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TORONTO,
ONTARIO--(Marketwire - May 5, 2009) - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced results for one new hole and two wedge holes (1,152 metres)
as part of its ongoing 22,000 metre diamond drill program on the
Company's Thunder Creek property, located immediately adjacent to Lake
Shore Gold's 100%-owned Timmins Mine project. The Company holds a 60%
interest in the property, and is the operator of Thunder Creek Joint
Venture with West Timmins Mining Inc.
The results include wedge Hole TC09-68a with an intercept of 10.09 gpt
Au over 4.70 m, including 17.16 gpt over 2.25 m and wedge Hole
TC09-69a, which intersected 7.97 gpt over 19.45 m in the Rusk Horizon,
including 9.88 gpt over 6.90 m and 11.44 gpt over 6.00 m. Both wedge
holes plus step out hole TC09-70 also intersected multiple Porphyry
horizons similar to those previously announced in holes TC09-68 and
TC09-69 (see press release dated March 31, 2009), confirming a minimum
175 metre strike length for these Porphyry zones and the Rusk zone
along a north-northeasterly trend.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"Drilling on the property continues to provide confirmation of the
significant potential and extent of the multiple horizons within the
Rusk and Porphyry zones as well as potential for new subzones to the
south and to depth at Thunder Creek. These latest results significantly
expand the known mineralization on the property to the west and at
depth and demonstrate that the mineralized zones at Thunder Creek are
open in all directions, and that the potential exists to find new zones
and ultimately a large deposit. The drill program is continuing with
two drills, and results from six additional holes are pending."
Hole TC09-68a is a wedge-branch designed to re-drill a two metre
section of core lost in the initial pilot Hole TC09-68. TC09-68a
re-intersected the Rusk Zone and was extended for a second intersection
through the porphyry unit. Hole TC09-68a also included the discovery of
a new sub-zone at depth in the volcanic rocks approximately 90 metres
below the previously reported deepest intercept. This new deeper
intercept in Hole TC09-68a of 5.04 gpt over 1.50 m suggests potential
for additional stacked zones of mineralization below the Porphyry
zones, which will be targeted in future drilling.
Hole TC09-69a is a wedge-branch, designed to bypass broken rods in
pilot Hole TC09-69 (8.86 gpt over 24.85 m, including 19.55 gpt over
6.00 m as announced in a press release dated March 31, 2009) and cover
untested parts of the Porphyry below the broken rods. The new results
in TC09-69a not only strongly confirm the previous intersection of the
Rusk Zone in TC09-69, but indicates the presence of multiple horizons
of mineralization within the untested section of the Porphyry similar
to those in TC09-68a. The location and width of the Rusk zone and the
new Porphyry Zones in TC09-69a suggests that all of these horizons
extend strongly to the west and line up well with those in TC09-68 and
TC09-70. The new value from TC09-69a from the Rusk zone was 7.97 gpt
over 19.45 m including 19.95 gpt over 2.45 m and the new values from
the Porphyry zone are 7.76 gpt over 2.5 m, 11.33 gpt over 2.00 m and
7.83 gpt over 1.50 m.
Hole TC09-70 was designed to explore for the extension of the Rusk and
Porphyry Zones, over 120 metres east of TC09-68 and -68a, and over 200
metres downplunge from TC09-54 (11.20 gpt over 10.40 m in the Porphyry
- see press release dated December 16, 2008). Numerous felsic dykes
were noted within the Rusk Horizon, and while alteration and
deformation remain locally very strong, no significant mineralization
was noted, possibly suggesting a steepening in the plunge of the shoot,
or a change in geometry of the Rusk Zone. Another 50 metres further
past the Rusk Horizon, the Porphyry Zone was successfully intersected,
characterized by strong hematization, local pyrite disseminations,
quartz stockwork, molybdenite and visible gold. The porphyry assayed
2.25 gpt over 13.00 m, including 11.26 gpt over 1.35 m and another zone
assaying 7.32 gpt over 1.20 m.
