Mr. Ewan Downie reports
PREMIER EXPANDS HIGH-GRADE MINERALIZATION AT THE COVE GOLD PROJECT, NEVADA; HIGHLIGHTS INCLUDE 6.52 G/T AU ACROSS 84.4 M AND 40.47 G/T AU ACROSS
10.5 M
Premier Gold Mines Ltd. has released additional assay results from the Helen zone on
the company's Cove gold project, located along the Eureka-Battle
Mountain trend in Nevada. These results continue to expand
mineralization with strong grades and widths within the Upper and Lower
Helen zones.
The Helen zone deposit represents a prospective, high-grade,
Carlin-style, gold deposit and is the focus of a drill program
to extend mineralization within both the Upper and Lower Helen zone
horizons. Drilling has now expanded well beyond the 2011 resource
envelope and indicates that the favourable horizons remain wide open
for expansion. Highlights of the most recent 20 drill holes (one was
abandoned) include:
- Upper Helen zone:
- 19.60 grams per tonne gold across 10.80 metres (or 0.57
ounce per ton gold across 35.4 feet) in hole AX-35;
- 37.01 grams per tonne gold across 2.7 metres (1.08 ounces per ton gold across 8.8 feet) in the Upper
Helen zone from hole AX-40;
- 9.98 grams per tonne gold across 9.6 metres (0.29 ounce per ton gold across 31.5 feet) in hole AX-41;
- Lower Helen zone:
- 6.52 grams per tonne gold across 84.4 metres (0.19 ounce per ton gold across 276.8 feet), including
14.59 grams per tonne gold across 14.0 metres (0.43 ounce per ton gold across 46.0 feet) from hole
AX-27;
- 21.49 grams per tonne gold across 4.5 metres (0.63 ounce per ton gold across 14.7 feet) in the Lower
Helen zone from hole AX-30;
- 40.47 grams per tonne gold across 10.5 metres (1.18 ounces per ton gold across 34.4 feet), including
76.58 grams per tonne gold across five metres (2.24 ounces per ton gold across 16.3 feet) from hole
AX-36.
Drilling has extended high-grade mineralization in the Helen target
horizon by approximately 365 metres (1,200 feet) southeast and 245 metres (800
feet) northwest of the previously tested Helen deposit and
mineralization remains open in multiple directions. The balance of the
2013 program will see additional expansion drilling completed in the
Helen zone, testing of highly prospective targets beneath the historic
Cove pit, and culminating in a resource estimate in the fourth quarter of 2013.
Nevada is one of the world's most favourable jurisdictions for mine
development and the Cove gold project offers substantial upside in the
existing resource areas in addition to opportunities for the discovery
of new high-grade gold deposits within the district. The Cove deposit
was mined (primarily by open pit) between 1986 and 2001, a period of
comparatively low metal prices, producing approximately 2.6 million
ounces of gold, and more than 100 million ounces of silver. The Cove
gold project is held under lease from Newmont Mining Corp.
Newmont has the option at any time to earn back 51 per cent by financing expenditures equal to 250 per cent of all exploration expenditures on the
project since March of 2006. If Premier submits a positive feasibility
study containing 500,000 ounces gold or greater, Newmont has a window
of 90 days in order to confirm its participation.
The table provides a summary of recent results at Cove.
These results include both infill drilling and step-out holes designed
to expand mineralization within the Helen zone.
