The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Premier expands NN Zone mineralization at Hardrock including 22.97 g/t Au across 24.8 metres

Monday, April 26, 2010

Premier expands NN Zone mineralization at Hardrock including 22.97 g/t Au across 24.8 metres08:50 EDT Monday, April 26, 2010Shares Issued: 92,879,679THUNDER BAY, ON, April 26 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that drilling continues to expand near-surface mineralization at the Hardrock Project in Northwestern Ontario. Current drilling is targeting both open pit and underground style zones with the 2010 program aimed at increasing the current gold resource. Recent expansion drilling in the NN Zone has returned some of the best intersections to-date in this horizon including: << - 22.97 grams per tonne gold (g/t Au) across 24.8 metres (m) (0.67 oz/ton across 81.4 feet) contained within 43.3 m grading 13.42 g/t Au (0.39 oz/ton across 143.0 feet) in hole MM117 - 7.87 g/t Au across 19.8 m (or 0.23 oz/ton across 65.0 feet) in hole MM105 - 2.20 g/t Au across 41.4 m (0.06 oz/ton across 135.8 feet) in hole MM113 - 2.25 g/t Au across 24.5 m (0.07 oz/ton across 80.4 feet) in hole MM099 - High Grade intercepts up to 164.36 g/t Au across 3.3 m (4.80 oz/ton across 10.8 feet) >> Drilling in the NN Zone continues to expand mineralization up-dip, down-dip and along strike. Mineralization in the main pit area, which includes the NN and EP Zones, has now been defined over a strike length of some 1.4 kilometres and remains open to the west. The NN Zone has the potential to host significant open-pit and underground style resources as further demonstrated by previously released intersections that include 6.42g/t Au across 22.4m (0.24 oz/ton across 73.5 feet) in hole MM040, 39.15g/t Au across 3.6m (1.14 oz/ton across 11.8 feet) in hole MM048 and 6.91 g/t Au across 18.7 m (0.20 oz/ton across 61.4 feet) in hole MM074."Drilling in the NN Zone continues to intersect some of the highest grade near-surface mineralization on the Property that could be mined by open pit methods in the early stages of potential operations at Hardrock," stated Ewan Downie, President of Premier. "These results bolster the significant resources already defined on the Property and demonstrate the excellent potential to materially increase resources in 2010".The NN Zone is one of several potential open pit zones that comprise the "Main Area" at Hardrock that was subject to a NI43-101 compliant resource announced earlier in 2010. The expected future addition of the Kailey deposit, which is separate from the Main Area, and the current expansion drilling in the NN Zone continues to suggest the potential for the Hardrock Project to host a multi-million ounce gold resource.The current drilling is focused on defining and expanding the limits of a large mineralized system within the NN Zone area of the Northern Iron Formation with two drill rigs. The plunge of the NN Zone is shallow to the west and it remains open for expansion. Recent drilling down dip continues to confirm wide zones of mineralization within the NN Zone. New drill results from the NN Zone are contained in Table 1. << Table 1 New NN Zone Intercepts from Hardrock ------------------------------------------------------------------------- UTM Dip/ Inter- Grade Inter- Grade Coordinates Azimuth From To val (g/ val (oz/ Hole-ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone ------------------------------------------------------------------------- MM095 5503025 N -45/360 11.4 12.2 0.8 10.20 2.6 0.30 NN 504299 E ------------------------------------------------------------------------- MM099 5502920 N -46/360 136.0 160.5 24.5 2.25 80.4 0.07 NN 504249 E ------------------------------------------------------------------------- MM102 5502863 N -45/360 209.0 211.0 2.0 4.12 6.6 0.12 NN 504301 E ------------------------------------------------------------------------- MM103 5502875 N -45/360 162.0 163.0 1.0 4.06 3.3 0.12 NN 504145 E ------------------------------------------------------------------------- MM104 5502870 N 162.0 165.0 3.0 7.40 9.8 0.22 UNN3 504097 E -45/360 ------------------------------------------ 198.0 204.0 6.0 7.44 19.7 0.22 NN ------------------------------------------------------------------------- MM105 