Drill intercepts include 38.6m at 7.75 g/t Au
and 3.92 g/t Ag
Shares Issued: 183,131,604
THUNDER BAY, ON, Aug. 31, 2016 /CNW/ - PREMIER GOLD MINES
LIMITED (TSX:PG) ("Premier", "the Company") is pleased to
announce results from five additional step-out holes within the CSD
Gap, located between the Helen Zone and historic Cove South Deep
(CSD) underground deposit, has confirmed the extension of
high-grade mineralization across substantial widths at the
Company's 100%-owned McCoy-Cove Gold Project, situated along the
Battle Mountain-Eureka Trend in Nevada.
The focus of the ongoing 15,000-metre, 23-hole drill program is
to test for continuity and expansion of the Carlin-style gold and
silver system within the CSD Gap, as shown in Figures 1 and 2.
Results from drill-hole PG16-09, a 100-metre step-out along
strike from hole PG16-06 extends high-grade mineralization towards
the Helen Zone and remains open for expansion along strike to
the northwest. Following conclusion of the drill program Premier
anticipates completing a property-wide mineral resource
estimate.
Highlights of the recent results include:
- PG16-07: 5.77 g/t Au and 689.00 g/t Ag over 2.4m (0.17 oz/t
Au and 20.10 oz/t Ag over 8.0 ft.) at 502.3m and 9.80 g/t Au and
42.46 g/t Ag over 3.4m at 513.6m (0.29 oz/t Au and 1.24 oz/t Ag
over 11.0 ft.)
- PG16-08: 7.79 g/t Au and 3.58 g/t Ag over 20.4m (0.23 oz/t
Au and 0.10 oz/t Ag over 67.0 ft.) at 635.8m including 12.14 g/t Au
and 4.97 g/t Ag over 10.2m (0.35 oz/t Au and 0.14 oz/t Ag over 33.5
ft.)
- PG16-09: 7.75 g/t Au and 3.92 g/t Ag over 38.6m (0.23 oz/t
Au and 0.11oz/t Ag over 126.5 ft.) at 637.3m including 16.01 g/t Au
and 7.92 g/t Ag over 11.9m (0.47oz/t Au and 0.23 oz/t Ag over 39.2
ft.)
- PG16-10: 10.87 g/t Au and 15.23 g/t Ag over 17.4m
(0.32 oz/t Au and 0.44 oz/t Ag over 57.0 ft.) at 632.9m
- PG16-11: 9.63 g/t Au and 3.31 g/t Ag over 11.6m (0.28 oz/t
Au and 0.10oz/t Ag over 38.0 ft.) at 553.7m and 9.69 g/t Au and
17.48 g/t Ag over 19.2m (0.28 oz/t Au and 0.51 oz/t Ag over 63.0
ft.) at 629.1m
"The CSD Gap is characterized by high grade intercepts with
exceptional continuity as we infill the Gap horizon towards the
Helen Zone to the northwest" stated Chad
Peters, Nevada Exploration Manager for Premier on the
Company's C-Suite Blog
(http://www.premiergoldmines.com/news/c-suite-blog). "The remainder
of the 2016 program will consist of additional core holes to
broadly infill the remaining CSD Gap area and further test the
geometry of this rapidly growing deposit."
The Cove geologic model proposes that the most robust gold and
silver mineralization in the Helen, CSD and 2201 Zone deposits are
closely associated with the deep-seated Cove thrust fault and its
associated splays, which acted as both primary structural controls
and fluid conduits for all known Cove deposits (Figure 2). 2016
drilling results confirm the aforementioned model as well as
highlight multiple, high-grade silver intercepts outside of the
defined CSD Gap horizon. These intercepts are directly adjacent to
the Cove thrust and historically untested CT-1 through CT-3 splays
and suggests additional potential remains to define both gold and
exceptionally high grade silver mineralization such as the results
seen in holes PG16-05 and PG16-07. As a result, select infill
drilling through the end of the 2016 program will also target
mineralization hosted within the hanging wall of the CT-1 through
CT-3 splays.
All abbreviations used in this press release are available by
following this link (click here).
Supplementary images complementing this press release can be
viewed by following this link (click here).
