Premier-Roxmark begin major drill program at Geraldton
Wednesday October 24, 9:30 am ET
Shares Issued: 68,189,742
THUNDER BAY, ON, Oct. 24 /CNW/ -
PREMIER GOLD MINES LIMITED -
(TSX:PG - News) is pleased to announce that a drill has
been mobilized to begin drilling a minimum of 5,000 meters
at the Geraldton project with joint venture partner -
ROXMARK MINES LIMITED -
(TSX-V:RMK - News). The "Geraldton Project" is located
in the Beardmore-Geraldton greenstone belt, a highly
prospective high-grade gold district that has seen
relatively little exploration over the past
several decades.
The Project area covers approximately 10 kilometres (km)
of some of the most prospective geology in the region.
In addition, it is host to three past-producing mines
and numerous exploration targets in a district that has
seen historic production of more than 4.1 Million ounces
of gold (OGS Field trip notes 2007).
The first target will be testing in the vicinity of the
Little Long Lac Mine -
that produced more than 600,000 ounces of gold during
the period 1934-53 at an average grade of 11.66g/t Au
(Historic Government Annual Reports).
Prior to closure, drifting was carried out on the
"No.10 Vein" that was discovered on the 16th Level,
one of the deeper levels (675 metres below surface)
of the mine.
Data suggests that little exploration was carried out
up-dip towards surface on this zone.
Parallel structures that could be host to additional
deposits will also be tested in the current program.
Premier, operator of the Project (since September 24, 2007),
holds the option to earn up to a 70% interest in
the Property by making cash and share payments to
Roxmark, and performing exploration on the Property.
The current drilling is part of a major $2.5 Million dollar
exploration program that will test several prospective
targets on the large property package.
With respect to Premier's other properties, exploration
continues at the Rahill-Bonanza Joint Venture Project
in Red Lake where recent drilling has intersected
multiple gold horizons including a new zone discovered
in the hanging wall of the Wilmar Horizon with assay
results of up to 14.2g/t Au across 5.0 meters -
including 59.09g/t Au across 1.0 meters (press release:
October 22, 2007).
The Rahill-Bonanza Project is being operated under a
50-50 Joint Venture with Red Lake Gold Mines, an affiliate
of GOLDCORP INC. (TSX:G, NYSE:GG).
Additional assays from drilling are expected in the
near future.
Stephen McGibbon, P. Geo., Executive Vice-President and
Chief Operating Officer of Premier, 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.
Premier Gold Mines Limited -
is a Canadian-based mineral exploration and development
company with diverse property holdings that include
several projects and deposits in Northwestern Ontario
and a joint venture in Mexico.
In the Red Lake gold mining camp,
two of these are operated in joint venture with
Goldcorp Inc. (TSX:G - News).
A strategic project is also located on the main
Musselwhite Gold Mine trend
(Goldcorp-Kinross).
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.
For further information
Ewan Downie, President & CEO,
Phone:
(807) 346-1390,
Fax: (807) 345-0284,
E-mail: info@premiergoldmines.com,
Web Site: premiergoldmines.com
Source: Premier Gold Mines Limited
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