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Premier Gold Mines (PG.TSX) announced that it has entered into agreements to acquire 100% interest in two key patented claim groups located on the East Bay Ultramafic Trend in Red Lake, Canada. The claim groups are located proximal to the Footwall Zone on the East Bay Project, one of two active joint ventures Premier Gold Mines has with Red Lake Gold Mines – a partnership between Goldcorp Inc. and Goldcorp Canada Ltd.
Highlights:
* Claims are located in the heart of the prolific Red Lake gold mining district, and north of Rubicon Minerals’ Phoenix Gold Project
* The mineralized zones in the Footwall discovery area consist of narrow-vein high-grade structures with numerous intercepts grading in excess of one ounce per ton gold (or 34.29 grams per tonne)
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* The partnership completed a 2011 drill program testing for extensions of the Footwall Zone and for parallel structures
* Assays from this program are expected to be released in the near future and a 2012 drill program has now started to further define mineralization and to test new target areas along the favorable horizon
Stephen McGibbon, Executive Vice-President of Premier Gold:
“In recent years, the East Bay Ultramafic Trend has yielded impressive high-grade discoveries that are aggressively being advanced. These new claim groups are located between the two most active areas and are believed to have the potential to host similar mineralization.”
Paul Huet, Chief Operating Officer:
“This is a very exciting time to be involved in gold, and more importantly, with Premier Gold Mines…Premier’s management team has an outstanding track record of delivering growth and value to shareholders.”
