Premier Gold Mines Limited PG:CA in joint venture with Goldcorp Inc G:CA announced drill results from the East Bay and Rahill-Bonanza Projects in the Red Lake Gold Mining District of Ontario. Assay highlights include 51.04 g/t gold over 0.7 metres, 7.25 g/t over 2.8 metres, 14.17 g/t over 0.8 metres, 297.61 g/t over 1 metre and 8.5 g/t over 32.9 metres (including 68.87 g/t over 3.5 metres). Premier holds 35% of a portion of the East Bay Property, including the Footwall Zone discovery area; it holds 49% of the Rahill-Bonanza Property.
President/CEO Ewan Downie tells ResourceClips.com, “Since a 43-101 gold resource that we drilled off several years back, Rubicon found the F2 zone in the Footwall. So we picked three areas on the Red Lake property—which is a long trend from Rubicon that could host similar mineralization. The Footwall discovery area is the first of those targets. Last winter we drilled several holes along the structure and one of those holes held 51 g/t material. We drilled two holes this summer to extend the discovery to the north and the hole that we announced today was a 120 metre step-out to the north. There we hit what appears to be the same structure with better grades. That means there are two hits in this new discovery and it’s open. This winter we’ll be following up those two high grade hits with a series of holes to try to delineate a bit of a deposit here.
“We’re pleased with the grades. I prefer to find the narrow high grade to bulk tonnage because the cost of building your infrastructure is less. My opinion is the northernmost of those structures has the best promise. We think that East Bay has some good potential for future discoveries.
“The Rahill-Bonanza Property adjoins Goldcorp’s Cochener Bruce Channel deposit. And we think there’s great potential to find further resources there. Right now the plan is to have a fairly large drill program from surface. But we are considering rehabbing the Wilmar operation and doing an underground program in addition to our surface operation next year.
“I think that Premier is pretty unique,” concludes Downie. “In addition to the Hardrock Project we also have these key properties in the middle of Red Lake. I think there’s good potential there.”
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by Ted Niles