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Sep 10, 2009
PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to provide an update of results from the summer drill campaign at the Company’s 100%-owned PQ-North Project in Northwestern Ontario. This program confirmed a potentially significant gold discovery along strike from, and within the PQ-Limb (PQL) of the iron formation that is host to, Goldcorp’s nearby Musselwhite Gold Mine with intersections of up to 10.52 grams per tonne gold (g/t Au) across 3.7 metres (m).
The Phase I and Phase II drill programs confirm the discovery of multiple horizons of “Musselwhite-style” gold mineralization, tentatively designated as the PQL, UIF, QV and MA zones. Similarities to the mine noted in the PQ-North core include: 1. Hosted within the PQ-Limb of the Northern Iron Formation;
2. Alteration, veining, and mineralization are similar;
3. Widths of zones typically range between 2.0 and 5.0 metres; and
4. Gold grades vary within similar ranges.
The average grade mined at Musselwhite in 2008 was 5.56 g/t Au. Grades at PQ-North include up to 10.24 g/t Au across 5.1m intersected in previous drilling in the UIF (Upper Iron Formation) Zone and new intersections that include 10.52g/t Au across 3.7m in the PQL Zone.
These horizons are marked by biotite-garnet altered mineralized zones consisting of folded and laminated iron formation containing pyrite, pyrrhotite, chalcopyrite and rare visible gold. The discoveries made to date have returned impressive intersections with grades and widths comparable to those at Musselwhite.
Due to the wet summer conditions, Phase II drilling evaluated the potential of only the PQL discovery and not the UIF discovery area. Numerous intersections have been obtained in the PQL over a plunge length of approximately 125 metres, suggesting continuous mineralization with intersections that include 6.7g/t Au across 3.0m, 7.4g/t Au across 2.0m, 10.2g/t Au across 1.8m and 10.52g/t Au across 3.7m in the furthest down-plunge hole drilled to date.
“These solid results at PQ North confirm that an important regional mineralizing event extends well beyond the Musselwhite Mine.” states Tim Twomey, Exploration Manager of Premier. “We are looking forward to the upcoming winter drill program when we’ll be able to move drills to preferred locations in order to follow-up these exciting results.”
The PQ-North Project is located within Goldcorp’s Musselwhite Property holdings and is strategically located along the PQ-Limb of the key iron formation that is host to the majority of the ore zones at Musselwhite (in 2008, Musselwhite produced 210,500 ounces of gold). In addition to the PQL and UIF zones, several additional priority targets on the Property will be tested in the upcoming winter program.
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