Drill intercepts include 28.64 g/t Au and 7.37
g/t Ag across 12.0 m
Shares Issued: 201,313,187
THUNDER BAY, ON, Nov. 10, 2016 /CNW/ - PREMIER GOLD MINES
LIMITED (TSX:PG) ("Premier", "the Company") is pleased to
announce additional positive drill results that indicate further
extension of the high grade CSD Gap zone at the Company's
100%-owned McCoy-Cove Gold Project, situated along the Battle
Mountain-Eureka Trend in Nevada. The results from the ongoing
15,000 metre drill program listed in this release all occur between
the Helen Zone and the historic Cove South Deep (CSD) underground
zone, and continue to exhibit high-grade mineralization over
substantial widths.
The focus of the ongoing drill program is to delineate and
expand the zone of the Carlin-style gold and silver system within
the CSD Gap, as shown in Figure 1 and Table 1 below. Results
from drill-hole PG16-12, a 100m step-out along strike from hole
PG16-10 extends high grade mineralization towards the Helen Zone
and remains open for expansion along strike to the northwest.
Upon completion of the program Premier plans to commence a
property-wide mineral resource estimate and a Preliminary Economic
Assessment.
Highlights of the recent results include:
- PG16-12: 28.64 g/t Au and 7.37 g/t Ag over 12.0m at
599.7m (or 0.84 oz/t Au and 0.21 oz/t Ag over 39.5 ft.) and
27.71 g/t Au and 12.95 g/t Ag over 6.9m at 627.1m (or 0.81
oz/t Au and 0.38 oz/t Ag over 22.5 ft.)
- PG16-14: 6.16 g/t Au and 0.86 g/t Ag over 10.8m at
653.9m (or 0.18 oz/t Au and 0.03 oz/t Ag over 35.5 ft.)
including 9.48 g/t Au and 0.45 g/t Ag over 3.2m (or 0.0.28
oz/t Au and 0.01 oz/t Ag over 10.5 ft.)
- PG16-16: 5.31 g/t Au and 1.20 g/t Ag over 32.3m at
551.7m (or 0.15 oz/t Au and 0.04 oz/t Ag over 106 ft.)
including 8.55 g/t Au and 2.41 g/t Ag over 7.6m ( or 0.25
oz/t Au and 0.07 oz/t Ag over 25.0 ft.)
- PG14-18: 5.56 g/t Au and 11.93 g/t Ag over 6.0m (or 0.16
oz/t Au and 0.35 oz/t Ag over 19.8 ft.) at 571.1m. This hole was
drilled to complete the core tail of a pre-collared hole drilled in
2014
"The 2016 exploration program continues to exceed expectations
with PG16-16 further closing the gap with the Helen Zone to the
northwest" stated Chad Peters,
Nevada Exploration Manager for Premier on the Company's C-Suite
Blog (http://www.premiergoldmines.com/news/c-suite-blog). "We
currently have four rigs mobilized at McCoy-Cove with the remainder
of 2016 focusing on select Helen and CSD Gap infill and expansion
drilling to support the upcoming Q1 2017 resource estimate."
The Cove geologic model proposes that the most robust gold and
silver mineralization in the Helen deposit, the CSD gap and the
2201 Zones are closely associated with the deep-seated Cove thrust
fault and altered mafic sills that acted as both primary structural
controls and fluid conduits. The 2016 drill results continue to
confirm this model as well as highlight multiple, high-grade silver
intercepts outside of the defined CSD Gap horizon. These intercepts
are directly adjacent to the Cove thrust and the historically
untested CT-1 splay which suggests additional potential remains to
define high grade gold and silver mineralization outside of the
known mineralized horizon. The ongoing drill program will therefore
also target mineralization hosted within the hanging wall of the
CT-1 splay as a means to further expand the known footprint of the
CSD Gap and Helen deposits.
