THUNDER BAY, ON, May 7, 2020 /CNW/ - PREMIER GOLD MINES LIMITED ("Premier", "the Company") (TSX:PG) (OTCPK: PIRGF) is pleased to announce the commencement of the 2020 exploration drill program at the Company's 100%-owned McCoy-Cove Project located along the Battle Mountain Trend in Nevada. Exploration will focus on high-priority targets located in close proximity to the Cove deposit (Figure 1).
"With grades in excess of 11.0 g/t Au, the Cove deposit is one of the highest-grade undeveloped gold deposits in the United States with resources over 1 million ounces", stated Ewan Downie, President and CEO of Premier. "We see the potential for further discoveries on the large land package that has seen historic production of more than 3.3 million ounces of gold and 100 million ounces of silver".
Exploration on the grounds surrounding the main deposit completed in 2019 resulted in the discovery of several new structures that have yet to be drill-tested. One primary target is "Davenport", a 4 km2 magnetic anomaly that may host a gold-skarn system, similar to the historic McCoy Mine to the south and the Fortitude Mine to the north.
A second priority target is "Antenna" located to the south of the Cove deposit where 2019 drilling intersected high-grade mineralization. Additional drilling to the east and west of the Cove pit will test for the structural extension of the Cove Anticline that hosts the Cove deposit. All targets have the potential to complement the high-grade gold resource at Cove.
In 2019, large diameter wells were drilled for the purpose of modelling water flow for a hydrology study (completed) and develop a water plan that will be required prior to underground development. The Company is also completing additional metallurgical work to assess processing options to support a potential production decision for a future underground mine.
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 remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines; South Arturo and Mercedes, and through future mine development opportunities at Hardrock in Ontario (Greenstone Gold JV) where permitting and development initiatives are ongoing and McCoy-Cove in Nevada.
Stephen McGibbon, P. Geo., Executive Vice President, Corporate and Project Development, 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 primary assay laboratories for the South Arturo Mine are ALS Chemex Labs (ALS Chemex) and American Assay Labs (American Assay) in Reno, Nevada. For a complete description of sample preparation, analytical methods and QA/QC procedures, refer to the technical report for the South Arturo dated March 26, 2018 (effective date December 31, 2017), entitled "Technical Report on the South Arturo Mine, Elko County, State of Nevada, USA" located on Premier's website and at www.sedar.com.
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 strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, mineral resource and mineral reserve estimates 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
For further information: Ewan Downie, President & CEO, 1.888.346.1390, [email protected], www.premiergoldmines.com