SELECT ASSAY RESULTS FOR HELEN ZONE DRILLING
Inter- Grade Interval Grade
Hole ID From (m)* To (m)* val (m)* (g/t) From (ft) To (ft) (ft) (oz/t)* Zone
AX-24 396.5 399.6 3.0 5.50 1,301.0 1,311.0 10.0 0.16 Upper
AX-25 399.7 402.2 2.4 3.59 1,311.5 1,319.5 8.0 0.10 Upper
AX-26 547.0 550.5 3.5 4.02 1,794.5 1,806.0 11.5 0.12 Lower
AX-27 406.0 457.8 51.8 1.62 1,332.0 1,502.0 170.0 0.05 Upper
including 408.7 413.2 4.4 3.29 1,341.0 1,355.5 14.5 0.10 Upper
519.2 603.6 84.4 6.52 1,703.5 1,980.3 276.8 0.19 Lower
including 520.9 534.3 13.4 7.19 1,709 1,753 44.0 0.21 Lower
and 551.1 578.0 26.9 7.99 1,808.0 1,896.2 88.2 0.23 Lower
and 588.9 602.9 14.0 14.59 1,932.0 1,978.0 46.0 0.43 Lower
AX-28 NSV NSV
AX-29 474.6 485.7 11.1 4.24 1,557.0 1,593.5 36.5 0.12 Upper
499.7 506.7 7.0 4.13 1,639.5 1,662.5 23.0 0.12 Upper
568.7 574.4 5.7 11.42 1,865.7 1,884.4 18.7 0.33 Lower
588.3 590.1 1.8 23.21 1,930.0 1,936.0 6.0 0.68 Lower
AX-30 474.7 487.1 12.4 3.14 1,557.3 1,598.0 40.7 0.09 Upper
573.3 577.8 4.5 21.49 1,880.9 1,895.6 14.7 0.63 Lower
AX-31 390.4 399.7 9.3 5.31 1,281.0 1,311.5 30.5 0.16 Upper
including 397.0 399.7 2.7 9.47 1,302.5 1,311.5 9.0 0.28 Upper
586.4 588.0 1.5 44.33 1,924.0 1,929.0 5.0 1.29 Lower
659.4 662.2 2.7 4.04 2,163.5 2,172.5 9.0 0.12 Dixie Valley
AX-32 562.5 564.6 2.1 8.73 1,845.5 1,852.4 6.9 0.25 Lower
AX-33 388.9 390.8 1.8 4.31 1,276.0 1,282.0 6.0 0.13 Upper
516.3 517.9 1.5 3.21 1,694.0 1,699.0 5.0 0.09 Lower
545.3 548.3 3.0 1.73 1,789.0 1,799.0 10.0 0.05 Lower
AX-34 (RC) 387.1 388.6 1.5 1.45 1,270.0 1,275.0 5.0 0.04 Upper
AX-35 412.7 423.5 10.8 19.60 1,354.0 1,389.4 35.4 0.57 Upper
including 418.2 421.7 3.5 29.47 1,372.0 1,383.4 11.4 0.86 Upper
462.1 476.9 14.8 4.32 1,516.0 1,564.5 48.5 0.13 Lower
including 469.4 472.4 3.0 7.36 1,540.0 1,550.0 10.0 0.21 Lower
AX-36 395.5 398.7 3.3 9.53 1,297.5 1,308.2 10.7 0.28 Upper
including 397.0 398.3 1.3 17.94 1,302.5 1,306.7 4.2 0.52 Upper
561.6 572.0 10.5 40.47 1,842.4 1,876.8 34.4 1.18 Lower
including 561.6 566.5 5.0 76.58 1,842.4 1,858.7 16.3 2.24 Lower
AX-37 428.9 441.4 12.5 5.16 1,407.0 1,448.0 41.0 0.15 Upper
including 437.2 441.4 4.1 8.17 1,434.4 1,448.0 13.6 0.24 Upper
498.1 511.7 13.7 2.83 1,634.1 1,678.9 44.8 0.08 Lower
including 510.2 511.7 1.5 6.79 1,674.0 1,678.9 4.9 0.20 Lower
AX-38 (RC) 413.0 414.5 1.5 2.38 1,355.0 1,360.0 5.0 0.07 Upper
AX-39 408.9 412.1 3.2 9.87 1,341.5 1,352.0 10.5 0.29 Upper
574.7 579.3 4.6 9.56 1,885.5 1,900.5 15.0 0.28 Lower
591.2 594.7 3.5 15.34 1,939.5 1,951.0 11.5 0.45 Lower
AX-40 448.8 451.5 2.7 37.01 1,472.5 1,481.3 8.8 1.08 Upper
605.6 612.2 6.6 6.14 1,987.0 2,008.5 21.5 0.18 Lower
AX-41 412.5 422.1 9.6 9.98 1,353.5 1,385.0 31.5 0.29 Upper
including 414.7 418.5 3.8 15.35 1,360.5 1,373.0 12.5 0.45 Upper
567.2 588.7 21.5 7.11 1,861.0 1,931.5 70.5 0.21 Lower
including 572.7 575.5 2.7 23.13 1,879.0 1,888.0 9.0 0.68 Lower
AX-42 369.7 375.8 6.1 7.87 1,213.0 1,233.0 20.0 0.23 Upper
570.6 575.0 4.4 13.68 1,872.0 1,886.5 14.5 0.40 Lower
AX-43 Abandoned Abandoned
AX-44 375.5 390.0 14.5 5.85 1,232.0 1,279.5 47.5 0.17 Upper
including 375.5 381.3 5.8 7.75 1,232.0 1,251.0 19.0 0.23 Upper
Notes:
1. Gravimetric assays used when available
