Premium Exploration Intercepts 123.3 Meters (417.5 Feet) of 1.66 g/t Gold Including 36.4 Meters (119.5 Feet) of 2.37 g/t Idah...
04 Février 2014 - 6:00PM
Access Wire
February
4th, 2014,
Couer d'Alene, Idaho -
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the "Company") is pleased to announce assay
results from
the second hole (PFR2013-2), drilling the deep zone at the Friday Gold Deposit in Idaho
County, ID, have been
received. The drill-hole has confirmed
continuity of a
gold zone
below the
current
bulk-tonnage
gold resource. One
additional hole has been completed in the deep zone, and drilling
is now focused on the shallow high-grade zone at the Friday. The
drilling is being done to support a preliminary economic study of
the high grade at the Friday deposit and is designed to extend the
high grade mineralization found in drill holes detailed in the
January 15th, 2014
press release.
Highlights Include:
PFR20013-2:
-3.68 g/t gold over 6.1 meters (20
feet)
-2.37 g.t gold over 36.4 meters (199.5
feet)
-1.66 g/t gold over 123.3 meters (417.5
feet)
The ongoing drill program consists
of twelve HQ
core holes, and complete
assay results have now been
received for the first two drill holes, PFR2013_1&2. Drill-hole
PFR2014_3 is at the assay lab pending results and drill-hole
PFR2014_6 is now in being drilled.
Drill hole PFR2013_2
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 |Zone |From |To |Interval|Interval|Au |
|Hole | |(ft) |(ft) |(ft) |(m) |g/t |
|--------------------------------------------------------|
|PFR2013-2|Friday|780 |1,197.5|417.5 |123.3 |1.66 |
|--------------------------------------------------------|
| |“ |785 | |119.0 |36.4 |2.37 |
| |” | |904.5 | | | |
|--------------------------------------------------------|
| |“ |850 | |20.0 |6.1 | 3.68|
| |” | |870.0 | | | |
|--------------------------------------------------------|
| |“ |960 |1,017.5|57.5 | 17.5 |2.54 |
| |” | | | | | |
|--------------------------------------------------------|
| |“ |966 | |6.5 | 2.0 | 3.87|
| |” | |972.5 | | | |
|--------------------------------------------------------|
| |“ | | |15.0 |4.6 |2.83 |
| |” | 982.5 |997.5 | | | |
|--------------------------------------------------------|
| |“ |1,185.0|1,192.5|7.5 |2.3 |3.72 |
| |” | | | | | |
----------------------------------------------------------
Note:
-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 estimated to be between 65% and 75% of the drilled interval.
"The
initial results from
this program support
the current
understanding
of the geologic
and structural controls of the mineralization and will be used in the upcoming
Preliminary Economic Study." stated John
Ryan, President and
CEO of Premium.
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 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.
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.
The aim of
the current drill program is to increase the existing Friday Zone
resource base by in-filling and offsetting high-grade intercepts in
both the Upper and Lower Zones. Premium Exploration has commenced a preliminary
economic study envisioning underground mining of the high grade
portion within 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 |ir@premiumexloration.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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