Welcome To The Premium Exploration Inc HUB On AGORACOM
Ultimately Developing a District with Multiple Near-Surface Gold Resources along the +30 km Property in Idaho
Message: News
July 06 2011
The following corrects previous news release dated May 31, 2011. Drill-holes PFR2011-1 and PFR2011-2 were reported to be drilled 100 m along strike south of the Lower Block of the Main Zone. The correct distance is 25 m.
The Company is pleased to announce the following highlights of the 25,000 m Drill Program:
“343,000 indicated gold oz and 780,000 inferred gold oz are hosted within the 800 meter strike length of the Main Resource Zone. The 15% increase in the strike length of the Main Zone to the south and the successful location of the target to guide step-outs to the north, demonstrates the additional size potential of the deposit along strike,” stated Michael Ostenson, P.GEO., VP Exploration.
“Two drills led to four discoveries in Phase-Three: The expansion to three drills along the 30 km gold district increases Premium’s ability to aggressively pursue making more new discoveries while step-out drilling along the Friday deposit.”
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PFR2011_3 and 6 Friday Zone |
PFR2011_4 and 5 Friday Zone |
IGP - Long Section Friday Zone |
Phase IV Drilling Friday Zone |
Phase IV Drill Program Idaho Gold Project |
Friday-Petsite Step-Out Drilling South – Main Resource Zone:
Both drill-holes were step-outs drilled east as a fan from the same collar. Both encountered gold mineralization consistent with the Friday-Petsite resource, intersected the Friday Fault, and terminated in country rock.PFR2011-4 was drilled to a depth of 286.82 m and PFR2011-5 to a depth of 320.04 m.
This drilling extends the strike length of the Main Zone/Lower Block 115 meters south, for a total Lower Block strike length of 915 m, a 15% increase and demonstrates the additional size potential of the deposit along strike.
The results also exhibit mineralization along the first 115 m of the 2.5 km of potential additional strike length identified by geophysics and gold-in-soils. Premium is currently taking broad step-outs to the north and south to test this potential and delineate the true mineralized footprint of the Friday-Petsite deposit as it remains open along strike and depth.
The Main Zone of the Friday-Petsite NI 43-101 resource contains; 343,000 indicated oz in 11.8 Mt grading 0.90 g/t Au (0.5 g/t cut-off) and 780,000 inferred oz in 22.5 Mt grading 1.08 g/t Au (0.5 g/t cut-off) and is associated with the Friday Fault.
| Drill-Hole | Zone |
From (m) |
To (m) |
Interval (m) |
Au g/t |
| PFR2011-4 | Friday | 0.0 | 77.1 | 77.1 | 0.4 |
| 67.1 | 77.1 | 10.0 | 1.0 | ||
| PFR2011-5 | Friday | 0.0 | 267.0 | 267.0 | 0.4 |
| 226.5 | 267.0 | 40.5 | 0.1 |
*The gold grade calculation is a weighted mean with no top cut and no bottom cut. The grade calculation includes internal waste and low grade sections. True Widths are estimate to be 50-75% of the drilled interval.
Friday-Petsite Drilling North – Main Resource Zone:
Both PFR2011-3 and PFR2011-6 were exploration holes drilled from the same collar at the north-end of the Main Zone/Lower Block. PFR2011-3 was drilled east and PFR2011-6 was drilled west to investigate the direction of the Friday Fault structure north to see if it continued north along the Crooked River and/or splayed north-northwest towards the historic Orogrande Frisco Pit.
Mineralization associated with the North Zone was previously interpreted to be a splay. Results from both PFR2011-3 and 6 revealed the main Friday Fault structure trends north-northwest toward the historic Orogrande Frisco Pit and remains open along strike and depth.
PFR2011-6 was drilled to a depth of 341.4 meters and successfully located the Friday Fault and encountered gold mineralization consistent with the Main Zone. These results were used to guide step-out drill-holes PFR2011-8 and PFR2011-10 north-northwest along strike beneath the North Zone.
