Lake Shore Gold Corp. Announces Second Gold Discovery at 144
Jun 25 15
Lake Shore Gold Corp. announced results from an additional 25 drill holes and two wedge holes (28,011 metres) at the company's 144 Exploration Area (144), which includes the 144 Gap, 144 Gap SW, 144 North and 144 South. 144 is located immediately southwest of the Timmins West Mine Thunder Creek Deposit and covers about 4.0 kilometres of the same volcanic/ultramafic, intrusive/sedimentary contact (the TC-144 Trend) that hosts both Thunder Creek and Timmins Deposit. Drilling at 144 to date has been largely focused on the 144 Gap area, where a new discovery was announced in October 2014. The discovery of the 144 Gap SW Zone, announced today, results from eight holes that were drilled to test targets to the southwest of the 144 Gap. Eight holes (Hwy-15-107, 108, 111, 116, 123, 125, 126 and 129) were drilled as part of a new program of wide-spaced exploration drilling to test a 325 metre (m) strike length of the TC-144 Trend southwest of the 144 Gap Zone. These holes intersected a significant new zone of gold mineralization (144 Gap SW). Among key intercepts being reported are: 3.30 gpt/40.8m, including 6.12 gpt/9.5m, in Hwy-15-116, 3.73 gpt/10.2m and 5.76 gpt/3.0m in Hwy-15-123, 3.22 gpt/14.7m in Hwy-15-125 and 6.24 gpt/3.3m in Hwy-15-126. The new mineralization is located
200 m to the southwest of the 144 Gap Zone and is defined by five holes covering 125 m of strike length approximately 800 m below surface and close to the elevation of the new exploration drift being developed from Thunder Creek. All of the holes intersected thick intervals of altered syenite with local quartz veining, pyrite and visible gold similar to that observed at the 144 Gap Zone. The most westerly of the five new holes is located within 150 m of 144 North. An additional eight holes and two wedge holes (Hwy-15-58W1, 78W1, 104, 112, 113, 114, 127, 128, 132, 134) from the new program were drilled mainly near the east and west margins of the
144 Gap Zone to assist with refining the geologic model for upcoming resource estimation. Among key intercepts are: 13.87 gpt/16.5m, including 129.17 gpt/1.5m, and 3.15 gpt/11.4m from Hwy-15-127, 5.92 gpt/7.0m, 10.14 gpt/2.1m and 3.74 gpt/12.6m, including 5.91 gpt/5.6m, in Hwy-15-134, 5.43 gpt/4.5m and 5.06 gpt/3.2m in Hwy-15-58W1, 5.38 gpt/6.5m in Hwy-15-128 and 8.04 gpt/2.0m and 27.28 gpt/2.5m in Hwy-15-114. Recent interpretations continue to suggest that the mineralization at 144 Gap is contained within a broad zone of hydrothermal alteration and deformation measuring up to 100 m wide and closely associated with syenite intrusions, quartz veining, pyrite, scheelite and/or galena and multiple occurrences of visible gold. Mineralization appears to be contained in a series of thick higher- grade chutes within an easterly plunging system. Some of the best mineralization identified to date is contained in a thick high-grade core which is estimated to measure 300 m in vertical
height, 50 to 125 m in width and 75 to 125 m in strike length near the discovery hole Hwy-14-48. Hwy-15-109,110,115,117,118,119,121,122 and 124 were drilled as wide-spaced exploratory holes above the 144 Gap Zone towards surface and generally returned low values, but confirmed the current geologic model indicating that the top of mineralization is located approximately 550 m below surface. In addition to recent drilling, the Company is in the final preparation stages for a large program of
surface geophysics covering areas southwest of the 144 Gap and over the 144 North and South targets. The program will include line cutting, and an airborne drone magnetic survey, as well as a 3D Inverse polarization survey (3D IP) over a 3.5 km by 4 km area to assist in defining new drill targets. Work on the program is planned to commence by early in the third quarter. The company plans to continue surface drilling with 3-4 drill rigs during the new geophysical program with a focus on exploration to the southwest of the 144 Gap Zone.
Lake Shore Gold Corp. Announces Departure of Peter Crossgrove, Director
Jun 3 15
Lake Shore Gold Corp. announced the passing of company director, Peter Crossgrove. Mr. Crossgrove joined the company's board of directors in November 2009 following the acquisition of West Timmins Mining Inc.
Lake Shore Gold Corp. Makes Final Payment on its Senior Secured Debt with Sprott Resource Lending Partnership
May 29 15
Lake Shore Gold Corp. announced that the company has made the final payment on its senior secured debt with Sprott Resource Lending Partnership. The $70 million senior secured facility was first arranged in the summer of 2012 as part of the financing required to expand the Bell Creek Mill.