Premium Exploration Intercepts 286.67 Meters (940.51 Feet) of 0.73 g/t Gold, Including 11.67 Meters (38.29 Feet) of 2.37 g/t ...
21 February 2014 - 1:15AM
Access Wire
February 20,
2014, Coeur d'Alene, Idaho - Premium
Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF)
("Premium" or the "Company") announces further assay
results from
drilling the deep zone at the Friday Gold Deposit in
Idaho County, Idaho. The drill hole was a
vertical step-out hole aimed at drilling both the upper and lower
gold zones at the Friday deposit. The drill hole encountered a long
interval of gold mineralization - 286.67 meters (940.51 feet) with
a weighted average of 0.73 g/t Gold. Within this zone were numerous
intervals of higher grade gold mineralization, the highest being
1.37 meter (4.5 feet) of 14.35 g/t Au at 229.67 meters (753.5
feet).
The current drilling
is now focused on the upper high grade zone and there are numerous
upper zone drill holes with assay's pending. All of the current drilling is being done to support a
preliminary economic study of the high grade portions within the
Friday deposit and is designed to extend the high grade
mineralization found in drill holes detailed in previous press
releases.
Highlights Include:
PFR20014_1:
14.35 g/t gold over 1.37
meters, (4.49 ft)
13.6 g/t
gold over 1.22 meters (3.28
ft)
2.67 g/t
gold over 11.67 meters (38.29
ft) See
Attached Spread Sheet for Intervals
The ongoing drill program consists
of a
total of fourteen HQ core
holes and complete
assay results have now been
received for the first three drill holes PFR2013_1&2 & PFR2014_1.
Drill hole PFR2014_11 is now being drilled.
Drill hole PFR2014_1
was drilled 15 meters north of PFR2009_10 and intercepted the
strongest mineralization at approximately 17 meters due to drill
hole deflection. A zone of 36 meters (785 to 904 feet) encountered
strongly silicified, clast-supported breccia rimmed with pyrite. A
suite of metallic screens will be completed on the high-grade
intercepts as well as a selected grade range to better understand
gold distribution. Approximately 50 samples will have metallurgical
testing work performed in the near future to further our
understanding of the high-grade zone.
-----------------------------------------------------------------
|Drill Hole|Zone |From (m)|To (m)|Interval (m)|Feet (ft)|Au g/t|
|---------------------------------------------------------------|
|PFR2014_1 |Friday|60.96 |347.63|286.67 |940.50 |0.728 |
|---------------------------------------------------------------|
| |Friday|152.47 |160.02|7.62 |25.00 |2.50 |
|---------------------------------------------------------------|
| |Friday|229.67 |241.61|11.67 |38.29 |2.67 |
|---------------------------------------------------------------|
| |Friday|229.67 |276.61|46.94 |154.00 |1.52 |
|---------------------------------------------------------------|
| |Friday|251.52 |276.61|25.09 |82.32 |1.48 |
|---------------------------------------------------------------|
| |Friday|289.56 |291.85|2.29 |7.51 |2.34 |
|---------------------------------------------------------------|
| |Friday|336.05 |338.33|2.28 |7.48 |1.52 |
|---------------------------------------------------------------|
| |Friday|354.34 |347.63|2.29 |7.51 |1.76 |
-----------------------------------------------------------------
Note:
-
-
o.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.
-
o.True Widths are estimated to be between 65% and 75% of the drilled interval.
Quality
Assurance
The Company has implemented a
rigorous QA/QC program using best industry practices at the Friday-
Petsite Property. The program includes security of samples, and
drill core sawn in half and shipped in sealed bags, blind
duplicates, blank samples and certified standards are inserted into
the sample stream. The samples are then boxed and freighted to ALS
Chemex Labs in Elko, NV a lab certified for the provision of assays
and geochemical analyses (ISO 9001:2008). Samples with gold values
greater than 10 g/t were 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.
Qualified Person
The
2013-14 exploration
program is directed by James Baughman,
Chief Geologist of Premium Exploration,
Inc., who is a Qualified Person
as defined
by NI 43-101. Mr. Baughman
prepared, and
approves of the content of this release.
Toronto PDAC
Premium Exploration
will be at the PDAC Core Shack on March 4th and 5th
in conjunction with the Prospectors and Developers
Convention. Core samples from the current round of drilling will be
on display.
About
Premium Exploration Inc.
The Company's purpose is
to efficiently and economically advance their district sized Idaho
Gold Project. The Idaho Gold project contains three known deposits.
The Friday deposit has an NI 43-101 compliant resource of:
Indicated: 647,000 Au
(20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
Inferred: 590,000 Au
(20.9 MT @ 0.88 g/t Au with 0.45 g/t cut-off)
The Deadwood deposit and
the Buffalo Gulch oxide deposit both have small historical gold
resources and both are expandable. Premium Exploration has
commenced a preliminary economic study envisioning underground
mining of a high grade portion of the Friday deposit.
For More Information Please Contact:
-------------------------------------------------------------------------------------
|Mr. John Ryan, President&CEOPhone:(604)682-0243|Peter J. Kletas, Investor Relations|
|Fax: (604) 682-2499 |Phone: (604) 874-7915-Direct |
|E:jryan@premiumexploration.com |Toll Free: (866) 999-6251 |
|E: info@premiumexploration.com |E:ir@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 under the Company's profile on
www.sedar.com in accordance with
the policies and requirements of the TSX Venture Exchange and
applicable securities law. 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. There are no assurances that the Company can
fulfill such Forward-Looking Statements and the Company undertakes
no obligation to update 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.
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