Premium Exploration Makes Multiple New Gold Discoveries at Idaho Gold Project
02 December 2011 - 5:20AM
Marketwired Canada
Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) ("Premium" or the
"Company") is pleased to announce that the first six of nine holes drilled in
the 35 km2 Deadwood Zone have resulted in four widely-spaced gold discoveries in
host rocks identical to the Friday Zone. These discoveries are located 12 km
north of the Friday Zone, which hosts a current NI 43-101 compliant resource of
343,000 oz indicated (11.8 Mt @ 0.90 g/t Au) and 879,000 oz inferred (26.4 Mt @
1.04 g/t Au) at a 0.5 g/t cut-off along 1,400m of a 5,000m coincident
geophysical and gold-in-soil trend.
Key Points:
-- Encountered gold-bearing host rocks and structures identical to the
Friday Zone in multiple locations throughout the Deadwood Zone.
-- Premium has now made eight gold discoveries along 20 km of the Idaho
Gold Project ("IGP"). Geological similarities between all zones and at
all scales suggest that these zones are related to the same mineralizing
event and, as a result, are potentially connected along trend and at
depth.
-- DW2011-1,3,4,5,6 intercepted three separate mineralised zones and
together demonstrate potential continuity along 1.3 km of strike length.
-- DW2011-2 discovered a high-grade vein system, intersecting gold-bearing
host rocks identical to those found at the Friday Zone in close
proximity to the historic Grangeville Mine approx. 4 km from DW2011-
1,3,4,5,and 6
"We are very pleased to have confirmed the existence of the regional gold
bearing system in multiple locations at Deadwood. The discoveries confirm we are
on track with our exploration strategy and provide us with an excellent starting
point for follow-up drilling to unlock Deadwood's potential." stated Michael
Ostenson VP Exploration.
Central Deadwood Discoveries
Drill-holes DW2011-1,3,4,5, and DW2011-6 were spaced over 1.3 km along trend in
the central Deadwood Zone on a 12 km long coincident geophysical and
gold-in-soil trend. For an updated Plan View Map of Deadwood Zone please click
http://bit.ly/DWdrillingnov2011.
Central Intercept #1
DW2011-1: 1.0 g/t gold over 1.8 m as well as
0.3 g/t gold over 3.7 m
DW2011-3: 0.3 g/t gold over 7.0 m as well as
0.5 g/t gold over 4.9 m
The first two holes were collared from the same location with one being drilled
west and the second being drilled east in order to locate the preferred
structural corridor for gold mineralization. Drilling encountered alternating
intervals of older gneiss/schist and granite of the Idaho Batholith.
As with all mineralized zones discovered at the Idaho Gold Project to date, gold
mineralization is associated with a low sulfidation system primarily hosted
within sheared and brecciated granites of the Idaho Batholith accompanied by
sericite alteration, silica flooding and disseminated pyrite.
The granite of the Idaho Batholith is now interpreted as being the preferred
host rock for gold mineralization at the IGP. It covers a vast regional extent
in central Idaho and also hosts gold mineralization at Midas Gold's Golden
Meadows Project located approximately 90 km due south along a large structural
and geological trend coincident with Premium's Idaho Gold Project.
DW2011-5: Central Intercept #2
DW2011-5: 1.4 g/t gold over 3.1 m within
0.9 g/t gold over 7.6 m within
0.5 g/t gold over 18.0 m as well as
1.2 g/t gold over 4.6 m within
0.8 g/t gold over 10.1 m
DW2011-4,6: Central Intercept #3
DW2011-4: 1.6 g/t gold over 2.7 m within
1.0 g/t gold over 8.5 m within
0.7 g/t gold over 17.1 m within
0.3 g/t gold over 100.9 m
DW2011-6: 0.3 g/t gold over 13.1 m as well as
1.3 g/t gold over 0.9 m
These drill-holes are located 800m to 1,300m, respectively, along trend to the
north of DW2011-1 & 3.
The anomalous gold mineralization encountered in DW2011-1,3,4,5, and 6 is
interpreted to have intercepted the outer edge of a potentially large zone of
mineralization, similar to the anomalous mineralization surrounding the
Friday-Petsite resource.
Early on in the development of the Friday-Petsite resource many drill-holes
encountered anomalous gold mineralization in very close proximity to
higher-grade material within a broad envelope of low grade. The new discoveries
along the Deadwood zone may reflect the same type of situation where anomalous
gold mineralization is proximal to a much larger zone of mineralization.
