopyrite, and minor visible gold. Drilling
has confirmed potentially open pit-style mineralization over a minimum
strike length of 500 metres, and is now testing for higher-grade
mineralization that could be amenable to mining from a ramp below the
potential pit workings. Mineralization remains open at depth with some of
the strongest looking core being returned from the western-most
(down-plunge) sections drilled to date. Hole TN026 (15.97g/t Au across
32.1m) tested the Tenacity Zone up-dip from a historic intersection that
returned 49.3g/t Au across 4.3m, and down-dip from a historic intersection
that returned 3.8g/t Au across 32.7m.
A longitudinal section of the Tenacity Zone, including historic intercepts,
is available on the Premier website www.premiergoldmines.com.
Table 1 Recent Tenacity Zone Intercepts
Hole-ID
|
UTM
Coordinates
(m)
|
Dip/Azimuth
(degrees)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Grade
(g/tonne)
|
Interval
(ft)
|
Grade
(oz/ton)
|
Zone
|
TN026
|
505599 E 5502607 N
|
-50/360
|
86.9
|
119.0
|
32.1
|
15.70
|
105.3
|
0.46
|
Tenacity
|
including
|
|
|
106.3
|
107.0
|
0.7
|
688.00
|
2.3
|
20.09
|
TN027
|
505698 E 5502680 N
|
-50/360
|
127.4
|
135.6
|
8.2
|
1.68
|
26.9
|
0.05
|
East Pit
|
TN028
|
505692 E 5502573 N
|
-60/360
|
155.0
|
155.5
|
0.5
|
4.04
|
1.6
|
0.12
|
Tenacity
|
TN029
|
505449 E 5502582 N
|
-50/360
|
|
|
|
NSV
|
|
|
Tenacity
|
TN030
|
505549 E 5502625 N
|
-50/360
|
74.4
|
89.0
|
14.6
|
1.83
|
47.9
|
0.05
|
Tenacity
|
207.5
|
223.5
|
16.0
|
2.61
|
52.5
|
0.08
|
East Pit
|
Hole-ID
|
UTM
Coordinates
(m)
|
Dip/Azimuth
(degrees)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Grade
(g/tonne)
|
Interval
(ft)
|
Grade
(oz/ton)
|
Zone
|
TN031
|
505750 E 5503640 N
|
-50/360
|
34.5
|
57.5
|
23.0
|
2.38
|
75.4
|
0.07
|
Tenacity
|
65.0
|
75.0
|
10.0
|
1.29
|
32.8
|
0.04
|
TN032
|
505650 E 5502580 N
|
-50/360
|
140.4
|
143.5
|
3.1
|
4.35
|
10.2
|
0.13
|
Tenacity
|
TN033
|
505550 E 5502649 N
|
-50/360
|
|
|
|
NSV
|
|
|
Tenacity
|
TN034
|
50498 E 5502552 N
|
-50/360
|
201.4
|
208.0
|
6.6
|
2.34
|
21.6
|
0.07
|
Tenacity
|
278.0
|
289.5
|
11.5
|
1.37
|
37.7
|
0.04
|
East Pit
|
*
True widths estimated at approximately 70% of intersection widths ** NSV --
No significant assay values
Recent drilling has intersected a parallel mineralized zone (assays
pending) located in a geological setting (ultramafic contact) similar to
and south of the main Tenacity Zone. Hole TN052 collared into
mineralization at 10.9m, and intersected more than 40.0 metres of veining,
alteration and sulphides characteristic of Tenacity. An exploration
hole (HR008) drilled from the ice several hundred metres east if this new
intercept collared into similar mineralization that assayed 2.51g/t Au
across 4.9m. Follow-up drilling to test this potential new discovery will
commence upon receipt of assays.
These results at Tenacity continue to support management's belief that
historic and new results will be utilized in a NI 43-101 compliant mineral
resource estimate, which is expected to be completed in Q4 2009. The
current program at Hardrock is expected to consist of more than 50,000
metres of definition and exploration drilling. 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:
- Open pit-style
mineralization with grades exceeding 1.5 g/t Au (Timmins, Hemlo)
- Broad zones of
mineralization with grades averaging 5.0+ g/t Au (Musselwhite)
- Narrow vein zones
with higher gold grades often exceeding 7.0g/t (Red Lake, Pickle Lake)
The
Hardrock 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 shallow deposits within 2000
feet (600 metres) of surface 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).
The Project benefits from development advantages with the Trans-Canada
Highway, Trans-Canada Pipeline, and major power lines running through the
center of 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 projects are operated in joint venture with Red Lake Gold
Mines, and another, adjacent to the Red Lake Gold Mines complex, is
operated on a 100% basis. The company has recently announced a new gold
discovery at its wholly-owned PQ-North Project located on the main
Musselwhite Gold Mine trend and is acquiring a 70% interest in the Hardrock
Project, an advanced-stage gold project in the Geraldton area.
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.