Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG) ("Lake Shore Gold"
or the "Company") -
-- Near surface drilling to east of North Porphyry/4800 Zone extends
mineralized structure additional 450 metres and confirms previously
announced 300 metre extension, with structure remaining open to east for
minimum 1.3 kms
-- 13.18 gpt over 4.50m, 8.39 gpt over 3.40m, 18.35 gpt over 1.00m,
137.02 over 1.00m, 5.13 gpt over 2.20m, 6.15 gpt over 0.60m and 2.00
gpt over 3.90m, including 3.95 gpt over 1.30m
-- Near surface drilling within North Porphyry/4800 Zone confirms and
extends mineralization between existing resource blocks, visible gold
noted in several holes
-- 7.88 gpt over 6.10m, including 13.88 gpt over 3.00m, 43.76 gpt over
1.40m, 7.37 gpt over 2.70m, 7.54 gpt over 1.70m, 9.73 gpt over 1.00,
5.26 gpt over 1.00m, 15.40 gpt over 1.70m
-- North Porphyry/4800 Zone extended 200 metres vertically to minimum
vertical depth of 1,050 metres
-- Updated National Instrument ("NI") 43-101 report on track for release
during first quarter 2012, report to be focused on areas within 500
metres of surface.
Lake Shore Gold Corp. today announced results from 20 new holes
and one new wedge hole (8,931 metres), as well as new results from
two previously drilled holes, all completed as part of the 2011
drill program at the Company's 100 percent owned Thorne property,
which overlies the Gold River Trend. The Gold River Trend is a
major alteration and deformation structure, located approximately 3
kilometres ("kms") south of the Company's Thunder Creek deposit
which has been traced for a minimum strike length of 3.5 kms.
Current National Instrument ("NI") 43-101 compliant inferred
resources at the property are listed at approximately 4 million
tonnes, grading approximately 3.00 gpt (400,000 ounces). The
current drill program is focused on the Gold River East area and is
designed to infill and expand previously defined zones within a 1.7
km strike length in preparation for a new NI 43-101 resource update
scheduled for the first quarter of 2012.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"We are extremely pleased with today's new drill results which
continue to confirm and extend the size of the overall gold system
at the Gold River Trend. This new drilling has extended the strike
length of the mineralized envelope underlying the Gold River East
area by at least 750 metres eastward, with the potential for an
additional 1.3 kms of strike length in that direction. We also
continued to extend mineralization from drilling within untested
gaps at the North Porphyry/4800 Zone, and successfully extended the
mineralization within the Zone by 200 metres to depth, to 1,050
metres below surface, our deepest mineralized intersection to date
along the Gold River Trend. Infill drilling within the envelope is
continuing to outline new high grade lenses as well as add
confidence in shapes and grades for inclusion within our upcoming
resource estimate.
"Considering that we have already been successful in extending
the mineralization both along strike and to depth, and the fact
that we have really only explored a small area along the total Gold
River Trend, we are very encouraged by the potential of this area
to host a new advanced stage mining project for the Company on the
west side of Timmins that will complement the considerable progress
we are making at the nearby Timmins West Mine. We look forward to
continuing the ongoing drill program in this area in 2012 and to
updating our NI 43-101 resource by the end of the first
quarter."
Drilling included 12 new holes designed to confirm and expand
upon the recently discovered 300 metre extension of the North
Porphyry/4800 Zone (See press release August 30, 2011). Eight of
the new holes tested the 300 metre extension over a 140 metre
strike length and maximum 300 metre depth west of discovery hole
TH-11-85, which intersected 2.04 gpt over 18.00m, 9.55 gpt over
1.00m and 7.82 gpt over 2.50m (see press release August 30, 2011).
