Posted in | Gold

Premier Gold Acquires Stake in Red Lake‎

Premier Gold Mines hopes to acquire two patented claim groups situated in the East Bay ultramafic trend in Red Lake. Both claim groups are close to the Footwall Zone on the East Bay Project. This is an active joint venture that the company runs with partner Red Lake Gold Mines.

Red Lake Gold Mines is a JV between Goldcorp Inc. and Goldcorp Canada Ltd. which operates in the heart of the Red Lake gold mining district. The Footwall Zone was initially discovered during testing favourable geophysical regions in the East Bay Ultramafic Trend in 2010 by Premier Gold Mines and Goldcorp Inc.

The mineralization in the Footwall Zone consists of narrow vein and high ore grade structure that have many intercepts that were found to grade in excess of one ounce per ton gold. That would equate to roughly 34.29 grams per ton of gold.

Stephen McGibbon, Executive Vice-President of Premier Gold Mines said that 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 he added. That is why the company is hoping to acquire 100% stake in these two claims.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.


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