Encouraging drill results at Lake Shore
June 24 2009 - 12:50PM
UK Regulatory
TIDMHOC
RNS Number : 4639U
Hochschild Mining PLC
24 June 2009
24 June 2009
Encouraging drill results at Lake Shore Gold's Thunder Creek property
* Lake Shore Gold reports 12.75 grams per tonne over 83.40 metres at Thunder Creek
* TC09-68b intersects 12.75 grams per tonne (gpt) gold (Au) over 83.40 metres
(m), or 13.73 gpt over 77.50 m, including 24.68 gpt over 13.00 m, 38.22 gpt over
11.00m and 26.78 gpt over 8.50m
* High-grade intercepts among best drilled in Timmins Gold Camp
* Second mineralized porphyry unit identified
Hochschild Mining plc ("Hochschild") is pleased to announce that Lake Shore
Gold, in which it has a 40% investment, today announced results for six new
holes and one wedge hole (5,900 metres) as part of its ongoing 22,000 metre
diamond drill program at the Thunder Creek joint venture property, located
immediately adjacent to Lake Shore Gold's 100%-owned Timmins Mine project. Lake
Shore Gold holds a 60% interest in the Thunder Creek property, and is the
operator of the joint venture with West Timmins Mining Inc.
Miguel Aramburú, Chief Executive Officer of Hochschild Mining plc, commented:
"We are delighted with the encouraging drill results reported by Lake Shore
Gold, in which we have a 40% interest. Lake Shore Gold is a long term strategic
asset for Hochschild and we remain extremely confident about the company's
prospects. We are working closely with their management team to continue to
explore the full potential of their assets."
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"The widths and grades of the intercepts reported from wedge Hole TC09-68b are
clearly our most encouraging to date and demonstrate that we are dealing with a
large gold system. The results highlight the potential of Thunder Creek to host
a significant orebody with multiple horizons covering different geological
settings, including the Rusk and Porphyry zones, as well as a new porphyry unit
that has now been discovered at the bottom of TC09-68b. We are currently
awaiting results from one wedge hole with four additional holes in progress. We
have a total of four drills operating on the property, with approximately
15,000 metres of the current 22,000 metre drill program having now been
reported. We have also added a drill on our 100% owned Timmins Mine property to
explore for new mineralization along the north-east extension of the same
geological contact hosting the Rusk Zone."
The results include wedge Hole TC09-68b, which intersected the best widths and
grades encountered to date at Thunder Creek. TC09-68b intercepted 12.75 gpt Au
over 83.40 m or 13.73 gpt over 77.50m, including 24.68 gpt over 13.00 m, 38.22
gpt over 11.00 m and 26.78 gpt over 8.50 m. The broad intercept in TC09-68b,
which spans the full width of the Porphyry unit, contains many of the
features from other holes including strong alteration, intermittent quartz
veinlets, local visible gold and accessory minerals such as molybdenite, galena,
sphalerite and scheelite. TC09-68b also intersected mineralization in the Rusk
Zone, with an intercept of 5.62 gpt Au over 4.90 m, including 9.50 gpt over 2.20
m, and also intercepted 1.01 gpt Au over 6.00 m in a new, second Porphyry unit
discovered near the bottom of the hole. TC09-68b is located approximately 50
metres above the previously released wedge Hole TC09-68a, which included an
intercept of 10.09 gpt Au over 4.70 m, including 17.16 gpt over
2.25 m.
Hole TC09-72 was an infill hole designed to test for the upper limits of the
Rusk and Porphyry zones.
The Rusk Zone was weakly mineralized, whereas the Porphyry Zone was intersected
with local occurrences of visible gold. The results of TC09-72 confirm the down
dip extension of the Porphyry Zone.
In addition to wedge Hole TC09-68b and Hole TC09-72, Lake Shore Gold also
released results for Holes TC08-63, TC08-65, TC08-66, TC08-67 and TC09-71.
