|
TORONTO,
ONTARIO--(Marketwire - Oct. 1, 2009) - - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced encouraging results from 25 new holes, 6 wedge holes and one
hole extension (12,085
m) at the Company's 100% owned Bell Creek
property. The most significant results being reported are from Hole
BC-09-53, which intersected 12.67 gpt Au over 14.40 m, including
higher grade zones of 16.73 gpt Au over 10.0 m (including
29.90 gpt over 2.0 m
and 18.48 gpt over 2 m).
BC-09-53 intersected mineralization at a vertical depth of 985 m below surface
and approximately 60 m
west of previously released Hole BC-09-24B, which returned 12.63 gpt
over 11.65 m
(see press release dated July 21, 2009) and 165 m below
previously released BC-08-09, which included 7.60 gpt over 6.30 m, 6.06 gpt
over 4.65 m
and 7.76 gpt over 1.15
m (see press release dated December 10, 2008). In
addition, holes BC-09-24F
and BC-09-24C
returned 7.35 gpt over 7.1
m and 6.04 gpt over 4.1 m from the same
zone, 32 m
and 85 m,
respectively, up dip from hole BC-09-24B.
These new significant intersections occur at depth along a steeply
south dipping contact between mafic and ultramafic rocks west of the
Bell Creek fault. As with BC-09-24B, the new intersections are
associated with strong hydrothermal alteration, quartz veining and
5-15% pyrite and pyrrhotite mineralization.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"Today's results provide confirmation both that a large gold
system exists at depth at Bell Creek and that there is consistency and
continuity to the mineralization closer to surface near the historic
mineralization. Drilling to date has demonstrated excellent grades and
widths to a total plunge length of 1,150 m. With
results from BC-09-53, the total strike length of the mineralized
system at depth has been identified to a minimum of 185 m, with the
system remaining open both at depth and along strike. We continue to be
very encouraged with exploration results at Bell Creek and currently
have six drills working on the property, four involved in resource
definition of the North A and other veins in the central part of the
main easterly plunging system and two drills following up on deep
mineralization.
"In addition to exploration success from surface drilling, work is
progressing well on the underground advanced exploration program at
Bell Creek, with the Bell Creek shaft being de-watered to a depth of
approximately 150 m
and the ramp having advanced 570 m. Our plans are to develop Bell
Creek into Lake Shore Gold's second mine complex in Timmins, as we transition and grow
Lake Shore Gold into a mid-tier gold producer."
A number of holes being reported today were drilled as part of an
ongoing program to test the Bell Creek 'Vein Zones' along a 500 metre strike
length to a depth of 700
metres. The main target of the 'Vein Zone'
drilling is the North A Zone from which the bulk of previous production
occurred. This current drilling is testing the North A horizon at 50 - 75 metre centres
between the 400 and 700
metre levels. Significant intersections from
this zone include 6.27 gpt Au over 3.00 m in Hole
BC-09-11, 11.56 gpt Au over 2.20 m in BC-09-50 and 6.64 gpt Au over
1.10 m
in BC-09-07.
Today's results also include 7 holes designed to test the previously
announced Portal and South Zones. A total of 6 holes tested the Portal
Zone, located 180 m
south of the Bell Creek shaft and within 100 m of the Bell
Creek ramp. Significant intersections from this zone include 5.87 gpt
Au over 3.2 m,
including 18.40 gpt over 0.8
m, from BC-09-37. This mineralization is hosted
within locally well altered and mineralized mafic flows. Hole BC-08-22
intersected 5.66 gpt Au over 3.1 m, including 37.10 gpt over 0.5 m from the South
Zone, a new zone first intersected in mid-2008 (see press release dated
July 9, 2008).
Hole S-09-06B, which tested the mafic ultramafic contact 120 metres east
of BC-09-24B, confirmed the continuity of the mineralization at depth
along strike. S-09-06B intersected 5.0 m of favourable
hydrothermal alteration and quartz veining as encountered in BC-09-24B
and BC-09-53 returning a gold grade of 2.06 gpt Au over 0.85 m. Lower
sulphide content and weaker alteration appear to be the reason behind
the lower grade.
Quality Control
The Company's Qualified Persons ("QPs") for the Bell Creek
property are Stephen Conquer, P.Geo. and Richard Labine, P.Geo. As QPs,
they have prepared or supervised the preparation of the scientific or
technical information for the property and verified the data disclosed
in this press release.
Lake Shore Gold has implemented a quality-control program to ensure
best practice in the sampling and analysis of the drill core. Assays
have been completed using a standard fire assay with a 30g aliquot and
an AA finish. Samples with assay results above 3.0 gpt are re-analyzed
using a gravimetric finish. Any intervals showing visible gold (VG) as
well as select intersections, based upon visual inspection of the core,
are analyzed using the pulp metallic method. 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 to ALS Chemex.
About Lake Shore Gold Corp.
