THUNDER BAY, ON, Oct. 23, 2018 /CNW/ - PREMIER GOLD MINES
LIMITED ("Premier" or "The Company") (TSX:PG) is pleased to
announce the commencement of underground exploration drilling at
the Marianas Zone, one of the primary exploration targets at the
Company's 100%-owned Mercedes Mine, located in the State of Sonora, Mexico.
The Marianas Zone was discovered by surface drilling and
represents the down-plunge extension of the main Mercedes mine
trend (see Figure 1). Based on previous intercepts, Marianas
appears to have the potential to host economic mineralization of
higher than the current reserve grade. It is the Company's
goal to convert Marianas mineral resources to mineral reserves with
a delineation drill program over the balance of 2018 and
2019. With success, mining at Marianas could begin in the
second half of 2019.
The mine operations team is constructing a decline from the
Lagunas mine workings for the purposes of definition drilling
followed by mining (see Figure 2). The multi-year underground
drill program will also consist of step-out drilling as the deposit
remains open for expansion. Success at Marianas could result
in a significant extension to the mine life at Mercedes.
Supporting the development of Marianas, as well as other future
mining areas in the Life of Mine plan, the Company is in the final
stages of constructing a new tailings facility, a project that is
expected to be completed during the fourth quarter of 2018.
A detailed presentation to supplement this press release can be
found on the Company's website in the "Press Releases" section or
by following this link.
https://www.premiergoldmines.com/news/press-releases/all.
In addition to the program at Marianas, drilling continues
on several other priority target areas with the goal of replacing
reserves and adding to resources. The 2018 program is
expected to include more than 40,000 meters of both surface and
underground drilling, testing for extensions to the known vein
systems in addition to exploring for new mineralized horizons
located in close proximity to existing mine workings.
Premier Gold Mines Limited is a gold-producer with a
high-quality pipeline of precious metal projects in proven,
accessible and safe mining jurisdictions in Canada, the United
States, and Mexico. The goal is to evolve into
a low-cost, mid-tier gold producer through its two producing mines
and the development of its Hardrock Project in Ontario (Greenstone Gold JV) and McCoy-Cove
Property in Nevada and where
permitting and pre-construction initiatives are well-advanced.
Stephen McGibbon, P. Geo.,
Executive Vice-President, Corporate and Project Development, 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.
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