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THUNDER BAY, ON, Jan. 24 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that drilling at the Magnet Gold Mine property in the
Geraldton Camp, a resource property owned by Roxmark Mines Limited (TSX-V:RMK)
and subject to an earn-in option by Premier, (the "Geraldton Project"), has
intersected the primary target horizon, the Main "Tombill-Bankfield Break".
Two distinct zones were intersected, confirming the presence of significant
veining and mineralization in the target horizon (including visible gold).
Historically, in 1988, from the 11th level station of the Magnet Gold
Mine, a flat hole intersected the Tombill-Bankfield fault horizon, host to the
largest mine in the district, approximately 500 meters south of the main
shaft. This hole intersected 45.26g/t Au (1.32 oz/ton) over 1.34 meters in the
host horizon and was not followed-up. This host horizon was intersected at a
depth of approximately 500 meters and is now the focus of current drilling
with two drills. In addition to the target horizon, an additional mineralized
zone was intersected further up-hole. The current drilling is part of a major
$2.5 Million dollar ongoing exploration program.
In addition to the main target, recent drilling performed in the
"Benedict Zone", a secondary target located proximal to the Magnet Mine,
intersected gold mineralization including 10.22 grams per tonne gold (g/t Au;
0.30 opt) over 2.5m and 8.14g/t Au (0.23 opt) over 2.0m. The Geraldton Project
is being operated by Premier under an option agreement with Roxmark.
The Geraldton Project is located in the heart of the Beardmore-Geraldton
Greenstone Belt, a highly prospective high-grade gold district that has seen
relatively little exploration over the past several decades. The Project area
covers approximately 10 kilometres of some of the most strategic ground in the
region and is host to past-producing mines and numerous exploration targets in
a district that has more than 4.1 Million ounces of historic gold production.
Premier currently has 6 drills working on three of the company's core
projects. In addition to Geraldton, a major exploration program has resumed on
the Rahill-Bonanza joint venture project in Red Lake, operated under a
49- 51 Joint Venture with Red Lake Gold Mines, an affiliate of GOLDCORP INC.
(TSX:G, NYSE: GG), and drilling is underway on the Santa Teresa Property in
Mexico, a joint-venture project with Sutter Gold Mining Inc. (TSX-V:SGM).
Stephen McGibbon, P. Geo., Executive Vice-President of Premier, 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.
Premier Gold Mines Limited is a fully-financed Canadian-based mineral
exploration and development company with diverse property holdings that
include several projects and deposits in Northwestern Ontario and a joint
venture in Mexico. In the Red Lake gold mining camp, two of these are operated
in joint venture with Goldcorp Inc.. A strategic project is also located on
the main Musselwhite Gold Mine trend (Goldcorp).
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
For further information:
For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 345-0284, E-mail: email@example.com, Web Site: