(Including 10.94 g/t Au across 54.0 metres core length in HMP151)
Shares Issued: 201,313,187
THUNDER BAY, ON, March 1, 2017 /CNW/ - Premier Gold Mines Limited (TSX-PG) is pleased to provide initial assay results from the first drill hole on the 2017 surface drilling program at the Company's 100%-owned Hasaga Project (the Property) in the Red Lake gold mining district of Northwestern Ontario. Drilling on the program is targeting the potential for higher grade mineralization along the Hasaga Porphyry trend at depth, proximal to historic results. The Hasaga Property was Premier's largest exploration program in 2016 and is budgeted to spend a further $3 million to $4 million in 2017.
Highlights from hole HMP151 include the following:
- 10.94 g/t Au across 54.0m beginning at 771.0m
- Intercept includes higher grade intervals of 23.32 g/t Au across 8.0m and 25.56 g/t Au across 5.0m
- Visible gold noted in 10 samples over the intercept
- True width of the intercept is estimated to be at least 18 metres wide
Premier will showcase portions of this drill intercept in the "Core Shack", (booth 3105A) at the upcoming Prospector's and Developer's Convention (PDAC) in Toronto that begins on March 5, 2017.
All abbreviations used in this press release are available by following this link (click here).
The Hasaga Zone (See Figure 1) is host to the past-producing Hasaga, Buffalo and Howie Mines and is being evaluated for both its lower grade, open-pit mineable potential as well as higher grade mineralization that may occur at depth. Premier regards the Hasaga Property as having exploration potential similar to other historic mining camps in Ontario, where gold resources have been discovered at the site of a past-producing mines. In January, Premier confirmed the multi-million ounce potential of the shallower target areas.
"This initial drill result validates historic drilling on the property." commented Stephen McGibbon, Premier's Executive Vice-President on the Company's C-Suite Blog (http://www.premiergoldmines.com/news/c-suite-blog). "We will generate a lot of attention at Hasaga in 2017 should subsequent holes expand and add continuity to this discovery."
Premier's exploration plan for 2017 is designed to test the potential for deeper higher grade mineralization. Historic drill holes HRL-88-02, HRL-88-03 and HRL96-02 were completed by earlier operators on the property, but never adequately followed up. These historic results and today's release of HMP151 are believed to represent mineralization characteristic of the C-Zone at the Hasaga Mine. If the 2017 exploration program is successful in establishing continuity and scale to this C-Zone discovery, Premier believes it will represent a highly attractive potentially bulk mineable underground opportunity. Initially a minimum of 10 broadly spaced "mother" holes will be drilled to frame the Hasaga Deep Target area and provide platforms for future wedge drilling on promising trends.
Two drills are currently active on the Hasaga Property. Premier will consider expansion of the current program as further results become available.
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 either Accurassay Laboratories or Activation Labs, both accredited mineral analysis laboratories in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
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.
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
For further information: Ewan Downie, President & CEO, Phone: 807-346-1390, Fax: 807-346-1381, e-mail: [email protected], Web Site: www.premiergoldmines.com