THUNDER BAY, ON, Feb. 25 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG - News) is pleased to announce that drilling has intersected broad intersections of near-surface mineralization as well as narrow vein high-grade gold in separate target zones on the Hardrock Project in Northwestern Ontario. These gold zones confirm extensions to previously drilled open pit zones, and define the potential to identify significant high-grade mineralization in close proximity to existing mine workings in both the OREO and PIT target areas. These drill targets represent the second and third of several targets currently being tested on the property, and are in addition to the EP-Zone where the companies recently announced intersections of up to 11.8g/t Au across 11.4 meters (see press release dated Feb. 17, 2009). The current program is expected to consist of more than 50,000 metres of definition and exploration drilling leading to NI 43-101 compliant gold resources in 2009.
OREO Zone
---------
The OREO Zone was identified in historic drilling between the two main producing horizons at Hardrock, namely the North Iron Formation and the Porphyry Hill horizons. The historic drilling, testing for mineralization between these horizons returned numerous high-grade intercepts in the area currently being tested. The current program has intersected mineralization in the OREO Zone, in addition to gold mineralization in the Porphyry Hill open pit and beneath the North Zone mine workings as tested with hole OR-02. Highlights include intersections of 6.35 g/t Au across 3.0 metres (m) and 9.95 g/t Au across 1.5 m in the OREO Zone and 13.61 g/t Au across 3.0 m in the North Zone. To date, the OREO Zone has been tested by nine holes with mineralization intersected over a strike length of 150 metres. The mineralized zone remains open in both directions.
Table 1 provides results from the initial three holes drilled to test the OREO and North Zones:
Table 1 Oreo and North Zone Results
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Hole Grid Dip/ Intersection Int. Int. Au Au Zone
No. Coordinates Azimuth From-to (m) (m) (ft) (g/t) (oz/
(m) (Degrees) ton)
-------------------------------------------------------------------------
OR-01 504650mE -60/360 255.80-256.60 0.8 2.6 17.50 0.51 OREO
5502920mN 271.10-274.10 3.0 9.8 6.35 0.19 OREO
285.50-287.00 1.5 4.9 6.48 0.19 OREO
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OR-02 504648mE -60/360 108.60-116.00 7.4 24.3 1.74 0.05 PIT
5502865mN 125.40-131.50 6.1 20.0 1.89 0.06 PIT
390.10-393.10 3.0 9.8 13.61 0.40 NORTH
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OR-03 504650mE -60/360 220.70-222.20 1.5 4.9 9.95 0.29 OREO
5502967mN 244.70-245.70 1.0 3.3 5.70 0.17 OREO
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(x) True widths are estimated at approximately 70% of intersection widths
High-Grade E-Zone
-----------------
Drilling in the E-Zone continues to support the Company's goal of identifying narrow vein, high-grade gold mineralization at Hardrock. The E-Zone is located along strike from, and within the same iron formation host rock as, the North Zone deposit from which 2.97 Million tonnes of ore was mined at a grade of 7.54 g/t Au. Initial drilling has identified parallel zones within the E-Zone target highlighted by an intersection of 40.1 g/t (1.17 oz/ton) Au across 1.5 metres (m) in the E-Zone and 1.35 g/t Au across 23.0 m in an eastward step-out in the Porphyry Hill Open Pit Zone.
Table 2 demonstrates the high-grade potential of the E-Zone and expansion potential in the Porphyry Hill Open Pit target:
Table 2 E-Zone Drilling results
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Hole Grid Dip/ Intersection Int. Int. Au Au Zone
No. Coordinates Azimuth From-to (m) (m) (ft) (g/t) (oz/
(m) (Degrees) ton)
-------------------------------------------------------------------------
PIT-01 505053mE -45/360 Assays pending PIT
5502804mN Assays pending E
-------------------------------------------------------------------------
PIT-02 505052mE -45/360 202.50-204.00 1.5 4.9 40.1 1.17 E
5502854mN
-------------------------------------------------------------------------
PIT-03 505051mE -45/360 24.00-47.00 23.0 75.5 1.35 0.04 PIT
5502904mN 184.40-186.00 1.6 5.2 2.36 0.07 E
-------------------------------------------------------------------------
(x) True widths are estimated at approximately 70% of intersection widths
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK - News; PG 70%) and is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold 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 to host several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario's major gold mines including:
1) Open pit-style mineralization with grades exceeding 1.5 g/t Au
(Timmins, Hemlo)
2) Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
3) Narrow vein zones with higher gold grades often exceeding 7.0g/t
(Red Lake, Pickle Lake)
Ongoing drilling with four drills is focusing on delineating both potential 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). Two drills are currently testing several high-potential exploration targets located on the project area.
The Hardrock Project is located in the heart of the Beardmore-Geraldton Greenstone Belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers some of the most prospective geology in the region and is host to several past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 Million ounces of gold. The Project offers development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and hydro power lines running through or near the property. Significant potential exists for developing both open pit and underground resources.
