Investors in Gold Mines Updated by Premier Gold Mines
THUNDER BAY – Mining – PREMIER GOLD MINES LIMITED has provided an update for investors on the company’s Hardrock Project, which forms part of the Company’s Trans-Canada Property located in Northwestern Ontario. The program consists of confirmation and expansion drilling in the vicinity of known mineralized horizons, condemnation drilling in the vicinity of the prospective pit at Hardrock, and testing previously undrilled areas in the immediate vicinity of the primary deposit.
The 2013 drill program is expected to contain some 120,000 metres of drilling with eight drill rigs. To date, this program has achieved numerous successes including the discovery of a parallel gold-bearing horizon within the conceptual open pit shell, confirmed the potential to extend several gold zones, and returned high-grade results within several horizons.
New highlight intercepts include:
- High grade intercepts within narrow vein zones drilled to upgrade resources in the deeper portion of the conceptual pit shell include 62.54 grams per tonne gold (g/t Au) across 3.0 metres (m) in hole MM420 within the Fortune Zone and 95.32 g/t Au across 2.0 m within the NLC-Zone in hole HR180.
- Additional results from a new zone(s) discovered (North Wall Zone) to the north of the primary resource area in the condemnation program include 3.70 g/t Au across 22.0 m in hole HR161; and 2.30 g/t Au across 21.0 m and 2.13 g/t across 15.0 m in hole HR180.
- The potential to expand several horizons has been confirmed in step out holes including the SP Zone within the conceptual open pit resource area (See figure 1 below) – intercepts include 5.27 g/t Au across 22.5 m in hole MM429 and 1.96 g/t Au across 42.8 m in hole MM380.
Work is underway to update the gold resource at Hardrock in advance of completing a Preliminary Economic Assessment (PEA) that is expected to be completed in H2-2013. A separate PEA for the Brookbank deposit is also being conducted. The Hardrock PEA is assessing potential open pit, underground, and combined scenarios.
“Drilling continues to expand on several horizons at Hardrock and is confirming strong continuity of mineralization within a potentially larger pit shell” stated Stephen McGibbon, Executive Vice-President of Premier. “This year’s substantial drill program will aid in firming up resources for future feasibility studies”.
The price of gold is over US$1535.00 per ounce. That price has gold investors, and mining investors looking to build their portfolio, and look at new