Lake Shore Gold Corp. (LSG), a Company that engages in the acquisition, exploration, and development of gold properties in northern Ontario and Quebec of Canada, as well as in Mexico, has reported the results of 4 holes, 3 of which are confirmation (“twin”) holes and 1 infill/expansion drill hole, at the Company’s Fenn-Gibb Project. The Fenn-Gibb Project, which is located 60 kms east of Timmins alongside the eastern extension of the Destor Porcupine (DPFZ) and Pipestone Fault Zones (PFZ), can potentially host significant underground and open-pit resources. The twin and infill/expansion drilling is conducted as part of a work program to help support an Initial National Instrument (NI) 43-101 mineral resource, which is expected to be released before the end of this year. The Company has been targeting an initial resource of between 2 and 3 million ounces, with the deposit to remain open in all directions.
The drilling consists of three holes which are considered “twins” to historic holes that were completed by past operators in the 1990s, as well as one hole into an untested gap within the central portion of the intrusive complex section and then extended north 200 meters of previous neighboring holes.
Tony Makuch, President and CEO of Lake Shore Gold, commented: “We are very encouraged by the results being announced today as part of our confirmation and infill/expansion drill program at Fenn-Gib. The twin holes drilled and check sampling work completed clearly show that past results are holding up very well, with there being some upside potential. The results from Hole FG-11-04, drilled into an untested gap, were also very significant. This hole provided strong confirmation of the geologic model, demonstrated that mineralization extends from the syenite into the mafic volcanics and continues to depth uncovering a 200 metre expansion of shallow mineralization to the north of previous drill holes. Today’s results very much support our view that Fenn-Gib has the potential to host significant open pit and underground resources and we are very much looking forward to announcing our initial resource for the project before the end of 2011.”
The significant results of the project include: 1.31 gpt Au over 414.00m, which includes 1.54 gpt Au over 264.00m, and 2.40 gpt over 20.00m, including 3.72 gpt Au over 9.00m in FG-11-04, which has been drilled into a previously untested gap in the central portion of the intrusive complex and north of previous drilling. Mineralization for the upper portion of the hole is between a down hole depth of 75 and 489 meters and contains moderate to heavily altered alkalic intrusives and mafic volcanic’s, which contains 5 to 15 percent disseminated pyrite. Mineralization in the lower portion of the hole is between 631.0 and 651.0 meters and ended in mineralization with the last 3.0m averaging 6.78 gpt. Results of FG-11-04 are reported to be very positive as they offer strong confirmation of the geologic model being used to identify new mineralization 200 meters north of previous drillings.
Other significant results were reported for three twin holes completed in the central to eastern portion of the deposit with all three holes having grades and widths similar or better than previous neighboring holes. FG-11-03 was drilled 50 meters to the east of FG-11-04 and was created to twin previous hole G-98-184 to be 250.00 meters deep, as well as to cover up untested areas located below this depth. Results from FG-11-03 include 1.20 gpt Au over 236.00m and 9.77 gpt Au over 3.20m, in comparison to 1.47 gpt over 164.50m in G-98-184. Comparison of FG-11-03 over a similar down hole range shows 1.43 gpt Au over 166.00 meters. FG-11-02 was drilled about 50 meters east of FG-11-03 and intersected 1.19 gpt Au over 265.00 meters, compared to 0.88 gpt over 268.00 meters in previous hole G-93-1. FG-11-01 was drilled in the east extension of the Main Zone approximately 160 meters east of FG-11-02 and intersected 3.29 gpt Au over 29.30m, including 6.09 gpt over 9.40m, in comparison to the 2.95 gpt over 28.58m in the previous hole G-96-154.
In part of the recently finished drill program all samples were also analyzed for silver (Ag). The results have indicated generally higher silver grades, which correspond with felsic intrusive rocks and gold mineralization. The composites for silver across the mineralized envelope average 1.00 to 2.00 gpt with a gold:silver ratio averaging 2:1. These silver grades are more elevated than those found in most gold deposits in the Timmins Camp, where silver values are typically less than 0.5 gpt with ratios of approximately 6:1.
Also, the Company has carried out a check-sampling program on about 200 duplicate core halves from past drilling. The samples from the check program were from core covering various past drill programs and rock types overlying a 1 km strike length over the Main Zone. The results of the check-sampling program were overwhelmingly positive and have indicated an average overall grade for the check samples of 1.12 gpt, in comparison to the 0.91 gpt for the original samples. The Company has also taken note to an un-sampled core that is adjacent to known zones from historic holes and will undertake an infill-sampling program.
The Company’s Qualified Persons (“QP’s”) for the surface drilling and check sampling programs that are on the verge of completion on the Fenn-Gib property are Stephen Conquer, P. Geo. and Bob Kusins, P.Geo. As QP’s, they have supervised and prepared for the preparation of the scientific or technical information and verified the data mentioned above. Mr. Conquer and Mr. Kusins are employees of Lake Shore Gold.
Lake Shore Gold has put into effect a quality-control program to guarantee the best practice in the sampling and analysis of the drill core. NQ size drill core is saw cut, while half the drill core is sampled in standard intervals and the other half of the core is stored into a more secure location. The drill core is then transported in security-sealed bags in order to be prepped at the ALS Minerals Prep Lab located in Timmins, Ontario, and the pulps are shipped to ALS Minerals Assay Laboratory in either Vancouver, B.C. or Val D’Or, Quebec. Assays have reached completion by ALS Minerals using a standard fire assay with a 30g aliquot and an AA finish. Samples with assay results above 10.0 gpt are then analyzed once again utilizing a gravimetric finish. ALS Minerals is an ISO 9001-2000 registered laboratory preparing for its ISO 17025 certification.
The potential mineral deposit at the Fenn-Gib project, as mentioned above, is conceptual in its nature. There has been lacking exploration work to define a mineral resource as defined under NI 43-101 and it is doubtful if further exploration drilling will result in the potential mineral deposit being described as a mineral resource.
About Lake Shore Gold
Lake Shore Gold Corp. strives in the acquisition, exploration, and development of gold properties in northern Ontario and Quebec of Canada, as well as in Mexico. The company has interests in the Timmins Mine property, Thunder Creek property, Thorne property, 144 property, Casa Berardi property, Bell Creek mine, Bell Creek mill, and RTM/AGE option property located in Canada. The company also holds interests in the polymetallic Montaña de Oro project, high-grade Lluvia de Oro gold-silver project, and Universo gold project located in Mexico. It has a strategic alliance with RT Minerals Corp. The company was formerly known as Consolidated Takepoint Ventures Ltd. and changed its name to Lake Shore Gold Corp. in December 2002. Lake Shore Gold Corp. is headquartered in Toronto, Canada.
For more information on Lake Shore Gold and other projects, please visit http://www.lsgold.com
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