Premier Gold intersects high-grade Carlin gold - Saddle update
THUNDER BAY, ON, Sept. 7, 2011 /CNW/ --
Shares Issued: 121,900,211
THUNDER BAY, ON, Sept. 7, 2011 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) ('Premier') is pleased to provide an update of ongoing drilling at the Company's
100%-owned Saddle Project, located within the Rain sub-district of
Nevada's prolific Carlin Trend. This drilling has intersected
high-grade gold mineralization over substantial core intervals that
will be used, in addition to historic drilling, to complete a NI43-101
compliant gold resource estimate following the completion of the
program. Drilling is also scheduled to begin at the 'Blue Sage'
prospect in the near future.
Significant results from the initial drilling include 0.25 ounce per ton
gold (oz/t Au) across 40.0 feet (8.46 grams per tonne Au across 12.2
metres) including 0.31 oz/t Au across 22.9 feet (10.70 g/t Au across
6.98m) in SA003, 0.41 oz/ton across 13.0 feet (14.12 g/t Au across
4.0m) in SA008 and 0.29 oz/ton across 21.3 feet (10.10 g/t Au across
6.5m) is SA013A. Highlight results from re-assaying selected core from previous drilling
(Newmont) at Saddle include 0.94 oz/t Au across 19.0 feet (32.02 g/t Au
across 5.8m) in RCR-40 and 0.41 oz/t Au across 38.0 feet (13.87 g/t Au
across 11.6m) in RCR-43. Ongoing drilling continues to intersect significant intervals of
mineralized breccia (assays pending) and confirm Premier's belief that
the Saddle Deposit represents one of the most prospective undeveloped
high-grade gold deposits in North America. Table 1 provides a summary of assay results from new holes drilled and
Table 2 provides a summary of results from re-assaying previously
drilled holes ('RCR' designated collars). These results are within two
to four percent of the values of the original assay determinations.
Table 1 -New Drilling Results at Saddle
_______________________________________________________________________________________________________
| |UTM Zone 11| | | | | | | | |
| | | | | | | | | | |
| |Coordinates| | | |Interval| |Interval| | |
| | | Dip/Az |From |To | | Grade | | Grade | |
|Hole-ID| NAD27 (m) | (degrees) |(ft) |(ft)| (ft) |(oz/ton)| (m) |(g/tonne)| Zone |
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | 4497409 N | | | | | | | | Rain |
|SA001* | 581432 E | -90 |1801.|1806|0 5.0 | 0.09 | 1.5 | 3.01 |Fault |
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | | |2060.|2118|5 58.5 | 0.10 | 17.8 | 3.81 |Saddle|
| | | |_____|____|________|________|________|_________|______|
| | | |2065.|2098|0 33.0 | 0.13 | 10.1 | 4.54 |Saddle|
| | 4497340 N | Including |_____|____|________|________|________|_________|______|
| SA002 | 581399E | -90 | | | | | | | Deep |
| | | |2347.|2352|0 5.0 | 0.25 | 1.5 | 8.70 |Feeder|
| | | |_____|____|________|________|________|_________|______|
| | | | | | | | | | Deep |
| | | |2380.|2420|0 40.0 | 0.08 | 12.2 | 2.85 |Feeder|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | 4497357 N | | | | | | | | |
|SA003* | 581278 E | -90 |1988.|2028|2 40.0 | 0.25 | 12.2 | 8.56 |Saddle|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | 4497482 N | | | |
| SA004 | 581283 E | -90 | No Significant assays | |
|_______|___________|____________________________|_______________________________________________|______|
| | 4497512 N | | | |
| SA005 | 581156 E | -90 | No Significant assays | |
|_______|___________|____________________________|_______________________________________________|______|
| | 4497325 N | | | |
| SA006 | 581515 E | -90 | Abandoned - Failed to reach Target | |
|_______|___________|____________________________|_______________________________________________|______|
| | 4497325 N | | | |
| SA007 | 581643 E | -90 | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | | |1894.|1907|0 13.0 | 0.41 | 4.0 | 14.11 |Saddle|
| | 4497301 N | |_____|____|________|________|________|_________|______|
| SA008 | 581386 E | -90 |1932.|1945|0 13.0 | 0.14 | 4.0 | 4.69 |Saddle|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | 4497297 N | | | |
|SA008A | 581390 E | Wedged | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | 4497263 N | | | |
