Gold in Canada: Goldstone Resources: Premier Gold drills 53 m of 5.49 g/t Au at Hardrock GRC.v, PG.to, TNR.v, GBN.v, NGQ.v, SGC.v, ASM.v, RVM.to, MGN, EPZ.to, KTN.v, BTT.v, ALK.ax, GG, NEM, BVN, ABX, KGC, AUY

  Now Goldstone Resources is back to business and Hadrock deposit continues to grow. "Drilling at Hardrock continues to deliver strong results in multiple zones that are expected to add materially to our current gold resource." Share price is to follow.

  CS. We have a final accord of Corporate Governance in action in Canada. So many managers forget that they are hired to run the company by its shareholders and company belongs to them. Management's main goal is to build value for shareholders, avoid unnecessary dilution and think about the business like its owners would think by themselves - it is a dream some would say and they will be right. So go where owners are in charge as well and management has significant stake in the business. You have already more than enough risk in junior mining in order to be engaged in games around dilution, options, salaries, offices and perks.

  Goldstone Resources has joined today the club with NGeX resources, where Lukas Lundin owns stake and is Chairman of the board, and both Minera Andes and TNR Gold have their own major shareholders holding large stake in the companies



Stockwatch:


Premier Gold drills 53 m of 5.49 g/t Au at Hardrock

2010-09-28 09:55 ET - News Release

See News Release (C-PG) Premier Gold Mines Ltd

 

Mr. Ewan Downie of Premier Gold reports

PREMIER - DRILLING EXPANDS DEEP GOLD ZONES AT HARDROCK 5.49 G/T AU ACROSS 53.0 M INCLUDING 11.34 G/T AU ACROSS 19.5 M

Premier Gold Mines Ltd.'s deep drilling continues to delineate significant gold mineralization in multiple horizons below historically mined zones where more than 2.1 million ounces were produced to maximum depths of only 600 metres at the Hardrock project in Northwestern Ontario. Because of continued success, additional drills are being added such that 11 drill rigs will be operational on the property in the coming weeks. Recent highlights include the following results:

 

Deep drilling in the F-zone, following up a previously released intersection of 9.28 grams per tonne (g/t) gold (Au) across 28.4 metres (m) (0.27 ounce per ton across 93.2 feet) in MM093, has returned 5.49 g/t Au across 53.0 m (0.16 ounce per ton across 173.9 feet) including 11.34 g/t Au across 19.5 m (0.33 ounce per ton across 64.0 feet) in MM172.

Deep drilling to the west of historic mine workings in the F-zone returned multiple gold intersections including 4.36 g/t Au across 17.8 m (0.13 ounce per ton across 58.4 feet) and including 8.36 g/t Au across 4.3 m (0.24 ounce per ton across 14.1 feet) in MM157. Of note, this intersection is located 300 metres west of, and 50 metres below, the deepest and westernmost mining.

Deep drilling in the North zone and F-zone continues to intersect strong gold values suggesting excellent resource potential proximal to and below existing mine workings.

"Our deep drilling below the historic mine workings is returning impressive results in three separate areas. This is very significant for the project because it confirms that the historic zones extend to depth and are wide open for expansion," stated Tim Twomey, exploration manager for Premier. "Drilling at Hardrock continues to deliver strong results in multiple zones that are expected to add materially to our current gold resource."

F-zone

The F-zone is the largest of the past-producing mine zones at Hardrock which produced more than 1.4 million ounces utilizing bulk underground methods with widths often exceeding 30 metres (100 feet). Importantly, hole MM172 tested up plunge of an area where high-grade gold mineralization was identified below the F-zone on the bottom mine level (Level 13) but was never mined. This target, which is interpreted to represent a second lens of the F-zone, remains wide open for expansion. Current drilling is focused on defining mineralization proximal to and below the lower levels of the mine. To date, five holes have been drilled over a 250-metre strike length (complete results presented in the associated table), successfully intersecting high-grade gold mineralization including:

 

9.28 g/t Au across 28.4 m (0.27 ounce per ton across 93.2 feet) including 43.50 g/t Au across three metres (1.27 ounces per ton across 9.8 feet) in hole MM093;

5.49 g/t Au across 53.0 m (0.16 ounce per ton across 173.9 feet) including 11.34 g/t Au across 19.5 m (0.33 ounce per ton across 64.0 feet) in hole MM172. This intercept is located approximately 100 metres below the limits of mining of the F-zone on this section.

NEW SUBZONE INTERCEPTS FROM F-ZONE DEEPS

Hole ID From (m) To (m) Interval (m) Grade (g/t) Interval (feet) Grade (ounces per ton)

MM093* 564.1 592.5 28.4 9.28 93.2 0.27

Including 588.0 591.0 3.0 43.50 9.8 1.27

MM100* 660.0 694.5 34.5 2.10 113.2 0.06

750.2 759.5 9.3 4.71 30.5 0.14

MM116

Extension 816.0 817.5 1.5 9.70 4.9 0.28

MM025

Extension 709.1 732.4 23.3 2.08 76.4 0.06

Including 709.1 710.3 1.2 8.49 3.9 0.25

Including 728.6 732.4 3.8 5.31 12.5 0.16

MM172 640.5 693.5 53.0 5.49 173.8 0.16

Including 674.0 693.5 19.5 11.34 64.0 0.33

*Denotes previously released drill holes.

True widths estimated at approximately 60 to 70 per cent of intersection.

Note that gaps in hole numbers in these tables are due to 10 different drill rigs assigned the next sequential

drill-hole number as each hole is completed. These are being drilled in five separate areas within the Hardrock

project. Other hole numbers can be considered to carry no significant values or are included in other zones,

some of which may have already been released.

