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Premier Continues Successful Delineation of Higher Grades at Mercedes

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Premier Gold Mines Limited (TSX: PG) (OTCPK: PIRGF) is pleased to report on the continued success of its delineation core drilling program at the Company’s 100%-owned Mercedes Mine, located in the State of Sonora, Mexico. The campaign is focused on expanding and confirming the continuity of higher-grade mineralization in several areas including Marianas, San Martin and Diluvio West. Highlights of recent results (in true widths) include:

 

Marianas Multiple Horizons

  • 12.7 m of 10.17 g/t Au & 294.27 g/t Ag (UG-MR20-065)
  • 8.1 m of 7.49 g/t Au & 56.78 g/t Ag (UG-MR20-068)

 

San Martin Vein

  • 4.2 m of 10.03 g/t Au & 118.89 g/t Ag (L20-534D)
  • 2.3 m of 5.31 g/t Au & 131.42 g/t Ag (L20-528D)

 

Diluvio West Stockwork Zone

  • 10.2 m of 7.12 g/t Au & 26.21 g/t Ag (UG-DI20-099)
  • 12.2 m of 4.47 g/t Au & 21.43 g/t Ag contained in 56.6 m of 2.99 g/t Au & 12.28 g/t Ag (UG-DI20-105)
  • 14.2 m of 4.86 g/t Au & 30.59 g/t Ag and 13.2 m of 6.83 g/t & 27.49 g/t Ag (UG-D120-104)

 

“Our recent delineation drilling at Marianas, San Martin and Diluvio West confirm that these zones are emerging as important contributors to the future production at Mercedes,” commented Stephen McGibbon, Executive Vice–President. “We are excited by these three major areas that have yielded some of the best grade intercepts over the past several years.”

 

Marianas

 

Marianas represents the down-plunge extension of the main Mercedes mine trend, which remains open at depth. A delineation program of 5,000 m will be completed by the end of the year. This program is conducted from a nearby ramp, driven from the Lagunas mine workings, which will be used as access for future mine development.

 

The delineation campaign confirmed that Marianas is composed of three main veins: Main, West and East (Table 1, Figure 1). Significant results in the core of the mineral resource at Marianas Main returned 6.3 m of grading 20.23 g/t Au & 631.41 g/t Ag contained within 12.7 m of grading 10.17 g/t Au & 294.27 g/t Ag (UG-MR20-065). Marianas East, a sub-vertical structure west of the Main vein, has returned up to 2.8 m grading 5.29 g/t Au & 30.28 g/t Ag (UG-MR20-063). Six drill holes remain to complete the delineation program which should result in an upgrade and increase in the Marianas resource. The plan is to upgrade these to reserves for production in 2022.

 

 

Figure 1 – Marianas delineation update

 

 

 Table 1 – Highlight composites summary from delineation drilling at Marianas

 

               
Hole ID Target From
m
To
m
Length
m
True Width
m
Au
g/t
Ag
g/t
UG-MR20-060 Main 119.1 121.3 2.2 2.0 3.69 46.16
  East 156.8 157.8 1.0 0.7 4.90 12.00
UG-MR20-063 Main 149.4 150.9 1.5 1.3 0.89 46.00
  East 181.6 184.6 3.0 2.8 5.29 30.28
UG-MR20-064 Main 126.1 128.9 2.9 2.5 4.15 87.53
  East 193.2 195.0 1.8 1.8 4.43 11.50
UG-MR20-065 Main 117.6 132.5 14.9 12.7 10.17 294.27
  Including 117.6 124.2 6.6 6.3 20.23 631.41
  East 152.5 154.3 1.9 1.8 5.78 28.38
UG-MR20-066 Main 137.2 140.9 3.7 3.3 2.69 128.53
  Main 138.0 140.3 2.3 2.1 3.81 191.98
UG-MR20-067 Main 124.4 127.2 2.8 2.1 6.95 228.46
  East 159.7 161.2 1.5 1.4 2.03 27.00
UG-MR20-068 Main 116.2 124.2 8.1 7.5 7.49 56.78
  East 160.7 165.1 4.4 4.0 1.40 10.61

 

San Martin and Lupita

 

San Martin, located 600 m to the west of Lupita, was discovered with an intercept of 1.5 m of 5.56 g/t Au (L19-396D) in May 2019. The delineation program underway at San Martin has identified a fault on the eastern portion of the deposit, along which the vertical displacement is interpreted to be 170 m. Further drilling is planned to prospect for the vein at depth. Drilling in 2020, focused on the eastern portion of San Martin, to define the extension of the mineralization and the potential for inferred resources (Table 2, Figure 2).

 

Highlights of the program include 4.2 m grading 10.03 g/t Au & 118.89 g/t Ag (L20-534D), confirming prospective continuity towards the Neo target to the north. Drilling at the edge of Lupita Extension returned 1.8 m grading 5.31 g/t Au & 131.42 g/t Ag (L20-528D), demonstrating further potential to the north. Assay results are still pending for several holes that intercepted veins that are visually encouraging. Drilling to date continues to expand San Martin and increases confidence in the grade of the zone.  

