Premier Gold Continues Successful Delineation of Higher Grades at Mercedes

704
Information is business gold

PREMIER GOLD MINES LIMITED (TSX:PG) (OTCPK: PIRGF) (“Premier”, “the Company”) is pleased to report on the continued success of its delineation core drilling program at the Company’s 100%-owned Mercedes Mine, located in the State of Sonora, Mexico. The campaign is focused on expanding and confirming the continuity of higher-grade mineralization in several areas including Marianas, San Martin and Diluvio West. Highlights of recent results (in true widths) include:

Marianas Multiple Horizons

  • 12.7 m of 10.17 g/t Au & 294.27 g/t Ag (UG-MR20-065)
  • 8.1 m of 7.49 g/t Au & 56.78 g/t Ag (UG-MR20-068)

San Martin Vein

  • 4.2 m of 10.03 g/t Au & 118.89 g/t Ag (L20-534D)
  • 2.3 m of 5.31 g/t Au & 131.42 g/t Ag (L20-528D)

Diluvio West Stockwork Zone

  • 10.2 m of 7.12 g/t Au & 26.21 g/t Ag (UG-DI20-099)
  • 12.2 m of 4.47 g/t Au & 21.43 g/t Ag contained in 56.6 m of 2.99 g/t Au & 12.28 g/t Ag (UG-DI20-105)
  • 14.2 m of 4.86 g/t Au & 30.59 g/t Ag and 13.2 m of 6.83 g/t & 27.49 g/t Ag (UG-D120-104)

“Our recent delineation drilling at Marianas, San Martin and Diluvio West confirm that these zones are emerging as important contributors to the future production at Mercedes,” commented Stephen McGibbon, Executive Vice-President. “We are excited by these three major areas that have yielded some of the best grade intercepts over the past several years.”

Abbreviations used in this press release are available by following this link (click here).

 

Marianas

Marianas represents the down-plunge extension of the main Mercedes mine trend, which remains open at depth. A delineation program of 5,000 m will be completed by the end of the year. This program is conducted from a nearby ramp, driven from the Lagunas mine workings, which will be used as access for future mine development.

The delineation campaign confirmed that Marianas is composed of three main veins: Main, West and East (Table 1, Figure 1). Significant results in the core of the mineral resource at Marianas Main returned 6.3 m of grading 20.23 g/t Au & 631.41 g/t Ag contained within 12.7 m of grading 10.17 g/t Au & 294.27 g/t Ag (UG-MR20-065). Marianas East, a sub-vertical structure west of the Main vein, has returned up to 2.8 m grading 5.29 g/t Au & 30.28 g/t Ag (UG-MR20-063). Six drill holes remain to complete the delineation program which should result in an upgrade and increase in the Marianas resource. The plan is to upgrade these to reserves for production in 2022.

 

Figure 1 – Marianas delineation update

nov-24-fig-1

 

Table 1 – Highlight composites summary from delineation drilling at Marianas
nov-24-table-1

 

San Martin and Lupita

San Martin, located 600 m to the west of Lupita, was discovered with an intercept of 1.5 m of 5.56 g/t Au (L19-396D) in May 2019. The delineation program underway at San Martin has identified a fault on the eastern portion of the deposit, along which the vertical displacement is interpreted to be 170 m. Further drilling is planned to prospect for the vein at depth. Drilling in 2020, focused on the eastern portion of San Martin, to define the extension of the mineralization and the potential for inferred resources (Table 2, Figure 2).

Highlights of the program include 4.2 m grading 10.03 g/t Au & 118.89 g/t Ag (L20-534D), confirming prospective continuity towards the Neo target to the north. Drilling at the edge of Lupita Extension returned 1.8 m grading 5.31 g/t Au & 131.42 g/t Ag (L20-528D), demonstrating further potential to the north. Assay results are still pending for several holes that intercepted veins that are visually encouraging. Drilling to date continues to expand San Martin and increases confidence in the grade of the zone.

 

Figure 2 – San Martin and Lupita delineation update

nov-24-fig-2

 

Table 2 – Highlight composites summary from delineation drilling at San Martin and Lupita

nov-24-table-2

 

Diluvio West

Drilling at Diluvio West continues to intercept high-grade zones including 12.2 m of 4.47 g/t Au & 21.43 g/t Ag and 6.2 m of 5.64 g/t Au & 12.57 g/t Ag contained within 56.6 m of 2.99 g/t Au & 12.28 g/t Ag (UG-DI20-105). Other intercepts on the edge of the mineralized zone returned 10.2 m of 7.12 g/t Au & 26.21 g/t Ag (UG-DI20-099), 27.5 m of 4.07 g/t Au & 13.39 g/t Ag (UG-DI20-113) and 36.5 m of 3.24 g/t Au & 11.29 g/t Ag (UG-DI20-109). The program focused on defining the limits of the mineralization and confirm the continuity within the heart of the zone (Table 3, Figure 3).

Diluvio West consists of a vein stockwork system within a broad envelope. The underground drill program has increased confidence in the grade and should result in an upgrade from a resource to a mineral reserve. The program returned several large intercepts of higher grades within the core of the zone and has successfully delineated the extent of mineralization.

 

Figure 3 – Diluvio West delineation update

nov-24-fig-3

 

Table 3 – Highlight Composites summary from underground drilling at Diluvio

nov-24-table-3

 

Premier Gold Annual General Meeting of Shareholders

The Company would also like to invite shareholders and investors to virtually attend its Annual and General Meeting followed by a corporate presentation and comprehensive project to be held at 4:00 p.m. EST on November 24, 2020, via https://web.lumiagm.com/263560188. The presentation can be viewed on the Company’s website www.premiergoldmines.com and on the webcast link.

 

Table 4 – Collar coordinates

nov-24-table-4

 

Premier Gold Mines Limited is a gold-producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico.

Julie-Anaïs Debreil, P.Geo., Ph.D., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43 -101. Mercedes assay results are from core samples sent to ALS Chemex, an accredited mineral analysis laboratory in Lima (Peru) or Vancouver (Canada), for preparation and analysis utilizing both fire assay and ICP methods. For a complete description of Mercedes’s sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Mercedes Mine dated April 18, 2018 (effective date December 31, 2017), entitled “Technical Report on the Mercedes Gold-Silver Mine, Sonora State, Mexico.”

 

SOURCEPremier Gold
Previous articleYouth Life Coach Jitendra Khimlani shares his idea of real essence of celebration this Diwali
Next articleNovember 24, 2020 – Western and Northern Ontario Weather Outlook
NNL Staff
NetNewsledger.com or NNL offers news, information, opinions and positive ideas for Thunder Bay, Ontario, Northwestern Ontario and the world. NNL covers a large region of Ontario, but are also widely read around the country and the world. To reach us by email: newsroom@netnewsledger.com Reach the Newsroom: (807) 355-1862