Lake Shore Gold 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. The
wholly owned Bell Creek Mill, located on the east side of Timmins, has
been refurbished to a capacity of 1,500 tonnes per day. The Company is
also making progress with an underground 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. In addition, Lake Shore Gold
is pursuing a number of other highly prospective exploration properties
in Northern Ontario and Quebec, including its 60% owned Thunder Creek
joint venture property and its Casa Berardi optioned property, which it
is exploring through a joint venture agreement with Aurizon Mines Ltd. Lake
Shore Gold's common shares trade on the TSX under the symbol LSG.
On August 27, 2009, Lake Shore Gold and West Timmins Mining Inc. ("West
Timmins") announced an agreement for a business combination under
which Lake Shore Gold would acquire all outstanding West Timmins common
shares at an exchange ratio of 0.73 of a Lake Shore Gold share for
every West Timmins common share. As a result of the proposed
transaction, Lake Shore Gold would acquire the 40% of Thunder Creek not
currently owned and approximately 120 square kilometers of highly
prospective property in close proximity to Thunder Creek, as well as a
significant land position in Mexico. Subject to the approval of West
Timmins shareholders and the satisfaction of other conditions, the
transaction is expected to close in November.
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.
Bell Creek Property - Significant New Assay Results --------------------------------------------------------------------------- Hole From To Leng- Assay Target Comments th --------------------------------------------------------------------------- Number (m) (m) (m) (gpt) Zone --------------------------------------------------------------------------- --------------------------------------------------------------------------- BC-08-22 356.80 359.90 3.10 5.66 South Zone --------------------------------------------------------------------------- includes 359.50 359.90 0.40 22.30 VG noted @ 359.9 metres --------------------------------------------------------------------------- 410.60 411.10 0.50 37.10 South Zone --------------------------------------------------------------------------- BC-08-27 662.00 662.50 0.50 4.48 unknown hole extended in 2009 --------------------------------------------------------------------------- 676.70 677.70 1.00 5.38 North A --------------------------------------------------------------------------- BC-09-07 90.50 90.80 0.30 4.18 Portal Zone --------------------------------------------------------------------------- 104.00 104.45 0.45 4.05 Portal Zone --------------------------------------------------------------------------- 511.40 512.00 0.60 5.45 unknown --------------------------------------------------------------------------- 515.70 516.25 0.55 4.18 unknown --------------------------------------------------------------------------- 529.35 531.45 2.10 4.61 unknown --------------------------------------------------------------------------- 534.60 536.10 1.50 5.71 unknown --------------------------------------------------------------------------- 558.65 559.75 1.10 12.81 unknown --------------------------------------------------------------------------- 597.50 598.60 1.10 6.64 North A --------------------------------------------------------------------------- 665.05 665.55 0.50 5.33 unknown --------------------------------------------------------------------------- BC-09-08 226.20 227.30 1.10 6.31 W71 Vein --------------------------------------------------------------------------- BC-09-11 667.60 669.40 1.80 2.85 BC West Zone --------------------------------------------------------------------------- 739.00 749.20 10.20 3.23 North A --------------------------------------------------------------------------- Includes 739.00 742.00 3.00 6.27 --------------------------------------------------------------------------- 824.10 825.10 1.00 3.35 unknown --------------------------------------------------------------------------- 846.30 847.85 1.55 3.76 unknown --------------------------------------------------------------------------- BC-09-15 183.90 184.20 0.30 7.57 unknown --------------------------------------------------------------------------- BC-09-16 112.50 112.90 0.40 42.90 unknown VG @ 112.7 metres --------------------------------------------------------------------------- BC-09-20 116.20 117.30 1.10 7.59 E5F Vein --------------------------------------------------------------------------- 145.40 146.20 0.80 6.14 E7F Vein --------------------------------------------------------------------------- 309.10 310.60 1.50 4.89 North A --------------------------------------------------------------------------- Includes 309.80 310.60 0.80 8.15 --------------------------------------------------------------------------- BC-09-22 157.50 158.10 0.60 3.97 unknown --------------------------------------------------------------------------- 357.00 358.00 1.00 2.80 North A --------------------------------------------------------------------------- BC-09-23 320.90 321.20 0.30 5.78 unknown --------------------------------------------------------------------------- 583.30 584.70 1.40 6.38 unknown --------------------------------------------------------------------------- 622.30 622.60 0.30 7.38 North A --------------------------------------------------------------------------- 646.10 646.40 0.30 5.61 unknown --------------------------------------------------------------------------- 649.40 650.10 0.70 3.48 unknown --------------------------------------------------------------------------- BC-09-24C 970.90 971.40 0.50 5.72 unknown --------------------------------------------------------------------------- 1110.40 1118.40 