TORONTO, ONTARIO–(Marketwired –
San Dimas Exploration Highlights include:
- Extending mineralization at depth in the Robertita vein, including 100.8 g/t Au and 732 g/t Ag over 2.5m (ROB13_287);
- Extending the known mineralization in the Alexa and
Victoriaveins, including 18.3 g/t Au and 452 g/t Ag over 1.2 m (AL13_072) and 134.8 g/t Au and 9,731 g/t Ag over 1.1 m (VIC13_258);
- Intercepting what appears to be a new high-grade vein in the West Block, including 19.8 g/t Au and 1,454 g/t Ag over 1.0 m (SJ13_016).
Drilling results are summarized in Table 1.
“Our investment in exploration continues to deliver results,” stated
The Company’s 2013
Exploration at San Dimas Continues to Deliver Positive Results
Since the Company discovered the Alexa and
Due to their close proximity to existing infrastructure, the Company has successfully developed access to the Alexa and
A total of 65,392 metres drilling has been completed at
Drilling in 2013 has increased the known length of the Alexa vein, which now extends the entire 400 metres between the
Initial drilling, approximately 600 metres north of the Alexa vein, intersected two intercepts, one including 19.8 grams per tonne (“g/t”) gold (“Au”) and 1,454 g/t silver (“Ag”) over 1.0 metre (“m”) (Table 1). Based on the Company’s understanding of the existing mineralization at
Drilling on the Robertita vein, in the Central Block has extended its known depth to at least 200 metres below the lowest currently defined resources and remains open (Figure 4). Reserves contained in the Robertita vein at year end 2012 averaged 6.2 g/t gold and this area remains an important contributor to the Company’s near term mine plan.
The Company has also re-analyzed historical geophysical datasets at
The Company remains focused on aggressively exploring the Sinaloa Graben and West Blocks and believes these areas will be a significant contributor to future production from
Project Start-up Deferred Six Months Allowing for Further Exploration at Cerro del Gallo
As a result of the significant decline in the gold price and the recently proposed tax legislation in
The Company will use the expanded development time-frame to further explore the Cerro del Gallo deposit and the greater San Anton property. The Company began drilling at Cerro del Gallo in
The previous owner of the property primarily focused on the Cerro del Gallo deposit only and as a result there has been limited exploration on a number of targets that have previously been identified within the San Anton property.
When the Company recently re-analyzed historical geophysical datasets at Cerro del Gallo along with newly acquired remote sensing ASTER data and high resolution Digital Elevation Models (DEM), multiple exploration targets were found with similar geophysical signatures to Cerro del Gallo in the eastern portion of the property. Several alteration features were also identified on the western side of the property – an area which despite a known historical gold and silver mine remains largely unexplored by modern methods.
Table 1: Significant 2013 San Dimas Drill Results.
|Area||Drill Hole||Purpose||Gold||Silver||True Width (m)|
|West Block (Alexa)||AL13_061||Exploration||2.7||157||1.9|
|West Block (Alexa)||AL13_065||Exploration||2.2||120||3.3|
|West Block (Alexa)||AL13_071||Exploration||3.2||227||0.4|
|West Block (Alexa)||AL13_072||Exploration||18.3||452||1.2|
|West Block (Alexa)||AL13_073||Exploration||6.0||142||1.0|
|West Block (Alexa)||AL13_079||Exploration||2.0||10||1.6|
|West Block (Alexa)||AL13_081||Exploration||2.0||18||1.3|
|West Block (Alexa)||Exploration||2.1||16||0.5|
|West Block (San Jose Vein)||SJ13_016||Exploration||19.8||1,454||1.0|
|West Block (San Jose Vein)||Exploration||5.3||276||0.8|
|West Block (San Jose Vein)||SJ13_019||Exploration||3.6||293||1.3|
|West Block (San Jose Vein)||SJ13_020||Exploration||4.9||557||0.8|
|Sinaloa Graben (Victoria)||VIC13_249||Exploration||2.1||29||1.2|
|West Block (Victoria)||VIC13_258||Exploration||134.8||9,731||1.1|
