Drilling
Intersects High Grade Gold at Red Lake Footwall Discovery
PREMIER GOLD MINES LIMITED
(TSX:PG) is pleased to announce that drilling has
extended mineralization in the Footwall Discovery Zone at the East Bay
Project located in the Red Lake mining camp.
The East Bay Project is strategically located on the East Bay Ultramafic Trend and is one of two joint ventures
with Red Lake Gold Mines ("RLGM"), a partnership between
Goldcorp Inc. and Goldcorp Canada Ltd., held by Premier in the heart of
the prolific Red Lake gold mining district. RLGM is the operator and
manages the activities at both the East Bay and Rahill-Bonanza
projects. A portion of the East Bay Property, including the Footwall
Zone discovery area, is held 35% by Premier and 65% by RLGM while the
"Rivard Block", adjacent to the new
discovery, is held 50/50 with RLGM.
Highlights from 2011 drilling include:
- Step-out
drilling has extended the strike length of the high-grade core of
the zone to 400 metres and it remains
open in all directions.
- The
first two holes of the 2011 program, drilled from the same set-up
returned intersections of 22.35 grams per tonne
gold (g/t Au) across 1.0 metre (m) or
0.65 ounces per ton (oz/t) across 3.3 feet (ft), 56.54 g/t Au
across 0.9m (1.65 oz/ton across 3.0 ft), and 44.82 g/t Au across
1.5m (1.31 oz/ton across 4.9 ft).
East
Bay Project
Drilling in 2010 discovered gold mineralization within shear zones
along the East Bay Ultramafic Trend located
between the known 'GAZ' deposit on the East Bay Property and Rubicon's
F2 Zone at the Phoenix Gold Project. In 2010, the two discovery
holes in the "Footwall Zones" returned assays of 51.04 g/t Au
across 0.7 m, 7.25g/t Au across 2.7m, 297.61 g/t Au across 1.0 m (8.68
oz/ton across 3.3 feet), and 14.17 g/t Au across 0.8 m. The 2011
exploration program is designed to expand the horizon along strike and
infill the known area to confirm continuity. Additional assays are
pending. Results from drilling in the Footwall Zones are presented in
Table 1 and a presentation on East Bay is available on the Company's
website: www.premiergoldmines.com.
Table 1: Summary of East Bay Drill Results
Hole-ID
|
UTM Coordinates
(m) NAD 27
|
Dip/Azimuth
(degrees)
|
From
(m)
|
To (m)
|
Interval
(m)
|
Grade
(g/tonne)
|
Interval
(ft)
|
Grade
(oz/ton)
|
Zone
|
EBJV10174*
|
5667676 N 450845 E
|
-59/133
|
510.3
|
511.0
|
0.7
|
51.04
|
2.3
|
1.49
|
MFW
|
565.65
|
568.4
|
2.8
|
7.25
|
9.2
|
0.21
|
FW2
|
EBJV10176*
|
5667525 N 451435 E
|
-44/283
|
90.9
|
91.7
|
0.8
|
14.17
|
2.6
|
0.41
|
FW2
|
296.0
|
297.0
|
1.0
|
297.61
|
3.3
|
8.68
|
MFW
|
EBJV10178
|
5667865N
451214E
|
-59/121
|
289.0
|
290.0
|
1.0
|
22.35
|
3.3
|
0.65
|
MFW
|
EBJV10179
|
5667865N
451214E
|
-71/134
|
327.5
|
328.4
|
0.9
|
56.54
|
3.0
|
1.65
|
MFW
|
527.9
|
529.4
|
1.5
|
44.82
|
4.9
|
1.31
|
FW2
|
*
Previously released * True widths of new intercepts estimated at 40-70%
of intersection width ** MFW = Footwall Zone, FW2 = Footwall 2 Zone
"The Footwall discovery continues to yield exceptional high-grade
results in an area that has received little previous exploration."
said Tim Twomey, Vice-President of
Exploration of Premier. "It is located along strike from, and
shares several similarities with, Rubicon's F2
Discovery Zone and is wide open for expansion. Our drilling several
hundred metres north of the main area also
intersected similar geology and mineralization with assays
pending."
In addition to the East Bay Project, Premier's core Red Lake Project is
the Rahill-Bonanza Project that is host to
several gold deposits having historical and NI43-101 compliant mineral
resources, including the past-producing Wilmar
Gold Mine. The Rahill-Bonanza joint venture
Project (49% Premier, 51% RLGM) covers approximately 4.5 kilometres of the main Red Lake "Mine
Trend" between the world class Red Lake Gold Mines complex to the
east, and the Cochenour (Bruce Channel)
complex to the west, where an underground exploration tram designed to
link the two operations is under construction. The Rahill-Bonanza
Project represents the last piece of the main mine horizon in the Red
Lake gold camp not 100% owned by Goldcorp.
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 Ancaster,
Ontario, or to Accurassay 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 are operated in joint venture with Red
Lake Gold Mines. The company also owns strategic projects located in
the heart of the Carlin Trend, Nevada, on the main Musselwhite
Gold Mine trend, and holds a 70% interest in the Hardrock
Project.
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.
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