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Lake Shore Gold Reports High-Grade Intercepts From Underground Drilling at Timmins Mine

Monday, August 24th, 2009

Lake Shore Gold Corp. (TSX:LSG) announce encouraging results from four underground holes (906.5 m) from the 525 m and 650 m levels of the Company’s 100% owned Timmins Mine Property. All holes were drilled in a northerly direction and designed to delineate the Ultramafic and Footwall Zones between these two elevations, which to this point had been outlined by wider spaced surface holes. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling. In addition, holes 650-012 and 525-006 intersected high-grade mineralization in areas outside the existing resource and 650-001 and 650-002 intersected mineralization on the edge of existing resource blocks for the Footwall Zone, demonstrating the potential to add new resources on the property.
At the present time, 24 holes and 3,804 m of diamond drilling have been completed on the 525 m Level and 17 holes and 3,399 m of diamond drilling have been completed on the 650 m Level. Holes 650-002, 650-012 and 650-001 were drilled cross-sectional to the Ultramafic Zone to delineate the zone at 15 to 20 m centres. Hole 650-002 intersected 12.87 gpt over 19.70 m, including 36.27 gpt over 3.30 m. Hole 650-012 intersected 11.23 gpt over 9.00 m, including 21.13 gpt over 2.00 m and 6.71 g/t over 1.00 m. Hole 650-001 intersected 5.81 gpt over 6.35 m, including 8.49 gpt over 2.60 m.
Tony Makuch, President and CEO of Lake Shore Gold, commented: “These results from our first underground drilling program to test the Ultramafic Zone at Timmins Mine are very encouraging and confirm the grades and widths established from previous surface drill programs, but at much closer spaced intervals. In addition, holes 650-012 and 525-006 were particularly exciting, as they both intersected high-grade mineralization outside of the known resource and extend the vertical height of the Ultramafic Zone in this cross section to a minimum of 150 metres. Drilling from both the 525 and 650 m levels is continuing and will include pursuing a number of highly prospective targets off of the 525 and 650 m levels that to date have been largely unexplored including the continuation of the ultramafic rock unit hosting the Ultramafic Zone as it extends to the east and southeast of the mine. Our development from the shaft on the 650 m Level is also advancing very well and we are about to cross-cut the Ultramafic Zone, with bulk sampling set to commence over the next several days. The area around the 650 m Level in the Ultramafic Zone is expected to be an important source of feed for the Company’s 100% owned Bell Creek Mill for at least the next year.
“In addition to our underground drilling at Timmins, we also have three surface drills working at the property to explore the property at depth where previous drill spacing becomes even wider and the main geologic structures hosting mineralization continue. Given this and values such as 9.54 gpt over 4.50 m and 22.75 gpt over 3.50 m in Hole TG06-96c, which was one of the deepest holes drilled on the property, the potential to add new resources at the mine is considered excellent.”
Mineralization in the Ultramafic and Footwall Zones occurs as a series of lenses surrounding a steep westerly plunging fold nose formed at the contact between mafic and ultramafic rocks. Closely associated with the mineralization is quartz veining, abundant pyrite, strong alteration, and local visible gold Besides confirming grades obtained by previous surface drilling, mineralized intercepts in this recently completed underground diamond drilling correlate well with the predicted locations of the zones as interpreted from the original more widely spaced surface drill holes.
In addition to intercepts within the Ultramafic Zone, the recent drilling has intersected mineralization in the main Footwall Zone, as well as additional intersections in multiple vein zones collectively known as the footwall zones. Some of these intersections include Hole 650-001 with 5.30 gpt over 1.40 m, 4.13 gpt over 1.40 m and 5.81 gpt over 1.10 m, Hole 650-002 with 5.38 gpt over 9.60 m, including 19.74 gpt over 1.40 m and 8.05 gpt over 1.10 m. Results from the Footwall Zone in 650-012 remain pending.
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