 

 

Figure 2 – San Martin and Lupita delineation update

 

 

 

Table 2 – Highlight composites summary from delineation drilling at San Martin and Lupita

 

Hole ID Target From
m
To
m
Length
m
True Width
m
Au
g/t
Ag
g/t
L20-520D San Martin 217.5 218.9 1.4 1.3 3.68 39.00
L20-522D San Martin 222.5 225.4 2.9 2.7 3.77 36.52
L20-523D San Martin 214.5 218.2 3.7 3.6 3.61 30.77
L20-534D San Martin 230.5 235.1 4.6 4.2 10.03 118.89
L20-535D San Martin 160.2 161.2 1.0 1.0 4.45 26.00
L20-528D Lupita 201.4 203.6 2.3 1.8 5.31 131.42

 

Diluvio West

 

Drilling at Diluvio West continues to intercept high-grade zones including 12.2 m of 4.47 g/t Au & 21.43 g/t Ag and 6.2 m of 5.64 g/t Au & 12.57 g/t Ag contained within 56.6 m of 2.99 g/t Au & 12.28 g/t Ag (UG-DI20-105). Other intercepts on the edge of the mineralized zone returned 10.2 m of 7.12 g/t Au & 26.21 g/t Ag (UG-DI20-099), 27.5 m of 4.07 g/t Au & 13.39 g/t Ag (UG-DI20-113) and 36.5 m of 3.24 g/t Au & 11.29 g/t Ag (UG-DI20-109). The program focused on defining the limits of the mineralization and confirm the continuity within the heart of the zone (Table 3, Figure 3).

 

Diluvio West consists of a vein stockwork system within a broad envelope. The underground drill program has increased confidence in the grade and should result in an upgrade from a resource to a mineral reserve. The program returned several large intercepts of higher grades within the core of the zone and has successfully delineated the extent of mineralization.

 

 

Figure 3 – Diluvio West delineation update

 

 

 

Table 3 – Highlight Composites summary from underground drilling at Diluvio

 

Hole ID Target From
m
To
m
Length
m
Au
g/t
Ag
g/t
UG-DI20-099 Diluvio West 73.4 83.5 10.2 7.12 26.21
  Diluvio West 116.5 118.0 1.5 5.24 10.00
UG-DI20-104 Diluvio West 71.4 85.6 14.2 4.86 30.59
  Including 71.4 74.5 3.1 4.07 14.52
  And 77.5 85.6 8.1 6.59 40.89
  Diluvio West 114.6 127.8 13.2 6.83 27.49
  Including 121.7 127.8 6.1 12.90 49.74
  Diluvio West 141.6 144.0 2.4 8.80 14.45
UG-DI20-105 Diluvio West 83.6 140.1 56.6 2.99 12.28
  Including 83.6 86.6 3.1 3.01 10.99
  And 89.7 94.3 4.6 3.92 14.99
  And 98.8 111.0 12.2 4.47 21.43
  And 133.9 140.1 6.2 5.64 12.57
  And 149.0 150.4 1.4 6.27 40.00
UG-DI20-106 Diluvio West 53.0 63.8 10.8 5.58 8.30
  Including 53.0 53.9 0.9 13.80 12.00
  Including 60.8 63.8 3.1 13.88 15.51
  Diluvio West 76.0 79.1 3.1 3.48 9.50
  Diluvio West 117.2 118.7 1.5 4.77 20.00
UG-DI20-109 Diluvio West 50.0 86.5 36.5 3.24 11.29
  Including 56.1 65.3 9.2 5.81 10.01
  And 72.5 86.5 14.0 3.59 11.00
UG-DI20-113 Diluvio West 106.5 108.1 1.5 16.75 35.00
  Diluvio West 152.3 179.7 27.5 4.07 13.39
  Diluvio West 188.4 189.4 1.0 7.32 11.00
  Diluvio West 229.4 231.5 2.0 5.00 69.63
UG-DI20-098 Diluvio 17.1 32.3 15.2 4.57 63.70
  Including 17.1 18.3 1.2 16.25 233.00
  And 28.8 29.9 1.1 34.20 223.00

 

 

Table 4 – Collar coordinates

 

  UTM Project Hole ID North
m
East
m
Elevation
m
Azimuth Dip
NAD 27 zone 12 Mercedes L20-520D 3359945 551034 1206 118 -63
Mercedes L20-522D 3360030 551066 1214 125 -56
Mercedes L20-523D 3360029 551065 1214 141 -81
Mercedes L20-528D 3360171 551509 1262 153 -72
Mercedes L20-534D 3360024 551175 1235 345 -82
Mercedes L20-535D 3359792 551053 1207 145 -76
Mercedes UG-DI20-098 3360613 552125 1058 193 -48
Mercedes UG-DI20-099 3360667 551953 1015 191 -21
Mercedes UG-DI20-104 3360667 551955 1016 186 -14
Mercedes UG-DI20-105 3360666 551955 1015 165 -31
Mercedes UG-DI20-106 3360666 551955 1015 178 -33
Mercedes UG-DI20-109 3360667 551956 1015 147 -27
Mercedes UG-DI20-113 3360666 551955 1016 190 -9
Mercedes UG-MR20-060 3357635 547421 862 44 -47
Mercedes UG-MR20-063 3357684 547335 851 33 7
Mercedes UG-MR20-064 3357684 547334 850 18 -15
Mercedes UG-MR20-065 3357683 547336 851 48 -3
Mercedes UG-MR20-066 3357683 547336 851 52 0
Mercedes UG-MR20-067 3357684 547336 851 41 1
Mercedes UG-MR20-068 3357684 547336 850 52 -13

 

Premier Gold Mines Limited is a gold-producer and respected exploration and development company with a high–quality pipeline of precious metal projects in proven, accessible and safe mining jurisdictions in Canada, the United States, and Mexico.

 

Julie-Anaïs Debreil, P.Geo., Ph.D., 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. Mercedes assay results are from core samples sent to ALS Chemex, an accredited mineral analysis laboratory in Lima (Peru) or Vancouver (Canada), for preparation and analysis utilizing both fire assay and ICP methods. For a complete description of Mercedes’s sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Mercedes Mine dated April 18, 2018 (effective date December 31, 2017), entitled “Technical Report on the Mercedes Gold-Silver Mine, Sonora State, Mexico.”

 

 

Posted November 24, 2020

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