Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG) ("Lake Shore Gold"
or the "Company") today announced results from the Company's Hole
M-10-05b, (known as the "Deep Hole"), which was designed to test
the down plunge extension of the Timmins Mine and Thunder Creek ore
bodies at vertical depths below 2,000 metres.
The Deep Hole targeted the Timmins Mine Fold Nose (TMFN), a
folded mineralized structure which hosts the Ultramafic and
Footwall zones and accounts for the bulk of existing resources
above the 1,200 metre level. The Ultramafic Zone, the highest grade
area of the Timmins deposit, typically occurs as a series of lenses
hosted by pyroxenite situated in the core of the TMFN, while the
Footwall Zone occurs within volcanic rocks, immediately north of
the pyroxenite. The Deep Hole successfully intersected the
pyroxenite, accompanied by typical Ultramafic and Footwall style
mineralization, including carbonate alteration, quartz tourmaline
veining, pyrite and elevated gold values, at the 2,380 metre level
(2,925 metres down hole), approximately 1.9 kilometres down plunge
from the bottom of the current reserve assuming the same 53 degree
plunge observed near surface. Given that the Ultramafic Zone at
Timmins Mine starts at about the 525 metre level, and assuming the
same plunge, the intersection at 2,380 metres represents a
potential quadrupling of the plunge length of the Ultramafic Zone.
The best assay value obtained to date is 1.98 grams per tonne gold
over 1.10 metres from a zone located at a down hole depth of 2,925
metres to the north and below the nose of the TMFN structure.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"We are extremely encouraged by the results of the Deep Hole. It is
an incredible accomplishment by our exploration team that, through
their analysis and calculations, they were able to model the
extension of the Ultramafic structure almost two kilometres away
and intersected the structure with the first hole. That is one hell
of a stretch! Based on our interpretations, the results very
clearly validate our exploration model, potentially quadruple the
plunge length of the Ultramafic Zone and demonstrate an amazing
down plunge continuity of the Timmins Mine gold system, which is a
classic characteristic of the historic, long-life Timmins gold
producers. We believe the same is true of Thunder Creek and will
work towards showing this through continued drilling.
"We came in on the north limb of the TMFN and now plan to drill
multiple wedge cuts into the nose of the fold structure, where the
potential to intersect high-grade mineralization is considered
greatest. Based on the results, we are very confident that, through
additional work, we will be able to add significant new extensions
to the mineralization at the Timmins West Complex. We are excited
about the prospects for additional favourable results as we
continue drilling the Deep Hole to further test both the Timmins
Mine and Thunder Creek mineralization, complete the planned wedge
cuts into the nose of the TMFN and undertake infill drilling
between the new drill results and the bottom of our current reserve
on the 1,200 Level at Timmins Mine."
The Deep Hole drill program targets an area on property owned by
a joint venture involving the Company, RT Minerals Corp. ("RTM")
and Adventure Gold Inc. ("AGE"). All design and management of
drilling for the program is being conducted by Lake Shore Gold.
Based on current interpretations, the Deep Hole intersects the
north limb of the TMFN structure slightly north of the boundary
between the LSG/RTM/AGE JV property and 100% owned Lake Shore Gold
property. The hole crosses the boundary onto the LSG/RTM/AGE JV
property at 2,985 metres down hole with drilling continuing. The
limb is identified on the basis of a prominent contact between
pyroxenite and mafic volcanic rocks, which occurs at approximately
2,862 metres down hole. At present, the hole is still in progress
and remains in pyroxenite at the current bottom which is 3,061
metres. Based on the Company's projections, the nose of the TMFN
structure may lie slightly to the south and near the 2,100 metre
elevation on the current section line.
Observations from drill core indicate moderate to strong
alteration between 2,828 metres and 2,928 metres (ie. approximately
100 metres wide) with several narrow syenite dikes, local quartz
veinlets with tourmaline and sections containing between 1-8%
pyrite. Results from this interval indicates anomalous gold values
and a best assay value of 1.98 grams per tonne gold over 1.10
metres, from a down hole depth of 2,925 metres.
A second broad zone of alteration and deformation has been
identified from recently received core, which also contains quartz
veining, with tourmaline and locally elevated pyrite. This core is
now being logged and sampled. This lower zone occurs between 3,024
and 3,061 metres (ie., approximately 37 metres wide) and is still
open to depth.
Current plans are to extend the current Deep Hole to a minimum
down hole depth of 3,400 metres to allow a better overall
understanding of both the Timmins Mine and Thunder Creek depth
extensions. Following this, the plan is to complete a series of
wedge cuts to better define the overall geometry of the structure
at this elevation, as well as plan for new drilling up and down
plunge to start defining new resources.
Quality Control
The Qualified Person ("QP") for Lake Shore Gold's Deep Hole
drill program is Jacques Samson, P.Geo. who as QP has prepared or
supervised the preparation of the scientific or technical
information for the property and verified the data disclosed in
this press release.
Lake Shore Gold has implemented a quality-control program to
ensure best practice in the sampling and analysis of the drill
core. Assays have been completed using a standard fire assay with a
30-gram aliquot. For samples that return a value greater than 10
grams per tonne gold, samples are re-run 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.
There is no guarantee that drill results reported in this news
release will lead to the identification of resources that can be
mined economically, and further work is required to identify
resources and reserves.
About Lake Shore Gold
Lake Shore Gold is a rapidly growing mining company with a
vision to become a mid-tier gold producer through the successful
exploration, development and operation of its properties in the
Abitibi Greenstone belt in Northern Ontario and Quebec, starting
with its strong base in Timmins, Ontario. In Timmins, the Company
is in commercial production at the Timmins Mine, has intersected
underground, and is developing along, mineralization at the
adjacent Thunder Creek deposit and is advancing an underground
advanced exploration program at its Bell Creek Mine. Mine
production is delivered to the Company's wholly owned mill (located
on the Bell Creek Property east of Timmins) which is being expanded
from the current capacity of 2,000 tonnes per day to 3,000 tonnes
per day, with completion expected late in 2012. The Company
continues to invest aggressively in exploration in the Timmins Camp
and in its other properties in Northern Ontario and Quebec. The
Company's common shares trade on the TSX and NYSE Amex under the
symbol LSG.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the
Company's expected production levels, production growth,
exploration activities, potential for increasing resources, project
expenditures and business plans are "forward-looking statements" or
"forward-looking information" within the meaning of certain
securities laws, including under the provisions of Canadian
provincial securities laws and under the United States Private
Securities Litigation Reform Act of 1995 and are referred to herein
as "forward-looking statements." 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 the Company's most recent Annual Information Form and other
regulatory filings with the Canadian Securities Administrators,
which are posted on sedar at www.sedar.com, or the Company's most
recent Annual Report on Form 40-F and other regulatory filings with
the Securities and Exchange Commission.
To view Figure 1. Cross Section, please visit the following
link: http://media3.marketwire.com/docs/LSG1011xFig1.pdf
To view Figure 2. Plan View, please visit the following link:
http://media3.marketwire.com/docs/LSG1011xFig2.pdf
To view Figure 3. Deep Hole Core, please visit the following
link: http://media3.marketwire.com/docs/LSG1011xFig3.pdf
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298info@lsgold.com Lake Shore Gold Corp. Mark Utting
Vice-President, Investor Relations (416)
703-6298info@lsgold.comwww.lsgold.com
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