Premium Exploration Re-Evaluates Historic Drilling; Identifies High-Grade Underground Potential and Initiates Preliminary Eco...
07 Janvier 2014 - 2:59PM
Access Wire
January 7, 2014, Vancouver, British Columbia -
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") is
pleased to announce that it has identified a
higher-grade feeder structure in the Friday zone, which is located
in the southwest portion of the Idaho Gold Project. This structure,
which became apparent after an extensive review and re-evaluation
of historical drilling results, was cut by 36 drill holes and is
defined by more than 60 separate intercepts with gold assays of 6
grams/ton or higher, over intervals of at least 1.5 meters. The
historical drill results were previously disclosed by the Company
in its National Instrument 43-101 Technical Report, dated effective
May 31, 2012 (the "Report"), which is available on www.sedar.com
under the Company's profile.
The
Company's re-evaluation of historical drill results from the Friday
zone also confirmed that there are two distinct zones of
mineralization, an upper and a lower zone, at depths of 150 and 600
feet respectively, and that both zones are open down-dip and along
strike. The re-interpretation has yielded a number of high-priority
drilling targets that the Company has commenced to drill in a 10 to
12 hole program. The aim of the program is to increase the existing
Friday zone resource base by infilling and offsetting high-grade
intercepts in both upper and lower zones. The first hole has been
completed and assays are pending.
A
cross section from a July 21st, 2010 press release has been
included below to show the mineralization in the upper and lower
zones. Upon receipt of assays, the Company will update this cross
section and associated map.
![](http://www.thenewswire.ca/client_files/tnwNwROVh_.png)
Click Image To View Full Size
Note
that there is no assurance that the proposed drilling will result
in the establishment of a resource of any size or in commercial
grades or quantity. Readers are cautioned to review the Report
cited above for technical disclosure on the Company's Idaho Gold
Project.
Premium Begins Preliminary
Economic Study Envisioning Underground Mining
The
Company has also begun a preliminary economic study envisioning
underground mining using ramp mining techniques and has identified
a milling and processing facility in Northern Idaho which is fully
permitted, operable and is amenable to a toll milling arrangement
for treatment of the ores. Discussions with the managers of this
facility have begun. The trucking distance is approximately 275
miles one way and quotes and rates on trucking the mined resources
from the mine to the processing facility have been obtained and are
estimated at $38/ton.
Mr.
Baughman commented, "I am very pleased to have joined the Company
at this juncture. I believe the high grade at Friday could be the
key to unlocking the entire Orogrande gold trend to
development."
Qualified Person
Larry
Segerstrom, P.Geo., a Qualified Person as defined by National
Instrument 43-101, reviewed and approves the content in this
release.
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:
oIndicated: 647,000 Au (20.1 MT @
1.0 g/t Au with 0.45 g/t cut-off)
oInferred: 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 & Chief Executive Officer
Premium Exploration Inc.
P: (208) 769-3519
E: jryan@premiumexploration.com
http://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 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.
(TSXV:PEM)
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