Lake Shore Gold drills 12 m of 29.42 g/t Au at Whitney
2016-02-04 06:25 ET - News Release
Mr. Tony Makuch reports
LAKE SHORE GOLD CONFIRMS AND EXPANDS SHALLOW, HIGH-GRADE GOLD MINERALIZATION AT WHITNEY PROJECT
Lake Shore Gold Corp. has released results from the first 13 holes (1,600 metres) of a new surface drilling program at the Whitney project, located to the south of the company's Bell Creek complex. The program includes 30,000 metres ("m") of surface drilling and is designed to test a number of high-potential areas between the past-producing Hallnor and Broulan Reef mines. In its initial phase, the program is focused on the eastern portion of the Whitney property where the Company believes there is excellent potential to expand the existing near-surface resource. This new program is the first drilling being conducted at Whitney since Lake Shore Gold acquired Temex Resources Corp. ("Temex") in September 2015.
Within the eastern portion of the Whitney property, two key areas are targeted. The 110 Zone is a shallow, high-grade structure located south of the Hallnor shaft. The north volcanics area consists of gold mineralization and quartz veining within altered volcanic rocks located approximately 430 metres west of the 110 Zone and north of previously mined structures. Both target areas have limited past drilling and are located within 100 metres of surface. The new drill results from these areas demonstrate the potential to expand the near-surface resource to the west, to the north and to depth.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We are very encouraged by today's results, our first from the Whitney Project. Whitney was the primary reason we acquired Temex last September, given its considerable exploration potential, existing resources and close proximity to our Bell Creek Mill. This year's drill program at Whitney is intended to confirm and expand the current resource base (established by Temex) using a model that envisions initial production from an open pit that would ultimately transition to an underground mining operation. With our first group of holes we have already succeeded in extending the high-grade 110 Zone at Hallnor Mine to the west and down dip, and intersected mineralization in the north volcanics that suggests a possible extension of the current near-surface resource to the north and to depth. We have two surface drills operating at Whitney and expect to complete the current exploration program by the end of 2016, with an updated resource to follow."
Among significant results from drilling at the 110 Zone are 29.42 grams per tonne ("gpt") over 12.0m, including 159.75gpt/2.0m, from TW16-376, 8.45gpt/9.5m from TW16-377 and 6.45gpt/9.2m from TW16-389. These holes were drilled to test and confirm the westward extension of the 110 Zone within 60 metres of surface. Additional significant results include 4.62gpt/3.1m from TW16-378 and 3.02gpt/10.7m from TW16-387, which tested the lower portion of the 110 Zone approximately 60-70 metres below surface and extended the Zone by up to 15 metres down dip.
Drilling results from the north volcanics, located 430 metres west of the 110 Zone, include 3.20gpt/7.2m, 1.21gpt/15.0m and 1.33gpt/5.2m from TW16-384 and 2.24gpt/8.5m and 1.61gpt/3.0m from TW16-382. These intersections extend to approximately 75 metres below surface and are located near the north end of the target area.
The Whitney Project is located on the east side of Timmins, Ontario and is adjacent to Lake Shore Gold's Bell Creek Complex. Whitney covers approximately 8.9 km2 of highly prospective exploration property on which the former producing Hallnor, Broulan Reef, Bonwhit and Hugh Pam mines are located. Together, these historic properties produced a total of 2.4 million ounces of gold. The Hallnor Mine, which operated from 1938 to 1968, was the highest grade gold mine in the Timmins Gold Camp of mines that have produced more than one million ounces. During its operating life, Hallnor produced 1.7 million ounces of gold at an average grade 13.71 grams per tonne.
The Whitney Project is a joint venture between Temex, a wholly-owned subsidiary of the Company, and Goldcorp Canada Ltd., with Temex being the operator.
Qualified Person
The Qualified Person ("QP") for Lake Shore Gold's drill program at the Whitney Project is Eric Kallio, Senior Vice-President, Exploration, P.Geo. Mr. Kallio, as a QP, has prepared or supervised the preparation of the scientific and/or technical information for the Whitney Project and verified the data disclosed in this press release. Mr. Kallio is an employee of Lake Shore Gold.
