Premier Gold Mines (PG.TSX) announced that ongoing drilling at its 100% owned Trans-Canada Project in Northwestern Ontario continues to expand high-grade gold mineralization within targeted high-grade horizons including the Fortune and High Grade North (HGN) Zones.
Premier Gold Mines noted that the current drill program is concentrated on three broad areas (eastern, middle and western) delineating and expanding several high grade horizons in advance of completing an updated (NI) 43-101 compliant resource calculation (expected to be completed in Q1/Q2 2012) and a Preliminary Economic Assessment (expected to be completed in mid-2012) that will consider a range of possible development options to optimize the multiple deposits that comprise Trans-Canada Project including the Hardrock, Brookbank, Key Lake and Kailey Deposits.
* 15.77 grams per tonne (g/t) Au across 9.0 m in hole MM252 including 109.00 g/t Au across 1.0m as well as 10.68 g/t across 16.0 m
* 255.00 g/t Au across 1.0 m in hole MM236
* 74.20 g/t Au across 1.5 m in hole EP161
* 94.50 g/t Au across 1.3 m in hole MM244
Brian Morris , Vice-President Exploration:
“Drilling has now extended multiple high-grade horizons over plunge lengths that measure in kilometers. The ongoing program continues to see frequent sightings of visible gold demonstrating the robust nature and consistent down plunge continuity of mineralization which should allow for us to improve the economics of the project.”
Ovais Habib, Scotia Capital:
“Premier continues to deliver high-grade intervals from the Fortune and HGN zones of the Hardrock deposit…These exploration successes could contribute to a potential increase in the grade and ultimately improve the economics of the underground mineralization (~2.5 Moz @ 5.8 g/t) at Hardrock.”