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Highlights include 39.0 metres (23.4m true width) of 5.69 g/t in HMP176W3
Premier Gold Mines Limited (TSX-PG) is pleased to provide an update summarizing 13 new drill hole results from the Company's 100%-owned Hasaga Project located at Red Lake, Ontario. The 2018 program is primarily focused on infill and expansion of mineralization within the C-Zone and D-Zone target areas. Table 1 summarizes the highlights of these results.
The Hasaga Property is located in the Red Lake Greenstone Belt (RLGB), an Archean-aged greenstone belt within the Uchi Sub-province of the Superior Structural Province. The Red Lake district has produced nearly 29 million ounces of gold from multiple mineralization settings. Gold mineralization at the Hasaga Property occurs as quartz-veinlet stockworks veinlet arrays hosted predominantly within the Dome Stock (a granodioritic intrusion) and the nearby Hasaga Porphyry, a quartz-porphyry dike that occurs within a major shear-zone in the Balmer Assemblage. The C-Zone occurs immediately down-plunge of the past producing Hasaga and Howey gold mines that collectively produced more than 600,000 ounces of gold between 1930 and 1952.
Figure 1 is a long section view displaying the pierce points of intercepts drilled in the 2017 - 2018 programs including details of select holes released today.
C-Zone Target Area
The drilling undertaken at the C-Zone target area includes a total of 13 holes and 9,816 metres of drilling in 2018. These results are being integrated into updated models expected to support a mineral resource estimate for the C-Zone in early 2019.
Seven preliminary conclusions drawn from ongoing work at the C-Zone include:
-- Hole HMP176W3, which includes 39.0 metres (23.4 metres true
width) grading 5.69 g/t gold, suggest that potential to further
expand this mineralization at depth is excellent. The intercept
is contained within 67 metres of mineralization grading 4.02
g/t gold.
-- The "C-Zone" discussed in earlier press releases has been
modified to include the C-Zone, and the narrower and
sub-parallel C2 Zone, located some 50 metres northwest of the
C-Zone (see Figure 1).
-- The C-Zone shows a sub-vertical geometry with true widths up to
38 metres; initial modelling of the zone is using a 3-metre
minimum width, however, a significant portion of the zone is
modelled at true widths exceeding 10-metres (average true
thickness of 16m). The Timmins West Mine in Ontario (Proven +
Probable reserves of 654,000 ounces @ 3.15 g/t Au -
http://www.tahoeresources.com
) may represent an analogue reflecting the potential and
geometry of the mineralization being targeted at the C-Zone.
-- The C-Zone is enveloped within wider, lower-grade
mineralization (C-Zone potential) that may be substantially
deeper, suggesting the potential for another higher grade body
to occur at depth.
-- To date, the C2 Zone is identified by nine drill holes together
showing a sub-vertical geometry. Initial modelling of the zone
is utilizing a 3-metre minimum width.
-- Drill spacing on the C-Zone is estimated at 40-metre centres,
while the C2 Zone is estimated at 60-metre centres; additional
drilling will be required to improve the confidence of modelled
grade, continuity and geometry of the mineralization.
-- Core recoveries and RQD estimates on the drill core has to-date
been very high, benefitting potential future underground
development.
"We are very pleased with our success to date at Hasaga and look forward to the next phase of exploration," commented Stephen McGibbon, Executive Vice-President of Premier Gold Mines Ltd. "We are modelling the C-Zone mineralization geometry with very attractive widths, suggesting that potential future production may be amenable to highly productive and low cost underground mining methods."
D-Zone Target Area
So far in 2018, a total of 11 holes and 8,088 metres of drilling has been completed in the Upper D-Zone target area. No additional drilling has been conducted in the Lower D-Zone target in 2018, however, future drilling will prioritize this area. Drill results in the Upper D-Zone have been mixed in 2018. Intercepts have been widespread, but often variable in grade and width. Additional drilling is required to resolve the greater complexity of mineralization versus the C-Zone. Currently, the Company is completing an outcrop stripping program designed to better understand controls on mineralization that may be impacting the D-Zone target area.
Overall, the US$2.8 million 2018 program has planned 20,000 metres of drilling. To date, some 19,500 metres of drilling has been completed and only a handful of pending results remain. The Company is contemplating an expansion of the program to continue drilling in key areas critical to the C-Zone model interpretation and to test new targets along the Hasaga -Buffalo corridor.
