PREMIER GOLD MINES LIMITED (TSX:PG) ("Premier")is
pleased to announce that follow-up drilling at the "Wilmar 2E Zone" target within the Rahill-Bonanza Project has intersected multiple
high-grade gold intercepts with composite assay results as high as 46.15
grams per tonne gold (g/t Au) across 4.5 metres (m) or 1.35 ounces per short ton (oz/t)
across 14.8 feet (ft). Drill hole PG11090 was drilled to test the
down-plunge potential of the Wilmar 2E Zone
and, when combined with drilling completed late in 2010, indicates
excellent potential to define high-grade gold resources proximal to the
historic Wilmar Mine.
The Wilmar Mine is located in the eastern
part of the Rahill-Bonanza Project (PG:49%,
51%RLGM) which is strategically located in the heart of the prolific
Red Lake gold mining district and is being explored by joint venture
partner Red Lake Gold Mines Limited ("RLGM"), a partnership
between Goldcorp Inc and Goldcorp Canada Ltd. Wilmar
was developed via a drift that links it with the nearby Cochenour Mine infrastructure being rehabilitated
by Goldcorp for the development of the nearby Cochenour
Project. Past-production at Wilmar, over a
period of four years, resulted in 203,256 tons of ore being mined at an
average grade of 0.30 oz/ton Au (10.3g/t Au). The deposit remained open
at depth when the mine shutdown and previous drilling performed
down-dip of the mine workings by the joint venture in 2007 returned
numerous significant intersections including 18.1 g/t Au over 2.0 m and
14.2g/t Au over 5.0 m.
Late in 2010, hole PG10082 was drilled to test the down-plunge
extension of the historically mined 2E Zone at the Wilmar
Mine. This intercept, approximately 250 metres
down-plunge of the historic workings, intersected bonanza grade gold
with 68.87 g/t Au across 3.5 m (2.01 oz/t across 11.5 ft uncut)
including 207.43 g/t Au across 1.15 m (6.06 oz/t across 3.8 ft). The
first follow-up hole completed in 2011 (PG11090) has returned multiple
high-grade intercepts mid-way between PG10082 and the mine workings.
The 2E Zone remains open for expansion. Significant results include:
- 42.59
g/t Au across 1.5 m (1.33 oz/t across 4.9 ft) from 715.0-716.5 metres
- 46.15
g/t Au across 4.5 m (1.35 oz/t across 14.8 ft) from 719.0-723.5 metres
- 12.77
g/t Au across 4.5 m (0.37 oz/t across 14.8 ft) from 744.5-749.0 metres
The Rahill-Bonanza
Project is host to several deposits having historical and NI43-101
compliant mineral resources including the past-producing Wilmar Mine. The Property 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 Project to the west.
An underground tram to link the two operations is currently under
construction, and will provide an excellent exploration platform from
which to drill test at depth several kilometres
of some of the highest-potential untested ground in the Red Lake gold
camp. The Rahill-Bonanza Project represents
the last piece of the main mine horizon in Red Lake not 100% owned by
Goldcorp.
"The grade of early results in the Wilmar
2E Zone reminds me of my initial experience with the High-Grade Zone at
the nearby Red Lake Gold Mines complex." said Stephen McGibbon, Executive Vice-President and Chief
Operating Officer of Premier. "This zone is open for expansion and
limited drilling has been completed in this area. We believe that the
potential to define significant high-grade resources in this area are
high".
Table 1 - Rahill-Bonanza JV 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
|
PG10082*
|
5656669 N 443922 E
|
-77/330
|
757
|
760.5
|
3.5
|
68.87
|
11.5
|
2.01
|
Wilmar 2E
|
including
|
759.35
|
760.5
|
1.15
|
207.43
|
3.8
|
6.06
|
PG11090
|
5656609 N 444119 E
|
-67/312
|
644.0
|
645.0
|
1.0
|
6.17
|
3.3
|
0.18
|
Wilmar 2E
|
715.0
|
716.5
|
1.5
|
42.59
|
4.9
|
1.24
|
Wilmar 2E
|
719.0
|
723.5
|
4.5
|
46.15
|
14.8
|
1.35
|
Wilmar 2E
|
731.5
|
732.5
|
1.0
|
7.43
|
3.3
|
0.22
|
Wilmar 2E
|
* - Previously released
hole
|
744.5
|
749.0
|
4.5
|
12.77
|
14.8
|
0.37
|
Wilmar 2E
|
True widths are estimated to be between 40%
and 70% of intersection width
Drilling completed from the ice of Red Lake in 2011 tested several
other targets including testing for extensions of the West Granodiorite Zone, a bulk tonnage target, to define
controls of mineralization within the recently identified PG70 Zone,
and drilling the Footwall Zone on the East Bay Joint Venture Project
(PG 35%). The PG70 Zone is located several hundred metres
to the west of the Wilmar Mine and likely
represents the on-strike extension of mineralization, suggesting a
southwesterly plunge to the gold zones. Additional results from
drilling on the East Bay Joint Venture Project are expected in the near
future where drilling is testing a high-grade vein zone along the East
Bay ultramafic trend. Impressive high-grade
gold has been intersected in the recently discovered Footwall Zone over
a strike length of 400 metres with assays
that include 56.54 g/t Au across 0.9m (1.65 oz/ton across 3.0 ft),
44.82 g/t Au across 1.5m (1.31 oz/ton across 4.9 ft), and 297.61 g/t Au
across 1.0 m (8.68 oz/ton across 3.3 feet) (see press release dated
April 21, 2011).
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 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.
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.
Associated File: http://www.premiergoldmines.com/i/pdf/2011-06-18_NR.pdf
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