Table 1: Select Q3 2016, CSD Gap exploration drill program
results
|
|
|
|
|
|
|
|
|
|
|
|
Hole
ID
|
Coordinates(1)
(m)
|
Azimuth
/Dip
(Degrees)
|
From
(m)
|
To
(m)
|
Core
Length(2)
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Core
Length(2)
(ft)
|
Au
(oz/t)
|
Ag
(oz/t)
|
Comment
|
PG16-12
|
4465432N/481977E
|
047/-57
|
599.7
|
611.7
|
12.0
|
28.64
|
7.37
|
39.5
|
0.84
|
0.21
|
CSD
Gap
|
601.1
|
605.2
|
4.1
|
50.96
|
11.84
|
13.5
|
1.49
|
0.35
|
including
|
627.1
|
634.0
|
6.9
|
27.71
|
12.95
|
22.5
|
0.81
|
0.38
|
CSD
Gap
|
644.7
|
653.8
|
9.1
|
7.17
|
12.80
|
30.0
|
0.21
|
0.37
|
CSD
Gap
|
648.6
|
651.7
|
3.0
|
15.22
|
12.95
|
10.0
|
0.44
|
0.38
|
including
|
PG16-13
|
4465389N/481988E
|
059/-49
|
Abandoned
|
PG16-14
|
4465389N/481988E
|
071/-51
|
532.5
|
534.3
|
1.8
|
5.26
|
1.25
|
6.0
|
0.15
|
0.04
|
CSD Gap
|
653.9
|
664.8
|
10.8
|
6.16
|
0.86
|
35.5
|
0.18
|
0.03
|
CSD
Gap
|
653.9
|
655.5
|
1.6
|
9.43
|
1.97
|
5.2
|
0.28
|
0.06
|
including
|
657.5
|
660.7
|
3.2
|
9.48
|
0.45
|
10.5
|
0.28
|
0.01
|
and
|
746.9
|
748.3
|
1.4
|
7.97
|
10.80
|
4.5
|
0.23
|
0.32
|
CSD Gap
|
PG16-15A
|
4465563N/481906E
|
059/-60
|
465.6
|
467.7
|
2.1
|
3.17
|
99.00
|
7.0
|
0.09
|
2.89
|
Upper
|
PG16-16
|
4465563N/481906E
|
047/-55
|
551.7
|
584.0
|
32.3
|
5.31
|
1.20
|
106.0
|
0.15
|
0.04
|
CSD
Gap
|
559.9
|
567.5
|
7.6
|
8.55
|
2.41
|
25.0
|
0.25
|
0.07
|
including
|
580.6
|
584.0
|
3.4
|
12.04
|
1.88
|
11.0
|
0.35
|
0.05
|
and
|
653.0
|
661.7
|
8.7
|
7.44
|
3.29
|
28.5
|
0.22
|
0.10
|
CSD Gap
|
732.7
|
735.2
|
2.4
|
8.61
|
3.17
|
8.0
|
0.25
|
0.09
|
CSD Gap
|
PG16-17
|
4465432N/481977E
|
069/-66
|
429.3
|
431.6
|
2.3
|
9.26
|
3.63
|
9.3
|
0.27
|
0.11
|
CSD Gap
|
584.6
|
585.6
|
1.0
|
5.70
|
3.20
|
5.7
|
0.17
|
0.09
|
CSD Gap
|
PG14-18
|
4464981N/482364E
|
025/-44
|
563.1
|
564.9
|
1.8
|
8.17
|
3.76
|
6.0
|
0.24
|
0.11
|
CSD Gap
|
571.1
|
577.1
|
6.0
|
5.56
|
11.93
|
19.8
|
0.16
|
0.35
|
CSD
Gap
|
571.1
|
572.4
|
1.3
|
13.30
|
43.80
|
4.3
|
0.39
|
1.28
|
including
|
585.4
|
587.2
|
1.8
|
5.36
|
289.93
|
6.0
|
0.16
|
8.46
|
CSD
Gap
|
1) UTM NAD83, Zone 11
2) True widths are estimated to be 80 to 90% of core
length
|
|
All abbreviations used in this press release are available by
following this link (click here) or by visiting the gold 101 &
mining 101 page on the Company's website. Supplementary
images complementing this press release can be viewed on the press
release section on the company's website.
Plan of Operations/2017 Guidance
The Cove-Helen Underground Exploration Plan of Operations (PoO)
was approved in 2013 granting Premier the option of pursuing an
underground exploratory drill program as well as test mining in the
Helen Zone. A supplementary 2016 budget has led Premier to initiate
preliminary engineering, dewatering and baseline studies required
to advance the underground exploration PoO towards development.
Dewatering was an important aspect of historic mine operations at
Cove and as a result, the installation of vibrating wire
piezometers in select exploration drill holes commenced in Q2 in
order to monitor groundwater in the vicinity of the Helen and CSD
Gap deposits. Preliminary dewatering simulations of the proposed
test mining scenario are now complete and results indicate that the
potential dewatering outflow levels for the test mining scenario
would fall within the currently permitted PoO. Further optimization
and validation of the dewatering scenario is ongoing including a
pump test that is planned for Q1 2017 to confirm dewatering rates
prior to initiating a PEA in H2 2017.
About McCoy-Cove
The McCoy-Cove Property is located along the prolific Battle
Mountain-Eureka Trend that is host to numerous multi-million ounce
producing and past-producing mines. The Property includes the
historic McCoy and Cove open pits and underground operations, which
produced a combined 3.3 million ounces of gold and 110 million
ounces of silver between 1986 and 2003. The property is located in
close proximity to excellent infrastructure (including paved roads
& power) and all permits are in place for an advanced surface
drilling campaign.
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. Drill samples were sent to ALS
Laboratories in Reno, Nevada for
analysis with the analytical facility utilizing 30 gram fire assay
with an AA finish for RC samples and 30 gram fire assay with AA
finish and ICP-MS 30 element scan from 4-acid digestion for core
samples. Over-limit samples receive an automatic gravimetric
finish.
Premier Gold Mines Limited is a gold producer and
respected exploration and development company with a high-quality
pipeline of precious metal projects in proven, accessible and safe
mining jurisdictions in Canada,
the United States, and
Mexico.
This Press Release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward-looking information includes, but
is not limited to, statements about strategic plans, including
future operations, future work programs, capital expenditures,
discovery and production of minerals, price of gold and currency
exchange rates, timing of geological reports and corporate and
technical objectives. Forward-looking information is necessarily
based upon a number of assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking information, including the risks inherent to the
mining industry, adverse economic and market developments and the
risks identified in Premier's annual information form under the
heading "Risk Factors". There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue
reliance on forward-looking information. All forward-looking
information contained in this press release is given as of the date
hereof and is based upon the opinions and estimates of management
and information available to management as at the date
hereof. Premier disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE Premier Gold Mines Limited