1.465 Million Ounces Au Indicated – 0.465 Million Ounces Au
Inferred
THUNDER BAY, ON, Sept. 1, 2020 /CNW/ - PREMIER GOLD MINES
LIMITED ("Premier", "the Company") (TSX: PG) (OTCPK:
PIRGF) is pleased to provide a resource update for the
Getchell Project ("Getchell" or "the Property") that is being
acquired by the Company. The Getchell Project hosts both open-pit
and underground resources and is strategically located proximal to
Nevada Gold Mines' Twin Creeks and
Turquoise Ridge mines at the north end of the Battle Mountain Trend
at its intersection of the Getchell gold belt in Nevada (see Figure 1 below).
Highlights of the Mineral Resource estimate include:
- Open-Pit:
-
- 1.275 Moz Measured & Indicated resources at 0.057 oz/t
Au (1.95 g/t)
- Underground:
-
- 0.190 Moz Measured & Indicated resources at 0.305 oz/t
Au (10.49 g/t)
- 0.580 Moz Inferred resources at 0.347 oz/t Au (11.90
g/t)
Summary of the Mineral Resources for the Getchell project are
summarized in Table 1 (Imperial units) and Table 2 (Metric units),
broken down by open-pit (pit-constrained) and underground. They are
reported as of 23 July 2020.
Table 1 –
Summary of 2020 Mineral Resources at Getchell Project (Imperial
Units)
|
|
|
Tons
000's
|
Grade oz/t
|
Au
Ounces 000's
|
Measured Resources
|
Open-Pit
Restricted
|
10,726
|
0.068
|
730
|
Underground
Restricted
|
184
|
0.289
|
53
|
Sub-Total
|
10,910
|
0.072
|
783
|
Indicated Resources
|
Open-Pit
Restricted
|
11,829
|
0.046
|
545
|
Underground
Restricted
|
436
|
0.313
|
136
|
Sub-Total
|
12,265
|
0.056
|
681
|
Measured +
Indicated Resources
|
Open-Pit
Restricted
|
22,555
|
0.057
|
1,275
|
Underground
Restricted
|
620
|
0.305
|
190
|
Sub-Total
|
23,175
|
0.063
|
1,465
|
|
|
|
|
|
Inferred Resources
|
Open-Pit
Restricted
|
1,388
|
0.047
|
65
|
Underground
Restricted
|
1,676
|
0.347
|
581
|
Sub-Total
|
3,064
|
0.211
|
646
|
Notes:
|
·
|
CIM Definition
Standards (2014) were used for reporting the Mineral
Resources.
|
·
|
Ms. D.
Nussipakynova, P.Geo., of AMC takes responsibility for the Mineral
Resources.
|
·
|
The Mineral
Resource COG is based on a metal price of $1,550/oz
Au.
|
·
|
Open pit Mineral
Resources are constrained by an optimized pit shell developed at a
metal price of US$1,550/oz Au
|
·
|
Two COGs are
applied to the Open Pit area based on gold metal recovery. The low
recovery zone COG is 0.014 opt Au. The high recovery zone COG is
0.007 opt Au.
|
·
|
Underground
Mineral Resources as stated are constrained within modeled
underground stope shapes using a nominal 15' minimum thickness,
above a gold cut-off grade of 0.15 opt Au.
|
·
|
Drilling results
up to 31 December 2015.
|
·
|
Drilling database
provided 18 April 2019.
|
·
|
Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability.
|
·
|
The numbers may
not compute exactly due to rounding.
|
Source: AMC Mining
Consultants (Canada) Ltd.
|
Table 2 –
Summary of 2020 Mineral Resources at Getchell Project (Metric
Units)
|
|
|
Tonnes 000's
|
Grade g/t
|
Au
Ounces 000's
|
Measured Resources
|
Open-Pit
Restricted
|
9,730
|
2.33
|
730
|
Underground
Restricted
|
167
|
9.91
|
53
|
Sub-Total
|
9,897
|
2.47
|
783
|
Indicated Resources
|
Open-Pit
Restricted
|
10,730
|
1.58
|
545
|
Underground
Restricted
|
395
|
10.73
|
136
|
Sub-Total
|
11,125
|
1.92
|
681
|
Measured +
Indicated Resources
|
Open-Pit
Restricted
|
20,460
|
1.95
|
1,275
|
Underground
Restricted
|
562
|
10.49
|
190
|
Sub-Total
|
21,022
|
2.16
|
1,465
|
|
|
|
|
|
Inferred Resources
|
Open-Pit
Restricted
|
1,259
|
1.61
|
65
|
Underground
Restricted
|
1,520
|
11.90
|
581
|
Sub-Total
|
2,779
|
7.23
|
646
|
Notes are same as for
Table 1.
|
Figure 1 – Location of the Getchell Project
"We are pleased to acquire such a high-quality project located
in one of the world's most productive gold districts", stated
Ewan Downie, President and Chief
Executive Officer of Premier. "The grades of both the open-pit and
underground deposits rank amongst the highest in North America and our future focus will be to
advance both to production. Within our Nevada division, the
Getchell Project will become our largest resource, in terms of
contained gold resources, and we are confident that it will quickly
advance to potentially become our flagship Nevada project."
The gold mineralization at Getchell is located within the Comus
Formation which consists of interbedded shale, siltstone and
limestone. This formation also hosts the deposits of the mining
operations located immediately to the north of the Property.
Several zones of relatively continuous mineralization were
defined by historical drilling that had missing original
certificates. The decision was then made to exclude them from the
current mineral resources. Validation of historical assays in this
region with new drilling could confirm these results and may
provide additional upside to the project. All the known gold zones
on the Property remain open for expansion.
On August 5, 2020, Premier
announced that it is contemplating creating a SpinCo including all
of Premier's Nevada assets. In the event the Company elects to
proceed with the Getchell Property, it is expected to be included
in the spin-out transaction.
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.
Stephen McGibbon, 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.
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.
SOURCE Premier Gold Mines Limited