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Premier Gold Mines Ltd. (TSX:PG) released an update on the 2016 exploration program taking place at its Nevada-based McCoy-Cove project.
Premier Gold Mines Ltd. (TSX:PG) released an update on the 2016 exploration program taking place at its Nevada-based McCoy-Cove project.
As quoted in the press release:
Drilling has commenced on the high grade Helen/CSD target where Premier seeks to expand mineralization immediately northwest of the historic Cove gold-silver open pit mine. Premier has also been granted the required permits to drill the historic McCoy-Cove heap leach pads in order to assess the potential viability of reprocessing this material and expects drilling to begin shortly.
Step-out drilling will focus on testing the on-strike extension of the Helen Zone to the southeast towards core hole PG-01 drilled by Premier in 2014. The Helen Zone is a “Carlin-style” mineralized horizon that is host to a mineral resource estimate as summarized in Table 1 below. PG-01 is located approximately 365 metres (1200 feet) along strike from the Helen Zone deposit with mineralization hosted in the same carbonate rock units, see Figure 1 below. Multiple high grade zones in the PG-01 target horizon include 28.05 g/t Au and 15.81 g/t Ag across 4.5 m (0.82 oz/t Au and 0.46 oz/t Ag across 14.8 feet) and 3.74 g/t Au and 718.72 g/t Ag across 5.0 m (0.11 oz/t Au 20.96 oz/t Ag across 16.5 feet). The goal of the current program is to establish continuity between the Helen Zone and PG-01 target horizon in order to support potential advanced exploration at McCoy-Cove in the future. In 2014, Premier received approval for a Plan of Operation (POO) from the Bureau of Land Management (BLM), relating to the Cove-Helen Underground Mine Project. With additional bonding monies, the approved POO will allow Premier to construct a portal and ramp to further explore the Helen Zone using underground drill stations, and to collect potential bulk samples.
Chad Peters, exploration manager, Nevada at Premier, commented:
We believe McCoy-Cove has tremendous potential to host significant future mineral resources and reserves. Our 2016 Helen Zone program is designed to give us the confidence to make future investments at McCoy-Cove that may result in our goal of a second producing asset in Nevada being realized.
Click here to read the full Premier Gold Mines Ltd. (TSX:PG) press release.