This is what we like to see in Juniors, leveraged play when J/V partner is not sleeping on the property but very aggressively moving it forward. Premier Gold PG.to with 4 drills on the property is making story moving fast. With Gold surpassing 1000 USD/oz fireworks will be back into Junior camp. Canada, past production and potential for large scale open pit is the main story here, now it is spiced by High Grade intersection which could indicate high grade core to improve economics.
THUNDER BAY, ON, March 20 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) ispleased to announce that ongoing drilling at the Hardrock Project inGeraldton, Northwestern Ontario: 1) has intersected the most significantmineralization to date in the EP-Zone target; 2) has defined a robustgold-bearing zone at the Tenacity target; and 3) demonstrates high-grade goldpotential in the Oreo Zone. This drilling continues to identify significantnear surface (open pit-style) mineralization contained within multiple zonesand continues to confirm high-grade potential proximal to existing mineworkings. Recent highlights include: << - EP-Zone mineralization has been intersected over a minimum strike length of 350 metres (m) with new intersections of up to 2.37 grams per tonne gold (g/t Au) across 62.7m. - Tenacity mineralization (open pit and underground target) has returned near surface intersections of up to 4.13 g/t Au across 18.9 m with higher grade mineralization of up to 7.79 g/t Au across 5.5 m. - Oreo drilling proximal to the historic North Zone mine workings continues to intersect high-grade gold mineralization with intersections up to 8.25 g/t Au across 2.0 m. >> Follow-up drilling, as well as testing of new targets, is on-going. "The consistency of drill results to date is remarkable and confirmsmanagement's confidence that this project will develop into a significant goldresource", stated Ewan Downie, President of Premier, "as gold mineralizationhas been intersected in every target tested." EP-ZONE ------- The EP-Zone is comprised of near-surface mineralization proximal to thehistoric North Zone mine workings. Drilling has identified multiple sub-zoneswithin the EP target consisting of the South Limb (SL) and North Limb (NL).Significant mineralization has been intersected over a strike length of 350metres and remains open in all directions. The following tables demonstrate the potential of the EP-Zone,highlighting mineralization within each horizon. These results demonstratecontinuity and grade within the EP-Zone, supporting management's belief thathistoric and new results will be utilized in a NI43-101 compliant resourcecalculation which is expected to be completed in Q4 2009.
The current program at Hardrock is expected to consist of more than50,000 metres of definition and exploration drilling. The Project is operatedunder a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier earninga 70% interest). The Hardrock Project is host to several past-producing mineswhich collectively produced more than 2.0 Million ounces of gold from the samedeposits to relatively shallow depths of approximately 2000 feet (600 metres)from 1938-1968. The mined zones remained open at depth at the time miningceased and developed historical resources were left in place within theexisting mine workings (a qualified person has not done sufficient work toverify the historical resource, the company is not treating the historicalresource as a current resource and the historical resource should not berelied upon). Importantly, the Hardrock Project has the potential fordefining several styles of mineralization capable of hosting resources, withgrades and widths similar to many of Ontario's major gold mines including: <<> 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) >> Initial drilling with four drills is focusing on delineating both openpit and underground resources with the goal of defining a multi-million ouncegold resource that can be moved quickly towards development (See references tohistorical resources above.). The Project offers development advantages withthe Trans-Canada Highway, Trans-Canada Pipeline, and major power lines runningthrough the center of the property. Significant potential exists fordeveloping resources in several areas including: 1) Open pit-stylemineralization at the site of the original discovery where a resourcecontaining several hundred thousand ounces of gold was partially drilled offby previous operators; 2) Several newer high-grade discoveries have been madethroughout this large property package that have received little to nofollow-up; 3) Resource blocks reported to remain within the mine workings;and, 4) The main mined zones which remain open below the 600m Level.