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 assay results contained in this press release 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 projects are operated in joint venture with Red Lake Gold Mines, while a newly signed option agreement will give Premier a 100% interest in the strategic Lennie Red Lake Property. The company also owns a strategic project located on the main Musselwhite Gold Mine trend and the recently acquired Hardrock project in the Geraldton area.
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.
OREO Zone
---------
The OREO Zone was identified in historic drilling between the two main producing horizons at Hardrock, namely the North Iron Formation and the Porphyry Hill horizons. The historic drilling, testing for mineralization between these horizons returned numerous high-grade intercepts in the area currently being tested. The current program has intersected mineralization in the OREO Zone, in addition to gold mineralization in the Porphyry Hill open pit and beneath the North Zone mine workings as tested with hole OR-02. Highlights include intersections of 6.35 g/t Au across 3.0 metres (m) and 9.95 g/t Au across 1.5 m in the OREO Zone and 13.61 g/t Au across 3.0 m in the North Zone. To date, the OREO Zone has been tested by nine holes with mineralization intersected over a strike length of 150 metres. The mineralized zone remains open in both directions.
Table 1 provides results from the initial three holes drilled to test the OREO and North Zones:
Table 1 Oreo and North Zone Results
-------------------------------------------------------------------------
Hole Grid Dip/ Intersection Int. Int. Au Au Zone
No. Coordinates Azimuth From-to (m) (m) (ft) (g/t) (oz/
(m) (Degrees) ton)
-------------------------------------------------------------------------
OR-01 504650mE -60/360 255.80-256.60 0.8 2.6 17.50 0.51 OREO
5502920mN 271.10-274.10 3.0 9.8 6.35 0.19 OREO
285.50-287.00 1.5 4.9 6.48 0.19 OREO
-------------------------------------------------------------------------
OR-02 504648mE -60/360 108.60-116.00 7.4 24.3 1.74 0.05 PIT
5502865mN 125.40-131.50 6.1 20.0 1.89 0.06 PIT
390.10-393.10 3.0 9.8 13.61 0.40 NORTH
-------------------------------------------------------------------------
OR-03 504650mE -60/360 220.70-222.20 1.5 4.9 9.95 0.29 OREO
5502967mN 244.70-245.70 1.0 3.3 5.70 0.17 OREO
-------------------------------------------------------------------------
(x) True widths are estimated at approximately 70% of intersection widths
High-Grade E-Zone
-----------------
Drilling in the E-Zone continues to support the Company's goal of identifying narrow vein, high-grade gold mineralization at Hardrock. The E-Zone is located along strike from, and within the same iron formation host rock as, the North Zone deposit from which 2.97 Million tonnes of ore was mined at a grade of 7.54 g/t Au. Initial drilling has identified parallel zones within the E-Zone target highlighted by an intersection of 40.1 g/t (1.17 oz/ton) Au across 1.5 metres (m) in the E-Zone and 1.35 g/t Au across 23.0 m in an eastward step-out in the Porphyry Hill Open Pit Zone.
Table 2 demonstrates the high-grade potential of the E-Zone and expansion potential in the Porphyry Hill Open Pit target:
Table 2 E-Zone Drilling results
-------------------------------------------------------------------------
Hole Grid Dip/ Intersection Int. Int. Au Au Zone
No. Coordinates Azimuth From-to (m) (m) (ft) (g/t) (oz/
(m) (Degrees) ton)
-------------------------------------------------------------------------
PIT-01 505053mE -45/360 Assays pending PIT
5502804mN Assays pending E
-------------------------------------------------------------------------
PIT-02 505052mE -45/360 202.50-204.00 1.5 4.9 40.1 1.17 E
5502854mN
-------------------------------------------------------------------------
PIT-03 505051mE -45/360 24.00-47.00 23.0 75.5 1.35 0.04 PIT
5502904mN 184.40-186.00 1.6 5.2 2.36 0.07 E
-------------------------------------------------------------------------
(x) True widths are estimated at approximately 70% of intersection widths
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK - News; PG 70%) and is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold 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 to host several styles of mineralization capable of hosting resources, with grades and widths similar to many of Ontario's major gold mines including:
1) Open pit-style mineralization with grades exceeding 1.5 g/t Au
(Timmins, Hemlo)
2) Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
3) Narrow vein zones with higher gold grades often exceeding 7.0g/t
(Red Lake, Pickle Lake)
Ongoing drilling with four drills is focusing on delineating both potential 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). Two drills are currently testing several high-potential exploration targets located on the project area.
The Hardrock Project is located in the heart of the Beardmore-Geraldton Greenstone Belt, a highly prospective high-grade gold district that has seen relatively little exploration over the past several decades. The Project area covers some of the most prospective geology in the region and is host to several past-producing mines and numerous exploration targets in a district that has seen historic production of more than 4.1 Million ounces of gold. The Project offers development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and hydro power lines running through or near the property. Significant potential exists for developing both open pit and underground resources.
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 assay results contained in this press release 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 projects are operated in joint venture with Red Lake Gold Mines, while a newly signed option agreement will give Premier a 100% interest in the strategic Lennie Red Lake Property. The company also owns a strategic project located on the main Musselwhite Gold Mine trend and the recently acquired Hardrock project in the Geraldton area.
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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