Premium Exploration Intercepts 1.83 Meters (6 Feet) of 30.65 g/t Gold, and 0.46 Meters (1.5 Feet) of 23.8 g/t Gold at the Id...
10 Mars 2014 - 2:02PM
Access Wire
Coeur d'Alene, Idaho / Accesswire /
March 10, 2014 - Premium Exploration Inc. (TSX-V: PEM; OTC Pink
Current: PMMEF) ("Premium" or the "Company") announces
further assay results from drilling the upper gold
zone at the Friday Gold Deposit in Idaho County, Idaho.
Drill-hole FPR2014_3 and 4 were infill
holes targeting the upper gold zone. High grade gold mineralization
occurs beneath a dacite dike in competent silicified rocks with
mineralized shear zone drill indicated widths of 18 to 6 meters.
Gold occurs in veins and disseminated pyrite in a combination of
predominantly Quartz Monzonite and Mica Schist with sericite
carbonate alteration. Drill hole PFR2014_2 was an exploration hole
drilled at the same location of PFR2014_1 due east at minus forty
five degree's to evaluate the eastern edge of the Orogrande Shear
Zone.
A total of fifteen drill holes were
completed and the drilling contractor has left the site. Three
holes targeted the deep gold zone and twelve holes in the upper
gold zone. Drill holes PFR2014_5, 6, & 7 have been received by
the ALS Chemex laboratory in Elko, NV and results are 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.
"In my opinion, these results
continue to support a mineable resource at the Friday deposit" said
John Ryan, President & CEO, "and we look forward to receiving
the remainder of the assay results and moving this project
forward".
Highlights Include:
PFR2014_3: 30.65 g/t gold
over 1.83
meters, See Attached Spread
sheet for intervals
2.16 g/t gold over 2.16 meters;
2.00 g/t gold over 18.29 meters
PFR2014_4: 10.75 g/t gold over 0.91
meters;
23.8 g/t gold over 0.46
meters
2.21 g/t gold over 6.1 meters;
PFR2014_2: 3.04 g/t gold over
3.04 meters
1.29 g/t gold over
5.94
The map below shows the location of the drill
holes at the Friday deposit in plan.
Premium
Exploration Drill Plan
Click Image To View Full Size
------------------------------------------------------
|Drill Hole|Zone |From(m)|To(m) |Interval (m)|Au g/t|
|----------------------------------------------------|
|PFR2014_3 |Friday|39.32 |42.82 |3.51 |2.16 |
|----------------------------------------------------|
| |Friday|77.72 |83.21 |5.49 |12.00 |
|----------------------------------------------------|
|Including |Friday|80.47 |82.30 |1.83 |30.65 |
|----------------------------------------------------|
| |Friday|85.65 |103.94|18.29 |2.00 |
|----------------------------------------------------|
|PFR2014_4 |Friday|80.47 |82.30 |1.83 |6.59 |
|----------------------------------------------------|
|Including |Friday|81.38 |82.30 |0.91 |10.75 |
|----------------------------------------------------|
| |Friday|88.39 |94.49 |6.10 |2.21 |
|----------------------------------------------------|
| |Friday|113.39 |120.40|6.86 |3.35 |
|----------------------------------------------------|
| |Friday|113.54 |114.0 |0.46 |23.80 |
|----------------------------------------------------|
|PFR2014_2 |Friday|21.34 |24.38 |3.04 |1.45 |
|----------------------------------------------------|
| |Friday|64.01 |69.95 |5.94 |1.29 |
------------------------------------------------------
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.
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&CEO |Peter J. Kletas | Investor Relations|
|P: (604) 682‐0243 |Toll Free: (866) 999‐6251 |
|F: (604) 682‐2499 |Direct: (604) 874‐7915 |
|E:jryan@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.
(TSXV:PEM)
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