Mr. Joseph Conway reports
PRIMERO PROVIDES EXPLORATION UPDATE FOR THE BLACK FOX COMPLEX; MINERALIZATION EXPANDED AT DEPTH, PLUS NEAR SURFACE DISCOVERIES
Primero Mining Corp. has provided a final update on exploration activities in 2014, including results from January, 2015, at its Black Fox complex, which includes the Black Fox mine and adjacent Grey Fox exploration property, located in the township of Black River-Matheson near Timmins, Ont.
Black Fox highlights:
- High-grade Central corridor expanded: Results from the Lower Central zone with 8.4 grams per tonne gold over 17.3 metres, including
54.5 grams per tonne gold over 1.1 metres and 35.8 grams per tonne gold over 1.7 metres (520-EX67-E), and 9.8 grams per tonne gold over 6.2 metres (520-EX55-E) have expanded the width of the high-grade corridor. Mineralization has also now been traced to a depth of approximately 800 metres below surface at Black Fox.
- Delineation drilling expands near infrastructure mineralization: Delineation results include 111.3 grams per tonne gold over 3.5 metres (370-F482-40),
16.3 grams per tonne gold over 13.2 metres (530-03-EAB) and 84.2 grams per tonne gold over
2.5 metres (335-160W).
- Lower East zone extended at depth: Results from the Lower East zone include 30.9 grams per tonne gold over 6.2 metres (530-B389-23), and 15.5 grams per tonne gold over 9.9 metres (470-F566-13A).
- Discovery of two new near-surface zones: The Tamarack Gold zone was discovered approximately 400 metres east of the current Black Fox open pit with intercepts including 11.6 grams per tonne gold over 5.5 metres (14BF-599) and 8.4 grams per tonne gold over three metres (14BF-594). In addition, drilling approximately 1.2 kilometres west of the open pit encountered a long intercept of continuous mineralization grading 1.7 grams per tonne gold over 66.0 metres (14BF-591)
at a depth of approximately 150 metres below surface.
Grey Fox highlights:
- Contact zone and Grey Fox South expanded: Highlights include 16.0 grams per tonne gold over eight metres (GF14-922), 13.7 grams per tonne gold over 7.9 metres (GF14-928) and 3.1 grams per tonne gold over 34.0 metres (GF14-942).
"Our 2014 exploration program at the Black Fox complex was successful," said Joseph F. Conway, chief executive officer. "Exploration drilling at the Black Fox mine continues to support our theory that mineralization continues at depth, potentially well below the 800 metres below surface we have already defined. Delineation drilling near existing infrastructure is a critical focus at Black Fox and today's results highlight the progress we've made in 2014 by increasing the mineralized envelope around existing mineral reserves. In addition we continue to report positive exploration results from the adjacent Grey Fox property. We expect to release our Black Fox complex 2014 year-end mineral reserves and mineral resources in early March, 2015."
Expanding the Black Fox high-grade Central corridor at depth
Primero's 2014 $18.3-million exploration program at the Black Fox complex included an extensive drilling program at both the Black Fox mine and the adjacent Grey Fox property. The exploration and delineation program included 132,100 metres of drilling, split into 55,700 metres at Black Fox and 76,400 metres at Grey Fox.
Today, Primero announces the final drilling results from the 2014 Black Fox complex exploration program, with select results from early 2015, including additional high-grade intercepts in the Lower Central and Lower East zones at Black Fox and select results from the company's delineation drilling program. The exploration drilling results from the newly developed 520-metre level exploration drift, have increased the known mineralization to a depth of approximately 800 metres, expanded the width of the high-grade mineralized corridor in the Lower Central zone and provided further assurance that mineralization is continuous between the current mineral reserves (at approximately 500 metres) and a depth of approximately 800 metres.
These results have been critical in assisting with mine planning and increasing the long-hole stope inventory, as the underground mine ramps up toward the 1,000-tonne-per-day production level in mid-2015.
