Premier Launches PQ-North
Shares Issued: 78,065,179
PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that a major
drill program has been started at the Company's 100% owned PQ-North Project
in Northwestern Ontario. The PQ-North Project is considered to have
excellent potential to host significant gold mineralization.
- PQ-North is located
on the northern extension of the main iron formation that hosts
Goldcorp's Musselwhite Gold Mine.
- Up to $1.5 Million
is earmarked for Phase One exploration in 2009.
- Several structural
breaks similar to those that host gold deposits at Musselwhite have
been identified, none of which have been previously drill tested.
Goldcorp has previously indicated that gold
mineralization was extended to the north along the PQ Limb with
intersections on structures trending in close proximity to Premier's
PQ-North Property. Goldcorp also estimates mineralization may have
increased from 1.0 million to 2.0 million ounces of gold per kilometre of
strike as far as 6.0 kilometres north of the main mine facilities
(Goldcorp's SEC filing on July 31, 2008). To date, the Musselwhite Mine has
produced more than 2.0 million ounces of gold and has reserves and
resources totalling in excess of 3.30 Million ounces at the end of 2007.
The PQ-North Property encompasses a major fold structure along strike from
and within the main rock unit (Northern Banded Iron Formation) that hosts
the gold-bearing ore zones at Musselwhite. Previous drilling has returned
numerous significant intersections and has identified structural units
similar to those at the mine. Premier's recently completed airborne
geophysical survey has identified major folding and several untested
structures similar to those at the Musselwhite Mine. A grid has been cut
and a camp has been constructed on the property. A number of shear zones
containing quartz veins and hydrothermal alteration were found on the
property in the fall of 2008, demonstrating that favourable structures to
host gold mineralization exist at PQ-North .. These have never been
followed up and represent excellent drill targets where they intersect
folded iron formation at depth. Pictures of these structures in outcrop can
be found on Premier's website (http://www.premiergoldmines.com/s/PhotoGallery.asp?ReportID=323076).
Phase 1 drilling is now underway with an initial 5,000 metre program.
Premier previously announced that it had signed a Letter of Intent (LOI)
with the North Caribou Lake First Nation ("NCLFN") that paves the
way for a major exploration program on the PQ-North Property in
Northwestern Ontario. The LOI forms the basis of a cooperative relationship
between Premier and NCLFN that will guide the early phase of exploration on
the property, including line cutting, geophysics and diamond drilling, as
well as lead to a Memorandum of Understanding (MOU) in the near future.
"It is my opinion that the PQ-North Project is one of the most
strategically located gold projects in Canada" stated Tim Twomey,
Exploration Manager for Premier. "The potential for discovering
auriferous structures is outstanding as the primary structural targets have
not been previously tested".
A fourth diamond drill has now been activated at Premier's Hardrock Project
in Geraldton, Ontario. To date, multiple intervals of veining and
mineralization have been intersected in the three initial targets, the EP,
Oreo and Tenacity Zones. The fourth drill will begin testing more regional
exploration targets identified previously by historical drilling and a
recently completed magnetic survey.
The Hardrock Project is located in the heart of the Beardmore-Geraldton
Greenstone Belt, a highly prospective high-grade gold district that has
seen relatively little exploration over the past several decades. The
Project area covers some of the most prospective geology in the region and
is host to several past-producing mines and numerous exploration targets in
a district that has seen historic production of more than 4.1 Million
ounces of gold.
Matt Long, 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.
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. The company also owns a strategic project located on the main
Musselwhite Gold Mine trend and recently acquired mineral properties in
Geraldton area from Barrick Gold.
For further information, please contact:
Ewan Downie, President & CEO
Web Site: www.premiergoldmines.com
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
41 KB in
size, approx. 9 seconds to download at 56.6Kbps
You can also view this News Release on our website at: