Premier Gold Mines Ltd. [PG-TSX; PIRGF-OTC] on Tuesday November 17 released results from drilling at depth at its 100%-owned Hasaga Project in Red Lake, Ontario. Drilling highlights included 17 metres at 4.93 g/t gold, 3.5 metres at 76 g/t gold and 7.6 metres at 26.8 g/t gold. Drilling for the season is now complete with 23,795 metres drilled in 28 holes and some results still pending.
Premier Gold is a gold producer as well as an exploration and development company with a focus on properties in Canada, the United States and Mexico. Premier is aiming to emerge as a low-cost, mid-tier gold producer via its two Mexican gold mines, South Arturo and Mercedes, and through future mine development opportunities at Hardrock and McCoy-Cove in Nevada.
The Hasaga property is contiguous with Pure Gold Mining Inc.’s [PGM-TSXV] Madsen Gold Project which produced 2.5 million ounces of gold between 1938 and 1976. Hasaga is also host to the past-producing underground Hasaga, Buffalo and Goldshore mines. The property is being evaluated for both near surface lower-grade for open pit potential, as well as at depth for higher grade mineralization.
Premier has said it considers Hasaga to be the most prospective undeveloped gold deposit in the Red Lake camp. Earlier this year, the company said it had earmarked over $4 million for 20,000 metres of exploration drilling in 2020. The goal was to update the current mineral resource estimate, including underground mineralization.
According to a mineral resource estimate completed in early 2017, the property hosts over 1.1 million ounces of gold in the indicated resource category and 600,000 ounces of inferred material.
When exploration began in February, 2020, the company said the program was designed to test the expansion of the Hasaga C Zone and D Zone target areas where drilling delineated significant mineralization down-plunge from the historic Howey and Hasaga Mines that collectively produced more than 640,000 ounces of gold between 1930 and 1957.
Premier said the latest drilling expanded the Epp-C and D zones and demonstrated widespread mineralization further to the west towards Buffalo that warrants continued exploration. The
On Tuesday, Premier Gold shares eased 0.77% or $0.02 to $2.56 on volume of 282,653. The shares are currently trading in a 52-week range of $3.10 and $0.85.