PREMIER
GOLD MINES LIMITED (TSX:PG) is pleased to announce that
additional drill results from drilling in the EP-Zone target at the
Hardrock Project in Northwestern Ontario. This drilling continues to
identify significant near-surface mineralization contained within multiple
zones at the EP-Zone which has been identified as a potential high-grade
open pit target in the vicinity of the historic North Zone, from which 2.97
Million tonnes of ore was mined at a grade of 7.54 g/t Au.
Initial drilling has identified 3 sub-zones within the EP target
consisting of the South Limb, North Limb and HGV horizons. Significant
mineralization has now been intersected over a strike length of 300 meters
and remains open in all directions. Highlights to-date include 7.65 g/t Au
across 7.8 metres (m) in hole EP020 from the eastern-most section tested,
3.60 g/t Au across 10.0 m in the South Limb, and 8.60 g/t Au across 7.5 m
in the North Limb.
The current program is expected to consist of more than 50,000 metres of
definition and exploration drilling. The following tables demonstrate the
potential of the EP-Zone, highlighting mineralization within each horizon.
These results demonstrate continuity and grade within the EP-Zone,
supporting management's belief that historic and new results will be
utilized in a NI43-101 compliant resource calculation which is expected to
be completed in Q4 2009.
South Limb
Drilling in the South Limb, mineralization south of the historic mine
workings, has returned numerous broad intercepts of significant gold
mineralization including:
Hole No.
|
Grid
Coordinates (m)
|
Dip/Azimuth
(Degrees)
|
Intersection
From-to (m)
|
Int.
(m)
|
Int.
(ft)
|
Au
(g/t)
|
Au
(oz/ton)
|
Zone
|
EP010
|
504943
5503100
|
-45/360
|
34.00-46.80
|
12.80
|
50.0
|
0.70
|
0.02
|
SL
|
EP011
|
505051
5503090
|
-50/360
Incl.
|
33.80-42.60
41.30-42.60
|
8.80
1.30
|
28.9
4.3
|
3.60
19.70
|
0.10
0.57
|
SL
SL
|
EP012
|
505052
5503063
|
-65/360
|
44.70-55.20
72.10-75.90
|
10.50
3.80
|
34.4
12.5
|
0.93
1.80
|
0.03
0.05
|
SL
SL
|
EP013
|
504941
5503032
|
-50/360
|
52.50-64.50
|
12.00
|
39.4
|
1.60
|
0.05
|
SL
|
EP016
|
505100
5503078
|
-45/360
Incl.
|
45.00-55.00
45.00-47.00
|
10.00
2.00
|
32.8
6.6
|
3.60
7.43
|
0.10
0.22
|
SL
SL
|
EP017
|
505099
5503030
|
-45/360
|
92.80-95.00
|
2.20
|
7.2
|
6.28
|
0.18
|
SL
|
EP020
|
505149
5503080
|
-45/360
Incl.
|
73.20-81.00
78.00-81.00
|
7.80
3.00
|
25.6
9.8
|
7.65
19.29
|
0.22
0.56
|
SL
SL
|
* True widths estimated at approximately 70% of intersection widths
North Limb
Drilling in the North Limb has returned the following intercepts of
significant gold mineralization within the EP-Zone north of the historic
mine workings:
Hole No.
|
Grid
Coordinates (m)
|
Dip/Azimuth
(Degrees)
|
Intersection
From-to (m)
|
Int.
(m)
|
Int.
(ft)
|
Au
(g/t)
|
Au
(oz/ton)
|
Zone
|
EP014
|
505052
5503178
|
-50/180
|
42.50-59.20
|
16.70
|
54.8
|
1.25
|
0.04
|
NL
|
EP015
|
505051
5503203
|
-50/180
Incl.
|
50.50-63.50
94.50-98.50
115.00-122.50
121.00-122.50
|
13.00
4.00
7.50
1.50
|
42.7
13.1
24.6
4.9
|
1.18
1.87
8.60
39.30
|
0.03
0.05
0.25
1.15
|
NL
NL
NL
NL
|
EP018
|
505100
5503205
|
-45/180
|
68.50-73.00
|
4.50
|
14.8
|
0.62
|
0.02
|
NL
|
EP019
|
505149
5503129
|
-45/360
|
|
|
|
NSV
|
|
NL
|
EP021
|
504948
5503189
|
-50/180
Incl.
|
8.90-17.90
15.40-17.90
|
9.00
2.50
|
29.5
8.2
|
3.07
8.06
|
0.09
0.23
|
NL
NL
|
EP022
|
504948
5503213
|
-50/180
Incl.
|
52.00-61.00
85.00-96.40
92.20-94.70
103.00-106.20
|
9.00
10.80
2.50
3.20
|
29.5
37.4
8.2
10.5
|
2.62
4.34
10.01
1.08
|
0.08
0.13
0.29
0.03
|
NL
NL
NL
NL
|
* True widths estimated at approximately 70% of intersection widths ** NSV
-- No significant assay values
The Hardrock Project is operated under a joint venture with Roxmark Mines
Limited (TSX-V:RMK) (Premier earning a 70% interest). The Hardrock Project
is host to several past-producing mines which collectively produced more
than 2.0 Million ounces of gold from the same deposits to relatively
shallow depths of approximately 2000 feet (600 metres) from 1938-1968. The
mined zones remained open at depth at the time mining ceased and developed
historical resources were left in place within the existing mine workings (a
qualified person has not done sufficient work to verify the historical
resource, the company is not treating the historical resource as a current
resource and the historical resource should not be relied upon).
Importantly, the Hardrock Project has the potential for defining several
styles of mineralization capable of hosting resources, with grades and
widths similar to many of Ontario's major gold mines including:
- Open pit-style mineralization with grades exceeding 1.5 g/t Au
(Timmins, Hemlo)
- Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
- Narrow vein zones with higher gold grades often exceeding
7.0g/t (Red Lake, Pickle Lake)
Initial
drilling with four drills is focusing on delineating both open pit and
underground resources with the goal of defining a multi-million ounce gold
resource that can be moved quickly towards development (See references
to historical resources above.). The Project offers development
advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major
power lines running through the center of the property. Significant
potential exists for developing resources in several areas including: 1)
Open pit-style mineralization at the site of the original discovery where a
resource containing several hundred thousand ounces of gold was partially
drilled off by previous operators; 2) Several newer high-grade discoveries
have been made throughout this large property package that have received
little to no follow-up; 3) Resource blocks reported to remain within the
mine workings; and, 4) The main mined zones which remain open below the
600m Level.
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. The GH results are from core samples
sent to Activation 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 of these are operated in joint venture with Red Lake Gold
Mines. The company also owns a strategic project located on the main
Musselwhite Gold Mine trend and recently acquired mineral properties in
Geraldton area from Barrick Gold.
For further information, please contact:
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.