Premier Gold Mines (PG.TSX) announced drill results from the initial drill program at its 100% newly-owned Cove Gold project in Nevada. The emerging gold company reported results from the Helen Zone, located in the Eureka-Battle Mountain Trend. The Helen Zone represents one of the highest-grade undeveloped gold deposits in Nevada and remains open for expansion.
The current drill program is designed to confirm and expand mineralization within both the Upper and Lower Helen Zones. To-date, 11 holes have been completed and a twelfth is in progress with assays having been received for the first ten holes. Premier Gold Mines noted that impressive high-grade gold has been intersected in multiple holes.
* 23.48 grams per tonne (g/t) of gold (Au) across 19.81 meters (m) and 17.35 g/t Au across 4.57 m in hole AX-8
* 14.42 g/t Au across 12.19 m in hole AX-9
* 16.29 g/t Au across 10.70 m in hole AX-3
* 12.38 g/t Au across 6.10 m in hole AX-4
Brian Morris , Vice-President Exploration for Premier Gold Mines:
“The initial drill results support our belief that the Helen Zone, within the Cove Project, has the potential to host a high-grade Carlin style gold deposit. Drilling continues to confirm the expansion potential of the Helen Zone horizon along strike of the Cove anticline within favorable host rocks which are stratigraphically deeper than historic mine production in the Cove pit.”
Ovais Habib, Scotia Capital:
Reiterates Sector Outperform rating and C$10.00 price target on Premier Gold Mines (PG.TSX)
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