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TORONTO,
ONTARIO--(Marketwire - June 24, 2009) - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced results for six new holes and one wedge hole (5,900 metres)
as part of its ongoing 22,000 metre diamond drill program at the
Thunder Creek joint venture property, located immediately adjacent to
Lake Shore Gold's 100%-owned Timmins Mine project. The Company holds a
60% interest in the Thunder Creek property, and is the operator of the
joint venture with West Timmins Mining Inc.
The results include wedge Hole TC09-68b, which intersected the best
widths and grades encountered to date at Thunder Creek. TC09-68b
intercepted 12.75 gpt Au over 83.40 m or 13.73 gpt over 77.50 m,
including 24.68 gpt over 13.00 m, 38.22 gpt over 11.00 m and 26.78 gpt
over 8.50 m. The broad intercept in TC09-68b, which spans the full
width of the Porphyry unit, contains many of the features from other
holes including strong alteration, intermittent quartz veinlets, local
visible gold and accessory minerals such as molybdenite, galena,
sphalerite and scheelite. TC09-68b also intersected mineralization in
the Rusk Zone, with an intercept of 5.62 gpt Au over 4.90 m, including
9.50 gpt over 2.20 m, and also intercepted 1.01 gpt Au over 6.00 m in a
new, second Porphyry unit discovered near the bottom of the hole.
TC09-68b is located approximately 50 metres above the previously
released wedge Hole TC09-68a, which included an intercept of 10.09 gpt
Au over 4.70 m, including 17.16 gpt over 2.25 m.
Hole TC09-72 was an infill hole designed to test for the upper limits
of the Rusk and Porphyry zones. The Rusk Zone was weakly mineralized,
whereas the Porphyry Zone was intersected with local occurrences of
visible gold. The results of TC09-72 confirm the down dip extension of
the Porphyry Zone.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The
widths and grades of the intercepts reported from wedge Hole TC09-68b
are clearly our most encouraging to date and demonstrate that we are
dealing with a large gold system. The results highlight the potential
of Thunder Creek to host a significant orebody with multiple horizons covering
different geological settings, including the Rusk and Porphyry zones,
as well as a new porphyry unit that has now been discovered at the
bottom of TC09-68b. We are currently awaiting results from one wedge
hole with four additional holes in progress. We have a total of four
drills operating on the property, with approximately 15,000 metres of
the current 22,000 metre drill program having now been reported. We
have also added a drill on our 100% owned Timmins Mine property to
explore for new mineralization along the north-east extension of the
same geological contact hosting the Rusk Zone."
In addition to wedge Hole TC09-68b and Hole TC09-72, the Company also
released results for Holes TC08-63, TC08-65, TC08-66, TC08-67 and
TC09-71. TC08-63 and TC08-65 were drilled to test a large Syenite
intrusive located 400 to 500 metres south of the Rusk Zone and
intersected local strong alteration and low grade gold values, which
could form an important new target for future exploration. Holes
TC08-66 and -67 were preliminary holes drilled to the north-east of the
known mineralized systems, with Hole TC09-71 located 125 metres
south-west of Hole TC09-69 and representing the first attempt to expand
the zone southwards at this elevation. Hole TC09-71 encountered multiple
intrusions of Porphyry and local strong alteration surrounding these
and the Rusk Zone suggesting that the mineralized system is still open
in this direction.
--------------------------------------------------------------------------- Hole From To Width Intersection Section Zone --------------------------------------------------------------------------- Number (m) (m) (m) g/t --------------------------------------------------------------------------- TC08-63 558.80 559.80 1.00 2.82 8900N Syenite --------------------------------------------------------------------------- --------------------------------------------------------------------------- TC08-65 24.00 25.00 1.00 1.23 8900N Syenite --------------------------------------------------------------------------- --------------------------------------------------------------------------- TC09-68b 866.30 871.20 4.90 5.62 9550N Rusk Zone --------------------------------------------------------------------------- incl. 869.00 871.20 2.20 9.50 --------------------------------------------------------------------------- --------------------------------------------------------------------------- 889.40 972.80 83.40 12.75 (entire porphyry) --------------------------------------------------------------------------- or 888.00 965.50 77.50 13.73 --------------------------------------------------------------------------- incl. 888.00 901.00 13.00 24.68 Sub Zone 1 --------------------------------------------------------------------------- 909.65 911.00 1.35 16.18 Sub Zone 2 --------------------------------------------------------------------------- 914.50 923.00 8.50 26.78 Sub Zone 3 --------------------------------------------------------------------------- 928.00 939.00 11.00 38.22 Sub Zone 4 --------------------------------------------------------------------------- 949.00 956.50 7.50 5.06 Sub Zone 5 --------------------------------------------------------------------------- 964.00 965.50 1.50 5.74 Sub Zone 6 --------------------------------------------------------------------------- --------------------------------------------------------------------------- 1025.50 1031.50 6.00 1.01 New Porphyry --------------------------------------------------------------------------- TC09-72 542.20 542.60 0.40 6.30 9600N Porphyry Zone --------------------------------------------------------------------------- Note: No significant intersections in holes TC08-66, TC08-67 or TC09-71. Due to uncertainties in zone orientations, true widths are not known at this time. Assays reported are uncut.
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 wholly owned Bell Creek Mill,
located on the east side of Timmins, has been refurbished to a capacity
of 800 tonnes per day. The Company recently commenced an advanced
exploration program at its Bell Creek Complex, including the Bell Creek
Mine, Schumacher and Vogel properties, which have the potential to
become the Company's second mining project in the Timmins camp, and is
pursuing a number of other highly prospective exploration properties in
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 (Plan View of Thunder Creek), please visit: http://media3.marketwire.com/docs/LSGFig1.pdf
To view Figure 2 (Long Section of Thunder Creek), please visit: http://media3.marketwire.com/docs/LSGFig2.pdf
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