Tuesday, 28th August 2007 (1909 views)

Canada-based Premier Gold Mines has announced the intersection of two high-grade gold targets in its joint project with Red Lake Gold Mines.

According to the firm, the Wilmar Mine stratigraphy at depth and the Wilmar West Granodiorite Zone have been intersected, with the geological setting of what is known as the Rahill-Bonanza Project similar to that of the Red Lake Gold Mines, located nearby.

The drilling is part of a two-year exploration programme, with $5 million (£2.49 million) of financing allocated to the drilling process for 2007.

A potentially new zone has been discovered following the drilling, according to Premier, with an intersection of 49.00g/t Au across one metre.

Over a further five metres, anomalous gold was discovered, with up to 4.42g/t Au revealed at one-metre intersections.

A third drill has now begun work, looking for fault structure replication or extension, as well as key rock types and vein material.

In addition to numerous projects in Canada, Premier Gold Mines is also active in the Santa Teresa area of Mexico.

 

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