Among the new results were: 13.18 gpt over 4.50m in TH-11-121,
18.35 gpt over 1.00m and 8.39 gpt over 3.40m in TH-11-111, 137.02
gpt over 1.00m and 7.82 gpt over 0.90m in TH-11-118 and 5.13 gpt
over 2.20m in TH-11-125. The new intersections in holes TH-11-121
and in TH-11-111 are from approximately 50 and 150 metres
vertically below and 100 metres west of mineralized zones in
discovery hole TH-11-85. Four additional new shallow depth holes
were completed east of discovery hole TH-11-85 and confirm a
further 450 metre extension of the overall alteration system and
key mineralized structures. The best assay results obtained from
the four holes included: 6.15 gpt over 0.60m and 2.00 gpt over
3.90m, including 3.95 gpt over 1.30m, from TH-11-126.
Eight additional new holes and one new wedge hole were completed
to test the North Porphyry/4800 Zone both near surface and to
depth. The new holes in this area targeted a 440 metre strike
length of the Zone and were designed to fill in untested gaps
between 150 and 550 metres below surface. Results of the program
were very successful and continue to indicate multiple zones of
high grade mineralization within a broad envelope of strong
hydrothermal alteration measuring up to 150 metres wide. Among
significant results are 7.88 gpt over 6.10m, including 13.88 gpt
over 3.00m in TH-11-124, 7.37 gpt over 2.70m, 43.76 gpt over 1.40m
and 1.11 gpt over 12.70m in TH-11-108, 7.54 gpt over 1.70m in
TH-11-124A and 9.73 gpt over 1.00m and 5.26 gpt over 1.00m in
Th-11-115. In addition to results from the new drill holes, results
also included newly received assays from previously announced
Th-11-113, which indicate a second zone of gold mineralization
grading 15.40 gpt over 1.70m above the previously announced
intercept of 254 gpt over 1.60m, including 1,350 gpt over 0.30m
(see press release August 30,2011).
Additional assay results were also received from previously
reported Th-11-94A, which was designed to test the deep extension
of the North Porphyry/4800 Zone. The new results include 5.92 gpt
over 3.00m, including 13.20 gpt over 1.00m to complement previously
announced assays of 3.26 gpt over 2.45m and 3.50 gpt over 2.90m
(See press release August 30, 2011). These new results are located
200 metres deeper than the previous deepest intercepts from the
North Porphyry/4800 Zone and extend the deposit to a minimum of
1,050 metres below surface, representing the deepest intersection
to date on the Gold River structure..
The Gold River Trend lies approximately 2.0km north of the
Destor-Porcupine Fault Zone and surrounds an east-west trending,
steeply northward dipping contact between volcanic and sedimentary
rocks. Mineralization is contained in multiple zones located
immediately to the south of the contact and closely associated with
quartz-feldspar porphyry dikes, dark grey quartz veining, increased
pyrite/arsenopyrite and local visible gold. New drilling at the
North Porphyry/4800 Zone area has now defined this contact as well
as a number of specific mineralized zones over a minimum strike
length of over 2.0 kms and to a vertical depth of 1,050 metres from
surface with potential for expansion. The presence of a newly
recognized mafic volcanic unit which lies on the north side of the
Golden River shear zone suggests that the mineralization is
coincident with an early thrust fault that introduces possible
Tisdale aged volcanic rocks into the Porcupine Basin, similar to
the structural setting in the Hoyle Pond-Vogel-Bell Creek Belt
further east in the Porcupine Camp.
Drilling is continuing at the Gold River East area with two
surface drills doing a combination of infill and expansion drilling
in the North Porphyry/4800 Zone area. Current plans are to complete
a total of 15,000-20,000 metres at the project before the end of
2012. Work is also proceeding on schedule for the planned release
of a new NI 43-101 Technical report during the first quarter of
2012.
Quality Control
The Qualified Person ("QP") for Lake Shore Gold's drill program
at the Thorne Property 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. Mr. Samson is an employee of Lake
Shore Gold.
