Lake Shore Gold Corp., announced results from the first ten underground drill holes from the Company's 144 Exploration Program.
Highlights:
Drilling near east limit of 144 Gap zone intersects multiple zones of high-grade mineralization (Key intercepts: 7.81 gpt/10.40 m, 6.29 gpt//36.8 m, 7.83 gpt/18.8 m, 5.29 gpt/31.8 m, 10.97 gpt/14.40 m, 4.51 gpt/12.90 m, 4.05 gpt/24.5 m, 5.35 gpt/12.0 m and 8.16 gpt/10.30 m)
Drilling between Thunder Creek and 144 Gap Zone confirms extension of Thunder Creek Stock to depth and potential for new zones of mineralization
Underground exploration drift now over 90% complete, 40,000 metre underground drill program advancing with three drills, on track for completion before year end
Five surface drills active, targeting new areas to southwest of 144 Gap
Work on track for initial resource in early 2016.
Results being reported today are for the first seven delineation holes on the 144 Gap Zone as well as three exploration holesto test the Thunder Creek Stock to the east, from an overall 40,000 metre program planned for 2015. The 144 Gap Zone is a new discovery announced in October, 2014 and is located 500 metres southwest of the Timmins West Mine and Thunder Creek Deposit. The current underground drill program was launched in August, 2015 and is being completed from a new underground exploration drift developed near the 820 Level.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We are very pleased to announce the successful start of our underground drilling program at the 144 Gap area and to report positive results from the first 10 holes of the program. Drilling to date has been focused on delineation and exploration near the east limit of the broad mineralized envelope defined from surface drilling and indicates multiple high-grade zones which are similar to, or better than, previous surface holes from the same area. Given the encouraging results being announced today, we are increasingly confident of the resource potential of the 144 Gap and the very positive impact it could have on our Timmins operations. Today’s results are especially significant given that they are located approximately 250 metres northeast of the initial discovery holes for the 144 Gap Zone and the previously defined thick, high-grade core. Delineation drilling of these areas will follow later in the underground program."
Among significant results from delineation drilling to date are 7.81 gpt/10.40 metres, 6.29 gpt/36.80 m and 7.83 gpt/18.80 m from HW820-004, 5.29 gpt/31.80 m, including 11.44 gpt/11.90 m, from HW820-005, 10.97 gpt/14.40 m from HW820-006 and 4.51 gpt/12.90 m and 4.05 gpt/24.50 m from HW820-008 drilled on section 8875N, near the east limit of the broad mineralized envelope defined from previous surface drilling. The new holes intersected the 144 Gap Zone between the 800 and 900 Levels and close to previously reported surface holes Hwy-15-79 and Hwy-15-88. Comparison of the new results to previous surface holes indicates grades and widths which are similar or better.
Additional significant results from delineation drilling are 5.35 gpt/12.0 m, including 11.16 gpt/4.30 m from HW820-009 and 8.16 gpt/10.30 m, including 11.48 gpt/4.10 m from HW820-012 drilled on section 8825N. The new holes intersected the 144 Gap Zone and are close to previously reported surface hole Hwy-15-89, with grades and widths which compare favourably.
Interpretation of new drill results from the 144 Gap Zone continues to suggest the zone is closely associated with a broad zone of hydrothermal alteration and deformation measuring up to 100 m wide containing multiple syenite porphyry intrusions, quartz veining, pyrite, scheelite and/or galena and multiple occurrences of visible gold. Based on results received to date, the 144 Gap Zone is confirmed to have a minimum strike length of 400 m and dip length of 400 m.
Additional results being reported today include three widely-spaced exploration holes drilled within a 500 metre gap between Thunder Creek and the 144 Gap Zone. The three holes were drilled to test the down dip extension of the Thunder Creek Stock, a large intrusive body located east of the 144 Gap. The new holes, which were collared on sections 9200N and 9325N, extend the lower limit of the Thunder Creek Stock to at least the 840 metre level and indicate several local zones of gold enrichment providing new targets for future exploration.
Work on the 144 Exploration Program is continuing. At the 144 Gap, three underground drills are active with the Company’s 40,000 m underground program on track for Drilling is currently ongoing at the 144 with three underground drills and on track to completion prior to the end of 2015 with an initial 43-101 resource to be released early in 2016. Drilling is also continuing on surface with five drill rigs focused on testing of new exploration targets to the southwest of the 144 Gap zone.