Premier Updates McCoy-Cove Drilling and Pre-Development Program
Results include 13.30 g/t Au across 15.8m
THUNDER BAY, ON, July 26, 2017 /CNW/ - Premier Gold Mines Ltd. (TSX-PG) is pleased to announce recent drill results and an update on the pre-development program at the company's wholly-owned McCoy-Cove property. The program is designed to in-fill those resources of the Helen and CSD Gap deposits that will support a Preliminary Economic Assessment ("PEA") and the planning of an underground development program that will include test mining and underground drilling. In addition, as part of the 2017 program, other exploration targets on the property will be drill tested.
Highlights to-date from the 2017 program includes:
- 12.50 g/t Au across 3.3 m in hole PG17-21
- 13.30 g/t Au across 15.8 m including 19.74 g/t Au across 5.5 m in hole PG17-24
- 12.12 g/t Au across 4.9 m and 19.29 g/t Au across 8.5 m in hole PG17-25
- Multiple high-grade intercepts in PG17-26, including 14.87 g/t Au across 12.5 m, 12.63 g/t Au across 7.7 m, and 9.02 g/t Au across 17.7 m
"The drill results are demonstrating good continuity and grades within the resource area," commented Chad Peters, Nevada Exploration Manager for Premier in the company's C-Suite Blog (https://www.premiergoldmines.com/news/c-suite-blog/all). "We believe McCoy-Cove represents one of the highest grade recent discoveries in Nevada."
Table 1: Highlights of results from the 2017 McCoy-Cove drill program
| Hole ID | Coordinates(1) | Azimuth/Dip | Comment | From | To | Intercept | Au | Ag | From | To (ft) | Intercept | Au | Ag (oz/t) |
| PG17-21 | 4465993N /481693E | 190/-88 | Upper Helen | 373 | 376 | 3.7 | 12.50 | 3.70 | 10.3 | 21.6 | 12.0 | 0.36 | 0.11 |
| PG17-22 | 4465566N /481912E | 066/-54 | CSD Gap | Abandoned | |||||||||
| PG17-23 | 4465699N /481880E | 097/-53 | CSD Gap | Abandoned | |||||||||
| PG17-24 | 4465699N /481880E | 104/-54 | CSD Gap | 495.9 | 498.3 | 2.4 | 5.31 | 1.05 | 1627.0 | 1635.0 | 8.0 | 0.15 | 0.03 |
| 556.4 | 558.4 | 2.0 | 13.62 | 100.00 | 1825.0 | 1832.0 | 7.0 | 0.40 | 2.92 | ||||
| 660.8 | 676.7 | 15.8 | 13.30 | 3.74 | 2168.0 | 2220.0 | 52.0 | 0.39 | 0.11 | ||||
| Including | 662.9 | 668.4 | 5.5 | 19.74 | 5.10 | 2175.0 | 2193.0 | 18.0 | 0.58 | 0.15 | |||
| PG17-25 | 4465432N /481977E | 052/-47 | CSD Gap | 639.8 | 651.4 | 11.6 | 7.37 | 4.27 | 2099.0 | 2137.0 | 38.0 | 0.21 | 0.12 |
| Including | 646.5 | 651.4 | 4.9 | 12.12 | 6.21 | 2121.0 | 2137.0 | 16.0 | 0.35 | 0.18 | |||
| 662.3 | 670.9 | 8.5 | 19.29 | 5.06 | 2173.0 | 2201.0 | 28.0 | 0.56 | 0.15 | ||||
| PG17-26 | 4465565N /481912E | 046/-58 | CSD Gap | 523.6 | 527.0 | 3.4 | 6.17 | 2.42 | 1718.0 | 1729.0 | 11.0 | 0.18 | 0.07 |
| 537.0 | 542.0 | 5.0 | 9.17 | 4.00 | 1761.7 | 1778.2 | 16.5 | 0.27 | 0.12 | ||||
| 554.3 | 566.8 | 12.5 | 14.87 | 8.78 | 1818.5 | 1859.5 | 41.0 | 0.43 | 0.26 | ||||
| 603.1 | 604.7 | 1.6 | 10.10 | 31.50 | 1978.8 | 1984.0 | 5.2 | 0.29 | 0.92 | ||||
| 606.5 | 614.2 | 7.7 | 12.63 | 16.70 | 1989.8 | 2015.0 | 25.2 | 0.37 | 0.49 | ||||
| 633.4 | 651.1 | 17.7 | 9.02 | 2.81 | 2078.0 | 2136.0 | 58.0 | 0.26 | 0.08 | ||||
| 655.2 | 659.0 | 3.8 | 11.14 | 3.00 | 2149.5 | 2162.0 | 12.5 | 0.32 | 0.09 | ||||
| 735.5 | 739.7 | 4.2 | 9.78 | 28.20 | 2413.2 | 2427.0 | 13.8 | 0.29 | 0.82 | ||||
| Notes: (1) UTM NAD83, Zone 11 (2) True widths are estimated to be 60 to 90% of core length | |||||||||||||
Two drill holes were abandoned due to excessive deviation from the targeted intercept.
The ongoing development activities on the property include finalizing the construction of a 2400-metre pipeline and a 16-acre rapid infiltration basin (RIB) prior to a hydrologic flow test, which will occur during the third quarter. Results from the flow test will along with an updated resource, metallurgical and engineering data will be included in a PEA that is expected to be completed by year end. As part of the underground permitting process, Premier is working closely with community stakeholders as well as State and Federal agencies.
All abbreviations included in this press release are defined and available by following this link (click here).
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. Drill samples were sent to ALS Laboratories in Reno, Nevada for analysis with the analytical facility utilizing 30 gram fire assay with an AA finish for RC samples and 30 gram fire assay with AA finish and ICP-MS 30 element scan from 4-acid digestion for core samples. Higher grade samples are subject to a gravimetric finish.
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. 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 McCoy-Cove in Nevada and Hardrock in Ontario (Greenstone Gold JV) where permitting and development initiatives are ongoing.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
SOURCE Premier Gold Mines Ltd.
Contact
Ewan Downie, President & CEO, Phone: 807-346-1390, Fax: 807-346-1381, e-mail: Info@premiergoldmines.com, Web Site: www.premiergoldmines.com