Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) ("Premium"
or "the Company") is pleased to announce the latest results from
step-out drilling which has increased the strike length of the
Friday Main Zone an additional 200m to the south for a total strike
length 1,700m, representing a 113% increase. Given the demonstrated
potential for significant resource expansion, planning is underway
for an infill drill program focused on Friday-Petsite resource
growth.
"We have more than doubled the mineralised footprint of the
Friday Main Zone and acquired geotechnical information essential to
future definition drilling which will define the true width and
depth of mineralisation along the newly defined extension of the
Friday Zone," stated Michael Ostenson VP Exploration. "We have
drilled for structure to locate the mineralised zone; the next step
is drilling for grade and width for Friday-Petsite resource
growth."
Key Points:
-- With the Main Zone hosting (NI 43-101) 343,000 oz indicated in 11.8 Mt @
0.90 g/t Au and 779,000 oz inferred in 22.5 @ 1.08 g/t Au in just 800m
of strike, there is significant resource growth potential along the
identified 1,700m gold bearing system
-- The 900 m of additional strike length has been defined and targeted for
infill drilling
-- Drill hole PFR2011-18 returned: 1.8 g/t gold over 10.1 meters within
0.5 g/t gold over 124.7 meters
-- Drill hole PFR2011-18 is the first 200m step-out along an additional
3,300m coincident geophysics and gold-in-soil anomaly outside known
Friday Zone mineralisation
-- Additional metallurgical test work to advance the Friday-Petsite
resource has been initiated
-- To date assays from 6,270m (25%) of the planned drill program have been
reported from a total of 10,600m drilled to date
Phase-Four Drill Strategy:
The goal of Phase-Four drilling at the Friday Zone was to
demonstrate the growth potential of the Friday-Petsite resource by
drilling widely spaced step-out holes along strike. Premium has
successfully demonstrated a 113% increase in the potential strike
length of the deposit, which remains open.
The gold system was successfully located 150m north and 750m
south of the 800m Main Zone with broad step-out geotechnical core
holes. Drilling was oriented east to locate gold mineralisation
associated with the west dipping Friday Fault. A comprehensive
infill drill program is being planned to grow the Friday-Petsite
resource using cost effective RC drilling. Drilling will be
oriented to the west to determine the width and grade of the east
dipping mineralized zone, which is located in hanging wall of the
Friday Fault. At least 5,000m of drilling will be conducted with
the strategy of connecting the North, Main, and South Zones into
one contiguous zone of mineralisation. For a map illustrating the
drill strategy, please click:
http://bit.ly/DrillStrategyXsection
In addition to infill drilling for resource growth along the
current 1,700 meter footprint, step-out drilling will continue
along the additional 3,300m coincident gold-in-soil and geophysical
trend to the north and south.
Drilling Summary:
Planned drill-holes PFR2011-15, 16, & 17 did not reach their
target depth due to poor ground conditions and were abandoned.
These holes were collared on a 100m step-out location to the south
of previously released drill-holes PFR2011-13 and 14 (see news
release dated October 3rd, 2011) and were designed to locate the
Friday Fault structure, the main control to gold mineralisation
along the Friday Zone.
To maximize the potential strike length to the south, drill-hole
PFR2011-18 was setup to drill south-east on an oblique angle to the
north-south trending gold system to test the furthest extent to the
south and increased the strike length footprint an additional 200m.
Drilling encountered gold mineralisation consistant with the
Friday-Petsite resource and terminated in the Friday Fault.
---------------------------------------------------------------------------
Drill-Hole Zone From (m) To (m) Interval (m) Au g/t
---------------------------------------------------------------------------
PFR2011-18 Friday 155.8 165.8 10.1 1.8
---------------------------------------------------------------------------
within 155.8 280.4 124.7 0.5
---------------------------------------------------------------------------
(i)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 25-75% of the drilled interval.
Sections and a Block Model are available at Corebox by clicking:
http://bit.ly/CoreboxFP3DModel.
Exploration Drilling Update:
Friday Zone: A total of 4,374.2m have been completed in 18
drill-holes. Drilling will continue to define the extent of the
Friday Fault along strike to the north and south to determine the
extent of the system.
Deadwood Zone: A total of 5,917.9m of drilling have been
completed in 9 drill-holes. Favourable intervals of alteration and
sulfide mineralisation associated with structures have been
intercepted and assay results are expected in the near future.
Drilling will continue, testing numerous geochemical and structural
targets.
The Company wishes to state that potential additional resources
are conceptual in nature only, and that there has been insufficient
exploration to define an increased mineral resource outside of the
current NI 43-101 compliant resource. Furthermore, it is uncertain
if further exploration will result in additional mineral resources.
Estimates for potential additional resources are reported as
exploration targets based on the presence of step-out mineralised
drill holes, known mineralised zones open along strike and depth
and geophysical trends along strike from data received by the
Company.
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 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 VENTURE:PEM)(OTCQX:PMMEF)is
focused on gold exploration at its district-sized Idaho Gold
Project along the Orogrande Shear Zone in North-Central Idaho, USA.
The "OSZ" is a +30 km regionally-significant trending structure
with multiple known zones of gold mineralisation, 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 and the development of this
emerging gold district. For additional information, please visit us
at www.premiumexploration.com.
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Premium Exploration Inc. Mr. Del Steiner President
& Chief Executive Officer (604) 682-0243 (604) 682-2499
(FAX)dsteiner@premiumexploration.com,
info@premiumexploration.comwww.premiumexploration.com Opes Capital
Inc. Ms. Christine Kopr Corporate Communications (604) 682-0243
(604) 682-2499
(FAX)ckopr@opescapitalinc.comwww.opescapitalinc.com
Premium Expl (CE) (USOTC:PMMEF)
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