TC08-63 and TC08-65 were drilled to test a large Syenite intrusive located 400
to 500 metres south of the Rusk Zone and intersected local strongalteration and
low grade gold values, which could form an important new target for future
exploration. Holes TC08-66 and -67 were preliminary holes drilled to the
north-east of the known mineralized systems, with Hole TC09-71 located 125
metres south-west of Hole TC09-69 and representing the first attempt to expand
the zone southwards at this elevation. Hole TC09-71 encountered multiple
intrusions of Porphyry and local strong alteration surrounding these and the
Rusk Zone suggesting that the mineralized system is still open in this
direction.
Results*:
To view these results, please click on the below link
http://www.rns-pdf.londonstockexchange.com/rns/4639U_-2009-6-24.pdf
*Extracted from the announcement released by Lake Shore Gold on 24 June 2009
which can be found at www.lsgold.com.
Quality Control
Lake Shore Gold's Qualified Person ("QP") for the Thunder Creek property is
Jacques Samson, P. Geo. As QP, he has prepared or supervised the preparation of
the scientific or technical information for the property and has verified the
data disclosed in this press release.
Lake Shore Gold has a quality control program to ensure best practices in the
sampling and analysis of drill core. Assays have been completed using a standard
fire assay with a 30-gram aliquot. For samples that return a value greater than
three grams per tonne gold, another pulp is taken and fire assayed with a
gravimetric finish. Zones with visible gold are tested by pulp metallic
analysis. NQ size drill core is saw cut and half the drill core is sampled in
standard intervals. The remaining half of the core is stored in a secure
location. The drill core is transported in security-sealed bags for preparation
at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS
Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000
registered laboratory preparing for ISO 17025 certification.
Enquiries:
Hochschild Mining plc
Isabel Lutgendorf +44 (0)20 7907 2934
Head of Investor Relations
Finsbury
Robin Walker +44 (0)20 7251 3801
Public Relations
About Hochschild Mining plc:
Hochschild Mining plc is a leading precious metals company listed on the London
Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus
on the exploration, mining, processing and sale of silver and gold. Hochschild
currently operates five underground epithermal vein mines, four located in
southern Peru, one in southern Argentina, one open pit mine in northern Mexico
and numerous long-term prospects throughout the Americas. Hochschild has over
forty years experience in the mining of precious metal epithermal vein deposits.
For further information please visit www.hochschildmining.com.
About Lake Shore Gold
Lake Shore Gold Corp. is a mineral development and exploration company that is
moving towards gold production through its 100%-owned Timmins Mine project,
where the Company is sinking a shaft and driving a ramp to access shallow
mineralization. The wholly owned Bell Creek Mill, located on the east side of
Timmins, has been refurbished to a capacity of 800 tonnes per day. The Company
recently commenced an advanced exploration program at its Bell Creek Complex,
including the Bell Creek Mine, Schumacher and Vogel properties, which have the
potential to become the Company's second mining project in the Timmins camp, and
is pursuing a number of other highly prospective exploration properties in
Northern Ontario and Quebec. Lake Shore Gold's common shares trade on the
Toronto Stock Exchange under the symbol LSG.
Forward looking Statements
This announcement contains certain forward looking statements, including such
statements within the meaning of Section 27A of the US Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
In particular, such forward looking statements may relate to matters such as the
business, strategy, investments, production, major projects and their
contribution to expected production and other plans of Hochschild Mining plc and
its current goals, assumptions and expectations relating to its future financial
condition, performance and results.
Forward-looking statements include, without limitation, statements typically
containing words such as "intends", "expects", "anticipates", "targets",
"plans", "estimates" and words of similar import. By their nature, forward
looking statements involve risks and uncertainties because they relate to events
and depend on circumstances that will or may occur in the future. Actual
results, performance or achievements of Hochschild Mining plc may be materially
different from any future results, performance or achievements expressed or
implied by such forward looking statements. Factors that could cause or
contribute to differences between the actual results, performance or
achievements of Hochschild Mining plc and current expectations include, but are
not limited to, legislative, fiscal and regulatory developments, competitive
conditions, technological developments, exchange rate fluctuations and general
economic conditions. Past performance is no guide to future performance and
persons needing advice should consult an independent financial adviser.
The forward looking statements reflect knowledge and information available at
the date of preparation of this announcement. Except as required by the Listing
Rules and applicable law, Hochschild Mining plc does not undertake any
obligation to update or change any forward looking statements to reflect events
occurring after the date of this announcement. Nothing in this announcement
should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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