|West Block (Victoria)||Exploration||57.3||1,818||0.4|
|West Block (Victoria)||VIC13_262||Exploration||7.1||8||0.9|
|West Block (Victoria)||VIC13_265||Exploration||11.2||236||1.6|
|West Block (Victoria)||Exploration||3.6||83||1.2|
|West Block (Victoria)||VIC13_266||Exploration||4.4||218||1.9|
|West Block (Victoria)||Exploration||3.1||92||6.0|
|West Block (Victoria)||Exploration||6.4||160||2.2|
|West Block (Victoria)||Exploration||4.4||142||3.4|
|West Block (Victoria)||VIC13_267||Exploration||3.0||171||0.9|
|West Block (Victoria)||VIC13_268(1)||Exploration||12.6||796||3.6|
|West Block (Victoria)||Exploration||4.3||263||3.1|
|Sinaloa Graben (Victoria)||VIC13_268(2)||Exploration||17.9||813||3.9|
|West Block (Victoria)||VIC13_273||Exploration||2.3||188||1.8|
|West Block (Victoria)||VIC13_274||Exploration||2.1||108||0.4|
|Central Block (Robertita Vein)||ROB13_274||Delineation||4.3||293||0.5|
|Central Block (Robertita Vein)||Delineation||3.8||142||0.4|
|Central Block (Robertita Vein)||Delineation||3.4||271||0.4|
|Central Block (Robertita Vein)||Delineation||2.1||48||0.4|
|Central Block (Robertita Vein)||ROB13_275||Delineation||10.0||281||10.8|
|Central Block (Robertita Vein)||ROB13_276||Delineation||1.9||102||1.9|
|Central Block (Robertita Vein)||ROB13_281||Delineation||5.5||228||1.8|
|Central Block (Robertita Vein)||ROB13_282||Delineation||12.5||467||3.2|
|Central Block (Robertita Vein)||Delineation||14.7||597||1.3|
|Central Block (Robertita Vein)||ROB13_284||Delineation||3.9||172||0.5|
|Central Block (Robertita Vein)||ROB13_285||Delineation||4.1||361||1.7|
|Central Block (Robertita Vein)||ROB13_286||Delineation||21.1||262||2.0|
|Central Block (Robertita Vein)||ROB13_287||Delineation||100.8||732||2.5|
|Central Block (Robertita Vein)||Delineation||2.3||90||0.7|
|Central Block (Robertita Vein)||ROB13_290||Delineation||4.8||6||0.6|
|Central Block (Robertita Vein)||Delineation||2.0||3||1.3|
|Central Block (Robertita Vein)||ROB13_291||Delineation||6.1||174||0.4|
|Central Block (Robertita Vein)||ROB13_293||Delineation||7.4||508||1.8|
Figure 1: Alexa Vein Drill Hole Locations – Longitudinal Section: http://media3.marketwire.com/docs/PrimeroFig.1.pdf.
Figure 2: Victoria Vein Drill Locations – Longitudinal Section: http://media3.marketwire.com/docs/PrimeroFig.2.pdf.
Figure 3: San Jose Drill Hole Locations – Longitudinal Section: http://media3.marketwire.com/docs/PrimeroFig.3.pdf.
Figure 4: Robertita Vein Drill Locations – Longitudinal Section: http://media3.marketwire.com/docs/PrimeroFig.4.pdf.
Figure 5: San Dimas Plan View: http://media3.marketwire.com/docs/PrimeroFig.5.pdf.
Figure 6: Cerro del
(i) Refer to the Company’s news releases of
Primero’s website is www.primeromining.com.
TECHNICAL INFORMATION AND QUALIFIED PERSON/QUALITY CONTROL NOTES
The scientific and technical information contained herein is based on information prepared by or under the supervision of Mr.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of
The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management including with respect to market conditions; the specific assumptions set forth above in this news release; that the Company does not change its exploration plans; that the geology and vein structures in the Sinaloa Graben and the West Block, and on the Cerro del Gallo property are as expected and that certain veins remain open at depth. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including changes in commodity prices and the costs of project development and construction; the Company may not be able to timely assess and to complete matters necessary to make a construction decision respecting Cerro del Gallo; the ability to obtain permits and lands necessary to bring the Cerro del Gallo project into production; the ability of the Company to generate significant free cash flow; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; and the ability to build a portfolio of precious metals assets in the
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.