Shares Issued: 78,065,179
THUNDER BAY, ON, April 29 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that ongoing drilling at the Hardrock Project in
Geraldton, Northwestern Ontario continues to return high-grade gold
mineralization in the Tenacity Zone. Initial drilling at the Tenacity Zone has
been focused on defining potentially open pit-style mineralization which is
being confirmed by intersections of up to (un-cut) 15.97 grams per tonne gold
(g/t Au) across 32.1 metres (m) and 2.38g/t Au across 23.0m. Drilling is now
directed on extending the Tenacity Zone down plunge to follow-up on recent
intersections of up to 16.86g/t Au across 5.5m. Highlights of recent Tenacity
drilling include:- The potential to develop both open pit and underground resources.
- Extremely high-grade gold with individual samples returning assays of
up to 688.0g/t Au (20.1 ounces per ton gold) across 0.7m.
- The intersection of a second near-surface mineralized horizon located
along a similar geological contact.Follow-up drilling at Tenacity, as well as the testing of other target
areas, is on-going.
The Tenacity Zone is marked by moderately to intensely silicified and
veined greywacke host rocks, adjacent to a folded ultramafic rock unit.
Mineralization consists of pyrite, pyrrhotite, arsenopyrite, and minor visible
gold. Drilling has confirmed potentially open pit-style mineralization over a
minimum strike length of 500 metres, and is now testing for higher-grade
mineralization that could be amenable to mining from a ramp below the
potential pit workings. Mineralization remains open at depth with some of the
strongest looking core being returned from the western-most (down-plunge)
sections drilled to date. Hole TN026 (15.97g/t Au across 32.1m) tested the
Tenacity Zone up-dip from a historic intersection that returned 49.3g/t Au
across 4.3m, and down-dip from a historic intersection that returned 3.8g/t Au
across 32.7m.
A longitudinal section of the Tenacity Zone, including historic
intercepts, is available on the Premier website www.premiergoldmines.com.Table 1 Recent Tenacity Zone Intercepts
-------------------------------------------------------------------------
UTM
Hole-ID Coord- Dip/ Grade Grade
inates Azimuth From To Interval (g/ Interval (oz/
(m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
-------------------------------------------------------------------------
TN026 505599 E -50/360 86.9 119.0 32.1 15.70 105.3 0.46
5502607 N
---------------------------------------------------------------- Tenacity
including 106.3 107.0 0.7 688.00 2.3 20.09
-------------------------------------------------------------------------
TN027 505698 E -50/360 127.4 135.6 8.2 1.68 26.9 0.05 East Pit
5502680 N
-------------------------------------------------------------------------
TN028 505692 E -60/360 155.0 155.5 0.5 4.04 1.6 0.12 Tenacity
5502573 N
-------------------------------------------------------------------------
TN029 505449 E -50/360 NSV Tenacity
5502582 N
-------------------------------------------------------------------------
TN030 505549 E -50/360 74.4 89.0 14.6 1.83 47.9 0.05 Tenacity
5502625 N
------------------------------------------------
207.5 223.5 16.0 2.61 52.5 0.08 East Pit
-------------------------------------------------------------------------
TN031 505750 E -50/360 34.5 57.5 23.0 2.38 75.4 0.07
5503640 N --------------------------------------- Tenacity
65.0 75.0 10.0 1.29 32.8 0.04
-------------------------------------------------------------------------
TN032 505650 E -50/360 140.4 143.5 3.1 4.35 10.2 0.13 Tenacity
5502580 N
-------------------------------------------------------------------------
TN033 505550 E -50/360 NSV Tenacity
5502649 N
-------------------------------------------------------------------------
TN034 50498 E -50/360 201.4 208.0 6.6 2.34 21.6 0.07 Tenacity
5502552 N ------------------------------------------------
278.0 289.5 11.5 1.37 37.7 0.04 East Pit
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(*) True widths estimated at approximately 70% of intersection widths
(xx) NSV - No significant assay valuesRecent drilling has intersected a parallel mineralized zone (assays
pending) located in a geological setting (ultramafic contact) similar to and
south of the main Tenacity Zone. Hole TN052 collared into mineralization at
10.9m, and intersected more than 40.0 metres of veining, alteration and
sulphides characteristic of Tenacity. An exploration hole (HR008) drilled from
the ice several hundred metres east if this new intercept collared into
similar mineralization that assayed 2.51g/t Au across 4.9m. Follow-up drilling
to test this potential new discovery will commence upon receipt of assays.
These results at Tenacity continue to support management's belief that
historic and new results will be utilized in a NI 43-101 compliant mineral
resource estimate, which is expected to be completed in Q4 2009. The current
program at Hardrock is expected to consist of more than 50,000 metres of
definition and exploration drilling. Importantly, the Hardrock Project has the
potential for defining several styles of mineralization capable of hosting
resources, with grades and widths similar to many of Ontario's major gold
mines including:1) Open pit-style mineralization with grades exceeding 1.5 g/t Au
(Timmins, Hemlo)
2) Broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite)
3) Narrow vein zones with higher gold grades often exceeding 7.0g/t
(Red Lake, Pickle Lake)The Hardrock Project is operated under a joint venture with Roxmark Mines
Limited (TSX-V:RMK) (Premier earning a 70% interest). The Hardrock Project is
host to several past-producing mines which collectively produced more than 2.0
Million ounces of gold from the same shallow deposits within 2000 feet (600
metres) of surface from 1938-1968. The mined zones remained open at depth at
the time mining ceased and developed historical resources were left in place
within the existing mine workings (a qualified person has not done sufficient
work to verify the historical resource, the company is not treating the
historical resource as a current resource and the historical resource should
not be relied upon).
The Project benefits from development advantages with the Trans-Canada
Highway, Trans-Canada Pipeline, and major power lines running through the
center of the property. Significant potential exists for developing resources
in several areas including: 1) Open pit-style mineralization at the site of
the original discovery where a resource containing several hundred thousand
ounces of gold was partially drilled off by previous operators; 2) Several
newer high-grade discoveries have been made throughout this large property
package that have received little to no follow-up; 3) Resource blocks reported
to remain within the mine workings; and, 4) The main mined zones which remain
open below the 600m Level.
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. The assay results presented are from core
samples sent to Activation Laboratories, an accredited mineral analysis
laboratory in Thunder Bay, 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 projects and deposits in
Northwestern Ontario and a joint venture in Mexico. 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 has recently announced a new gold discovery at
its wholly-owned PQ-North Project located on the main Musselwhite Gold Mine
trend and is acquiring a 70% interest in the Hardrock Project, an
advanced-stage gold project in the Geraldton area.
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: 00024152E
For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 346-0100, e-mail: Info@premiergoldmines.com, Web Site:
www.premiergoldmines.com
