THUNDER BAY, ON, Oct. 2,
2019 /CNW/ - Premier Gold Mines Limited (TSX: PG)
(OTCPK: PIRGF) ("Premier", "the Company") is pleased to
announce an update on its 42,000 m core drilling program at
the Company's 100%-owned Mercedes Mine, located in the State of Sonora, Mexico. The 2019 drilling
campaign is currently focused on delineating new mineral resources
in the Lupita Extension, while exploration is still testing
potential at Neo (Figure 1). Highlights from August and
September include, in true thickness:
- 3.6 m of 7.18 g/t Au &
54.38 g/t Ag (L19-441D)
- 1.8 m of 24.24 g/t Au &
1.79.43 g/t Ag (L19-445D)
- 3.4 m of 10.47 g/t Au &
63.60 g/t Ag (L19-448D)
- 4.4 m of 8.86 g/t Au &
66.69 g/t Ag (L19-451D)
- 3.1 m of 13.65 g/t Au
& 80.01 Ag g/t (L19-429D) at Neo, within a stockwork system
similar to Diluvio
"Our Lupita Extension drilling is returning intercepts well in
excess of average production grades," commented
Stephen McGibbon, Executive Vice-President. "Early results
from the San Martin/Neo target
area suggest that our 2020 campaign will confirm the potential for
significant resource expansion as well".
Lupita Extension
The Phase 2 infill program at Lupita Extension continues to
increase potential resource mineralization by demonstrating the
continuity of the vein to the west. Figure 1 presents the
evolution of the grade thickness map from the beginning of 2019 to
today. New results are enlarging the high-grade zones, as well as
defining its limit, which will guide the focus of future
drilling.
Drilling will delineate the mineralized footprint discovered in
2019 with a 30 m x 30 m grid over the area. In
August and September, a total of 34 drill holes, representing
5,855 m of drilling, were completed. An additional
12 drill holes assay results are pending.
Neo Target
Neo represents a potentially new discovery at Mercedes, located
400 m north of San Martin. It
was identified as a possible extension to the Diluvio system due to
geological similarity. The first hole followed up an historical
drill hole, L15-258D that contained 1.53 m @ 6.95 g/t Au
& 4.00 g/t Ag. L19-429D, located 110 m to the east,
successfully returned 3.1 m of
13.65 g/t Au & 80.01 g/t Ag. Two additional
holes drilled to the east had low-grade results, one of which was
hosted within 30 m of the same host rock as Diluvio. Drilling
in 2020 will further test the potential to expand the
mineralization up to 900 m east to Diluvio.
Table 1 – Highlight Intercepts from Lupita Extension
Hole
ID
|
Target
|
From m
|
To m
|
Length m
|
True
Width m
|
Au g/t
|
Ag g/t
|
L19-426D
|
Lupita
Extension
|
255.9
|
257.4
|
1.5
|
1.1
|
2.34
|
32.00
|
L19-432D
|
Lupita
Extension
|
205.5
|
207.0
|
1.6
|
1.5
|
4.72
|
63.84
|
L19-433D
|
Lupita
Extension
|
188.3
|
190.0
|
1.6
|
1.6
|
2.20
|
67.45
|
L19-434D
|
Lupita
Extension
|
187.6
|
190.7
|
3.1
|
3.1
|
3.24
|
37.39
|
L19-435D
|
Lupita
Extension
|
183.0
|
185.5
|
2.5
|
2.4
|
16.91
|
83.00
|
L19-436D
|
Lupita
Extension
|
194.7
|
198.5
|
3.8
|
3.6
|
4.69
|
79.45
|
L19-438D
|
Lupita
Extension
|
179.9
|
181.9
|
2.0
|
2.0
|
4.08
|
57.76
|
L19-439D
|
Lupita
Extension
|
175.4
|
177.4
|
1.9
|
1.9
|
2.57
|
31.44
|
L19-440D
|
Lupita
Extension
|
189.3
|
192.7
|
3.4
|
3.2
|
5.61
|
66.56
|
L19-441D
|
Lupita
Extension
|
132.5
|
136.2
|
3.7
|
3.6
|
7.18
|
54.38
|
L19-443D
