High grade trend identified with intercepts up to 13.34 g/t Au across 5.7 metres
Premier Gold Mines Limited ($PG:CA) is pleased to provide an update of ongoing surface drilling at the Company's 100%-owned Hasaga Project in the Red Lake gold mining district of Northwestern Ontario. Hasaga is strategically-located proximal to the Balmer-Confederation unconformity, recognized as an important geologic feature at the multi-million ounce past and currently producing Red Lake area mines.
Premier believes that the Hasaga and Gold Shore Mines, which ceased production in the early 1950's, have the potential to host both shallow mineralization (that may be amenable to open pit mining methods) and higher grade underground mineable mineralization. Current drill targets include the main porphyry rock unit that was mined at Hasaga and at the adjacent Howey Gold Mine (these mines produced in excess of 600,000 ounces of gold by underground mining methods) and the Central Target where widespread gold mineralization is known to occur in the Dome Stock granodiorite.
Significant new intercepts and developments include:
- Drilling in the Hasaga porphyry has returned broad intercepts that include assays of 0.98 grams per tonne gold (g/t Au) across 126.0 metres (m) including 2.04 g/t Au across 49.0 m in hole HPM021, 1.17 g/t Au across 32.1 m in hole HPM017, and 2.78 g/t Au across 16.1 m in hole HPM005.
- Within the central portion of the Hasaga porphyry, apparent parallel quartz vein zones containing high-grade gold mineralization have been discovered including local visible gold. New intercepts in these high-grade veins include assays of 13.34 grams per tonne gold (g/t Au) across 5.7 metres (m) in hole HMP021, 16.44 g/t Au across 2.0 m in hole HMP020, and 17.37 g/t Au across 1.1 m in hole HMP017.
- Initial assays have been received from the initial 155 metres of core from the first hole drilled at the Central Zone, confirming open pit style mineralization with an intercept of 0.68 g/t Au across 152.0 m from 3.0m to 155.0m including 1.11 g/t Au across 48.0 m from 107.0 m to 155.0 m. Additional assays are pending and will be provided in a future update.
"Early drilling in the two primary target areas at Hasaga demonstrate the potential for open pit, bulk underground and higher grade underground gold mineralization" stated Stephen McGibbon, Executive Vice-President of Premier. "As at several of the significant Red Lake gold discoveries over the past decade including the High Grade Zone, Bruce Channel, and most recently HG Young, we have identified significant gold mineralization proximal to past producing mines. The discoveries confirm that the Red Lake camp remains one of the best places for gold exploration in the world."
Hasaga Porphyry Target
The Hasaga Project covers 677 hectares beside the town of Red Lake. The Property is located along a "Mine Trend" that was host to multiple historic mines including Hasaga, Howey and Madsen. The current Phase 1 drill program will include some 25,000 metres of drilling to test both the Hasaga porphyry and the North Zone target. Figure 1 is a 3D-oblique longitudinal view of the Hasaga porphyry drilling and highlights the high-grade mineralization recently identified. Several of these completed holes have also intersected visible gold bearing quartz veins.
Figure 1 - Hasaga porphyry drilling
Table 1 - New highlight assay results from Hasaga open-pit target drilling
|Hole||From (m)||To (m)||Length (m)||Au g/t||Zone|
* - Core widths estimated at 70% in intersection width
Central Zone Target
The Central Zone Target is located where a series of conjugate structures occur within the Dome Stock, a large granodiorite rock unit in the heart of the Red Lake camp. A single hole drilled in this area in the 1980's by Lac Minerals reported wide spread mineralization however was not followed up. Early assays confirm this open pit target with the entire hole carrying gold mineralization with an impressive 0.68 g/t Au across 152.0 m and additional assay results remain pending. This first hole was drilled to a depth of 465.0 m and returned multiple mineralized intervals.
Table 2 - New highlight assay results from Central Zone drilling
|Hole||From (m)||To (m)||Length (m)||Au g/t||Zone|
* - True width unknown
Stephen McGibbon, P. Geo., 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 either Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is one of North America's leading exploration and development companies with a high-quality pipeline of gold projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. The Company is well financed with approximately $90 million in cash and investments, no debt and a portfolio of advanced-stage assets in world class gold mining districts such as Red Lake and Geraldton in Ontario and the most prolific gold trends in Nevada.
For further information, please contact:
Ewan Downie, President & CEO
Web Site: www.premiergoldmines.com
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