Last checked at 24 Jun 2009 17:50
24 June 2009
Encouraging drill results at Lake Shore Gold's Thunder Creek property
Lake Shore Gold reports 12.75 grams per tonne over 83.40 metres at Thunder Creek
TC09-68b intersects 12.75 grams per tonne (gpt) gold (Au) over 83.40 metres (m), or 13.73 gpt over 77.50 m, including 24.68 gpt over 13.00 m, 38.22 gpt over 11.00m and 26.78 gpt over 8.50m
High-grade intercepts among best drilled in Timmins Gold Camp
Second mineralized porphyry unit identified
Hochschild Mining plc ("Hochschild") is pleased to announce that Lake Shore Gold, in which it has a 40% investment, today announced results for six new holes and one wedge hole (5,900 metres) as part of its ongoing 22,000 metre diamond drill program at the Thunder Creek joint venture property, located immediately adjacent to Lake Shore Gold's 100%-owned Timmins Mine project. Lake Shore Gold holds a 60% interest in the Thunder Creek property, and is the operator of the joint venture with West Timmins Mining Inc.
Miguel Aramburú, Chief Executive Officer of Hochschild Mining plc, commented:
"We are delighted with the encouraging drill results reported by Lake Shore Gold, in which we have a 40% interest. Lake Shore Gold is a long term strategic asset for Hochschild and we remain extremely confident about the company's prospects. We are working closely with their management team to continue to explore the full potential of their assets."
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"The widths and grades of the intercepts reported from wedge Hole TC09-68b are clearly our most encouraging to date and demonstrate that we are dealing with a large gold system. The results highlight the potential of Thunder Creek to host a significant orebody with multiple horizons covering different geological settings, including the Rusk and Porphyry zones, as well as a new porphyry unit that has now been discovered at the bottom of TC09-68b. We are currently awaiting results from one wedge hole with four additional holes in progress. We have a total of four drills operating on the property, with approximately 15,000 metres of the current 22,000 metre drill program having now been reported. We have also added a drill on our 100% owned Timmins Mine property to explore for new mineralization along the north-east extension of the same geological contact hosting the Rusk Zone."
The results include wedge Hole TC09-68b, which intersected the best widths and grades encountered to date at Thunder Creek. TC09-68b intercepted 12.75 gpt Au over 83.40 m or 13.73 gpt over 77.50m, including 24.68 gpt over 13.00 m, 38.22 gpt over 11.00 m and 26.78 gpt over 8.50 m. The broad intercept in TC09-68b, which spans the full width of the Porphyry unit, contains many of the features from other holes including strong alteration, intermittent quartz veinlets, local visible gold and accessory minerals such as molybdenite, galena, sphalerite and scheelite. TC09-68b also intersected mineralization in the Rusk Zone, with an intercept of 5.62 gpt Au over 4.90 m, including 9.50 gpt over 2.20 m, and also intercepted 1.01 gpt Au over 6.00 m in a new, second Porphyry unit discovered near the bottom of the hole. TC09-68b is located approximately 50 metres above the previously released wedge Hole TC09-68a, which included an intercept of 10.09 gpt Au over 4.70 m, including 17.16 gpt over
2.25 m.
Hole TC09-72 was an infill hole designed to test for the upper limits of the Rusk and Porphyry zones.
The Rusk Zone was weakly mineralized, whereas the Porphyry Zone was intersected with local occurrences of visible gold. The results of TC09-72 confirm the down dip extension of the Porphyry Zone.
In addition to wedge Hole TC09-68b and Hole TC09-72, Lake Shore Gold also released results for Holes TC08-63, TC08-65, TC08-66, TC08-67 and TC09-71. TC08-63 and TC08-65 were drilled to test a large Syenite intrusive located 400 to 500 metres south of the Rusk Zone and intersected local strong alteration and low grade gold values, which could form an important new target for future exploration. Holes TC08-66 and -67 were preliminary holes drilled to the north-east of the known mineralized systems, with Hole TC09-71 located 125 metres south-west of Hole TC09-69 and representing the first attempt to expand the zone southwards at this elevation. Hole TC09-71 encountered multiple intrusions of Porphyry and local strong alteration surrounding these and the Rusk Zone suggesting that the mineralized system is still open in this direction.
Results*:
To view these results, please click on the below link
http://www.rns-pdf.londonstockexchange.com/rns/4639U_-2009-6-24.pdf
*Extracted from the announcement released by Lake Shore Gold on 24 June 2009 which can be found at www.lsgold.com.
Quality Control
Lake Shore Gold's Qualified Person ("QP") for the Thunder Creek property is Jacques Samson, P. Geo. As QP, he has prepared or supervised the preparation of the scientific or technical information for the property and has verified the data disclosed in this press release.
Lake Shore Gold has a quality control program to ensure best practices in the sampling and analysis of drill core. Assays have been completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than three grams per tonne gold, another pulp is taken and fire assayed with a gravimetric finish. Zones with visible gold are tested by pulp metallic analysis. NQ size drill core is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 certification.
Enquiries:
Hochschild Mining plc
Isabel Lutgendorf +44 (0)20 7907 2934
Head of Investor Relations
Finsbury
Robin Walker +44 (0)20 7251 3801
Public Relations
About Hochschild Mining plc:
Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru, one in southern Argentina, one open pit mine in northern Mexico and numerous long-term prospects throughout the Americas. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits. For further information please visit www.hochschildmining.com.
About Lake Shore Gold
Lake Shore Gold Corp. is a mineral development and exploration company that is moving towards gold production through its 100%-owned Timmins Mine project, where the Company is sinking a shaft and driving a ramp to access shallow mineralization. The wholly owned Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 800 tonnes per day. The Company recently commenced an advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins camp, and is pursuing a number of other highly prospective exploration properties in Northern Ontario and Quebec. Lake Shore Gold's common shares trade on the Toronto Stock Exchange under the symbol LSG.
Forward looking Statements
This announcement contains certain forward looking statements, including such statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, such forward looking statements may relate to matters such as the business, strategy, investments, production, major projects and their contribution to expected production and other plans of Hochschild Mining plc and its current goals, assumptions and expectations relating to its future financial condition, performance and results.
Forward-looking statements include, without limitation, statements typically containing words such as "intends", "expects", "anticipates", "targets", "plans", "estimates" and words of similar import. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results, performance or achievements of Hochschild Mining plc may be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that could cause or contribute to differences between the actual results, performance or achievements of Hochschild Mining plc and current expectations include, but are not limited to, legislative, fiscal and regulatory developments, competitive conditions, technological developments, exchange rate fluctuations and general economic conditions. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.
The forward looking statements reflect knowledge and information available at the date of preparation of this announcement. Except as required by the Listing Rules and applicable law, Hochschild Mining plc does not undertake any obligation to update or change any forward looking statements to reflect events occurring after the date of this announcement. Nothing in this announcement should be construed as a profit forecast.