Table 1: CSD Gap
exploration drill program results
|
Hole
ID
|
Coordinates(1)
(m)
|
Dip/Azimuth
(Degrees)
|
From
(m)
|
To
(m)
|
Core
Length(2)
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Core
Length(2)
(ft)
|
Au
(oz/t)
|
Ag
(oz/t)
|
Comment
|
PG16-07
|
4465563N/481906E
|
-52/057
|
502.3
|
525.0
|
22.7
|
3.40
|
86.59
|
74.5
|
0.10
|
2.53
|
CSD Gap
|
|
|
|
502.3
|
504.7
|
2.4
|
5.77
|
689.00
|
8.0
|
0.17
|
20.10
|
including
|
|
|
|
513.6
|
516.9
|
3.4
|
9.80
|
42.46
|
11.0
|
0.29
|
1.24
|
including
|
PG16-08
|
4465563N/481906E
|
-52/060
|
602.0
|
605.4
|
3.4
|
4.41
|
0.73
|
11.3
|
0.13
|
0.02
|
CSD Gap
|
|
|
|
635.8
|
656.2
|
20.4
|
7.79
|
3.58
|
67.0
|
0.23
|
0.10
|
CSD
Gap
|
|
|
|
646.0
|
656.2
|
10.2
|
12.14
|
4.97
|
33.5
|
0.35
|
0.14
|
including
|
PG16-09
|
4465563N/481906E
|
-51/068
|
637.3
|
675.9
|
38.6
|
7.75
|
3.92
|
126.5
|
0.23
|
0.11
|
CSD Gap
|
|
|
|
644.0
|
646.5
|
2.4
|
18.32
|
6.01
|
8.0
|
0.53
|
0.18
|
including
|
|
|
|
661.6
|
673.5
|
11.9
|
16.01
|
7.92
|
39.2
|
0.47
|
0.23
|
including
|
PG16-10
|
4465389N/481988E
|
-57/056
|
569.9
|
575.8
|
5.9
|
6.93
|
2.49
|
19.3
|
0.20
|
0.07
|
CSD Gap
|
|
|
|
632.9
|
650.3
|
17.4
|
10.87
|
15.23
|
57.0
|
0.32
|
0.44
|
CSD
Gap
|
PG16-11
|
4465432N/481977E
|
-55/057
|
553.7
|
565.3
|
11.6
|
9.63
|
3.31
|
38.0
|
0.28
|
0.10
|
CSD Gap
|
|
|
|
553.7
|
559.6
|
5.9
|
15.95
|
4.79
|
19.5
|
0.47
|
0.14
|
including
|
|
|
|
629.1
|
648.3
|
19.2
|
9.69
|
17.48
|
63.0
|
0.28
|
0.51
|
CSD Gap
|
|
|
|
643.1
|
648.3
|
5.2
|
19.37
|
55.37
|
17.0
|
0.56
|
1.61
|
including
|
1) UTM NAD83, Zone
11
2) True widths are estimated to be 80 to 90% of core
length
|
|
The McCoy-Cove Property is located along the prolific Battle
Mountain-Eureka Trend that is host to numerous multi-million ounce
producing and past-producing including the McCoy and Cove open pits
and underground operations, which produced a combined 3.3 million
ounces of gold and 110 million ounces of silver between 1986 and
2003. The property is located in close proximity to excellent
infrastructure (including paved roads & power) and all permits
are in place for an advanced surface drilling campaign.
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. Drill samples were sent to ALS
Laboratories in Reno, Nevada for
analysis with the analytical facility utilizing 30 gram fire assay
with an AA finish for RC samples and 30 gram fire assay with AA
finish and ICP-MS 30 element scan from 4-acid digestion for core
samples. Over-limit samples receive an automatic gravimetric
finish.
Premier Gold Mines Limited is one of North America's leading junior producing
companies with a high-quality pipeline of projects focused in
proven, safe and accessible mining jurisdictions in Canada and the
United States that includes world class gold mining
districts such as Red Lake and
Geraldton in Ontario and the Carlin and Eureka-Battle Mountain Trends in
Nevada.
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, 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