|
Lupita
Extension
|
164.0
|
165.4
|
1.3
|
1.3
|
2.88
|
23.00
|
L19-444D
|
Lupita
Extension
|
167.7
|
171.3
|
3.6
|
3.6
|
3.58
|
46.69
|
L19-445D
|
Lupita
Extension
|
120.5
|
122.4
|
1.8
|
1.8
|
24.24
|
179.43
|
L19-446D
|
Lupita
Extension
|
180.9
|
184.1
|
3.2
|
3.0
|
6.45
|
60.70
|
L19-447D
|
Lupita
Extension
|
123.2
|
126.0
|
2.8
|
2.8
|
4.00
|
44.00
|
L19-448D
|
Lupita
Extension
|
154.3
|
157.8
|
3.5
|
3.4
|
10.47
|
63.60
|
L19-450D
|
Lupita
Extension
|
125.3
|
127.3
|
2.0
|
1.9
|
2.96
|
23.50
|
L19-451D
|
Lupita
Extension
|
159.3
|
163.8
|
4.5
|
4.4
|
8.86
|
66.69
|
L19-452D
|
Lupita
Extension
|
155.8
|
157.7
|
1.8
|
1.7
|
2.96
|
30.81
|
L19-454D
|
Lupita
Extension
|
159.7
|
162.3
|
2.6
|
2.6
|
9.30
|
45.92
|
L19-455D
|
Lupita
Extension
|
171.2
|
173.6
|
2.4
|
2.1
|
2.74
|
46.67
|
L19-456D
|
Lupita
Extension
|
156.2
|
159.4
|
3.2
|
3.2
|
5.85
|
39.69
|
L19-459D
|
Lupita
Extension
|
196.3
|
201.6
|
5.3
|
3.9
|
3.65
|
22.81
|
L19-429D
|
Neo
|
281.6
|
285.2
|
3.6
|
3.1
|
13.65
|
80.01
|
|
Including
|
283.6
|
285.2
|
1.6
|
1.4
|
28.74
|
173.25
|
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.
Mercedes assay results are from core samples sent to ALS Chemex, an
accredited mineral analysis laboratory in Lima (Peru)
or Vancouver (Canada), for preparation and analysis
utilizing both fire assay and ICP methods. For a complete
description of Mercedes's sample preparation, analytical methods
and QA/QC procedures refer to the technical report for the Mercedes
Mine dated April 18, 2018 (effective date December 31,
2017), entitled "Technical Report on the Mercedes Gold-Silver Mine,
Sonora State, Mexico."
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.
Table 2 - Collar coordinates
UTM
|
Project
|
Hole
ID
|
North m
|
East m
|
Elevation m
|
Azimuth
|
Dip
|
NAD 27 –
Zone 12
|
Mercedes
|
L19-426D
|
551412
|
3360079
|
1251
|
300
|
-86
|
Mercedes
|
L19-432D
|
551626
|
3360094
|
1305
|
117
|
-67
|
Mercedes
|
L19-433D
|
551648
|
3360050
|
1306
|
119
|
-72
|
Mercedes
|
L19-434D
|
551626
|
3360094
|
1305
|
129
|
-80
|
Mercedes
|
L19-435D
|
551586
|
3360125
|
1293
|
185
|
-82
|
Mercedes
|
L19-436D
|
551626
|
3360095
|
1305
|
129
|
-73
|
Mercedes
|
L19-438D
|
551588
|
3360125
|
1293
|
166
|
-71
|
Mercedes
|
L19-439D
|
551647
|
3360048
|
1306
|
151
|
-74
|
Mercedes
|
L19-440D
|
551626
|
3360094
|
1304
|
159
|
-66
|
Mercedes
|
L19-441D
|
551526
|
3360045
|
1278
|
156
|
-50
|
Mercedes
|
L19-443D
|
551507
|
3360129
|
1262
|
125
|
-66
|
Mercedes
|
L19-444D
|
551574
|
3360069
|
1296
|
137
|
-62
|
Mercedes
|
L19-445D
|
551525
|
3360045
|
1278
|
165
|
-60
|
Mercedes
|
L19-446D
|
551574
|
3360069
|
1296
|
140
|
-53
|
Mercedes
|
L19-447D
|
551524
|
3360045
|
1278
|
195
|
-57
|
Mercedes
|
L19-448D
|
551507
|
3360128
|
1261
|
140
|
-56
|
Mercedes
|
L19-450D
|
551524
|
3360044
|
1278
|
195
|
-45
|
Mercedes
|
L19-451D
|
551572
|
3360069
|
1296
|
158
|
-63
|
Mercedes
|
L19-452D
|
551506
|
3360127
|
1261
|
150
|
-65
|
Mercedes
|
L19-454D
|
551572
|
3360069
|
1295
|
170
|
-72
|
Mercedes
|
L19-455D
|
551416
|
3360080
|
1251
|
145
|
-73
|
Mercedes
|
L19-456D
|
551571
|
3360068
|
1296
|
175
|
-58
|
Mercedes
|
L19-459D
|
551415
|
3360080
|
1251
|
162
|
-80
|
Mercedes
|
L19-429D
|
551090
|
3360241
|
1197
|
37
|
-81
|
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