| SA009 | 581761 E | -90 | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| |UTM Zone 11| | | | | | | | |
| | | | | | | | | | |
| |Coordinates| | | |Interval| |Interval| | |
| | | Dip/Az |From|To | | Grade | | Grade | |
|Hole-ID| NAD27 (m) | (degrees) |(ft)|(ft)| (ft) |(oz/ton)| (m) |(g/tonne) | Zone |
|_______|___________|____________________________|____|____|________|________|________|__________|______|
| | 4497293 N | | | |
| SA010 | 581312 E | -90 | No Significant assays |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | 4497270 N | | | |
|SA011A | 581298 E | -90 | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | 4497224 N | | | | | | | | |
|SA0012 | 581317 E | -90 |1981.|2019|5 38.5 | 0.15 | 11.7 | 5.17 |Saddle|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | 4497245 N | | | | | | | | |
|SA013A | 581394 E | -90 |1924.|1967|5 43.3 | 0.21 | 13.2 | 7.05 |Saddle|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| | | | | | | | |
| Including |1946.|1967|5 21.2 | 0.29 | 6.5 | 10.09 |Saddle|
|________________________________________________|_____|____|________|________|________|_________|______|
| | 4497359 N | | | |
|SA014A | 581282 E | -90 | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | 4497405 N | | | |
| SA015 | 581429 E | -90 | ASSAYS PENDING |Saddle|
|_______|___________|____________________________|_______________________________________________|______|
| | 4497293 N | | | | | | | | |
|SA0016 | 581315 E | -90 |1984.|2003|0 18.5 | 0.09 | 5.6 | 3.21 |Saddle|
|_______|___________|____________________________|_____|____|________|________|________|_________|______|
| *Previously | | | | | | | | |
| released | | | | | | | | |
|___________________|____________________________|_____|____|________|________|________|_________|______|
True heights are estimated at 100% of intersection lengths for
flat-lying Saddle deposit.
Table 2 -Results of Re-assaying Previous Drill Holes at Saddle
_______________________________________________________________________________________
| |UTM Zone 11| | | | | | | | |
| | | | | | | | | | |
| |Coordinates| | | |Interval| |Interval| | |
| | | Dip/Az |From | To | | Grade | | Grade | |
|Hole-ID| NAD27 (m) |(degrees)| (ft) | (ft) | (ft) |(oz/ton)| (m) |(g/tonne)| Zone |
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497371 N | | | | | | | | |
|RCR-40 | 581428 E | -90 |1906.0|1925.0| 19.0 | 0.63 | 5.8 | 21.46 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497420 N | | | | | | | | |
|RCR-43 | 581263 E | -90 |1930.0|1968.0| 38.0 | 0.40 | 11.6 | 13.81 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497398 N | | | | | | | | |
|RCR-54 | 581280 E | -90 |2129.0|2146.0| 17.0 | 0.36 | 5.2 | 12.33 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497302 N | | | | | | | | |
|RCR-61 | 581443 E | -90 |1955.0|1991.0| 36.0 | 0.16 | 11.0 | 5.36 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497230 N | | | | | | | | |
|RCR-63 | 581628 E | -90 |1640.0|1690.0| 50.0 | 0.18 | 15.2 | 6.28 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | Including | |1640.0|1657.0| 12.0 | 0.55 | 3.7 | 18.92 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | 4497483 N | | | | | | | | |
|RCR-64 | 581097 E | -90 |2240.0|2305.0| 65.0 | 0.14 | 19.8 | 4.96 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | Including | |2240.0|2260.0| 20.0 | 0.21 | 6.1 | 7.19 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
| | And | |2080.0|2090.0| 10.0 | 0.28 | 3.0 | 9.53 |Saddle|
|_______|___________|_________|______|______|________|________|________|_________|______|
True heights are estimated at 100% of intersection lengths for
flat-lying Saddle deposit.
In addition to producing strong results in the core deposit area,
several holes have intersected multiple collapse-breccia units at
depth, including SA002, that returned numerous gold-bearing zones,
suggesting the potential to define potentially higher grade feeder
structures at depth. These types of structures contain some of the
highest grade gold deposits in the Carlin Trend including the famous
Meikle and Deep Star mines.
Figure 1 portrays a plan view of the location of drilling at Saddle as
well as a surface projection of the '40 Fault' that could represent a
high grade feeder structure.
