January 15, 2014, Vancouver, British Columbia -
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") is
pleased to announce a 5,000 metre, 12-hole drill program to
establish the continuity of a high-grade gold zone within the
resource located within the Friday Zone along the Idaho Gold
Project.
Premium
has completed two holes of the 12-hole drill program. A total of
519 drill core samples have been sent to ALS Chemex in Elko, Nevada
and assay results are pending. These first two drill holes have
targeted the Lower Friday Zone. The Company will utilize a core rig
to drill to an average depth of 400 meters for the Lower Zone and
100 meters for the Upper Zone to establish continuity of a
high-grade gold zone identified by 60 intercepts over 6 g/t au over
1.5 meters for its high-grade underground potential.
Previously
released results from this Zone include:
August 27,
2009 Press Release - Lower Friday Zone:
-
1.PFR2009-10: 2.66 g/t gold over 198.4 meters (650.9
feet) including;
3.81 g/t
gold over 121.1 meters (397.2 feet) including;
9.16 g/t
gold over 25.3 meters (83.0 feet) including; and
30.60 g/t gold over 1.8
meters (6.0 feet)
March 16,
2009 Press Release - Upper Friday Zone:
-
2.Highlights from the Cyprus-Amax and Kinross drilling
from the high-grade zone:
C008: 7.33
g/t gold over 16.7 meters (0.24 oz/ton gold over 55.78 ft)
including;
52.05 g/t gold over 1.6
meters (1.67 oz/ton gold over 5.48 ft)
PC010:4.58 g/t
gold over 68.6 meters (0.15 oz/ton over 205.33 ft)
including:
12.11 g/t
gold over 19.8 meters (0.39 oz/ton over 64.94 ft), including;
and
75.09 g/t gold over 1.5
meters (2.41 oz/ton over 4.92 ft)
Data from
this drill program will be utilized in the Preliminary Economic
Study, currently underway.
Premium
Exploration's Chief Geologist, James Baughman states, "Results from
this program will allow Premium to determine if the Friday Zone has
the potential for a small scale, high-grade, underground situation
that warrants further investigation. As the Friday deposit is
located on patented ground, production could be achieved rapidly
should an economic situation be established for a small scale
operation."
Premium
has hired American Drilling Corp., LLC as their drill contractor
and will be utilizing ALS Chemex labs for assays.
Alex
Deeds, American Vice-President of Business Development stated, "We
are pleased to join the Premium Exploration team, and look forward
to utilizing our efficient and cost effective drilling
solutions."
About American Drilling Corp.,
LLC.
American
Drilling Corp. is a drilling services company headquartered in
Spokane Valley, Washington. The Company provides mining related and
specialty drilling services through its US divisions in Elko,
Nevada and Spokane Valley, Washington and its Mexico division in
Hermosillo, Mexico.
American believes that a
"safety first" company culture combined with creative flexibility
are the key elements to success in providing drilling services
worldwide. The Company offers a full range of specialty drilling
services including; helicopter fly drills to access remote sites,
hydraulic underground diamond core drilling for mine expansion and
geotechnical drilling services.
Further
information about the Company can be found on the American Drilling
Corp. website at www.americandrillingcorp.com.
Quality Assurance
Premium
Exploration maintains a QA/QC program using best industry practices
at the Idaho Gold Project. The program includes secure sample
storage under lock and key, 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 freighted to ALS Chemex.
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 Oz Au
(20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
oInferred: 590,000 Oz 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.
Deadwood and Buffalo Gulch estimates of gold resources are
historical in nature, predate and are noncompliant with NI 43-101.
Premium is not treating the historical estimate as current mineral
resources or reserves. Premium has not undertaken any independent
investigation of the resource estimates nor has it independently
analyzed the results of the previous exploration work in order to
verify the resources, and therefore the historical estimates should
not be relied upon.
Mineral resources are amenable to
open pit mining methods and have been constrained using a
Lerch-Grossman optimized pit.
Drilling
from the Cyprus-Amax and Kinross drilling is historic in nature,
predate and are non-compliant with NI 43-101. Premium has not
undertaken any independent investigation of the drilling nor has it
independently analyzed the results of the previous exploration work
in order to verify the results, therefore, the results should not
be relied upon.
For more information, please
contact:
Mr. John Ryan, President and Chief Executive
Officer
Premium Exploration Inc.
P: (208) 769-3519
E: jryan@premiumexploration.com
E: info@premiumexploration.com
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.
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