BLACK FOX -- FOURTH-QUARTER 2014 UNDERGROUND EXPLORATION DRILLING RESULTS
Core Metal
Hole From To length Gold grade factor (grade Zone
(m) (m) (m) (g/t) by width)
520-EX11-E 246.0 256.0 10.0 5.9 59.0 Lower East
including 249.5 256.0 6.5 7.8 51.0
520-EX46-E 347.0 349.0 2.0 12.2 24.5 Lower Centre
and 356.0 357.8 1.8 9.4 16.9
520-EX55-E 323.4 329.6 6.2 9.8 60.6 Lower Centre
520-EX65-E 300.6 312.8 12.2 3.4 40.9 Lower Centre
including 300.6 302.1 1.5 14.0 21.1
520-EX66-E 299.0 301.0 2.0 6.9 13.7 Lower Centre
520-EX67-E 317.8 335.0 17.3 8.4 144.6 Lower Centre
including 325.8 326.9 1.1 54.5 60.0
including 329.6 331.3 1.7 35.8 60.9
* All assays are capped at 300 grams per tonne gold, average gold grades over
core length widths.
Discovery of two new near-surface mineralized zones
In the third quarter of 2014, Primero commenced a program of surface exploration drilling, with the goal of testing for near-surface mineralized zones located east and west of the Black Fox open pit and along the trend of the Destor Porcupine fault zone.
The company announces today that it has identified a new zone of near-surface gold-rich mineralization, referred to as the Tamarack Gold zone, located 400 metres east of the Black Fox open pit, in the hangingwall of the DPFZ. Gold mineralization within the Tamarack Gold zone is hosted primarily in quartz breccia veins similar to those found within the Grey Fox deposit.
The Tamarack Gold zone aligns spatially with the historic base metals zone hosted in the DPFZ footwall. Drilling indicates that the separation between the Tamarack Gold zone and BMZ increases in a southeast direction along the western edge of the DPFZ. Further exploration between the two zones remains very prospective and the company plans to continue exploring the Tamarack Gold zone later this year.
The company has also identified a new near-surface mineralized zone, with considerable continuity of mineralization, approximately one kilometre west of the Black Fox open pit, named the Froome zone. The highly prospective Froome zone is located along the Gibson-Kelore fault zone, which also hosts the past producing Ross mine and the Saint Andrew Goldfields' Hislop open pit. Additionally, the GKFZ forms the western boundary of the Grey Fox deposit.
Both the Tamarack Gold and Froome zones are believed to have good exploration potential and will remain priority surface exploration targets through 2015.
BLACK FOX -- FOURTH-QUARTER 2014 SURFACE EXPLORATION DRILLING RESULTS
Core Metal
Hole From To length Gold grade factor (grade Zone
(m) (m) (m) (g/t) by width)
14BF-566 173.5 174.0 0.5 7.6 3.8 Tamarack
and 346.0 373.0 27.0 1.2 32.4
14BF-586 438.0 439.0 1.0 11.0 11.0 Froome
14BF-591 219.0 285.0 66.0 1.7 113.5 Froome
including 228.0 231.4 3.4 8.7 30.0
including 249.0 256.0 7.0 2.7 19.0
including 261.0 267.0 6.0 3.6 21.9
14BF-594 121.0 124.0 3.0 8.4 25.1 Tamarack
14BF-599 63.0 68.5 5.5 11.6 63.1 Tamarack
14BF-606 147.0 150.0 3.0 5.6 16.7 Tamarack
Increasing high-grade underground stopes at Black Fox
Primero is also pleased to provide an update on results from its detailed program of delineation and near-infrastructure step-out drilling. Following the acquisition of the Black Fox mine, the company outlined an optimization plan that included increased investment in exploration and underground development with the objective of increasing throughput from the higher-grade underground mine. In 2014, the company completed 73,700 metres of definition and delineation drilling. The definition and delineation drilling results outline the company's progress at increasing the near infrastructure high-grade mineralization, including 30.9 grams per tonne gold over 6.2 metres (530-B389-23), and 15.5 grams per tonne gold over 9.9 metres (470-F566-13A).
Underground development at Black Fox is progressing on schedule, with five new long-hole stopes added into the mine's inventory. The company remains on target to increase stope inventory to approximately 12 months ahead of mining, including 15 long-hole and conventional stopes in inventory, as the mine approaches the 1,000-tonne-per-day level in mid-2015. The company's management is also confident that the company will be able to replace mined reserves in 2015.
