Premier to Follow-Up High Grade Results in Red Lake

Date : 12/16/2019 @ 11:00AM
Source : PR Newswire (Canada)
Stock : Premier Gold Mines Limited (PG)
Quote : 1.51  -0.05 (-3.21%) @ 4:31PM

Premier to Follow-Up High Grade Results in Red Lake

Premier Gold Mines (TSX:PG)
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3 Months : From Nov 2019 to Feb 2020

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Previous results included 50.0 m of 9.19 g/t Au and 54.0 m of 10.94 g/t Au

THUNDER BAY, ON, Dec. 16, 2019 /CNW/ - PREMIER GOLD MINES LIMITED ("Premier", "the Company") (TSX: PG) (OTCPK: PIRGF) is pleased to announce plans to re-establish exploration on its Red Lake projects in 2020, including a renewed focus at the Company's 100%-owned Hasaga Project. This program will continue to test the expansion of the Hasaga "C Zone" and "D Zone" target areas. The last drilling delineated significant high-grade mineralization down plunge of the historic Howey and Hasaga Mines that collectively produced more than 640,000 ounces of gold between 1930 and 1957.

 Highlights from Premier's exploration campaigns up to late 2018 include:

  • C Zone results include 50.0 m of 9.19 g/t Au (HMP164), and 21.0 m of 12.03 g/t Au (HMP164-W3), 54.0 m of 10.94 g/t Au (HMP151) and 67.0 m of 4.02 g/t Au (HMP176-W3)
  • A near-surface mineral resource estimate was completed with 1.12M ounces gold Indicated and 0.63M ounces gold Inferred from multiple optimized pit shells, suggesting the potential for future open-pit mining
  • A new discovery located 500 m west of the C Zone with intercepts of 8.0 m of 9.55 g/t Au (HMP162) and 6.0 m of 13.67 g/t Au (HMP172)

Abbreviations used in this press release are available by following this link (click here).

The Hasaga Property is host to the past-producing Hasaga, Buffalo and Goldshore Mines and is being evaluated for both near surface lower-grade for open-pit potential as well as at depth higher-grade mineralization. Premier considers Hasaga to be the most prospective undeveloped gold deposits in the entire Red Lake camp.

"Our previous drilling campaigns have confirmed the substantial potential of this property located in the heart of one of the world's most respected high-grade gold camps. Numerous intercepts host common visible gold and occur within attractive geometries" commented Stephen McGibbon, Premier's Executive Vice-President. "The C Zone deposit remains open at depth and down plunge, and the 2017 discovery of the D Zone suggests the opportunity to delineate a significant gold deposit."

Past and future exploration are aiming to test the structure that hosts the Howey and Hasaga Mines, and continuity of the mineralization to the west. Premier's first hole of the 2017 campaign returned a high-grade intercept in hole HMP151 grading 54.0 m of 10.94 g/t Au with mineralization characteristic of the Hasaga Mine. Follow-up drilling confirmed the potential of the C Zone deposit, with intercepts including 50.0 m of 9.19 g/t Au (HPM164), 21.0 m of 12.03 g/t Au (HPM164-W3), and 67.0 m of 4.02 g/t Au (HPM173-W3). The deepest hole returned 4.0 m of 3.82 g/t Au (HMP17-88-03-W1), leaving the deposit open at depth.

Figure 1 – Hasaga Property profiling mineral resource, C Zone and D Zone (CNW Group/Premier Gold Mines Limited)

The C Zone deposit remains wide open for expansion toward the D Zone, deposit found 500 m to the west. The D Zone is a priority for exploration, with a potential southwest extension of the C Zone deposit. HMP161 and HMP162 were initial holes drilled 500 m along strike and intersected respectively 181.0 m of 1.21 g/t Au including narrower higher-grade intervals, and 8.0 m of 9.55 g/t Au. Follow-up drilling returned intervals to 6.0 m of 13.67 g/t Au. Gold mineralization is associated with minor sulphide-bearing sequences and includes visible gold within common quartz veinlet arrays similar to that in the C Zone. The upcoming drill program, that will begin early in 2020, will focus on large untested areas between the C and D Zone horizons in an effort to expand mineralization for future resource estimates.

Supporting the previous near-surface mineral resource estimate was an initial metallurgical program. Premier reported a completed metallurgical scoping program on samples from the Hasaga, Central and Buffalo Zones with the intent to characterize the lithological and mineralization domains, and to complement the Hasaga mineral resource estimate. Although bottle roll tests utilizing coarser-crush sample composites (¼", ½", ¾" crush sizes) did not support a potential heap leach recovery process, the baseline bottle roll cyanidation study indicated very good recoveries for all grade ranges with metallurgical results of between 94% and 97% when grinding to 80% passing 200 mesh.

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. Premier remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines; South Arturo and Mercedes, and through future mine development opportunities at Hardrock in Ontario (Greenstone Gold JV) where permitting and development initiatives are ongoing and McCoy-Cove in Nevada.

Julie-Anaïs Debreil, Ph.D, 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 Labs, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. For a complete description of Premier's sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Hasaga Project dated February 24, 2017 (effective date December 30, 2016), entitled "National Instrument 43-101 Technical Report: Hasaga Project, Red Lake Mining District, Ontario, Canada" located on Premier's website and at www.sedar.com.

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, mineral resource and mineral reserve estimates 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.

Premier Gold Mines Limited (CNW Group/Premier Gold Mines Limited)

SOURCE Premier Gold Mines Limited

Copyright 2019 Canada NewsWire

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