EXPLORATION & DEVELOPMENT

Premier upbeat on Mercedes, Hasaga hits

Highlights include 75m at 3.1g/t gold

Staff reporter

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Among the highlights, Premier hit 18.3m at 38.28g/t gold and 25.98g/t silver at Mercedes' Aida Vein, and 75m at 3.1g/t gold at Hasaga's C-Zone.

"At Hasaga, the C-Zone and D-Zone targets are clearly structurally-controlled and appear to be open for further expansion, while defining such high grades close to our mine workings at Mercedes will support improved operational performance," executive vice-president Stephen McGibbon said.

The miner is aiming to meet or beat its 2018 guidance after a 40% year-on-year slump in gold and silver output in the March quarter. 

It has two new operations - the Phase 1 openpit and the El Nino underground mine - under construction at its South Arturo joint venture mine with Barrick Gold in Nevada.

Premier ended the quarter with cash and equivalents of US$98.4 million.

It has a budget of $93 million for exploration and development this year, according to its latest presentation, with more than 50% funded by partners.

Premier's shares closed up C5c yesterday to $3.02 but remain down 16.11% year-to-date, capitalising it at $611.9 million.

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