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Premier Gold Mines Ltd
Symbol PG
Shares Issued 211,960,482
Close 2020-02-13 C$ 1.54
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Premier Gold Mines begins exploration at Hasaga

2020-02-13 09:02 ET - News Release

Mr. Ewan Downie reports

PREMIER INITIATES HASAGA EXPLORATION IN RED LAKE

Exploration is under way on Premier Gold Mines Ltd.'s 100-per-cent-owned Hasaga project. This program is testing the expansion of the Hasaga C Zone and D Zone target areas where drilling has delineated significant high-grade mineralization downplunge of the historic Howey and Hasaga mines that collectively produced more than 640,000 ounces of gold between 1930 and 1957.

Highlights from Premier's exploration campaigns up to late 2018 include:

  • C Zone results include 50.0 metres (m) of 9.19 grams per tonne (g/t) gold (Au) (HMP164), 21.0 m of 12.03 g/t Au (HMP164W3), 54.0 m of 10.94 g/t Au (HMP151) and 67.0 m of 4.02 g/t Au (HMP176W3).
  • A near-surface mineral resource estimate was completed in early 2017 with 1.12 million ounces of gold indicated and 630,000 ounces gold inferred from multiple optimized pit shells, suggesting the potential for future open-pit mining.
  • A new discovery located 500 m west of the C Zone with intercepts of eight m of 9.55 g/t Au (HMP162) and six m of 13.67 g/t Au (HMP172).

The Hasaga property is host to the past-producing underground Hasaga, Buffalo and Goldshore mines. The property is being evaluated for both near-surface lower-grade for open-pit potential, as well as at depth higher-grade mineralization. Hasaga, considered to be the most prospective undeveloped gold deposit in the Red Lake camp by Premier, has earmarked in excess of $4-million for 20,000 m of exploration drilling in 2020. The goal is to update the current mineral resource estimate on the property, including the underground mineralization.

"Our previous drilling campaigns have confirmed the substantial potential of this property located in the heart of one of the world's most respected high-grade gold camps. Numerous intercepts host common visible gold within attractive geometries," commented Stephen McGibbon, Premier's executive vice-president. "The C Zone deposit remains open at depth and downplunge and the 2017 D Zone discovery suggests the presence of a significant gold deposit."

Past and future exploration are aiming to understand the western extension of the structure that hosts the Howey and Hasaga mines. Premier's first hole of the 2017 campaign returned a high-grade intercept grading 54.0 m of 10.94 g/t Au (HMP151) with mineralization characteristic of the Hasaga mine. Further drilling confirmed the potential of the C Zone deposit, still wide open for expansion.

The D Zone remains a priority for exploration, with a potential southwest extension of the C Zone deposit. Holes HMP161 and HMP162 were 500-metre stepouts along strike from the C Zone and intersected respectively 181.0 m of 1.21 g/t Au, including narrower higher-grade intervals, and eight m of 9.55 g/t Au. Gold mineralization in these holes are associated with minor sulphide-bearing sequences and includes visible gold within common quartz veinlet arrays like that in the C Zone.

The current mineral resource estimate, completed in early 2017, hosts over 1.1 million ounces of gold of indicated material and 600,000 ounces of gold of inferred material. The mineralization is potentially open-pitable. The 2020 drill program will seek to add higher-grade, potentially underground mineable resources on the property.

About Premier Gold Mines Ltd.

Premier Gold is a gold producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States and Mexico. Premier remains focused on creating a low-cost, mid-tier gold producer through its two producing gold mines -- South Arturo and Mercedes -- and, through future mine development opportunities at Hardrock in Ontario (Greenstone Gold joint venture), where permitting and development initiatives are continuing, and McCoy-Cove in Nevada.

Julie-Anais Debreil, doctor of philosophy, professional geoscientist, 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 are from core samples sent to Activation Labs, an accredited mineral analysis laboratory in Thunder Bay, Ont., for preparation and analysis utilizing both fire assay and screen metallic methods. For a complete description of Premier's sample preparation, analytical methods and quality assurance/quality control procedures, refer to the technical report for the Hasaga project dated Feb. 24, 2017.

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