Premier expands high-grade open pit potential at Hardrock including 1.54
oz/ton gold over 25.9 feet
Shares Issued: 82,657,779
THUNDER BAY, ON,
- 5.26 grams per tonne gold (g/t Au; 0.15 ounces per ton) across
11.7 metres (m; 38.4 feet) in hole MM053
- 3.50 g/t Au (0.10 ounces per ton) across 36.5m (119.7 feet) in hole
MM056
- 52.90 g/t Au (1.54 ounces/ton) across 7.9m (25.9 feet) in hole MM062
- 35.45 g/t Au (1.04 ounces/ton) across 3.6m (11.8 feet) in hole MM066
Recent near-surface holes drilled in the NN Zone, located west along strike from the EP Zone, suggest the potential for defining open-pit resources with multiple horizons having intersection widths of up to 36.5 metres (119.7 feet). New drill results from the NN Zone are contained in Table 1 and locations of drill holes can be found in Figure 1.
Premier intends to release the results of the initial resource estimate prior to the end of 2009. Initial drilling results during the latter stages of 2009 support Premier's belief that additional mineral resources, amenable to underground mining methods, may be delineated at depth. It is Premier's intention to aggressively pursue this style of drill target during 2010, with the goal of amending the initial mineral resource sometime after the end of the second quarter.
At Hardrock, significant potential exists for developing resources in several areas including:
- Open pit-style mineralization at sites where historic resources were
partially delineated by previous operators, in addition to newly
defined mineralization at the Tenacity, EP and Kailey Zones;
- Numerous surface and historic high-grade gold intercepts throughout
the large property package that have received little to no follow-up;
- Historic resource blocks reported to remain within the mine workings,
including high-grade vein targets; and,
- The main mined zones which remain open below the 600m Level.
"Since January, the focus at Hardrock has been defining open pit style mineralization, an endeavour that has exceeded our initial expectations" stated Ewan Downie, President. "With our initial mineral resource estimate now imminent, we have shifted our focus toward outlining higher grade underground style resources. This effort has already resulted in one new high grade discovery".
Table 1 New Sub Zone Intercepts from NN Zone drilling at Hardrock
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UTM Dip/ Inter- Grade Inter- Grade
Coordinates Azimuth From To val (g/ val (oz/ Zone
Hole-ID (m) (degrees) (m) (m) (m) tonne) (ft) ton)
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MM052 5502941N 52.5 54.0 1.5 3.37 4.9 0.10 upper NN
504351E -----------------------------------------------
-45/360 104.0 117.0 13.0 1.02 42.6 0.03 NN
-----------------------------------------------
162.1 163.6 1.5 2.16 4.9 0.06 lower NN
-------------------------------------------------------------------------
MM053 5502990N 30.0 33.0 3.0 1.53 9.8 0.04 upper NN
504351E -45/360 -----------------------------------------------
57.0 68.7 11.7 5.26 38.4 0.15 NN
-------------------------------------------------------------------------
MM054 5502964N -45/360 61.0 62.5 1.5 2.25 4.9 0.07 upper NN
504217E
-------------------------------------------------------------------------
MM055 5502943N 15.0 31.5 16.5 2.24 54.1 0.07 upper NN
504302E -----------------------------------------------
-45/360 157.5 160.5 3.0 3.98 9.8 0.12 NN
-----------------------------------------------
169.5 171.0 1.5 1.90 4.9 0.06 lower NN
-------------------------------------------------------------------------
MM056 5502925N 42.0 78.5 36.5 3.50 119.7 0.10 upper NN
504217E -----------------------------------------------
-50/360 158.9 168.3 9.4 5.16 30.8 0.15 NN
-----------------------------------------------
175.7 181.0 5.3 7.44 17.4 0.22 lower NN
-------------------------------------------------------------------------
MM057 5502995N -45/360 NSV NN
504298E
-------------------------------------------------------------------------
MM058 5502972N 34.8 46.5 11.7 1.00 38.4 0.03 upper NN
504143E -----------------------------------------------
-45/360 134.6 137.1 2.5 3.27 8.2 0.10 NN
-----------------------------------------------
166.1 167.3 1.2 5.57 3.9 0.16 lower NN
-------------------------------------------------------------------------
MM059 5502905N 63.0 69.2 6.2 1.00 20.3 0.03 upper NN
504350E -----------------------------------------------
126.5 128.0 1.5 71.20 4.9 2.08 x
-45/360 -----------------------------------------------
185.5 188.9 3.4 5.69 11.2 0.17 NN
-----------------------------------------------
217.0 222.0 5.0 2.48 16.4 0.07 lower NN
-------------------------------------------------------------------------
MM060 5502930N -45/360 144.0 176.1 32.1 1.25 105.3 0.04 NN
504250E
-------------------------------------------------------------------------
MM061 5502981N 33.0 37.5 4.5 1.05 14.8 0.03 upper NN
504116E -----------------------------------------------
-45/360 96.0 99.0 3.0 1.20 9.8 0.04 NN
-----------------------------------------------
149.9 151.3 1.4 2.46 4.6 0.07 lower NN
-------------------------------------------------------------------------
MM062 5502885N 110.2 111.4 1.2 1.08 3.9 0.03 upper NN
504217E -----------------------------------------------
-47/360 220.2 228.1 7.9 52.90 25.9 1.54 NN
-----------------------------------------------
245.5 247.5 2.0 3.52 6.6 0.10 lower NN
-------------------------------------------------------------------------
MM063 5502915N 109.0 114.5 5.5 3.49 18.0 0.10 upper NN
504290E -----------------------------------------------
-45/360 158.5 160.0 1.5 18.80 4.9 0.55 NN
-----------------------------------------------
191.4 193.0 1.6 1.10 5.2 0.03 lower NN
-------------------------------------------------------------------------
MM064 5502980N -45/360 41.0 42.0 1.0 5.60 3.3 0.16 NN
504251E
-------------------------------------------------------------------------
MM065 5503005N -45/360 46.4 47.8 1.4 2.09 4.6 0.06 NN
504185E
-------------------------------------------------------------------------
MM066 5503005N -45/360 4.2 6.5 2.3 13.03 7.5 0.38 upper NN
504250E -----------------------------------------------
65.5 69.1 3.6 35.45 11.8 1.04 NN
-------------------------------------------------------------------------
MM067 5502910N 107.0 108.5 1.5 15.30 4.9 0.45 x
504150E -----------------------------------------------
121.1 123.5 2.4 4.05 7.9 0.12 upper NN
-50/360 -----------------------------------------------
152.5 160.0 7.5 3.04 24.6 0.09 NN
-----------------------------------------------
180.5 182.0 1.5 2.28 4.9 0.07 lower NN
-------------------------------------------------------------------------
MM068 5503015N -45/360 11.5 14.5 3.0 3.91 9.8 0.11 NN
504350E
-------------------------------------------------------------------------
MM069 5503030N -45/360 NSV
504250E
-------------------------------------------------------------------------
True widths estimated at approximately 70% of intersection widths
NSV - No Significant Values
To view Figure 1, please visit: http://files.newswire.ca/598/Figure1.pdf
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 primarily from relatively shallow depths (600 metres) from 1938-1968. A recent hole to test the North Zone horizon below the bottom mine level at Hardrock has intersected several mineralized zones further demonstrating the potential for the project to host a multi-million ounce resource. This hole is the first deep hole completed by the joint venture. 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, and another, adjacent to the Red Lake Gold Mines complex, is operated on a 100% basis. The company also owns a 100% interest in the PQ-North Project, located along strike from Goldcorp's Musselwhite Gold Mine.
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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