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Premier Gold intersects Wilmar stratigraphy at 1,150 m
Premier Gold Mines Ltd (C:PG) Shares Issued 68,089,741 Last Close 6/12/2007 $2.06 Wednesday June 13 2007 - News Release
Also Goldcorp Inc (2) (C:G) News Release
Mr. Ewan Downie of Premier reports
PREMIER-GOLDCORP INTERSECT WILMAR HORIZON AT DEPTH - SECOND DRILL MOBILIZED TO RED LAKE JOINT VENTURE
Premier Gold Mines Ltd.'s drilling has intersected the Wilmar mine stratigraphy at a depth of approximately 1,150 metres. Additionally, a second surface diamond drill has been mobilized to the Red Lake district Rahill-Bonanza project. The project is being operated under a 50/50 exploration joint venture with Red Lake Gold Mines, a subsidiary of Goldcorp Inc. The second drill will be targeting the Wilmar West granodiorite zone at depth.
The first diamond drill began drilling on May 7, 2007, and is targeting the Wilmar gold deposit down dip and plunge at depth, approximately 500 metres below the mine workings in an area where no historical diamond drilling has been completed. This drilling will consist of a mother hole with numerous wedge holes to test the deposit at depth and to infill a 500-metre stratigraphical gap between the Follansbee North zone to the south and the Wilmar mine workings to the north. During the final years of mining at the adjacent Cochenour gold mine, the Wilmar deposit was developed with 203,256 tons being mined at an average grade of at least 0.3 ounce per ton gold (10.3 grams per tonne Au). Historical data from the Wilmar mine indicate that the deposit contains numerous intervals with high-grade gold mineralization, and that the deposit remains open along strike and at depth. The initial hole has reached target depth and has intersected several mineralized alteration and vein zones hosted within a similar stratigraphy to that recorded at the Wilmar mine, including several ultramafic horizons. These features are also recognized at Goldcorp's Red Lake gold mines located approximately three kilometres to the east, where the prolific High Grade zone was discovered.
The second surface drill is targeting the Wilmar West granodiorite zone (WGZ), a second deposit contained on the Wilmar horizon and located on the project area. The current hole is targeting the depth extension of the WGZ approximately 500 metres below any previous work in this area.
As recently announced, a third drill has started drilling onto the joint venture project by collaring on the 41 level (approximately 1,875 metres or 6,150 feet below surface) of the Campbell complex (formerly Campbell mine) of Red Lake Gold Mines. This drilling is testing for possible extensions and/or repetitions of fault structures, key rock types and vein material on the project area along strike to the west of the current mine workings.
Matt Long, PGeo, Red Lake exploration manager of Premier, 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. Core is sent to Accurassay Laboratories for preparation and analysis -- two-assay-tonne fire assay with an AA finish on split NQ-sized drill core.
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