Premier drilling continues to expand high-grade open pit potential at
Hardrock including 6.91 g/t gold over 18.7 metres
Shares Issued: 84,452,179
THUNDER BAY, ON,
- NN Zone - 4.93 grams per tonne gold (g/t Au) across 10.5 metres (m)
or 0.14 oz/t across 34.4 feet in hole MM071 including 10.03 g/t Au
across 3.5 m (0.29 oz/t across 11.5 ft).
- NN Zone - 5.69 g/t Au across 24.2 m or 0.17 oz/t across 79.4 feet, in
hole MM072 including 7.05 g/t Au across 18.1 m (0.21 oz/t across 59.4
ft).
- NN Zone - 6.91 g/t Au across 18.7 m or 0.20 oz/t across 61.3 feet, in
hole MM074 including 11.55 g/t Au across 9.7 m (0.34 oz/t across 31.8
ft).
- NN Zone - 3.38 g/t Au across 20.9 m, or 0.10 oz/t across 68.6 feet,
in hole MM076 including 12.99 g/t Au across 3.5 m (0.38 oz/t across
11.5 ft)
- F2 Zone - 5.41 g/t Au across 6.0 m or 0.16 oz/t across 19.7 feet, in
hole MM051 including 18.70 g/t Au across 1.2m ( 0.55 oz/t across 3.9
feet)
- F2 Zone - 8.30 g/t Au across 2.6m or 0.24 oz/t across 8.5 feet, in
hole MM051
- Northeast Zone - 121.00 g/t Au across 1.5m or 3.53 oz/ton across 4.9
feet, in hole MM051
Complete drill results are contained in Tables 1 and 2. Figure 1 profiles new collar locations in plan view.
Due to these new outstanding results, which expand near-surface mineralization along strike to the west, the upcoming NI43-101 resource calculation will be delayed to incorporate these drillholes. Therefore, the initial compliant resource is now expected to be released in
"It is truly remarkable that we are continuing to expand the near-surface mineralized zones westward. This was unexpected and of such significance that we've decided to incorporate the new drill-hits into the resource evaluation." stated
Ewan Downie, President of Premier further states, "The outstanding results that continue to be intersected in both our open pit and underground target zones demonstrate the potential for the Hardrock Project to host a multi-million ounce gold resource that can be moved quickly towards feasibility".
Table 1: New NN Zone Intercepts from Hardrock drilling
-------------------------------------------------------------------------
Hole- UTM Dip/ Inter- Grade Inter- Grade
ID Coordinates Azimuth From To val (g/ val (oz/ Zone
(m) (degrees) (m) (m) (m) tonne) (ft) ton)
-------------------------------------------------------------------------
MM070 5502901 N -45/360 ddh NN
504100 E aban-
doned
-------------------------------------------------------------------------
MM071 5502884 N -47/360 72.0 74.7 2.7 3.82 8.9 0.11 Upper
504250 E NN
---------------------------------------
274.5 285.0 10.5 4.93 34.4 0.14 NN
---------------------------------------------
includ- 279.0 282.5 3.5 10.03 11.5 0.29 NN
ing
-------------------------------------------------------------------------
MM072 5502901 N -46/360 172.5 196.7 24.2 5.69 79.4 0.17 NN
504100 E ---------------------------------------------
includ- 178.6 196.7 18.1 7.05 59.4 0.21 NN
ing
---------------------------------------------
211.6 216.0 4.4 3.58 14.4 0.10 X
-------------------------------------------------------------------------
MM074 5502900 N -45/360 150.3 157.5 7.2 2.04 23.6 0.06 Upper
504074 E NN
---------------------------------------------
175.5 183.0 7.5 5.10 24.6 0.15 NN
---------------------------------------------
201.0 219.7 18.7 6.91 61.3 0.20 NN
---------------------------------------------
includ- 205.5 215.2 9.7 11.55 31.8 0.34 NN
ing
-------------------------------------------------------------------------
MM075 5502889 N -45/360 131.9 134.9 3.0 8.62 9.8 0.25 Upper
504050 E NN
---------------------------------------------
184.1 188.7 4.6 8.39 15.1 0.24 NN
---------------------------------------------
272.0 272.8 0.8 12.30 2.6 0.36 X
-------------------------------------------------------------------------
MM076 5502929 N -45/360 116.4 137.3 20.9 3.38 68.6 0.10 NN
504025 E ---------------------------------------------
includ- 120.5 124.0 3.5 12.99 11.5 0.38 NN
ing
---------------------------------------------
196.0 197.9 1.9 10.29 6.2 0.30 X
-------------------------------------------------------------------------
MM077 5502869 N -45/360 ddh NN
504024 E aban-
doned
-------------------------------------------------------------------------
True widths estimated at approximately 70% of intersection widths
NSV - No Significant Values
Table 2: New F2 Zone Intercepts from Hardrock drilling
-------------------------------------------------------------------------
Hole- UTM Dip/ Inter- Grade Inter- Grade
ID Coordinates Azimuth From To val (g/ val (oz/ Zone
(m) (degrees) (m) (m) (m) tonne) (ft) ton)
-------------------------------------------------------------------------
MM051 5502600 N -66/360 540.0 546.0 6.0 5.41 19.7 0.16 F2
504049 E ---------------------------------------------
includ- 544.8 546.0 1.2 18.70 3.9 0.55 F2
ing
---------------------------------------------
621.4 624.0 2.6 8.30 8.5 0.24 F2
---------------------------------------------
660.5 661.0 0.5 41.00 1.6 1.20 F2
(NE)
---------------------------------------------
680.0 681.5 1.5 121.00 4.9 3.53 F2
(NE)
-------------------------------------------------------------------------
MM073 5502600 N -65/360 408.1 409.6 1.5 8.36 4.9 0.24 X
504000 E ---------------------------------------------
672.0 685.5 13.5 4.33 44.3 0.13 F2
(NE)
---------------------------------------------
includ- 684.0 685.5 1.5 17.70 4.9 0.52 F2
ing (NE)
-------------------------------------------------------------------------
True widths estimated at approximately 70% of intersection widths
NSV - No Significant Values
Figure 1: Planview - Collar Locations From Latest Drilling at Hardrock
(http://files.newswire.ca/598/PremierGold_Figure1.doc)
The Hardrock Project is operated under a joint venture with Roxmark Mines Limited (TSX-V:RMK) (Premier holds a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold from shallow depths (600 metres) between 1938 and 1968. The first hole from the current program that tested the North Zone horizon below the bottom mine level at Hardrock returned an impressive 38.2g/t Au (1.14 oz/t) across 4.8m. Follow-up drilling has intersected broad mineralized zones that further demonstrate the potential for the project to host a multi-million ounce resource. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property.
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 Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is a well-financed Canadian-based mineral exploration and development company with several active projects and deposits in Northwestern Ontario. In the Red Lake gold mining camp, two projects are operated in joint venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc., and another, adjacent to the Red Lake Gold Mines complex, is operated on a 100% basis. The company also owns a 70% interest in the Hardrock Project, an advanced-stage gold project in the Geraldton area.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
%SEDAR: 00024152E
For further information: Ewan Downie, President & CEO, Phone: (807) 346-1390, Fax: (807) 346-0100, e-mail: [email protected], Web Site: www.premiergoldmines.com
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