TORONTO,
ONTARIO--(Marketwire - Aug. 25, 2009) - Lake Shore Gold Corp. (TSX:LSG)
("Lake Shore Gold" or the "Company") today
announced results for three new holes, TC09-68c, TC09-68d and TC09-73,
(2,447 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. The Company holds
a 60% interest in the Thunder Creek property, and is the operator of
the joint venture with West Timmins Mining Inc.
TC09-68c was designed to test the Rusk and Porphyry zones approximately
55 metres
metres up dip from previously released hole TC09-68b (which included
12.75 gpt over 83.40
m). TC09-68c intersected multiple zones of
mineralization including 21.86 gpt over 1.70 m, 9.13 gpt
over 0.70 m
and 3.17 gpt over 15.70
m, including 23.20 gpt over 0.50 m from the Rusk
Zone and 4.17 gpt over 13.35
m from the Porphyry Zone.
TC09-68d was wedged from TC09-68c and further extended the zones of
mineralization by another 35 to 40m above TC09-68c. Best intercepts in
TC09-68d include 4.85 gpt over 15.70 m from the Rusk Zone, and 12.17
gpt over 9.00 m
in the Porphyry. The intercepts from the Rusk Zone display strong
iron-carbonate alteration within a sheared contact zone including
ultramafic, sedimentary and volcanic rocks, accompanied by
quartz-carbonate veining, felsic dykelets and locally strong pyrite
dissemination. Mineralization in the Porphyry Zone is characterized by
local quartz veining, accompanied by minor sphalerite, galena,
molybdenite, scheelite and pyrite. Fine visible gold specks are
commonly observed at several locations within the intrusive. When the
Rusk and Porphyry zones are combined as one mineralized interval, the
composite grade intersected is 2.34 gpt over 100.25 m in Hole
TC09-68c and 3.73 gpt over 80.30 m in Hole TC09-68d. When compared
to previously released Hole TC09-68b, the
widths are similar but the grades lower. The lower grades are
attributable to natural variability of gold content within the overall
system which is typical of high grade coarse gold deposits. Along with
previously release holes TC08-54 (5.90 gpt over 26.35 m) and
TC09-68 (2.87 gpt over 71.75
m), these intersections define a thick
mineralization envelope over a minimum 250 m vertical height
incorporating the entire porphyry and portions of the Rusk Zone. This
adds a prospective new target with bulk and/or high grade potential for
the project.
TC09-73 was a major "step-out" hole designed to explore for
the Rusk and Porphyry zones approximately 245 metres down
dip from Hole TC09-68 and is the deepest hole drilled at the property
to date. However, due to technical problems the hole had to be
abandoned before crossing through the entire Porphyry unit. Before
being abandoned, TC09-73 intersected the Rusk Zone and the north side
of the gold bearing Porphyry unit. Where intersected, the porphyry
displayed local silicification, hematization and sporadic quartz
veining containing base metals, molybdenite and scheelite, which are
characteristic of previously reported high grade zones from within the
Porphyry. The Porphyry also contained a generally elevated level of
gold with the best intercepts ranging from 2.51 gpt to 2.89 gpt over 0.50 m widths.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The
results continue to expand the mineralized structures at Thunder Creek
and suggest the presence of a large scale gold system on the property
which is closely linked to a major Porphyry body. The Porphyry system
remains open in both directions and to depth. We took a major step out
with Hole TC09-73, drilling 245 metres (approximately 800 feet) down dip
from our previous deepest hole and, as a result, successfully extended
the mineralized porphyry unit to a vertical depth of 1,125 metres
and confirmed that several good indicators for higher grade
mineralization found in holes above were still present at this depth. As
such, the potential for high grade zones to this depth and even further
is considered excellent and the company plans to pursue this
opportunity aggressively with our future drilling. We have four
additional holes completed with results pending and currently have
three drills working on the property."
---------------------------------------------------------------------------- Hole From To Interval Section Au Zone Number (m) (m) (m) gpt ---------------------------------------------------------------------------- TC09-68c 815.80 816.50 0.70 9550N 9.13 Rusk Zone 831.50 833.20 1.70 21.86 Rusk Zone 815.80 916.05 100.25 2.34 Rusk and Porphyry zones incl. 840.00 855.70 15.70 3.17 Rusk Zone and incl. 840.00 840.50 0.50 23.20 and incl. 847.30 848.00 0.70 16.25 and incl. 855.20 855.70 0.50 13.15 and incl. 869.30 870.30 1.00 8.24 Porphyry and incl. 890.85 904.20 13.35 4.17 Porphyry and incl. 910.10 911.00 0.90 10.89 Porphyry TC09-68d 717.20 817.70 0.50 5.00 Rusk Zone 823.50 903.80 80.30 3.73 Rusk and Porphyry zones incl. 824.00 839.70 15.70 4.85 Rusk Zone and incl. 832.00 834.40 2.40 8.50 and incl. 860.50 869.50 9.00 12.17 Porphyry and incl. 878.50 880.40 1.90 13.02 Porphyry and incl. 887.50 890.00 2.50 10.18 Porphyry TC09-73 1,086.20 1,086.70 0.50 2.51 Rusk Zone 1,088.75 1,089.25 0.50 2.73 Rusk Zone 1,170.00 1,170.50 0.50 2.89 Porphyry ---------------------------------------------------------------------------- Note: Due to uncertainties in zone orientations, true widths are not known at this time. Assays reported are uncut
The Thunder Creek property is a joint
venture, with Lake Shore Gold owning a 60% interest and acting as
project operator, with the remaining 40% interest owned by West Timmins
Mining Inc.
Quality Control
The Company'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.
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, was refurbished to a capacity of
800 tonnes per day as of the end of 2008, with the Mill's capacity
currently being increased to 1,500 tonnes per day. The Company recently
commenced an underground 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 TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's
exploration activities, project expenditures and business plans are
"forward-looking statements" within the meaning of securities
legislation. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements. These
forward-looking statements represent management's best judgment based
on current facts and assumptions that management considers reasonable,
including that operating and capital plans will not be disrupted by
issues such as mechanical failure, unavailability of parts, labour
disturbances, interruption in transportation or utilities, or adverse
weather conditions, that there are no material unanticipated variations
in budgeted costs, that contractors will complete projects according to
schedule, and that actual mineralization on properties will not be less
than identified mineral reserves. The Company makes no representation
that reasonable business people in possession of the same information
would reach the same conclusions. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. In
particular, fluctuations in the price of gold or in currency markets
could prevent the Company from achieving its targets. Readers should
not place undue reliance on forward-looking statements. More information
about risks and uncertainties affecting the Company and its business is
available in Lake Shore Gold's most recent Annual Information Form and
other regulatory filings which are posted on SEDAR at www.sedar.com.
There is no guarantee that drill results reported in this news release
will lead to the identification of a deposit that can be mined
economically, and further work is required to identify a reserve or
resource.
To view Figure 1. Plan view, please visit the following link: http://media3.marketwire.com/docs/LSG825F1.pdf.
To view Figure 2. Long Section, please visit the following link: http://media3.marketwire.com/docs/LSG825F2.pdf.
To view Figure 3. Cross Section, please visit the following link: http://media3.marketwire.com/docs/LSG825F3.pdf.
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