Quality Control
Lake Shore Gold has implemented a quality-control program to ensure best practice in the sampling and analysis of the drill core. Assays have been completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than 10 gpt gold, the sample is fire assayed with a gravimetric finish. Select zones with visible gold are tested by pulp metallic analysis. NQ size surface drill core is mainly whole core sampled with the drill core being sampled in standard intervals. The drill core is transported in security sealed bags for preparation to the ALS Minerals sample preparation facility in Timmins, Ontario and subsequently to their analytical facility located in Val d'Or, Quebec for fire assay. This ALS Minerals facility is registered ISO 9001-2008 (CERT-0051527) and is SCC ISO/IEC 17025:2005 Accredited (#689).
Table 1: Whitney Property New Assay Results - Surface Drill Holes ---------------------------------------------------------------------------- Hole Number Depth Section From To Interval Grade Target / (m) (m) (m) (m) (gpt) Comments ---------------------------------------------------------------------------- TW16-376 101 3400E 110 Zone ---------------------------------------------------------------------------- 56.00 68.00 12.0 29.42 ---------------------------------------------------------------------------- incl. 59.50 61.50 2.0 159.75 VG ---------------------------------------------------------------------------- TW16-377 117 3400E 110 Zone ---------------------------------------------------------------------------- 68.00 77.50 9.5 8.45 ---------------------------------------------------------------------------- incl. 76.30 77.00 0.7 79.00 ---------------------------------------------------------------------------- 82.00 82.60 0.6 8.20 ---------------------------------------------------------------------------- TW16-378 171 3400E 110 Zone ---------------------------------------------------------------------------- 73.60 75.00 1.4 6.08 ---------------------------------------------------------------------------- 77.20 80.30 3.1 4.62 VG ---------------------------------------------------------------------------- TW16-380 126 2950E North Volcanics ---------------------------------------------------------------------------- 57.00 65.60 8.6 0.99 ---------------------------------------------------------------------------- TW16-382 261 2950E North Volcanics ---------------------------------------------------------------------------- 85.00 93.50 8.5 2.24 ---------------------------------------------------------------------------- 102.30 105.30 3.0 1.61 ---------------------------------------------------------------------------- 120.00 122.00 2.0 2.75 ---------------------------------------------------------------------------- TW16-384 261 2930E North Volcanics ---------------------------------------------------------------------------- 37.00 42.20 5.2 1.33 ---------------------------------------------------------------------------- 46.50 53.70 7.2 3.20 ---------------------------------------------------------------------------- incl. 46.50 47.30 0.8 22.00 ---------------------------------------------------------------------------- 66.50 68.40 1.9 2.67 ---------------------------------------------------------------------------- 73.50 88.50 15.0 1.21 ---------------------------------------------------------------------------- TW16-385 90 3380E 110 Zone ---------------------------------------------------------------------------- 58.00 64.80 7.8 3.86 ---------------------------------------------------------------------------- TW16-386 102 3380E 110 Zone ---------------------------------------------------------------------------- 53.00 57.60 4.6 4.31 ---------------------------------------------------------------------------- TW16-387 102 3380E 110 Zone ---------------------------------------------------------------------------- 71.70 82.40 10.7 3.02 ---------------------------------------------------------------------------- TW16-388 75 3360E 110 Zone ---------------------------------------------------------------------------- 49.00 60.10 11.1 1.57 ---------------------------------------------------------------------------- TW16-389 81 3360E 110 Zone ---------------------------------------------------------------------------- 56.00 65.20 9.2 6.45 ---------------------------------------------------------------------------- incl. 61.50 62.30 0.8 34.90 ---------------------------------------------------------------------------- Notes: 1) True widths are not reported at this time 2) Assays are reported uncut 3) TW16-379 was drilled to 57 m and reported NSA 4) TW16-381 tested North Volcanics but broke through mine workings at 55.5 m and was abandoned.
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