5503009 N -45/360 24.0 43.8 19.8 7.87 64.9 0.23 NN 504096 E ------------------------------------------------------------------------- MM108 5503001 N -45/360 39.5 48.5 9.0 4.23 29.5 0.12 NN 504026 E ------------------------------------------------------------------------- MM110 5502980 N -45/360 72.4 75.5 3.1 5.64 10.2 0.16 NN 503975 E ------------------------------------------------------------------------- MM113 135.5 176.9 41.4 2.20 135.8 0.06 NN 5502946 N ------------------------------------------ including 503975 E -45/360 135.5 139.0 3.5 9.99 11.5 0.29 NN ------------------------------------------ including 161.5 165.5 4.0 7.22 13.1 0.21 NN ------------------------------------------------------------------------- MM115 55029690 N -45/360 142.4 143.0 0.6 4.67 2.0 0.14 NN 503925 E ------------------------------------------------------------------------- MM117 212.0 255.3 43.3 13.42 142.0 0.39 NN ------------------------------------------ including 5502860 N 230.5 255.3 24.8 22.97 81.3 0.67 NN 504050 E -47/360 ------------------------------------------ including 230.5 233.8 3.3 164.36 10.8 4.80 NN ------------------------------------------ 282.7 301.5 18.8 2.34 61.7 0.07 NN ------------------------------------------ including 282.7 286.6 3.9 7.82 12.8 0.23 NN ------------------------------------------------------------------------- True widths estimated at approximately 70% of intersection widths NN - New North Zone UNN - Upper NN Zone >> Current drilling with 5 drill rigs is actively defining potential resources in several areas including: << - Open pit-style mineralization at Main Area, Tenacity Zone, and the Kailey deposit. Hardrock's recent NI43-101 mineral resource estimates that, at a 0.60 g/t Au cut off, some 955,000 ounces Indicated and 645,000 ounces Inferred occur in near surface deposits potentially amenable to open pit mining. Premier believes these resources can be significantly expanded. - Narrow high-grade vein style targets have been identified including the HGN Zone where drilling in 2009 intersected bonanza-grade gold including 1,141.5 g/t Au across 2.0 m and 49.8 g/t Au across 6.0m. Additionally, recent drilling has made a new discovery, the 83 Zone, where early drilling suggests a significant zone with intersections that include 11.4 g/t Au across 2.4 m and 9.8 g/t Au across 5.0 m.; - Broad underground zones including the SP Zone where drilling in 2009 returned numerous intercepts including 6.6 g/t Au across 32.6 m and 9.7 g/t Au across 11.8 m. Ongoing drilling continues to expand this zone; and, - The main mined zones which remain open below the 600m Level. Recent drilling below the North Zone workings has returned numerous wide intercepts including 5.4 g/t Au across 57.1 m and 10.1 g/t Au across 24.2 m up to 100 metres below the bottom level. Recent drilling (assays pending) continues to intersect strong mineralization further down-plunge in this horizon. >> The Hardrock Project is operated under a joint venture with Goldstone Resources Inc. (TSX-V:GRC) (Premier holds a 70% interest). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold primarily from shallow depths within 600 metres of surface from 1938-1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through the center of the property. A revised resource calculation is expected to be completed following the 2010 drill program containing both open pit and underground style resources.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. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.Premier Gold Mines Limited is a well-financed Canadian-based mineral exploration and development company with several active projects and deposits in Northwestern Ontario. In the Red Lake gold mining camp, two projects are operated in joint venture with Red Lake Gold Mines, and another, adjacent to the Red Lake Gold Mines complex, is operated on a 100% basis. The company also owns a 100% interest in the PQ-North Project, located along strike from Goldcorp's Musselwhite Gold Mine.The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.%SEDAR: 00024152EFor further information: Ewan Downie, President & CEO, Phone: (807) 346-1390, Fax: (807) 346-0100, e-mail: Info@premiergoldmines.com, Web Site: www.premiergoldmines.com