PREMIER
GOLD MINES LIMITED (TSX:PG) is pleased to provide an update of developments and future plans
with respect to the Company's Hardrock Project in Northwestern Ontario. The
current program, consisting of delineation and exploration drilling, will
continue throughout 2009 and is expected to result in an NI 43-101
compliant resource estimate by year end.
Drilling is targeting both open pit and underground style gold zones. Significant
potential exists for developing resources in several areas including:
- Open pit-style mineralization at sites
where historic resources were partially delineated by previous
operators, in addition to newly defined mineralization at the
Tenacity, EP and Kailey Zones;
- Numerous surface and historic
high-grade gold intercepts throughout the large property package that
have received little to no follow-up;
- Historic resource blocks reported to
remain within the mine workings, including high-grade vein targets;
and,
- The main mined zones which remain open
below the 600m Level.
OPEN PIT ZONES
Drilling continues to identify near-surface mineralization contained within
multiple zones. Results from drilling at the Kailey Zone, discovered in
2008 by Premier, and at the newly defined EP and Tenacity Zones, suggest
the potential to confirm significant resources amenable to open pit mining.
Kailey Zone
The Kailey Zone was discovered by the joint venture in 2008. This zone
consists of stringer-type mineralization discovered proximal to the
historic Little Long Lac Gold Mine that has been traced over a strike
length of several hundred metres with drill intersections that include
1.47grams per tonne gold (g/t Au) across 162.0 metres (m) and 2.16g/t Au
across 92.2m. The Kailey Zone will be included in the upcoming resource
estimate.
EP-Zone
The EP-Zone has been identified as a potential high-grade open pit
target in the vicinity of the historic North Zone, from which 2.97 Million
tonnes of ore was mined at a recovered grade of 7.54 g/t Au. Initial
drilling has intersected mineralization in multiple sub-zones within the EP
target over a strike length of 600 metres where it remains open in all
directions. Highlights to-date include 7.60g/t Au across 20.5m in hole
EP044, 2.37g/t Au across 62.7m in hole EP026, and 4.56g/t Au across 24.5m
in hole EP029.
New results that include 23.33g/t Au across 3.4m in hole EP048, 4.17g/t Au
across 29.0m in hole EP053 and 5.66g/t Au across 9.8m in hole EP058
continue to expand mineralization within the confines of the target area at
EP. Table 1 summarizes new assay results from drilling at the EP-Zone:
|
Hole-ID
|
UTM Coordinates (m)
|
Dip/Azimuth (degrees)
|
From (m)
|
To (m)
|
Interval (m)
|
Grade (g/tonne)
|
Interval (ft)
|
Grade (oz/ton)
|
EP Zone
|
|
EP045
|
504811 E 5503054 N
|
-45/360
|
89.9
|
95.0
|
5.1
|
10.66
|
16.7
|
0.31
|
South Limb B
|
|
123.5
|
135.3
|
11.8
|
5.42
|
38.7
|
0.16
|
North Limb
|
|
167.5
|
168.5
|
1.0
|
11.20
|
3.3
|
0.33
|
North Limb B
|
|
EP046
|
504811 E 5503054 N
|
-60/360
|
112.4
|
128.0
|
15.6
|
3.66
|
51.2
|
0.11
|
South Limb B
|
|
151.5
|
172.2
|
20.7
|
2.60
|
67.9
|
0.08
|
North Limb
|
|
EP047
|
504751 E 5503178 N
|
-50/180
|
21.5
|
37.0
|
15.5
|
1.72
|
50.8
|
0.05
|
North Limb
|
|
EP048
|
504751 E 5503178 N
|
-63/180
|
34.5
|
38.2
|
3.7
|
3.10
|
12.1
|
0.09
|
North Limb B
|
|
62.8
|
66.2
|
3.4
|
23.23
|
11.2
|
0.68
|
North Limb
|
|
EP049
|
504752 E 5503028 N
|
-50/360
|
125.7
|
126.2
|
0.5
|
8.30
|
1.6
|
0.24
|
South Limb
|
|
158.0
|
159.5
|
1.5
|
8.90
|
4.9
|
0.26
|
North Limb
|
|
EP050
|
504751 E 5503102 N
|
-45/360
|
31.1
|
33.0
|
1.9
|
3.30
|
6.2
|
0.10
|
South Limb
|
|
80.5
|
87.6
|
7.1
|
3.31
|
23.3
|
0.10
|
North Limb
|
|
99.8
|
106.0
|
6.2
|
2.91
|
20.3
|
0.08
|
North Limb B
|
|
139.1
|
143.5
|
4.4
|
0.47
|
14.4
|
0.01
|
North Limb B
|
|
EP051A
|
504752 E 5503076 E
|
-45/360
|
115.7
|
117.0
|
1.3
|
2.10
|
4.3
|
0.06
|
North Limb
|
|
135.0
|
141.9
|
6.9
|
4.09
|
22.6
|
0.12
|
North Limb B
|
|
161.0
|
162.0
|
1.0
|
11.90
|
3.3
|
0.35
|
North Limb C
|
|
176.3
|
177.0
|
0.7
|
57.00
|
2.3
|
1.66
|
X
|
|
EP052
|
504752 E 5503054 N
|
-45/360
|
DDH
stoped out
|
|
|
|
|
|
|
|
EP053 including
|
504752 E 5503128 N
|
-45/360
|
39.0
|
68.0
|
29.0
|
4.16
|
95.1
|
0.12
|
North Limb B
|
|
53.6
|
57.3
|
3.7
|
18.81
|
12.1
|
0.55
|
North Limb B
|
|
99.4
|
102.0
|
2.6
|
6.39
|
8.5
|
0.19
|
North Limb C
|
|
EP054
|
504751 E 5503153 N
|
-45/360
|
52.0
|
61.0
|
9.0
|
1.22
|
29.5
|
0.04
|
North Limb C
|
|
EP055
|
504701 E 5503131 N
|
-45/360
|
12.0
|
15.0
|
3.0
|
1.57
|
9.8
|
0.05
|
South Limb
|
|
31.5
|
37.0
|
5.5
|
1.18
|
18.0
|
0.03
|
North Limb
|
|
EP056
|
504700 E 5503102 N
|
-45/360
|
assays
pending
|
|
|
|
|
|
|