2. True widths estimated at approximately 80 to 95 per cent of core intercept
3. * denotes table values calculated from original data
"Our drill results comprise some of the best results seen coming out of
Nevada over the past several years," stated Warren Thompson, U.S.
exploration manager for Premier. "These results confirm the robust
nature of the Helen zone deposit and we look forward to expanding
mineralization and testing additional prospective targets in the
current program."
In May, the Bureau of Land Management approved the company's plan
of operation for the Cove-Helen underground mine project. The
approval allows Premier the flexibility to consider, at its discretion,
up to 100 acres of disturbance for exploration and development purposes,
and to construct a portal and ramp to further explore the Helen zone
from underground. These key approvals position the company to
aggressively pursue expansion of its mineral resources from new surface
platforms during the remainder of 2013 and potentially complete an
underground bulk sampling program in the future.
Premier's management team believes that the Cove gold project represents
one of the most underexplored projects in Nevada. It is located along
the Eureka-Battle Mountain trend that is host to numerous multimillion-ounce producing and past-producing mines. The property is located in
close proximity to excellent infrastructure (including paved roads and
power) and is permitted for an expanded surface drill campaign and
underground access.
Annual general meeting
Premier Gold Mines cordially invites all shareholders to its
annual general meeting of shareholders, at 4 p.m. today, Thursday, June
27, 2013, at the Toronto Board of Trade. Following the formal meeting a
presentation will be given at 4:30 p.m. by several members of the of the
company's management team and will include a complete update on the
progress of all three of its core projects and highlight your company's
substantial recent successes, and provide guidance on Premier's future
plans and initiatives.
Other projects
Premier holds several projects that are subject to major exploration
programs in 2013. Recently, underground drilling has commenced from
the haulage drift in Red Lake on the Rahill-Bonanza project (PG 49 per cent and
Red Lake Gold Mines 51 per cent). Several drills are active on the company's
100-per-cent-owned Trans-Canada property. Activity is focused in preparation
for a revised mineral resource estimate at Hardrock and work on
preliminary economic assessments for the Hardrock and Brookbank
deposits.
Stephen McGibbon, PGeo, 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 for RC drill
samples were sent to the American Assay Laboratories prep facility, located in Elko,
Nev., and analysis was performed at its Sparks, Nev., analytical facility utilizing 30-gram fire assay with an AA finish.
Core samples were analyzed by Inspectorate laboratory facility located
in Sparks, Nev., and analysis was done using 30-gram fire assay with
AA finish and ICP-MS 30 element scan from four-acid digestion.
We seek Safe Harbor.
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