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 ten
grams per tonne gold, the sample is 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 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 and
around the century-old Timmins Gold Camp. The Company is in
commercial production at the Timmins Mine, has commenced
pre-production development 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 operational at a capacity of 2,000 tonnes per day
and is currently being expanded to a 3,000 tonne per day with
completion targeted for late 2012. The Company continues to invest
aggressively in exploration at its multiple properties in and
around the Timmins Camp. 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 be consistent with
models and 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, delays in development or mining and
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.
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
resources and reserves.
Thorne Project - Significant Assay Table
----------------------------------------------------------------------------
Hole Easting From To Interval Grade Target
----------------------------------------------------------------------------
Number Nad 83 (M) (gpt) Zone
----------------------------------------------------------------------------
TH-11-94A 461449 1309.00 1312.00 3.00 5.92 North Porphyry-deep
----------------------------------------------------------------------------
incls. 1309.00 1310.00 1.00 13.20
----------------------------------------------------------------------------
TH-11-107 461580 308.70 310.00 1.30 2.35 North Porph/4500/4800
----------------------------------------------------------------------------
371.00 371.70 0.70 3.54
----------------------------------------------------------------------------
TH-11-108 461800 68.00 80.70 12.70 1.11 North Porph/4500/4800
----------------------------------------------------------------------------
incls 74.00 76.00 2.00 2.92
----------------------------------------------------------------------------
92.00 97.40 5.40 3.87
----------------------------------------------------------------------------
incls 92.70 95.40 2.70 7.37
----------------------------------------------------------------------------
145.60 146.55 0.95 29.70
----------------------------------------------------------------------------
153.00 155.70 2.70 3.28
----------------------------------------------------------------------------
166.70 168.10 1.40 43.76
----------------------------------------------------------------------------
TH-11-109 461380 465.50 466.20 0.70 4.69 North Porphyry
----------------------------------------------------------------------------
537.00 539.00 2.00 2.70
----------------------------------------------------------------------------
560.60 561.40 0.80 9.94
----------------------------------------------------------------------------
571.20 573.00 1.80 2.20
----------------------------------------------------------------------------
TH-11-110 461800 43.70 45.60 1.90 2.24 North Porph/4500/4800
----------------------------------------------------------------------------
243.90 244.20 0.30 6.81
----------------------------------------------------------------------------
247.40 247.70 0.30 4.91
----------------------------------------------------------------------------
310.00 310.50 0.50 14.30
----------------------------------------------------------------------------
TH-11-111 462160 282.00 283.00 1.00 18.35 East Zone (4800-ext)
----------------------------------------------------------------------------
286.80 290.20 3.40 8.39
----------------------------------------------------------------------------
incls 286.80 288.00 1.20 22.20
----------------------------------------------------------------------------
TH-11-113 461860 141.50 143.20 1.70 15.40 North Porph/4500/4800
----------------------------------------------------------------------------
TH-11-114 462300 172.00 174.00 2.00 2.16 Far East Exploration
----------------------------------------------------------------------------
308.70 309.50 0.80 2.33
----------------------------------------------------------------------------
TH-11-115 461380 271.50 272.00 0.50 3.17 North Porphyry - deep
----------------------------------------------------------------------------
369.00 370.00 1.00 9.73
----------------------------------------------------------------------------
377.00 378.00 1.00 5.26
----------------------------------------------------------------------------
TH-11-116 462120 169.00 170.00 1.00 2.76 East Zone (4800-ext)
----------------------------------------------------------------------------
190.00 191.00 1.00 2.41
----------------------------------------------------------------------------
TH-11-117 462220 94.30 96.00 1.70 3.79 Far East Exploration
----------------------------------------------------------------------------
