TORONTO, ONTARIO--(Marketwired - June 25, 2015) -
- New gold zone ("144 Gap SW") discovered 200 m southwest of 144 Gap Zone and 150 m northeast of 144 North. Key intercepts: 3.30 gpt/40.8m (including 6.12 gpt/9.5m), 3.22 gpt/14.7, 3.73 gpt/10.2m, 6.24 gpt/3.3m and 5.76 gpt/3.0m
- Drilling at 144 Gap Zone continues to intersect significant gold values. Key intercepts: 13.87 gpt/16.5m (including 129.17 gpt/1.5m), 27.28 gpt/2.5m, 3.74 gpt/12.6m (including 5.91 gpt/5.6m), 5.92 gpt/7.0m, 3.15 gpt/11.4m, 5.38 gpt/6.5m, 5.43 gpt/4.5m, 10.14 gpt/2.1m, 5.06 gpt/3.2m and 8.04 gpt/2.0m.
Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced results from an additional 25 drill holes and two wedge holes (28,011 metres) at the Company's 144 Exploration Area ("144"), which includes the 144 Gap, 144 Gap SW, 144 North and 144 South. 144 is located immediately southwest of the Timmins West Mine Thunder Creek Deposit and covers about 4.0 kilometres of the same volcanic/ultramafic, intrusive/sedimentary contact (the "TC-144 Trend") that hosts both Thunder Creek and Timmins Deposit. Drilling at 144 to date has been largely focused on the 144 Gap area, where a new discovery was announced in October 2014. The discovery of the 144 Gap SW Zone, announced today, results from eight holes that were drilled to test targets to the southwest of the 144 Gap.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We now have our second discovery at 144 in less than a year and we found it with the first eight holes designed to test targets to the southwest of the 144 Gap Zone. The location of the 144 Gap SW Zone is very attractive as it will be easily accessible by further extending the exploration drift currently being developed to the 144 Gap Zone from Thunder Creek. The success we are having drilling along the TC-144 Trend is very exciting as it continues to identify areas for potential future resource growth within Timmins West Complex. It also continues to support our belief that the TC-144 Trend is host to multiple gold deposits that, together, can establish Timmins West as a major gold mining centre. With a new program of geophysics now in the final stages of preparation, substantial surface drilling in progress, our exploration drift from Thunder Creek advancing on schedule and underground drilling from the exploration drift now underway, we continue to be very encouraged about the future of 144 and of our Timmins West Complex as a whole."
Eight holes (Hwy-15-107, 108, 111, 116, 123, 125, 126 and 129) were drilled as part of a new program of wide-spaced exploration drilling to test a 325 metre ("m") strike length of the TC-144 Trend southwest of the 144 Gap Zone. These holes intersected a significant new zone of gold mineralization (144 Gap SW). Among key intercepts being reported are: 3.30 gpt/40.8m, including 6.12 gpt/9.5m, in Hwy-15-116, 3.73 gpt/10.2m and 5.76 gpt/3.0m in Hwy-15-123, 3.22 gpt/14.7m in Hwy-15-125 and 6.24 gpt/3.3m in Hwy-15-126. The new mineralization is located 200 m to the southwest of the 144 Gap Zone and is defined by five holes covering 125 m of strike length approximately 800 m below surface and close to the elevation of the new exploration drift being developed from Thunder Creek. All of the holes intersected thick intervals of altered syenite with local quartz veining, pyrite and visible gold similar to that observed at the 144 Gap Zone. The most westerly of the five new holes is located within 150 m of 144 North.
An additional eight holes and two wedge holes (Hwy-15-58W1, 78W1, 104, 112, 113, 114, 127, 128, 132, 134) from the new program were drilled mainly near the east and west margins of the 144 Gap Zone to assist with refining the geologic model for upcoming resource estimation. Among key intercepts are: 13.87 gpt/16.5m, including 129.17 gpt/1.5m, and 3.15 gpt/11.4m from Hwy-15-127, 5.92 gpt/7.0m, 10.14 gpt/2.1m and 3.74 gpt/12.6m, including 5.91 gpt/5.6m, in Hwy-15-134, 5.43 gpt/4.5m and 5.06 gpt/3.2m in Hwy-15-58W1, 5.38 gpt/6.5min Hwy-15-128 and 8.04 gpt/2.0m and 27.28 gpt/2.5m in Hwy-15-114.
Recent interpretations continue to suggest that the mineralization at 144 Gap is contained within a broad zone of hydrothermal alteration and deformation measuring up to 100 m wide and closely associated with syenite intrusions, quartz veining, pyrite, scheelite and/or galena and multiple occurrences of visible gold. Mineralization appears to be contained in a series of thick higher-grade chutes within an easterly plunging system. Some of the best mineralization identified to date is contained in a thick high-grade core which is estimated to measure 300 m in vertical height, 50 to 125 m in width and 75 to 125 m in strike length near the discovery hole Hwy-14-48.
Hwy-15-109, 110, 115, 117, 118, 119, 121, 122 and 124 were drilled as wide-spaced exploratory holes above the 144 Gap Zone towards surface and generally returned low values, but confirmed the current geologic model indicating that the top of mineralization is located approximately 550 m below surface.
In addition to recent drilling, the Company is in the final preparation stages for a large program of surface geophysics covering areas southwest of the 144 Gap and over the 144 North and South targets. The program will include line cutting, and an airborne drone magnetic survey, as well as a 3D Inverse polarization survey (3D IP) over a 3.5 km by 4 km area to assist in defining new drill targets. Work on the program is planned to commence by early in the third quarter.
The Company plans to continue surface drilling with 3-4 drill rigs during the new geophysical program with a focus on exploration to the southwest of the 144 Gap Zone.