 

Hardrock western deeps (F-zone)

One drill is currently testing for mineralization to the west of, and below the limits of, historic mining at Hardrock which was mined to a maximum depth of 600 metres. This is considered to be shallow for an Archean gold deposit, with more than 2.1 million ounces having been recovered. The new drilling is located approximately 300 metres to the west of, and 50 metres below, the westernmost mined area at Hardrock. Two gold zones were intersected in hole MM157 with assays of 4.36 g/t Au across 17.8 m (0.13 ounce per ton across 58.4 feet) including 8.36 g/t Au across 4.3 m (0.24 ounce per ton across 14.1 feet) and a second zone that returned 5.44 g/t Au across 4.5 m (0.16 ounce per ton across 14.8 feet). Additional drilling in this new area is continuing. New drill results from the western extension area are contained in the associated table.

NEW SUBZONE INTERCEPTS FROM WESTERN EXTENSION DRILLING

Hole ID From (m) To (m) Interval (m) Grade (g/t) Interval (feet) Grade (ounces per ton)

MM157 899.5 924.0 24.5 3.21 80.4 0.09

Including 904.7 922.5 17.8 4.36 58.4 0.13

Including 904.7 909.0 4.3 8.36 14.1 0.24

938.5 943.0 4.5 5.44 14.8 0.16

True widths estimated at approximately 60 to 70 per cent of intersection.

North zone

Drilling is also focused on expanding mineralization below the bottom level of the historically mined North zone which remained open at the time of closure. New drill results from the North zone are contained in the associated table. Of note, hole MM164A, which represents the deepest hole drilled to date within the North zone target, approximately 570 metres down plunge of the bottom level of the mine (Level 13), has returned 12.25 g/t Au across 2.4 m (0.36 ounce per ton across 7.9 feet). Continuing drilling with four drill rigs is continuing to expand mineralization in this area. An X-zone in MM155D grading 29.10 g/t over 1.5 m is a quartz vein that will require close-spaced drilling likely from underground to measure its potential. It is located near MM073 which returned 17.70 g/t over 1.5 m.

NEW SUBZONE INTERCEPTS FROM NORTH ZONE

Hole ID From (m) To (m) Interval (m) Grade (g/t) Interval (feet) Grade (ounces per ton)

MM106E 776.5 781.9 5.4 3.61 17.7 0.11

Including 781.0 781.9 0.9 7.29 3.0 0.21

790.5 792.7 2.2 4.24 7.2 0.12

799.8 801.0 1.2 5.17 3.9 0.15

807.4 811.7 4.3 4.53 14.1 0.13

MM155 551.3 554.8 3.5 42.00 11.5 1.23

722.0 724.0 2.0 10.66 6.6 0.31

MM155A 908.5 911.5 3.0 5.97 9.8 0.17

917.5 919.2 1.7 3.84 5.6 0.11

MM155B hole abandoned

MM155C 839.8 840.9 1.1 5.12 3.6 0.15

853.5 855.0 1.5 4.05 4.9 0.12

877.5 885.5 8.0 4.83 26.2 0.14

Including 882.5 884.0 1.5 15.90 4.9 0.46

534.0 535.5 1.5 29.10 4.9 0.85

MM155D 849.3 850.4 1.1 6.41 3.6 0.19

863.8 865.5 1.7 6.68 5.6 0.20

800.0 801.5 1.5 5.38 4.9 0.16

MM155E 849.1 850.5 1.4 6.72 4.6 0.20

857.7 858.3 0.6 7.66 2.0 0.22

862.0 865.5 3.5 4.71 11.5 0.14

825.7 829.1 3.4 5.95 11.2 0.17

MM155F 840.4 844.5 4.1 3.21 13.4 0.09

854.4 855.4 1.0 12.40 3.3 0.36

MM164A 951.4 953.8 2.4 12.25 7.9 0.36

Including 951.4 952.8 1.4 19.94 5.2 0.58

962.5 964.0 1.5 14.00 4.9 0.41

MM165 403.0 406.7 3.7 8.23 12.1 0.24

513.0 517.0 4.0 16.66 13.1 0.49

True widths estimated at approximately 60 to 70 per cent of intersection.

Missing holes can be considered to carry no significant value or will be included with other zones.

NN zone drilling

Recent drilling continues to define mineralization within the NN zone, down plunge and at depth below the previously announced, near-surface, National Instrument 43-101 resource estimate at Hardrock. Drilling in the NN zone is shifting from a focus on open-pit-style mineralization to defining narrower, underground-style resources. Recent drilling has returned numerous significant intersections (previously released) including 9.62 g/t Au across 5.8 m (0.28 ounce per ton across 19.0 feet) in hole MM160, 4.93 g/t Au across 10.5 m (0.14 ounce per ton across 34.4 feet), 22.97 g/t Au across 24.8 m (0.67 ounce per ton across 81.4 feet) and 8.14 g/t Au across nine metres (0.24 ounce per ton across 29.5 feet). Follow-up drilling down plunge of these intersections is under way.

The Hardrock project is operated under a joint venture with Goldstone Resources Inc. (Premier holds a 70-per-cent interest in the project). The Hardrock project is host to several past-producing mines which collectively produced nearly three million ounces of gold from 1938 to 1968 primarily from shallow depths within 600 metres of surface. The Hardrock project benefits from development advantages with the Trans-Canada Highway, Trans-Canada pipeline and major power lines running through the centre of the property. A revised resource calculation is expected to be completed following the 2010 drill program containing both open-pit and underground-style resources.

Stephen McGibbon, PGeo, 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 Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ont., for preparation and analysis utilizing both fire assay and screen-metallic methods.

We seek Safe Harbor.

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