TIDMPGR TIDMPGW
RNS Number : 3925D
Premier Gold Resources PLC
16 May 2012
Embargoed: 0700hrs 16 May 2012
Premier Gold Resources plc
("Premier Gold" or the "Company")
Sampling Results from 2011 Exploration Work
Premier Gold (AIM: PGR), the Central Asia-focused gold
exploration and development company, has received the results of
rock and soil analyses from samples collected during the 2011
exploration programme, which focused primarily on the Talbaital
prospect within the Company's Cholokkaindy licence in
Kyrgyzstan.
Cholokkaindy is an early stage gold exploration project where
four target prospects have been identified, of which Talbaital is
the most advanced. Two periods of sampling in 2010-11 have built a
picture of a significant gold target, possibly extending southwards
to a second prospect identified at Jarkonush, which will be the
focus of detailed exploration in 2012, including drilling. At
Talbaital, the initial trenches pointed at a single structure but
the second sampling programme has demonstrated that it is much
wider and therefore of greater potential.
Talbaital Prospect Highlights
-- Talbaital discovery highlights potential for large mineralised system
-- Evidence of multiple mineralised structural zones
-- Results extend the minimum target area within the Talbaital
prospect to 1,200 metres north-south, with soil geochemistry
results showing a significantly increased 400 metre width zone in
the central area
-- Notable new trench assay results from the Talbaital prospect included:
5 metres of 1.9 g/t gold
3 metres of 2.5 g/t gold
3.4 metres of 2.07 g/t gold
5 metres of 0.24 g/t gold
-- These add to previously published results showing:
8 metres of 3.7 g/t gold
2 metres of 6.7 g/t gold
0.5 metres of 12 g/t gold
3 metres of 9 g/t gold
The new results extend the total target to in excess of 1,200
metres north-south, and also indicate a wide 400 metre zone in the
central area. The Talbaital prospect is defined by a broad soil
gold anomaly, with trenching confirming the presence of significant
gold grades and widths in bedrock.
The geology of the Talbaital prospect consists of fractured and
veined sediments, with quartz, iron and copper associated with more
pervasive alteration. Gold occurs within these altered and
fractured rocks, as seen in trenching and in outcrop. The key
discovery from last season's work has been the identification of a
considerably wider zone in the central part of the prospect and
this will be the target for further work this summer. To the south,
Talbaital is bounded by the Cholokkaindy River, and soil sampling
in 2012 will extend onto the southern side of the river.
Jarkonush Prospect Highlights
-- Significant values obtained in trenching and rock sampling
within Jarkonush prospect include:
20 metres of 0.036 g/t gold
-- This adds to previously published trench and rock sample results showing:
3 metres of 1.9 g/t gold
3 metres of 7 g/t gold
3 metres of 4 g/t gold
Boulder sample of 64 g/t gold
Outcrop sample of 56.2 g/t gold
Located some 1.5 kilometres southeast of Talbaital, and along
the trend defined at Talbaital, the Jarkonush target was also the
focus of trenching and soil geochemistry during 2011. The geology
at the Jarkonush occurrence is more complex than Talbaital. The
Jarkonush prospect contains numerous trial pits and adits which
were excavated in the 1950s during exploration for base metal
mineralisation. These fault controlled vein systems contain
advanced metasomatic alteration and polymetallic mineralisation
with abundant pyrite, hematite, sphalerite and malachite. The
mineralised zone is traced in a north-westerly direction for
several hundred metres.
The focus for exploration for the majority of the 2011 field
season had been the Talbaital area. However, Jarkonush will see
further exploration in 2012.
Aksai and Torsai Prospects
In addition to the Talbaital and Jarkonush prospects, two
further prospects have been identified within the Cholokkaindy
licence, known as Aksai and Torsai. Limited work was carried out in
2011 on Aksai and Torsai, and consisted of rock chip traverses and
some trenching. It is planned that soil geochemistry profiling,
which was so successful on Talbaital, can be extended to these
prospects in the 2012 and 2013 seasons. Channel samples returned 1
metre of 12 g/t gold and 3 metres of 0.5 g/t gold.
Graphics illustrating the four major prospects within the
Cholokkaindy licence area are available on the Company's
website:
http://www.premiergoldresources.com/exploration/projects/cholokkaindy.aspx
Richard Nolan, Chief Operating Officer, commented:
"We are highly encouraged by the 2011 field season results which
reinforce Premier Gold's belief that the Cholokkaindy licence
offers several attractive zones of gold bearing rock with
commercial grades. We look forward to further positive results from
our forthcoming 2012 season to include drilling, prospecting and
soil geochemistry."
Sample analyses were carried out at the Central Laboratory in
Bishkek, Kyrgyzstan.
NB. This announcement has been approved by EurGeol Christian
Schaffalitzky, FIMMM, PGeo, CEng, who is a director of the Company
and a Competent Person for the purposes of the reporting of these
results.
Enquiries:
Premier Gold Resources Plc
Gerry Desler, Chairman / Richard
Nolan, COO Tel: +44 (0)
1279 731037
Libertas Capital Corporate Finance
Limited - Nominated Adviser Tel: +44 (0)
Thilo Hoffmann / Sandy Jamieson 20 7569 9650
Rivington Street Corporate Finance
- Broker
Jon Levinson Tel: +44 (0)
20 7562 3384
M: Communications
Ben Simons / Matthew Neal Tel: +44 (0)
20 7920 2340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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