Tuesday, January 12, 2010

Goldstone Resources Inc: Premier provides 2010 exploration update - 5 major drill programs totalling 100,000 metres drilling PG.to, GRC.to

"With Gold signalling a Short term Buy now, US Dollar Christmas party could be over and Job report has brought Hangover. Winter blues will take the green fellow over. There is only one medication left from economic malaise: print new money, buy its own debt and let's pray that some of it will go for the right cause and not only to Wall Street bonus payments."

We are interested in Hardrock property shaping into a gold deposit with very impressive intersections. We wish our Lithium plays have a partner like Premier Gold. 43-101 resource estimation was promised before by the end 2009, now we have another indication of Q1 2010. We are expecting deposit to be larger then 2 mil OZ Gold inferred resources. Any surprise to the upside will provide further revaluation in Goldstone Resources Inc. GRC.to holding 30% of the property.

"This Canadian Gold play - one of our Top Picks for 2009, is getting better and better with new high grade intersections. Roxmark Mines became a part of the new company Goldstone Resources GRC.to after merger with Ontex Resources. We have considered it as Canadian Gold M&A Play with premier buying out 30% of Hardrock project at some point."

Premier provides 2010 exploration update - 5 major drill programs totalling approximately 100,000 metres drilling

THUNDER BAY, ON, Jan. 12 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG - News) provided today an update of the Company's major 2010 exploration plans for its Northwestern Ontario projects. Drill programs are planned for the Hardrock, Rahill-Bonanza, Lennie, East Bay and PQ-North Properties. Highlights for the upcoming year include:
- Actively drilling on 5 properties (Q1), establishing Premier as one
of Canada's most active gold explorers
- Some 100,000 metres of diamond drilling.
- NI43-101 resource estimate for Hardrock to be released during Q1
- Red Lake underground initiative will open up huge exploration
- Follow-up drilling at PQ North gold discovery zones

Ewan Downie, President and CEO of Premier said, "Premier had spectacular exploration success during 2009. Multiple new high-grade gold discoveries demand aggressive follow-up, resulting in what will be one of the industry's largest exploration and development budgets in 2010. In particular, our success at the Hardrock Project has led to the delineation of what is possibly one of Canada's most exciting new gold projects."
Hardrock Project - Building on 2009 Successes
The Hardrock Project, operated under a joint venture with Goldstone Resources Inc. (TSX:GRC - News; Premier holds a 70% interest), will remain the Company's most active project with more than 70,000 metres of drilling planned. In 2009, more than 90,000 metres of drilling was completed at Hardrock, successfully identifying multiple open pit and underground style gold zones with the following highlights:
- Discovery of the High Grade North Zone: 1,141.5 g/t Au across
2.0 metres (33.3 oz/ton across 6.6 feet).
- The EP (open pit) Zone was defined over a strike length of more than
1 kilometre and remains open for expansion.
- Discovery of the NN Zone (open pit) along strike from EP - recent
drill intersections that define this zone include 6.91 g/t Au across
18.7 m (0.20 oz/ton across 61.3 feet), 5.69 g/t Au across 24.2 m
(0.17 oz/ton across 79.4 feet) and 52.90 g/t Au across 7.9 m
(1.54 oz/ton across 25.9 feet).
- Late in 2009, initial drilling in a new target area returned
high-grade results including 121.00 g/t Au across 1.5 m (3.53 oz/ton
across 4.9 feet).
The Hardrock Project is host to several past-producing mines which collectively produced more than 3.0 million ounces of gold, primarily from shallow depths within 2,000 feet (600 metres) of surface. The mined zones remained wide open at depth at the time mining ceased and resources were left in place within the existing mine workings.
In 2009, drilling focused on confirming both open pit and underground mineralization with the goal of identifying a potentially multi-million ounce gold resource that can be moved quickly towards development. The Project offers development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the centre of the property. Significant potential for developing resources has been identified in several areas including: 1) Open pit-style mineralization proximal to the main zones previously mined by underground methods; 2) Discoveries including bonanza-style gold zones; 3) Down-plunge of historically mined zones including the SP and North Zones; and, 4) Mineralization along strike from historically mined zones in the NN and North Zone areas."
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