Premier Gold Mines Limited (TSX-PG) has announced favorable results from the company’s ongoing surface drilling program on the Hasaga Porphyry target, and an update of exploration activities at the company's Rahill-Bonanza Joint Venture Project.
The Hasaga Porphyry target is located on the 100%-owned Hasaga Project Red Lake gold mining district of Northwestern Ontario. Premier believes that Hasaga and Gold Shore, underground mines that ceased production in the early 1950's, have the potential to host gold mineralization that may be amenable to open pit mining methods in addition to higher grade underground mineable mineralization. Highlights from holes with completed assays in the Hasaga Porphyry target area (reporting holes HMP039-077) include:
- HMP039 – 1.68 g/t Au over 49.0 m including 2.41 g/t Au over 17.6 m.
- HMP053 – 7.94 g/t Au over 11.0 m and 4.67 g/t Au over 4.0 m.
- HMP069 – 1.32 g/t Au over 27.0 m and 1.54 g/t Au over 16.0 m.
- HMP074 – 0.96 g/t Au over 36.0 m and 1.72 g/t Au over 37.0 m.
- HMP076 – 1.50 g/t Au over 18.0 m and 0.87 g/t Au over 34.0 m.
"We have accomplished a lot in a relatively short period of time in 2015 and are generating solid results," commented Stephen McGibbon, Executive Vice-President of Premier. "Our team has an aggressive goal in 2016 that includes reporting an initial mineral resource estimate on the Hasaga Porphyry area by yearend."
Located in the Red Lake "Mine Trend", a world-class gold mining complex in continuous production since 1939 and host to more than 24 million ounces of past production at grades in excess of 20 g/t Au, significant developments and assay highlights at Rahill-Bonanza Joint Venture Project include:
- Drilling has continued testing a favorable geological setting to the south of the tram that shares similarities with the Red Lake Gold Mines complex (See Figure 1) including favorable alteration and mineralization proximal to an ultramafic rock unit.
- Hole D36987 grades 15.79 g/t Au across 2.1m contained within a mineralized alteration zone grading 6.58 g/t Au across 6.3m.
- Hole D36994 contains 18.20 g/t Au across 3.4m.
- Hole D36999 grades 36.30 g/t Au across 1.7m & 11.0 g/t Au across 2.5m.
- Hole D361036 with 46.00 g/t Au across 11.0 m (1.34 oz/ton Au across 36.0 feet) including 121.20g/t Au across 3.8 m (3.54 oz/ton Au across 12.3 feet); one of the deepest holes drilled to test this horizon to-date.
"We continue to be rewarded with our patience at the Rahill-Bonanza Joint Venture" stated Stephen McGibbon, Executive Vice-President of Premier. "Our 2016 exploration program will focus on defining and expanding the Fold Target for high grade extensions both along strike and up and down plunge. Several other favorable horizons are wide open at depth."
Premier Gold Mines’ high-quality pipeline of gold projects are focused in proven, safe and accessible mining jurisdictions in Canada and the United States. With multiple strategic explorations underway yielding favorable results, the company continues to act as one of North America's leading exploration and development companies.For more information about Premier Gold Mines, visit www.premiergoldmines.comDisclosure: In the purview of Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader's attention the fact that Equities.com, Inc. may be compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker, broker dealer, investment advisor, analyst, investment banker or underwriter. All profiles are based on information that is available to the public. The information contained herein should not be considered to be all-inclusive and is not guaranteed by Equities.com to be free from misstatement or errors. Readers are reminded to do their own due diligence when researching any companies mentioned on this website.
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