Saturday 24th February 2018

Resource Clips

Premier, Goldcorp report Ontario Gold Assays up to 297.61 g/t over 1m

Premier Gold Mines Limited TSX:PG in joint venture with Goldcorp Inc TSX:G announced results the Footwall Discovery Zone of the East Bay Project in the Red Lake Mining Camp, Ontario. Assays 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, 22.35 g/t over 1 metre, 56.54 g/t over 0.9 metres and 44.82 g/t over 1.5 metres. Goldcorp owns 65% of the property and is the project operator. Premier owns 35%.

Premier President/CEO Ewan Downie tells, “The East Bay Project is a joint venture we’ve had for several years. Back in 2004-2005, we drilled off a deposit called the Green Altered Zone in the East Bay ultramafic trend in Red Lake—which isn’t the main mine trend, but it’s another favourable alternation horizon. We drilled around, did some feasibility work, and then it just sat on the shelf. Then, a few years back, Rubicon Minerals Corporation TSX:RMX discovered the F2 Zone, and we’ve been following its development. Goldcorp owns adjacent claims to F2, and they’ve been drilling off their own mineralization there. They’ve learned the style of mineralization, and Rubicon has helped us understand what structure they were looking at. East Bay is a fairly large project, and we have multiple similar structures to the F2 deposit that are completed untested by drilling. So in 2010, we did a winter program, and we intersected about an ounce and a half in a narrow-vein structure. It’s best to drill this target in the winter because of the dip of the rock, but we did a follow-up hole last summer; and we hit six ounces per ton, approximately 200 metres north of the original intercept. So this winter [2011], we completed a multihole drill program to follow up those first two high-grade intercepts.

“The first two holes that we released late last week were further step-out holes to the north. So, we’ve now extended the high-grade, narrow-vein structure to a strike length of 400 metres along strike. It remains open, and is wide open down dip. We drilled multiple more holes and are waiting on assays. It’s an early-stage target, and now we’ve identified that there are two parallel horizons. Hopefully, they’re continuous. It’ll take a lot more drilling to establish continuity. Right now, we’re contemplating putting a barge on the water and drilling there, or doing some additional land drilling—drilling down dip like we did last summer.

“As far as these assays are concerned, I’m a huge fan of narrow-vein, high-grade mineralization,” continues Downie. “That’s what’s made Red Lake. Any time you hit high grade in Red Lake it’s exciting, so we’re looking forward to the follow-up results to this.

“What Rubicon’s done is very positive for the East Bay trend, and it’s inspired us to go back and look at this joint venture with Goldcorp, which has resulted in a discovery already that could become pretty significant with additional drilling.

“We have another JV meeting in about a month—which we do every quarter—and by then we should have all of the results from this drilling. Then we’ll discuss what we do next on East Bay. Hopefully we’ll continue drilling this summer. We’ve got additional targets that remain untested. Right now we’ve got four holes over a strike length of 400 metres, so we need a fair amount of additional drilling before we look at a resource estimate. The objective is to drill off a sufficient resource that would justify an underground program.

Downie adds, “We’re still drilling on our main JV, which is the Rayhill Bonanza Project. We’re expecting, hopefully, some pretty exciting results in the coming week.”

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Ewan Downie

by Ted Niles

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