BLACK FOX -- FOURTH-QUARTER 2014 DELINEATION DRILLING RESULTS
Core Metal factor
Hole From To length Gold grade (grade Zone
(m) (m) (m) (g/t) by width)
330-160-E 245.0 251.0 6.0 3.6 21.4 Tamarack
330-165-E 211.6 217.1 5.5 3.7 20.6 Tamarack
330-F528-183 74.0 76.0 2.0 16.0 32.0 East FW
335-160-W 154.4 157.0 2.5 84.2 214.8 West
335-F053-51 22.7 26.9 4.2 12.3 51.8 West HW
335-F053-52 17.2 23.6 6.4 21.1 133.8 West HW
335-F053-55 22.0 25.0 3.0 16.8 50.4 West HW
335-L136-159 136.0 142.6 6.6 9.6 63.3 West HW
335-L136-161 160.3 162.7 2.4 13.6 32.3 West HW
and 169.2 178.5 9.3 5.0 46.7
355-B023-63A 66.0 66.8 0.8 41.1 32.9 West HW
355-B086-74 6.0 7.0 1.0 91.4 91.4 West FW
370-F482-38 42.5 50.3 7.8 3.6 28.1 East HW
including 42.5 47.6 5.1 4.3 21.9
and 58.0 63.2 5.2 7.7 40.0
370-F482-39 46.3 51.0 4.8 4.7 22.3 East HW
370-F482-40 50.3 55.0 4.8 5.2 24.8 East HW
and 70.2 73.7 3.5 111.3 389.5
375-F996-01 123.4 126.8 3.3 17.3 58.1 West HW
375-F996-03 72.2 74.4 2.2 18.3 40.4 West FW
and 125.5 127.5 2.0 18.3 36.6
375-F996-07 68.2 72.3 4.1 17.2 70.7 West HW
375-F996-13 94.0 95.8 1.8 23.5 42.3 West FW
390-F385-52 88.9 91.5 2.6 10.2 26.9 East HW
and 105.5 106.6 1.1 56.8 62.0
390-F385-53 68.7 72.8 4.1 6.0 24.6 East HW
and 88.0 91.0 3.0 8.5 25.5
and 99.2 104.0 4.8 5.4 25.9
390-F385-71 107.7 109.5 1.8 29.9 53.8 East FW
470-F566-13A 92.1 102.0 9.9 15.5 153.5 East HW
470-F566-15 81.8 93.0 11.2 6.4 71.7 East HW
470-L566-12 106.4 123.0 16.6 7.4 122.4 East HW
490-L136-36 112.0 116.0 4.0 9.8 39.0 West FW
490-L136-75 156.5 158.9 2.4 8.6 20.6 West FW
490-L164-53 118.6 121.1 2.5 44.7 111.8 East FW
490-L164-59 110.0 116.6 6.6 4.0 26.4 East FW
including 110.0 112.2 2.2 9.2 20.2
520-F484-36 42.0 45.5 3.5 16.1 56.4 East HW
530-03-EAB(1) Lower Centre
160.4 182.4 13.2 16.3 215.2 FW
and 192.0 205.0 7.8 11.0 85.8
530-17-E 90.9 99.7 8.8 3.9 34.1 Lower East HW
530-B01-E 15.0 17.6 2.6 10.9 28.3 Lower East HW
530-B02-E 14.5 17.0 2.5 10.4 25.9 Lower East HW
and 21.0 25.0 4.0 24.7 99.0 Lower East HW
530-B385-33 22.2 27.0 4.9 4.6 22.5 Lower East HW
530-B385-34 25.0 26.0 1.0 20.3 20.3 Lower East HW
530-B385-35 19.8 25.0 5.2 4.3 22.4 Lower East HW
530-B389-23 31.8 38.0 6.2 30.9 191.6 Lower East HW
530-B389-24 27.6 30.6 3.0 7.3 21.9 Lower East HW
530-B389-25 15.6 25.0 9.5 6.6 62.4 Lower East HW
and 39.9 43.4 3.5 8.7 30.3
including 40.5 42.7 2.2 13.3 29.3
530-B389-27 27.3 33.5 6.2 4.2 25.7 Lower East HW
530-B389-28 51.6 53.7 2.1 12.7 26.7 Lower East HW
530-B405-12 47.0 54.0 7.0 16.1 112.4 Lower East FW
and 57.0 60.0 3.0 21.4 64.2
530-B405-13 83.6 95.6 12.0 6.0 72.0 Lower East FW
530-B405-15 42.3 45.5 3.3 15.6 50.8 Lower East HW
530-B405-18 74.0 80.0 6.0 5.5 33.0 Lower East HW
530-B419-04 1.8 3.6 1.8 16.9 30.4 Lower East
530-F417-27 134.0 137.8 3.8 6.4 24.3 East FW
540-B08-EA 31.0 33.0 2.0 16.0 32.1 Lower East HW
560-B495-14 73.0 79.0 6.0 3.8 22.6 Lower East
560-B495-16 50.1 55.5 5.5 4.2 23.0 Lower East
560-B495-18 61.9 68.8 6.9 4.6 31.4 Lower East FW
560-B495-26 39.3 41.0 1.7 30.9 52.5 Lower East HW
560-B503-03 35.2 38.5 3.3 12.8 42.4 Lower East HW
560-B503-04 32.1 38.1 6.0 11.7 70.2 Lower East HW
560-B503-07E 33.7 40.0 6.4 27.0 171.7 Lower East HW
(1) Hole 530-03-EAB was drilled at an non-optimal angle, core length has
been factored by 0.6.
