(Including 10.94 g/t Au across 54.0 metres core
length in HMP151)
Shares Issued: 201,313,187
THUNDER BAY, ON, March 1, 2017 /CNW/ - Premier Gold Mines
Limited (TSX-PG) is pleased to provide initial assay results
from the first drill hole on the 2017 surface drilling program at
the Company's 100%-owned Hasaga Project (the Property) in the
Red Lake gold mining district of
Northwestern Ontario.
Drilling on the program is targeting the potential for higher
grade mineralization along the Hasaga Porphyry trend at depth,
proximal to historic results. The Hasaga Property was
Premier's largest exploration program in 2016 and is budgeted to
spend a further $3 million to $4
million in 2017.
Highlights from hole HMP151 include the
following:
- 10.94 g/t Au across 54.0m beginning at 771.0m
- Intercept includes higher grade intervals of 23.32 g/t Au
across 8.0m and 25.56 g/t Au across 5.0m
- Visible gold noted in 10 samples over the intercept
- True width of the intercept is estimated to be at least 18
metres wide
Premier will showcase portions of this drill intercept in the
"Core Shack", (booth 3105A) at the upcoming Prospector's and
Developer's Convention (PDAC) in Toronto that begins on March 5, 2017.
All abbreviations used in this press release are available by
following this link (click here).
The Hasaga Zone (See Figure 1) is host to the past-producing
Hasaga, Buffalo and Howie Mines and
is being evaluated for both its lower grade, open-pit mineable
potential as well as higher grade mineralization that may occur at
depth. Premier regards the Hasaga Property as having
exploration potential similar to other historic mining camps in
Ontario, where gold resources have
been discovered at the site of a past-producing mines. In January,
Premier confirmed the multi-million ounce potential of the
shallower target areas.
"This initial drill result validates historic drilling on the
property." commented Stephen
McGibbon, Premier's Executive Vice-President on the
Company's C-Suite Blog
(http://www.premiergoldmines.com/news/c-suite-blog). "We will
generate a lot of attention at Hasaga in 2017 should subsequent
holes expand and add continuity to this discovery."
Premier's exploration plan for 2017 is designed to test the
potential for deeper higher grade mineralization. Historic drill
holes HRL-88-02, HRL-88-03 and HRL96-02 were completed by earlier
operators on the property, but never adequately followed up.
These historic results and today's release of HMP151 are believed
to represent mineralization characteristic of the C-Zone at the
Hasaga Mine. If the 2017 exploration program is successful in
establishing continuity and scale to this C-Zone discovery, Premier
believes it will represent a highly attractive potentially bulk
mineable underground opportunity. Initially a minimum of 10
broadly spaced "mother" holes will be drilled to frame the Hasaga
Deep Target area and provide platforms for future wedge drilling on
promising trends.
Two drills are currently active on the Hasaga Property. Premier
will consider expansion of the current program as further results
become available.
Stephen McGibbon, P. Geo., 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 either Accurassay Laboratories or Activation Labs, both
accredited mineral analysis laboratories in Thunder Bay, Ontario, for preparation and
analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited 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.
This Press Release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward-looking information includes, but
is not limited to, statements about the completion of the
Financing, strategic plans, including future operations, future
work programs, capital expenditures, discovery and production of
minerals, price of gold and currency exchange rates, timing of
geological reports and corporate and technical objectives..
Forward-looking information is necessarily based upon a number of
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking information,
including the risks inherent to the mining industry, adverse
economic and market developments and the risks identified in
Premier's annual information form under the heading "Risk Factors".
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof.
Premier disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Premier Gold Mines Limited