Premier holds a 44% interest in the Rahill-Bonanza Property. Its partner, Red Lake Gold Mines Ltd.,an affiliate of Goldcorp Inc., holds the remaining 56% interest and is operator. The Rahill-Bonanza Property is located in the heart of the Red Lake gold mining district in Northwestern Ontario, a world-class jurisdiction with a deep mining history known for its recent discoveries of high grade gold deposits.
The Rahill-Bonanza Property is uniquely blessed with extensivelocal and regional infrastructure that includes active gold mining operations located immediately east and west of its property boundary. The operations are linked by a one mile deep high capacity railway system (the “tram”) which traverses the joint venture property and is used to efficiently transport minedmaterial. The communities of Balmertown and Cochenour are serviced by a regional paved highway, a regional airport and are an abundant source of diversely skilled labour.
The Property occurs along the “Mine Trend” and is the only remaining property on the trend that is not 100%-owned by Goldcorp Inc. Significant deeper discoveries made along the Mine Trend in the last 20 years highlight the potential for extremely high grade and widespread mineralization to exist.
Multiple deposits exist on the property that remain open at depth and warrant significant future exploration to be conducted.