8.00 3.76 BC West Zone --------------------------------------------------------------------------- Includes 1110.40 1114.50 4.10 6.04 --------------------------------------------------------------------------- 1165.90 1166.50 0.60 4.59 unknown --------------------------------------------------------------------------- 1208.30 1209.10 0.80 8.24 unknown --------------------------------------------------------------------------- BC-09-24F 1102.30 1116.50 14.20 4.76 BC West Zone --------------------------------------------------------------------------- Includes 1105.40 1112.50 7.10 7.35 --------------------------------------------------------------------------- Includes 1108.30 1109.30 1.00 12.75 --------------------------------------------------------------------------- BC-09-25 47.50 50.50 3.00 5.21 W3 Vein --------------------------------------------------------------------------- 140.00 140.30 0.30 11.30 unknown --------------------------------------------------------------------------- BC-09-26 97.35 99.50 2.15 5.22 Portal Zone --------------------------------------------------------------------------- Includes 97.35 98.15 0.80 11.85 --------------------------------------------------------------------------- 532.85 535.10 2.95 2.02 unknown --------------------------------------------------------------------------- 566.25 567.10 0.85 2.96 North A --------------------------------------------------------------------------- 613.85 614.30 0.45 8.15 North B --------------------------------------------------------------------------- 630.00 634.00 4.00 2.03 unknown --------------------------------------------------------------------------- BC-09-27 100.10 101.00 0.90 2.78 North A --------------------------------------------------------------------------- BC-09-29 563.95 564.80 0.85 4.59 unknown --------------------------------------------------------------------------- 591.20 591.75 0.55 4.66 unknown --------------------------------------------------------------------------- 642.60 643.15 0.55 4.58 North A --------------------------------------------------------------------------- BC-09-30 98.70 99.60 0.90 10.60 West vein --------------------------------------------------------------------------- BC-09-36 143.70 144.20 0.50 2.26 Portal Zone --------------------------------------------------------------------------- 216.00 216.70 0.70 3.62 Portal Zone --------------------------------------------------------------------------- BC-09-37 99.00 100.50 1.50 5.58 Portal Zone --------------------------------------------------------------------------- 118.70 121.90 3.20 5.87 Portal Zone --------------------------------------------------------------------------- includes 121.10 121.90 0.80 18.40 Portal Zone --------------------------------------------------------------------------- 165.50 166.10 0.60 9.94 Portal Zone --------------------------------------------------------------------------- BC-09-43 123.40 124.00 0.60 3.73 Portal Zone --------------------------------------------------------------------------- BC-09-44 142.80 143.30 0.50 8.80 Portal Zone --------------------------------------------------------------------------- BC-09-50 229.50 231.00 1.50 2.06 Portal Zone --------------------------------------------------------------------------- 530.00 530.70 0.70 5.61 unknown --------------------------------------------------------------------------- 623.40 625.60 2.20 11.56 North A --------------------------------------------------------------------------- includes 623.90 624.40 0.50 19.25 --------------------------------------------------------------------------- 672.00 673.00 1.00 5.51 North B --------------------------------------------------------------------------- BC-09-53 1153.00 1167.40 14.40 12.67 BC West Zone --------------------------------------------------------------------------- includes 1153.00 1163.00 10.00 16.73 --------------------------------------------------------------------------- includes 1154.00 1156.00 2.00 18.48 --------------------------------------------------------------------------- and 1161.00 1163.00 2.00 29.90 --------------------------------------------------------------------------- S-09-06B 1175.75 1176.60 0.85 2.06 BC West Zone --------------------------------------------------------------------------- --------------------------------------------------------------------------- Note 1: Holes BC-09-02, BC-09-17, BC-09-24B, BC-09-28, BC-09-34, S-09-06 & S-09-06A did not return any significant values for this press release. Note 2: BC-09-24C was wedged off of BC-09-24B @ 547 m. Note 3: BC-09-24D was wedged off of BC-09-24C @ 750 m and abandoned at 936 m due to drilling difficulties. Note 4: BC-09-24E was wedged off of BC-09-24D @ 820 m and abandoned at 836 m due to drilling difficulties. Note 5: BC-09-24F was wedged off of BC-09-24E @ 820 m. Note 6: Holes BC-09-31, BC-09-32 & BC-09-33 were drilled as geotechnical holes to test for overburden depth. Note 7: BC-09-49 abandoned at 149 m due to excess deviation. Note 8: S-09-06 abandoned at 489 m due to excess deviation. Note 9: S-09-06A was wedged off of S-09-06 at 360 m and was abandoned at 697 m due to excess deviation. Note 10: S-09-06B was wedged off of S-09-06A at 635 m. Note 11: True widths are not known at this time. Note 12: Assays are reported uncut.
To view Figure 1 (Plan View), please
visit the following link:
http://media3.marketwire.com/docs/bellfig1.pdf
To view Figure 2 (Long Section), please visit the following link:
http://media3.marketwire.com/docs/bellfig2.pdf
To view Figure 3 (Cross Section 1), please visit the following link:
http://media3.marketwire.com/docs/bellfig3.pdf
To view Figure 4 (Cross Section 2), please visit the following link:
http://media3.marketwire.com/docs/bellfig4.pdf
|