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Premier intersects high-grade gold at Cove Gold Project in Nevada
Shares Issued: 138,352,462
THUNDER BAY, ON, Aug. 23, 2012 /CNW/ - PREMIER GOLD MINES LIMITED (TSX: PG) ("Premier") is pleased to announce additional assay results from an ongoing drill program at the Helen Zone on the Company's Cove Gold Project, located in the Eureka-Battle Mountain Trend in Nevada. These results confirm the exceptional expansion potential of the deposit that is open along strike of the Cove anticline to the northwest and southeast.
The Helen Zone deposit represents one of the highest grade undeveloped gold deposits in Nevada. The current drill program is aimed at expanding mineralization within both the Upper and Lower Helen Zones. To date, nine reverse circulation holes and four core holes have been completed with assays. The AX drill program, which commenced in the fall of 2011, was designed to step out from the known Helen Zone resource. Drilling has expanded the mineralization by 125 metres (400 feet) to the northwest and an additional 94 metres (300 feet) to the southeast where the favourable horizon remains wide open for expansion. High-grade gold has been intersected in multiple holes. Highlight intervals from the most recent drill holes include:
- 11.75 g/t Au across 20.42 m (0.34 oz/t across 67.0 feet) in hole AX-8A - a wedge hole drilled to provide a full cut of mineralization in the core part of the deposit using core.
- 4.82 g/t Au across 10.97 m (0.14 oz/t across 36 feet) in the Upper Helen Zone and 8.01 g/t Au across 5.94 m (0.23 oz/t across 19.5 feet) in the Lower Helen Zone in hole AX-11.
- 7.09 g/t Au across 24.38 m (0.21 oz/t across 80 feet) in the Upper Helen Zone and and 9.26 g/t Au across 5.18 m (0.27 oz/t across 17 feet) in the Lower Helen Zone in hole AX-12.
"Drill results from the step out drilling along the strike of the axial plane of the Cove anticline continue to support our geologic model that the Helen Zone is a bedding controlled Carlin-style deposit which is punctuated by areas of high-grade where feeder structures intersect the axial plane of the anticline," stated Brian Morris, Vice-President Exploration for Premier. "Historic data suggest that this trend could continue for several hundred metres to the southeast underneath the Cove pit in the relatively untested favorable rocks which are host to the Helen Zone."