TH-11-118 462120 256.30 257.30 1.00 137.02 East Zone (4800-ext), VG
----------------------------------------------------------------------------
261.70 262.20 0.50 3.20
----------------------------------------------------------------------------
264.10 265.00 0.90 7.82
----------------------------------------------------------------------------
TH-11-119 462120 348.00 354.00 6.00 2.67 East Zone (4800-ext)
----------------------------------------------------------------------------
incls 348.00 348.40 0.40 27.50
----------------------------------------------------------------------------
394.70 395.40 0.70 5.44
----------------------------------------------------------------------------
Thorne Project - Significant Assay Table
----------------------------------------------------------------------------
Hole Easting From To Interval Grade Target
----------------------------------------------------------------------------
Number Nad 83 (M) (gpt) Zone
----------------------------------------------------------------------------
TH-11-120 461380 357.00 359.00 2.00 2.38 North Porphyry - deep
----------------------------------------------------------------------------
417.50 418.00 0.50 3.01
----------------------------------------------------------------------------
455.80 460.70 4.90 4.20
----------------------------------------------------------------------------
535.00 537.00 2.00 2.69
----------------------------------------------------------------------------
630.40 632.00 1.60 3.59
----------------------------------------------------------------------------
653.90 654.70 0.80 3.33
----------------------------------------------------------------------------
TH-11-121 462160 265.40 267.00 1.60 2.01 East Zone (4800-ext)
----------------------------------------------------------------------------
397.00 401.50 4.50 13.18 VG
----------------------------------------------------------------------------
TH-11-123 462158 248.50 250.50 2.00 2.91 East Zone (4800-ext)
----------------------------------------------------------------------------
340.00 340.50 0.50 6.91
----------------------------------------------------------------------------
464.00 468.00 4.00 2.70
----------------------------------------------------------------------------
incls 467.50 468.00 0.50 9.67
----------------------------------------------------------------------------
518.50 519.40 0.90 3.27
----------------------------------------------------------------------------
TH-11-124 461300 695.20 701.30 6.10 7.88 North Porphyry - deep
----------------------------------------------------------------------------
incls 696.00 699.00 3.00 13.88 Some Assays pending
----------------------------------------------------------------------------
TH-11-
124A 461300 334.80 336.00 1.20 3.41 North Porphyry - deep
----------------------------------------------------------------------------
491.50 492.50 1.00 2.93 Some Assays pending
----------------------------------------------------------------------------
584.00 585.70 1.70 7.54
----------------------------------------------------------------------------
incls 584.60 584.90 0.30 40.90 VG
----------------------------------------------------------------------------
663.40 664.70 1.30 4.46
----------------------------------------------------------------------------
TH-11-125 462120 236.00 243.00 7.00 2.12 East Zone (4800-ext)
----------------------------------------------------------------------------
incls 240.80 243.00 2.20 5.13
----------------------------------------------------------------------------
473.00 473.40 0.40 5.53
----------------------------------------------------------------------------
TH-11-126 462700 186.80 190.70 3.90 2.00 Far East Exploration
----------------------------------------------------------------------------
incls 186.80 188.00 1.20 3.95
----------------------------------------------------------------------------
380.60 381.20 0.60 6.15
----------------------------------------------------------------------------
TH-11-128 462550 383.70 388.00 4.30 1.04 Far East Exploration
----------------------------------------------------------------------------
Notes:
1) Holes TH-11-102, TH-11-112 returned no significant assays.
2) Holes TH-11-122, TH-11-127 were abandoned due to excessive deviation or
other drilling issues encountered before reaching mineralization with no
significant values returned.
3) Assays are reported uncut.
4) True widths are not reported at this time.
To view Figure 1 - Location Map, please visit the following
link: http://media3.marketwire.com/docs/758989_fig_1.pdf.
To view Figure 2 - Longsection, please visit the following link:
http://media3.marketwire.com/docs/758989_fig_2.pdf.
Contacts: Lake Shore Gold Tony Makuch President & CEO (416)
703-6298info@lsgold.com Lake Shore Gold Mark Utting Vice-President,
Investor Relations (416) 703-6298info@lsgold.com www.lsgold.com
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