Table 1: Summary of recent exploration results from the 2018 Deep Hasaga drill program
Hole ID Coordinates(1) Azimuth/Dip Elevation Section Comment From To Intercept True Width Au (g/t)
(m) (m) (m) (m) (m) (m)
--- --- --- --- --- --- ---
HMP174 441257/5651001 310 / -73 390 10900 D Zone 963.0 967.0 4.0 3.0 2.84
1019.0 1030.0 11.0 8.4 1.79
------ ------ ---- --- ----
HMP175 440870/5654598 147 / -72 390 11000 D Zone 691.0 694.0 3.0 2.3 3.62
698.0 712.0 14.0 10.6 1.16
----- ----- ---- ---- ----
HMP176 441452/5651093 330 / -77 386 12100 C Zone Potential 1040.0 1041.0 1.0 0.5 6.02
C Zone 1056.0 1058.0 2.0 1.0 3.67
C2 1140.0 1142.0 2.0 1.0 3.22
HMP176W1 441452/5651093 330 / -77 386 12100 C Zone Potential 983.0 992.0 9.0 4.7 2.37
C Zone 1016.0 1021.0 5.0 2.6 2.68
C Zone Potential 1043.0 1047.0 4.0 2.1 2.87
---------------- ------ ------ --- --- ----
HMP176W2 441452/5651093 330 / -77 386 12100 C Zone 970.0 1006.0 36.0 19.8 2.66
incl; VG 992.0 1006.0 14.0 7.7 4.01
C2 1042.0 1043.0 1.0 0.6 19.40
--- ------ ------ --- --- -----
HMP176W3 441452/5651093 330 / -77 386 12075 C Zone 945.0 984.0 39.0 23.4 5.69
incl; VG 948.0 957.0 9.0 5.4 8.68
and; VG 979.0 984.0 5.0 3.0 16.19
C Potential; VG 1010.0 1012.0 2.0 1.2 15.89
--------------- ------ ------ --- --- -----
HMP177 440871/5651597 147 / -66 385 11000 D Zone 560.0 564.0 4.0 3.0 3.10
------ -------------- --------- --- ----- ------ ----- ----- --- --- ----
HMP178 440871/5651597 147 /-60 384 11000 D Zone 489.0 501.0 12.0 9.1 2.77
incl 489.0 493.0 4.0 3.0 4.00
582.0 599.0 17.0 12.9 1.64
----- ----- ---- ---- ----
HMP179 440820/5651587 148 /-61 383 10850 D Zone 626.0 650.0 24.0 18.2 0.96
------ -------------- -------- --- ----- ------ ----- ----- ---- ---- ----
HMP180 440694/5651581 155 / -60 386 10750 D Zone 712.0 716.0 4.0 3.0 2.02
------ -------------- --------- --- ----- ------ ----- ----- --- --- ----
HMP181 440694/5651581 155 / -54 386 10750 D Zone 598.0 603.0 5.0 3.8 0.99
------ -------------- --------- --- ----- ------ ----- ----- --- --- ----
HMP182 440949/5651629 146 / -68 384 11050 D Zone 511.5 514.5 3.0 2.3 5.36
VG 649.0 654.0 5.0 3.8 4.37
--- ----- ----- --- --- ----
HMP183 440951/5651627 138 /-55 386 11100 D Zone 430.0 558.0 128.0 Porphyry Pending
(1) UTM NAD83, Zone 15
Abbreviations used in this press release are available by following this link (click here).
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 Labs, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods. For a complete description of Premier's sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Hasaga Project dated February 24, 2017 (effective date December 30, 2016), entitled "National Instrument 43-101 Technical Report: Hasaga Project, Red Lake Mining District, Ontario, Canada" located on Premier's website and at www.sedar.com.
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's team is focused on creating a low-cost, mid-tier gold producer through its two producing gold mines; and two advanced multi-million ounce development projects where permitting and pre-construction initiatives are in progress.
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 the completion of the Financing, 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.
SOURCE Premier Gold Mines Limited
View original content with multimedia: http://www.newswire.ca/en/releases/archive/August2018/14/c3028.html
SOURCE: Premier Gold Mines Limited
Ewan Downie, President & CEO, Phone: 807-346-1390, Fax: 807-346-1381, E-mail:
Info@premiergoldmines.com, Web Site: www.premiergoldmines.com
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