Grey Fox mineralization continues to expand laterally and at depth
Today, Primero also announces fourth-quarter 2014 drilling results from its Grey Fox property, located four kilometres southeast of the Black Fox mine. The Grey Fox property contains a number of mineralized zones (Contact, 147, Grey Fox South, Whisky Jack and Gibson zones), which all occur within close proximity of each other. These zones could potentially be additional sources of ore for the company and are within trucking distance of the Black Fox mill.
Drilling from the fourth quarter of 2014 continues to infill and expand the Contact zone and Grey Fox South areas of the Grey Fox property. Drilling results have confirmed that the previously identified Whiskey Jack zone is the continuation of the Contact zone to the north increasing the length of the Contact zone by approximately 200 metres. Drilling has also extended the Grey Fox South zone to the north, and positive correlation of the drilling with the 2010 airborne magnetometer survey has identified several additional target zones to the east. These will be tested as part of the 2015 exploration program.
GREY FOX -- FOURTH-QUARTER 2014 EXPLORATION DRILLING RESULTS
Core Metal factor
Hole From To length Gold grade (grade Zone
(m) (m) (m) (g/t) by width)
GF14-876 75.0 88.0 13.0 1.7 21.8 Contact zone
and 130.0 131.0 1.0 28.7 28.7
and 152.0 154.0 2.0 17.6 35.1
GF14-891 38.0 46.5 8.5 5.6 47.7 Contact zone
GF14-892 123.0 129.0 6.0 4.1 24.7 Contact zone
and 201.0 214.6 13.6 1.5 20.8
and 353.0 359.0 6.0 13.3 79.7
GF14-898 197.0 204.0 7.0 7.4 51.7 Contact zone
GF14-908 23.0 35.7 12.7 4.1 51.8 Contact zone
including 32.5 35.0 2.6 17.4 44.4
GF14-909 283.0 295.0 12.0 4.8 57.7 Contact zone
including 283.0 287.0 4.0 12.9 51.8
GF14-917 94.0 102.0 8.0 3.2 25.8 Contact zone
and 137.8 138.9 1.1 41.6 45.3
and 234.6 251.0 16.5 1.4 22.5
GF14-918 277.0 296.0 19.0 1.5 28.1 Contact zone
GF14-921 253.0 257.0 4.0 7.0 27.9 Contact zone
GF14-922 249.0 257.0 8.0 16.0 128.2 Contact zone
GF14-925 337.0 353.0 16.0 3.9 62.9 Contact zone
GF14-928 137.1 145.0 7.9 13.7 108.6 Contact zone
including 142.0 143.0 1.0 95.4 95.4
GF14-931 114.1 119.0 5.0 17.2 85.3 Contact zone
including 116.0 117.0 1.0 71.6 71.6
GF14-933 321.0 325.0 4.0 5.2 20.8 Contact zone
and 347.5 369.0 21.5 1.6 34.6
and 529.0 531.0 2.0 40.7 81.4
GF14-937 37.8 70.0 32.2 1.6 50.2 Contact zone
and 196.0 219.0 23.0 2.5 56.4
GF14-938 165.0 187.0 22.0 1.4 30.1 Contact zone
and 250.0 252.0 2.0 13.0 25.9
GF14-942 131.0 134.0 3.0 7.2 21.6 Contact zone
and 176.0 210.0 34.0 3.1 106.1
GF14-945 301.0 315.3 14.3 2.6 36.7 Contact zone
GF14-947 93.0 101.6 8.6 3.1 26.2 Contact zone
GF14-952 135.0 153.1 18.1 1.8 33.3 Contact zone
GF14-955 151.6 175.5 23.9 1.2 29.1 Contact zone
GF14-958 91.0 95.0 4.0 16.1 64.4 Contact zone
including 92.3 93.0 0.7 84.0 60.4
GF14-965 134.0 147.0 13.0 3.0 39.5 Contact zone
GF14-882 Grey Fox
302.0 306.0 4.0 16.6 66.5 South
GF14-888 Grey Fox
220.0 224.3 4.3 10.0 43.0 South
GF14-896 Grey Fox
170.0 179.0 9.0 3.9 35.2 South
GF14-903 Grey Fox
162.0 169.0 7.0 3.1 22.0 South
and 224.0 230.0 6.0 4.3 25.9
and 250.0 259.0 9.0 2.9 25.9
GF14-911 Grey Fox
60.7 68.2 7.5 4.5 33.5 South
and 383.0 384.0 1.0 29.6 29.6
GF14-923 Grey Fox
167.0 167.6 0.6 86.8 52.1 South
GF14-927 Grey Fox
319.0 328.0 9.0 2.6 23.5 South
GF14-950 Grey Fox