Mr. Makuch added: "Going forward, we intend to double the number
of drills on the Thunder Creek property over the next few months, and
add a drill on surface on our 100% owned Timmins property, which is
contiguous and immediately to the north of Thunder Creek, in order to
test the extension of the same mafic-sedimentary rock contact hosting
the Rusk Zone. It is important to understand that the mineralization
identified on the Thunder Creek property in both the Rusk and Porphyry
zones is located approximately 800 metres from Lake Shore Gold's
Timmins Mine shaft. The Timmins Mine shaft is currently being sunk to a
depth of 710 metres to develop the Company's 100% owned Timmins
deposit. At this depth, the shaft capacity is in excess of 5,000 tonnes
per day, and was purposely over designed in order to provide the
Company flexibility to support underground exploration programs and to
develop and exploit resources and reserves at the Timmins Mine."
In August of 2008, Lake Shore Gold announced the beginning of a 22,000
metre diamond drilling program on the Thunder Creek property. The
program was designed to be carried-out intermittently with one to two
drill rigs, and will extend to approximately mid-2009. There are
currently two drills working on the property. Over 13,000 metres have
been completed, with results from the first nine holes (4,000 metres)
having been released in a press release on December 16, 2008 and an
additional six holes (4,093 metres) being announced in a press release
dated March 31, 2009. Six additional holes are in the process of being
sampled and assayed.
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 announced plans to commence
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.
---------------------------------------------------------------------------- Hole Number From To Length(i) Gold Section Comments (m) (m) (m) (g/T) ---------------------------------------------------------------------------- TC09-68 894.00 897.00 3.00 7.41 9550N Rusk Horizon incl. 895.45 897.00 1.55 11.41 897.00 899.00 2.00 lost core redrilled; see TC09-68a 899.00 900.50 1.50 3.87 906.40 1028.55 122.15 1.81 Porphyry Zone incl. 906.40 931.10 24.70 3.76 incl. 915.45 929.10 13.65 5.80 incl. 915.45 918.60 3.15 7.76 incl. 920.90 925.60 4.70 3.15 incl. 927.60 929.10 1.50 25.49 incl. 952.90 965.75 12.85 5.29 1055.30 1056.80 1.50 5.04 Other ---------------------------------------------------------------------------- TC09-68a 895.30 900.00 4.70 10.09 9500N Rusk Zone incl. 896.30 898.55 2.25 17.16 907.20 941.00 33.80 2.17 Porphyry Zone incl. 908.30 917.25 8.95 6.62 ---------------------------------------------------------------------------- TC09-69 781.40 806.25 24.85 8.86 Rusk Zone incl. 783.20 787.25 4.05 10.88 incl. 789.20 795.20 6.00 19.55 incl. 801.00 806.25 5.25 7.95 810.45 855.00 44.55 1.00 Porphyry Zone incl. 810.45 810.90 0.45 17.45 incl. 853.70 854.10 0.40 11.25 ---------------------------------------------------------------------------- TC09-69a 776.85 777.40 0.55 5.73 Rusk Zone 784.10 803.55 19.45 7.97 Rusk Zone incl. 784.60 791.50 6.90 9.88 or incl. 784.60 787.05 2.45 19.95 incl. 797.15 803.15 6.00 11.44 805.70 873.20 67.50 1.70 Porphyry Zone incl. 815.20 817.70 2.50 4.76 and incl. 823.20 825.70 2.50 7.76 and incl. 846.20 848.20 2.00 11.33 and incl. 856.20 857.70 1.50 7.83 906.60 907.60 1.00 4.65 Other ---------------------------------------------------------------------------- TC09-70 898.80 911.80 13.00 2.25 Porphyry Zone incl. 899.30 900.65 1.35 11.26 and incl. 904.20 905.40 1.20 7.32 ---------------------------------------------------------------------------- (i) Due to uncertainties in zone orientations, true widths are not known at this time. Assays reported are uncut
To view Figure 1 (Cross Section): http://media3.marketwire.com/docs/lsg1.pdf
To view Figure 2 (Long Section): http://media3.marketwire.com/docs/lsg2.pdf
To view Figure 3 (Plan View): http://media3.marketwire.com/docs/lsg3.pdf
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