Premier Gold Mines (TSX: PG) has commenced its 2020 exploration drill program at its wholly owned project in Nevada known as the McCoy-Cove Project. The company intends to focus the program on targets near the cove deposit, however the size of the drill program was not identified within the release.
Exploratory work conducted last year near the Cove deposit resulted in the discovery of several new structures that have yet to be drilled on. One such target is referred to as Davenport, and consists of four square kilometres of a magnetic anomaly that might host a gold-skarm system, which is similar to the nearby historic mines referred to as McCoy and Fortitude.
Premier Gold’s second target is south of the deposit and referred to as Antenna. Drilling conducted last season intersected mineralization in the region, with additional drilling this year to test for structural extension of the Cove deposit. Premier is also conducting metallurgical work to access options for the potential production of an underground mine, which includes large diameter wells being drilled last year for modelling water flow in order to be able to develop a water plan.
Premier’s McCoy-Cove property consists of 30,660 acres and hosts one of the highest grade undeveloped gold deposits in Nevada. Cove was last mined with 2003 by Echo Bay Mines with historic production occurring on site of 2.6 million ounces of gold and 100 million announces of silver. A preliminary economic assessment conducted in 2018 showed strong economics for the project, while a technical report filed in 2017 indicates 11.57 g/t gold and resources of over 1.0 million ounces.
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Premier Gold Mines last traded at $1.62 on the TSX.
Information for this briefing was found via Sedar and Premier Gold Mines. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