Figure 1 - Plan View of Drilling Results at Saddle (New drilling and
historic assays included)
http://files.newswire.ca/598/premiermap.pdf
Saddle forms a large portion of the Saddle/NW Tess Gold Deposit that is
host to a high-grade historic (non-NI 43-101 compliant) mineral
resource estimate. Two distinct styles of mineralization occur at
Saddle; wider mineralized zones occurring at the Web-Devil's Gate
contact (Contact mineralization), and higher grade mineralization in
the Webb Formation within the plane of the Rain Fault (up to
approximately 1 oz/ton Au in historic drilling). The Saddle Gold
Deposit is one of several deposits discovered by Newmont Mining
Corporation ('Newmont') during the 1990's to the northwest of, and down
plunge from, it's Rain Gold Mine ('Rain'). Rain was previously mined
by open pit and underground methods, is host to the Tess Deposit and a
portion of the Saddle Deposit, and has significant underground
infrastructure (ramp) proximal to Saddle. The Saddle Deposit is not
subject to any 'NSR' royalty obligations.
Drilling is also scheduled to be carried out on the Blue Sage claims
that are located to the northwest of and adjoin the Sections that
comprise Premier's Saddle Gold Project, and that cover approximately
4500 feet (1.37 kilometres) of the projected 'Rain Fault' strike
extension. Based on geophysical work completed, Premier believes that
there are numerous prospective, and untested, structures that have high
potential to host gold mineralization. To date, the Rain Fault up to
and beyond the Blue Sage prospect from the Saddle Deposit remains
completely untested.
The Saddle and Blue Sage acquisitions provide Premier with a core land
position within one of the most productive gold regions in the world,
the Carlin Trend. Premier is currently focused on growing its US-based
land holdings as numerous high-quality project opportunities have
recently been identified. This focus is consistent with the Company's
strategy to build a significant presence in proven, accessible and
low-risk jurisdictions that offer opportunities for the discovery of
high grade gold deposits.
Premier also holds a 1.5% NSR production royalty in Rain, and in
Newmont's Emigrant Springs Deposit. Emigrant Springs, currently in
construction, is an advanced-stage project that is located only 1.5
miles east of Saddle, and is host to a significant undeveloped oxide
gold reserve/resource that represents a portion of Newmont's future
production within its Carlin operations.
'Our US division remains the most undervalued portion of Premier's
portfolio, yet contains one of the highest grade undeveloped gold
deposits in the Carlin Trend.' stated Ewan Downie, President and CEO of
Premier. 'To successfully accelerate growth not only in the US, but
also in Canada, we intend to grow our management team. Securing Paul
Huet as Chief Operating Officer is expected to assist us in growing our
US-based asset platform, and will enhance our ability to advance our
strong project portfolio towards development.'
OTHER PROJECTS
Premier holds several projects that are the subject of significant
exploration programs. Exploration programs, including drilling, are
underway in Red Lake on two joint venture projects with Goldcorp.
First, the Rahill-Bonanza Project (PG 49% and Red Lake Gold Mines 51%)
that is located in close proximity to Goldcorp's Red Lake Gold Mines
infrastructure, and second, the East Bay Project (PG 35% and 50% - JV
with RLGM) that is located on the East Bay ultramafic trend along
strike and to the north of Rubicon's F2 Zone discovery at its Phoenix
Gold Project. Eight drills are active on Premier's 100%-owned
Trans-Canada Project which includes the multi-million ounce Hardrock
Deposit. Finally, two drills are active at Premier's 100%-owned PQ
North Project that is located along strike from Goldcorp's Musselwhite
Gold Mine.
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 ALS Laboratories, an accredited mineral analysis
laboratory in Reno, Nevada, for preparation and analysis utilizing fire
assay methods.
Premier Gold Mines Limited is one of North America's leading exploration companies with a
high-quality pipeline of projects focused in proven, safe and
accessible mining jurisdictions in Canada and the United States, and
include significant assets in world class districts such as Red Lake in
Ontario and the Carlin Trend in Nevada.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/September2011/07/c8937.html
| Ewan Downie, President & CEO | Phone: 807-346-1390 | Fax: 807-346-0100 | |||||||||||||
| e-mail: Info@premiergoldmines.com Web Site: www.premiergoldmines.com | |||||||||||||||