Very impressive Gold intersection. This J/V is getting better and better results, 4 drills are turning fast and Premier Gold PG.to means business here. Past producing region is receiving new Gold Bull market money and model is confirming expectations to become a sizable deposit in Canada.
Roxmark Shareholders RMK.v could relax and enjoy the ride, next step will be first resource estimation and then who knows at what price Premier will be ready to take out another 30% of the project.
So far from our top Picks list for 2009 Suramina Resources SAX.to was acquired by Canada Gold Hunters CGH.to, Chinese Tongling is investing at o.425CAD double the recent market price into Canada Zinc Metals CZX.v, Continuum Resources CNU.v was bought out by Fortuna Silver FVI.v and TNR Gold TNR.v has moved aggressively into Lithium field and acquired properties in Canada.
M&A in the sector will be driving valuations from this still rock bottom levels in Junior mining plays.
THUNDER BAY, ON, April 15 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG - News) is pleased to announce that ongoing drilling at the Hardrock Project in Geraldton, Northwestern Ontario continues to return high-grade gold mineralization in the Tenacity Zone, as well as high grade narrow vein mineralization in a deeper target (KL Zone). This drilling suggests that the Tenacity Zone may improve with depth as confirmed by an intersection of 16.86 grams per tonne gold (g/t Au) across 5.5 metres (m) in the furthest down-plunge section drilled to date. Additionally, drilling has confirmed high grade gold in a deeper target beneath Tenacity with intersections of 40.1g/t Au across 1.0m and 17.45g/t Au across 1.9m. Highlights of recent Tenacity drilling include:
- Drilling suggests the potential to develop both open pit and
underground resources with apparent improvement in grade and
continuity down-plunge.
- Exploration drilling (three holes) confirmed high grade gold
mineralization within a narrow vein target with intersections in
excess of 17.14 g/t Au ((greater than) 0.50 oz/ton).
Follow-up drilling at Tenacity, as well as the testing of other target areas, is on-going.
"Our success in drilling numerous target sites at Hardrock speaks volumes of the quality of this Project", stated Ewan Downie, President of Premier. "Gold mineralization found over appreciable widths in multiple horizons support our view that a sizeable gold resource will be delineated on the Project".
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK - News; 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 shallow deposits within 2000 feet (600 metres) of surface 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).
- Drilling suggests the potential to develop both open pit and
underground resources with apparent improvement in grade and
continuity down-plunge.
- Exploration drilling (three holes) confirmed high grade gold
mineralization within a narrow vein target with intersections in
excess of 17.14 g/t Au ((greater than) 0.50 oz/ton).
Follow-up drilling at Tenacity, as well as the testing of other target areas, is on-going.
"Our success in drilling numerous target sites at Hardrock speaks volumes of the quality of this Project", stated Ewan Downie, President of Premier. "Gold mineralization found over appreciable widths in multiple horizons support our view that a sizeable gold resource will be delineated on the Project".
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK - News; 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 shallow deposits within 2000 feet (600 metres) of surface 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).
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