Premier, Roxmark drill into Tombill-Bankfield break -
2008-01-24 16:11 ET - News Release
See News Release (C-PG) Premier Gold Mines Ltd -
Mr. Stephen McGibbon of Premier reports -
PREMIER-ROXMARK INTERSECT PRIMARY TARGET IN GERALDTON -
Premier Gold Mines Ltd. -
has intersected the primary target horizon, the main Tombill-Bankfield break, during drilling at -
the Magnet gold mine -
property in the Geraldton camp, a resource property owned by
Roxmark Mines Ltd. -
and subject to an earn-in option by Premier.
Two distinct zones were intersected, confirming the presence
of significant veining and mineralization in the target
horizon (including visible gold).
Historically, in 1988, from the 11th-level station of -
the Magnet gold mine,
a flat hole intersected the Tombill-Bankfield fault horizon,
host to the largest mine in the district, approximately 500
metres south of the main shaft.
This hole intersected 45.26 grams per tonne Au -
(1.32 ounces per ton) over 1.34 metres in the host horizon
and was not followed up.
This host horizon was intersected at a depth of approximately
500 metres and is now the focus of current drilling with
two drills.
In addition to the target horizon, an additional
mineralized zone was intersected farther up-hole.
The current drilling is part of a major $2.5-million
exploration program.
In addition to the main target, recent drilling performed
in the Benedict zone, a secondary target located proximal
to the Magnet mine,
intersected gold mineralization including 10.22 g/t Au
(0.30 ounce per ton) over 2.5 metres
and 8.14 g/t Au (0.23 ounce per ton) over two metres.
The Geraldton project is being operated by Premier under
an option agreement with Roxmark.
The Geraldton project is located in the heart of -
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
of some of the most strategic ground in the region,
and is host to past-producing mines and numerous
exploration targets in a district that has more
than 4.1 million ounces of historic gold production.
Premier currently has six drills working on three of
the company's core projects.
In addition to Geraldton, a major exploration program
has resumed on the Rahill-Bonanza joint-venture project
in Red Lake, operated under a 49-51 joint venture with
Red Lake Gold Mines, an affiliate of Goldcorp Inc.,
and drilling is under way on
the Santa Teresa property -
in Mexico, a joint-venture project with
Sutter Gold Mining Inc.
Stephen McGibbon, PGeo, executive vice-president 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.
--
siliconinvestor.com
siliconinvestor.com
siliconinvestor.com
God Bless
|
