The estimate includes an openpit measured and indicated (M&I) resource of 1.28 million ounces grading 1.95 grams per tonne and an underground M&I resource of 190,000oz grading 10.49g/t with an inferred resource of 580,000oz grading 11.90g/t.
"We are pleased to acquire such a high-quality project located in one of the world's most productive gold districts. The grades of both the open-pit and underground deposits rank amongst the highest in North America and our future focus will be to advance both to production," said president and CEO Ewan Downie.
Premier entered into a definitive agreement to acquire Getchell from Waterton Global Resource Management for US$50 million in cash and stock in August.
Premier also said it was contemplating spinning-out its Nevada assets into a separate company. If it completes the Getchell acquisition it is expected to be included in the spin-out transaction, which will include the South Arturo and McCoy-Cove properties. South Arturo is operated by joint venture partner Nevada Gold Mines. McCoy-Cove hosts a high-grade undeveloped gold deposit.
Shares in Premier Gold Mines are trading at C$2.73, valuing the company at $650 million.