PFR2011-3 was drilled to a depth of 422.9 meters and did not encounter the Friday Fault or significant mineralization, demonstrating the Friday Fault does not continue north and trends north-northwest.
| Drill-Hole |
Zone | From (m) |
To (m) |
Interval (m) |
Au g/t |
| PFR2011-6 | Friday | 148.7 | 177.1 |
128.4 |
0.8 |
| 150.6 |
162.8 |
12.2 |
1.1 |
For more information, please contact: Mr. Del Steiner, JD. Ms. Christine Kopr
*The gold grade calculation is a weighted mean with no top cut and no bottom cut. The grade calculation includes internal waste and low grade sections. True Widths are estimate to be 20-30% of the drilled interval
Sections and the 3D Model can be viewed at visit Corebox by clicking: http:/bit.ly/CoreboxFP3DModel.
The third drill has arrived and two drills are located in the Deadwood Zone. The Deadwood Zone is located between the Buffalo Gulch Zone and the Friday and Monday Zone to the south along the Idaho Gold Project.
A 12 km gold-in-soil trend extends along the Buffalo Gulch and Deadwood Zones and correlates with the 30 km Orogrande Shear Zone, a regional structure identified by geophysics. There are numerous additional gold-in-soil anomalies that correlate with numerous cross-cutting structures, historic mines, and prospects throughout the 35 km2 Deadwood Zone.
DW2011-1 is located along the western side of the Orogrande Shear Zone structure interpreted by airborne geophysics and correlating gold-in-soil anomalies. There also a historic mine known as the Black Lady located 500 m southwest of DW2011-1 along the regional structure.
DW2011-2 is located on the east side of the Deadwood Zone and is targeted on a cross-cutting structure interpreted by airborne geophysics and also hosts the historic Grangeville Mine.
Premium`s strategy of drilling structures identified by geophysics with correlating gold-in-soil anomalies has led to:
NI 43-101
Premium’s current NI 43-101 on the Friday-Petsite Zone along the Company’s Idaho Gold Project, was prepared for Premium by Mark I. Pfau, MSc. of Tellurian Exploration, Inc. Mr. Pfau is an Independent Qualified Person as defined under NI 43-101. The technical report has an effective date of March 28, 2011 and was filed on SEDAR on May 12, 2011
Quality Assurance
The Company has implemented a rigorous QA/QC program using best industry practices at the Friday-Petsite Property. As described in the Company’s News Releases of July 9th, 2009 and December 29th, 2009 the program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags, blind duplicates, blank samples and certified standards are inserted in the sample stream. The samples are then boxed and couriered to Acme Analytical Laboratories of Vancouver, B.C. a lab certified for the provision of assays and geochemical analyses (ISO 9001:2008). In Phase-Three, as with Phase-Two and Phase-One, samples with gold values greater than 10 g/t are re-analyzed via the metallic screen procedure. Samples with visible gold were also analyzed initially using the metallic screen analysis, as were the samples immediately preceding and following the sample with visible gold. ALS Chemex is the check laboratory for the program.
Qualified Person
The 2010 Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.
About Premium Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is focused on gold exploration at its district-sized land package along the Orogrande Shear Zone (“OSZ”) in North-Central Idaho, USA; the 4th largest gold producing country in the world. The “OSZ” is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization and is similar to many large gold belts, like the Carlin Trend in Nevada. Armed with a proven exploration strategy, advancing gold resources, and 30 Km of drill-ready targets, Premium is well positioned to create shareholder value through exploration, discovery, and the development of this emerging gold district. For additional information, please visit us at www.premiumexploration.com.
President
Premium Exploration Inc.
(604) 682-0243
(604) 682-2499
e: dsteiner@premiumexploration.com
w: www.premiumexploration.com
Corporate Communications
Opes Capital Inc.
(604) 992-1831
e: ckopr@opescapitalinc.com
www.opescapitalinc.com
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