235.0 246.0 11.0 4.6 51.0 South
GF14-951 Grey Fox
315.0 322.0 7.0 8.1 57.0 South
Continued exploration at Black Fox in 2015
The company's 2015 $12.3-million exploration program at the Black Fox complex includes 105,000 metres of diamond drilling. The focus of the Black Fox mine drilling program is to delineate the Upper Central zone, which has had limited drilling historically, infill the mineralization between the current 520-metre level and the identified mineralization to a depth of 800 metres, test the depth potential to 1,000 metres and further explore the Lower East zone.
Exploration drifting will include a fifth drill bay on the 520-metre level exploration drift. This drift was designed so underground drilling could test for the extension of the mine at depth across the strike length of the property.
Primero will continue to explore for potential east and west extensions of the Black Fox open pit, currently expected to deplete in September, 2015. Drilling results in 2014 from surface identified the Tamarack Gold zone, east of the current open pit, and the 2015 drilling program will continue to infill this area.
Primero raised $8-million in December, 2014, in a flow-through financing, in order to invest in an aggressive exploration program at the Grey Fox, Pike River and Stock Mill properties. The 2015 Grey Fox exploration program includes exploration, delineation and some condemnation drilling. The company aims to explore for the continuation of mineralization between the Grey Fox property and the adjoining Pike River and Black Fox properties and to increase the total defined mineral resources and convert inferred mineral resources to the measured and indicated categories at Grey Fox.
Surface drilling was conducted by Norex Drilling supervised by Primero's exploration team. Gabriel Voicu, PGeo, vice-president, geology and exploration, reviewed the technical exploration information in this news release as the qualified person for the company for the purposes of National Instrument 43-101. All samples are one-half core and analyses reported herein were performed by the independent laboratories Polymet Labs of Cobalt, Ont., which is ISO 9001:2000 certified in North America using standard fire assay procedures or AGAT Laboratories of Mississauga, Ont., which is ISO 9001/IEC17025, Accurassay Laboratories, which is ISO/IEC 17025 certified, ALS Laboratories, which is ISO 9001/IEC17025 certified, and SGS Canada Laboratories, which is ISO9001/IEC17025 certified, using fire assay with ICP-OES finish or using gravimetric finish for values generally over 10 grams per tonne gold. Intercepts cited do not necessarily represent true widths, however drilling is generally intersecting interpreted mineralized zones at a high angle. Primero's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. Generally, in a block of 20 samples one will be a duplicate, one will be a standard and one will be a blank.
Technical information and qualified person notes
The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Gabriel Voicu, PGeo, vice-president, geology and exploration, of Primero, a qualified person for the purposes of National Instrument 43-101. Mr. Voicu has reviewed and approved the contents of this news release.
We seek Safe Harbor.
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