High-Grade Delineation Continues at Premier's Mercedes Mine

Date : 10/02/2019 @ 10:00AM
Source : PR Newswire (Canada)
Stock : Premier Gold Mines Limited (PG)
Quote : 2.01  0.0 (0.00%) @ 9:12PM

High-Grade Delineation Continues at Premier's Mercedes Mine

Premier Gold Mines (TSX:PG)
Historical Stock Chart

2 Months : From Sep 2019 to Nov 2019

Click Here for more Premier Gold Mines Charts.

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.

Figure 1 – Grade x Thickness Map of Lupita Area (CNW Group/Premier Gold Mines Limited)

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.

PGM Logo (CNW Group/Premier Gold Mines Limited)

SOURCE Premier Gold Mines Limited

Copyright 2019 Canada NewsWire

Latest TSX:PG Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.