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TORONTO,
ONTARIO--(Marketwire - July 21, 2009) - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced encouraging results from four new holes and two wedge holes
(3,604 metres) from the Company's 100% owned Bell Creek property. The
most significant results are from wedge hole BC-09-24B which
intersected 12.63 grams per tonne (gpt) over 11.65 metres (m) within a
broader intercept of 11.09 gpt over 13.75 m. Included within the 12.63
gpt intercept were 24.73 gpt over 2.20 m and 23.16 gpt over 1.50 m.
Wedge hole BC-09-24b intersected mineralization approximately 300
metres vertically below the previously released BC-09-3A, which
returned 7.90 gpt over 5.95 m (see press release dated July 7, 2009)
and 180 m down plunge from the previously released BC-08-09, which
indicated significant mineralization and widths with three intercepts
of 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). Two additional zones were
also intersected in wedge hole BC-09-24B below the high-grade
intercepts, including 3.81 gpt over 1.60 m and 5.38 gpt over 1.00 m.
The intersection in BC-09-24B occurs on the south side of a steeply
south dipping contact between the mafic and ultramafic volcanic rocks
which has been sharply twisted to the southeast near the Bell Creek
fault. The best gold zones are located close to the projected
convergence of the North A and Bell Creek West zones which were the two
most prominent zones identified during past mining and are surrounded
by a broad envelope of hydrothermal alteration. The 12.63 gpt intercept
in wedge hole BC-09-24B contains substantial quartz veining and
sulphide minerals. The mineralization and alteration zone remain open
to the east, west and to depth.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The
results announced today are very encouraging as they add a significant
new dimension to the Bell Creek project identifying a large gold system
at depth where drilling has demonstrated excellent grades and widths. The
system, which plunges eastward towards our wholly owned Schumacher
property, where there is limited past drilling, has now been identified
to a total plunge length of 1,150 metres from surface and 500 metres
along strike and remains open at depth and along strike.
"Drilling at Bell Creek is ongoing, and will be accelerated with
five drills active on the property. One drill is testing shallow
targets west of the mine workings, two drills are involved with
resource definition in the central part of the main easterly plunging
system, one drill is doing a wedge hole above BC-09-24B and a fifth
drill is working on wide spaced step out holes to test for additional
extensions to known mineralization.
"In addition to exploration success from surface drilling, work is
progressing well on the underground advanced exploration program at
Bell Creek, including concurrent development of the ramp from surface
to the Bell Creek mineralization, and dewatering and refurbishment of
the Bell Creek Shaft and Mine. 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."
Results reported today also included two additional holes, which were
designed to test near surface areas east of the mine workings and
included 7.55 gpt over 0.40 m and 16.15 gpt over 0.30 m in BC-09-19 and
6.53 gpt over 0.50 m in BC-09-09. The results from BC-09-09 and
BC-09-19 confirm previously released results of 7.06 gpt over 2.00 m in
BC-09-04, 6.05 gpt over 2.20 m from BC-09-15 and 10.05 gpt over 1.00 m
in BC-09-22 (see press release dated July 7, 2009) and suggest strong
potential for additional gold mineralization in the "East
Veins," lying above the plunge line of the newly defined easterly
plunging system. While the full extent of these zones is still being
evaluated, their close proximity to the new ramp being driven from Bell
Creek to Vogel offers the potential for near-term access.
Results were also obtained for BC-09-05, which was a new hole completed
to test for additional lenses of mineralization on the projected west
extension of the North A Zone. The hole intersected 8.96 gpt over 1.90
m, approximately 125 metres west of previously released BC-08-24B,
which intersected 5.30 gpt over 6.90 m, including 8.71 gpt over 1.85 m
(see press release dated May 4, 2009) and BC-08-7B, which intersected
7.64 gpt over 2.10 m and 17.31 gpt over 1.00 m (see press release dated
December 10, 2009). These additional zones of mineralization will
continue to be evaluated as wide spaced definition drilling targeting
the North A Zone continues.
Quality Control
The Company's Qualified Persons ("QPs") for the Bell Creek
property are Richard Labine, P.Geo. and Stephen Conquer, 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. Any
intervals showing visible gold (VG) as well as select intersections,
based upon visual inspection of the core, were 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
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, was refurbished to a capacity of
800 tonnes per day as of the end of 2008, with the capacity currently
being increased to 1,500 tonnes per day. The Company recently commenced
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, 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 TSX 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.
Bell Creek Property-Significant New Assay results ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Hole From To Length Assay Target Comments ---------------------------------------------------------------------------- Number (m) (m) (m) (gpt) Zone ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BC-09-05 863.60 865.50 1.90 8.96 North A2 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BC-09-09 108.90 109.40 0.50 6.53 Unknown ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BC-09-19 79.00 79.40 0.40 7.55 Unknown ---------------------------------------------------------------------------- 212.80 214.60 1.80 3.57 West Zone ---------------------------------------------------------------------------- 345.45 346.45 1.00 3.86 Unknown ---------------------------------------------------------------------------- 436.05 436.35 0.30 16.15 North A ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- BC-09-24B 1117.90 1131.65 13.75 11.09 BC West Zone ---------------------------------------------------------------------------- Includes 1119.50 1131.15 11.65 12.63 BC West Zone ---------------------------------------------------------------------------- and 1119.50 1121.70 2.20 24.73 BC West Zone ---------------------------------------------------------------------------- and 1123.50 1125.00 1.50 23.16 BC West Zone ---------------------------------------------------------------------------- and 1126.85 1127.50 0.65 33.70 BC West Zone VG @ 1126.85m ---------------------------------------------------------------------------- Includes 1138.50 1140.10 1.60 3.81 North A ---------------------------------------------------------------------------- 1199.20 1200.20 1.00 5.38 North A ---------------------------------------------------------------------------- Note: 1)Hole 24 terminated at 633 metres due to excessive flattening. 2)Hole 24a was wedged off from hole 24 at a depth of 431 metres and terminated at a depth of 544 metres due to rods and wedge being stuck in the hole. 3)Hole 24 b was wedged from hole 24 a at a depth of 441 metres and achieved a total depth from surface of 1406 metres. 4)True widths are not known at this time. 5)Assays reported are uncut.
To
view Figure 1. Plan View, please click on the following link:
http://media3.marketwire.com/docs/planview1.pdf
To view Figure 2. Cross Section, please click on the following link:
http://media3.marketwire.com/docs/crosssection1.pdf
To view Figure 3. Long Section, please click on the following link:
http://media3.marketwire.com/docs/longsection1.pdf
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