|
EP057
|
504702 E 5503077 N
|
-45/360
|
62.0
|
72.0
|
10.0
|
0.80
|
32.8
|
0.02
|
South Limb
|
|
118.2
|
127.5
|
9.3
|
3.39
|
30.5
|
0.10
|
North Limb B
|
|
141.2
|
164.5
|
23.3
|
0.90
|
76.4
|
0.03
|
North Limb C
|
|
EP058
|
504699 E 5503053 N
|
-45/360
|
147.6
|
156.4
|
8.8
|
5.81
|
28.9
|
0.17
|
North Limb B
|
|
165.7
|
176.4
|
10.7
|
3.03
|
35.1
|
0.09
|
North Limb C
|
* True widths estimated at
approximately 70% of intersection widths
The EP Zones are modeled in 3D and the present interpretation shows good
continuity in plan and section for three separate sub-zones on the North
Limb as well as three on the South Limb EP Zone. These sub-zones occur as
replacement mineralization conformable to individual iron formation units
and remain open on-strike.
Tenacity Zone
Drilling at the Tenacity Zone has defined potentially open pit-style
mineralization over a minimum strike length of 500 metres. The Tenacity
Zone, which remains open at depth (down-plunge), contains
"shoots" of higher-grade mineralization that could be amenable to
underground mining and will be the focus of future drilling on this zone. Highlights
to date include 15.97g/t Au across 32.1m in hole TN026, 4.13g/t Au across
18.9m in hole TN011, and 16.86g/t Au across 5.5m in hole TN025. A full
table of new assay results from Tenacity is expected in the near future.
UNDERGROUND ZONES
Company representatives have recently completed a compilation of known data
from the Project area, resulting in the identification of numerous highly
prospective drill targets. Drilling has moved towards delineating potential
resources in close proximity to existing mine workings. These targets
include the South Porphyry Zone ("SPZ"), the "F2 Zone"
and High Grade Vein Zones ("HGV") identified on several mine
levels.
SPZ
The South Porphyry Zone was mined at Hardrock between the 3rd and 6th
Levels, with 264,354 tonnes (291,428 Tons) of ore mined at a recovered
grade of 8.37g/t Au (0.244 oz/t) between the 3rd and 6th mine Levels. Significant
potential to define resources exists within the unmined down-plunge
extension of the SPZ. This is indicated by numerous underground drill
intersections of up to 14.06g/t Au across 11.2m, 13.03g/t Au across 15.7m,
and 8.91g/t Au across 8.2m over a plunge length of nearly 3 kilometres
(8,500 feet).
F2 Zone
The F2 Zone is located under the Main F Zone from which 1.438 Million
ounces of gold was mined. Intermittent underground drill intercepts over a
plunge length of some 600 metres (2,000 feet) partially define this zone
with intercepts that include 14.74g/t Au across 7.6m, and 7.30g/t Au across
11.0m.
HGV Zone
Little effort was given to define narrow vein high-grade mineralization
because the primary historic mining method at Hardrock was from underground
longhole, Production cost pressures in a low gold price era rendered these
zones less favourable despite the fact that high-grade intersections were
realized in numerous areas. Recent compilation work has identified the
potential to define what appears to be continuous veining over a plunge
length of some 1,100 metres (3,800 feet). Intersections up to 112.5g/t Au
(3.28 oz/ton gold) across 1.2m on the 7th Mine Level, 39.1g/t Au (1.14
oz/ton gold) across 1.2m on the 10th Mine Level, 12.7g/t Au (0.37 oz/ton
Gold) across 2.9m on the 11th Mine Level and 88.5g/t Au (2.58 oz/ton gold)
across 1.5m on the 13th Mine Level all demonstrate the potential for
high-grade vein-style mineralization at Hardrock. This style
of mineralization is similar to that mined at two nearby mines located on
the Hardrock Property; the Little Long Lac Mine (past production of more
than 600,000 ounces of gold at an average recovered grade of 11.66g/t Au)
and the Magnet Mine (past production of more than 150,000 ounces of gold at
an average recovered grade of 14.4g/t Au).
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 nearly
3.0 Million ounces of gold primarily from relatively shallow depths (600
metres) from 1938-1968. 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), and narrow vein zones with higher gold grades often
exceeding 7.0g/t (Red Lake, Pickle Lake). The Hardrock Project benefits
from development advantages with the Trans-Canada Highway, Trans-Canada
Pipeline, and major power lines running through the center of the property.
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. Assay results 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. 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
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.
Associated File: http://www.premiergoldmines.com/i/pdf/2009-05-19_NR.pdf
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