Premier Gold Mines (PG.TSX) announced an exploration update from ongoing drilling at the Company’s 100% owned Trans-Canada Project in Northwestern Ontario. Premier reported that drilling continues to delineate and expand mineralization in several high-grade horizons including numerous high-grade intercepts within the primary target, the Fortune Zone.
Premier Gold Mines also noted that due to the continued success in this highly prospective horizon, the completion of an updated (NI) 43-101 compliant mineral resource estimate has been delayed so that the majority of the latest intercepts will be included. The resource update is expected to be completed by June 30, 2012. The updated resource will include the multiple deposits that comprise the Trans-Canada Project – including the Hardrock, Brookbank, Key Lake and Kailey Deposits. All deposits are being assessed for both underground and open pit potential.
* 14.30 grams per tonne (g/t) of gold (Au) across 4.0 meters (m) or 0.42 ounces per ton (oz/t) across 13.1 feet (ft) in the Fortune Zone horizon in wedge hole MM172A
* 21.26 g/t Au across 5.1 m (0.62 oz/t across 16.7 ft) in the Fortune Zone horizon, and 18.20 g/t Au across 9.7 m (0.53 oz/t across 31.8 ft) and 10.77 g/t Au across 8.3 m (0.31 oz/t across 27.2) within the North Zone horizon in wedge hole MM191B
* 62.80 g/t Au across 3.0m (1.83 oz/t across 9.8 ft) in the Fortune Zone horizon in hole MM254
Brian Morris , Vice-President Exploration of Premier:
“Drilling continues to demonstrate the high-grade nature of recent vein zones being targeted at Hardrock. Owing to the ongoing success in delineating the recently identified Fortune Zone, the revised resource estimate is delayed to maximize resources in this horizon as well as to potentially optimize the economics in a PEA. Going forward, we will continue to define the Fortune Zone but also begin exploration on several other prospective high-grade targets.”
Paul Huet, Chief Operating Officer:
“This is a very exciting time to be involved in gold, and more importantly, with Premier Gold Mines…Premier’s management team has an outstanding track record of delivering growth and value to shareholders.”