Example: Corebox Section 01010 where PZ64 encounters sporadic intercepts of:
2.01 g/t over 9.0 m, 0.67 g/t over 7.62m, and 0.90 g/t over 6 meters. This hole
is very close to the Friday-Petsite indicated and inferred resources where
drill-holes PFR2010-5, 6, & 21 encountered 0.9 g/t over 267m, 0.5 g/t over 226m,
and 1.5 g/t over 330.4m respectively. To view Corebox Section 01010 please click
http://bit.ly/CoreboxFP3DModel and click on the "Section" tab.
DW2011-2: Grangeville Vein System Intercept #4
DW2011-2: 4.5 g/t gold over 2.7 m as well as
11.2 g/t gold over 0.6 m within
2.0 g/t gold over 4.6 m as well as
3.5 g/t gold over 0.6 m
This drill-hole was targeted on a potential cross-cutting structural vein system
interpreted by geophysics near the historic Grangeville Mine in the eastern
portion of the Deadwood Zone. The historic Grangeville Mine was focused on an
east-west approximately 10 meter thick sheered and brecciated quartz vein system
with historically reported grades of up to 15 g/t gold.
A new vein system was discovered proximal to the Grangeville zone and is
interpreted to strike in a parallel east-west orientation. This previously
unknown vein system consists of three brecciated quartz veins and demonstrates
the potential of these higher grade cross-cutting targets along the Idaho Gold
Project.
Cross-cutting east-west vein systems have been historically mined in a number of
locations. These vein systems intersect the north-south Orogrande Shear Zone and
potentially represent a high-grade component to the main low-grade bulk tonnage
target.
Deadwood Zone Follow Up Drilling:
First pass drilling in multiple locations along the Deadwood Zone has revealed a
structural environment and gold bearing host rocks identical to the Friday Zone.
The key to unlocking the potential to host Friday-like deposits is by predicting
the trend of the gold bearing host rocks, structures, and cross-cutting dilatant
zones.
Gold bearing structures with cross-cutting dilatant zones are the optimum
targets where gold deposition is typically enhanced in both size and grade. The
Friday-Petsite resource is interpreted to be hosted within one of these complex
structural intersections.
A comprehensive structural study of the Idaho Gold Project has been initiated
with the object of relating the gold bearing structures to the airborne
geophysics, gold-in-soil trends, and known deposits.
The focus of this work will identify locations of potential dilatant zones and
provide information that can be used to guide the remainder of the Company's
25,000 meter drill program.
Premium's vision is to discover multiple deposits along its 30 km Idaho Gold
Project (180 km2), a re-emerging gold district in Idaho, USA. Approximately
24,000 m have been drilled since the Company's first program in mid-2009,
resulting in 8 gold discoveries along 20 km of strike of the IGP while
encountering gold mineralization in 99.9% of all drilling; results are in line
with the Company's objectives.
----------------------------------------------------------------------
Interval
Drill-Hole Zone From (m) To (m) (m) Au g/t
----------------------------------------------------------------------
DW2011-1 Deadwood 35.1 36.9 1.8 1.0
----------------------------------------------------------------------
as well as 72.9 76.5 3.7 0.3
----------------------------------------------------------------------
DW2011-2 Deadwood 170.1 172.8 2.7 4.5
----------------------------------------------------------------------
as well as 194.5 195.1 0.6 11.2
----------------------------------------------------------------------
within 191.1 195.7 4.6 2.0
----------------------------------------------------------------------
as well as 492.9 493.5 0.6 3.5
----------------------------------------------------------------------
DW2011-3 Deadwood 98.8 105.8 7.0 0.3
----------------------------------------------------------------------
as well as 112.5 117.4 4.9 0.5
----------------------------------------------------------------------
DW2011-4 Deadwood 339.9 342.6 2.7 1.6
----------------------------------------------------------------------
within 336.8 345.3 8.5 1.0
----------------------------------------------------------------------
within 336.8 353.9 17.1 0.7
----------------------------------------------------------------------
within 267.6 368.5 100.9 0.3
----------------------------------------------------------------------
DW2011-5 Deadwood 70.1 73.2 3.1 1.4
----------------------------------------------------------------------
within 68.3 75.9 7.6 0.9
----------------------------------------------------------------------
within 68.3 86.3 18.0 0.5
----------------------------------------------------------------------
as well as 171.6 176.2 4.6 1.2
----------------------------------------------------------------------
within 166.1 176.2 10.1 0.8
----------------------------------------------------------------------
DW2011-6 Deadwood 98.8 111.9 13.1 0.3
----------------------------------------------------------------------
as well as 219.5 220.4 0.9 1.3
----------------------------------------------------------------------
(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 unknown at this time.
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 mineralized drill holes,
known mineralized zones open along strike and depth and geophysically anomalous
areas 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 mineralization, similar to
many large gold belts, like the Carlin Trend in Nevada. 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.
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