Premium
Exploration Inc. (TSX-V:PEM) is pleased to announce a revised NI 43 101
compliant resource estimate incorporating the results of the Company�s
Phase-Three 10,000 meter drill program at the Friday-Petsite deposit located in
the Friday Zone of the 30 km 100% owned Idaho Gold Project.
The
Friday-Petsite resource resides within 1.4 km of strike along the 30 km
Orogrande Shear Zone and is comprised of three zones for which geophysics has
shown to be contiguous:
Highlights:
- Main Zone hosts:
343,000 Indicated oz
(800 m of 1.4 km strike length)
780,000 Inferred oz
- North &
South Zones host:
100,000 Inferred oz
- Significant
category upgrade of 343,000 oz to Indicated
- 60% increase
of Inferred oz to 879,000
- Deposit
remains open along strike and at depth within and outside the resource
zone
- Premium
anticipates the new resource will positively impact the Preliminary
Assessment
- The deposit
is open for expansion in +25,000 meter Phase-Four drilling
Part
of the Phase-Four drill program, the north, main, and south zones will be tied
together in one homogenous zone.
Cut-Off Grade
(g/t Gold)
|
Classification
|
Tonnes
|
Grade
(g/t Gold)
|
Ounces
Gold
|
1.00
|
Indicated
|
2,918,000
|
1.56
|
146,000
|
0.75
|
Indicated
|
5,778,000
|
1.21
|
225,000
|
0.50
|
Indicated
|
11,818,000
|
0.90
|
343,000
|
0.25
|
Indicated
|
23,404,000
|
0.64
|
482,000
|
0.00
|
Indicated
|
38,120,000
|
0.44
|
542,000
|
Cut-Off Grade
(g/t Gold)
|
Classification
|
Tonnes
|
Grade
(g/t Gold)
|
Ounces
Gold
|
1.00
|
Inferred
|
9,312,000
|
1.60
|
479,000
|
0.75
|
Inferred
|
16,641,000
|
1.28
|
683,000
|
0.50
|
Inferred
|
26,378,000
|
1.04
|
879,000
|
0.25
|
Inferred
|
37,077,000
|
0.84
|
1,007,000
|
0.00
|
Inferred
|
45,502,000
|
0.71
|
1,043,000
|
�With
just over 10,000 meters of drilling, Premium not only doubled the overall
ounces at the project, it also moved 343,000 ounces of the previous
549,000 inferred ounces into the indicated category,� stated Michael
Ostenson, VP Exploration. �The strength of our geologic model and the
ability to target the mineralizing structure using geophysics has allowed us to
intersect mineralization in every drill hole at the Friday and Monday Zones.�
�We
are very excited for the Phase-Four drill program; the geologic model indicates
that the three resource zones are contiguous along the 1.4 km of strike and the
deposit remains open along strike to the north, south and at depth outside of
the resource zone. Phase-Four will consist of major step-out drilling with some
infill at the Friday-Petsite deposit while a majority of the footage will focus
on exploration drilling along the OSZ. Using our proven Exploration
Strategy and Geological Model the focus will be +15 km north along the Deadwood
and Buffalo Gulch Zones in an effort to make new discoveries."
This
mineral resource is derived from 60 diamond drill holes and 80 RC drill holes
consisting of the validated (Micon, 2004) historic resource produced by Kinross
Gold in 1999 (96 core and RC holes), Canden Capital, 2002 (5 core holes),
Beartooth Platinum, 2004 (4 core holes), and 2009-2010 drilling by Premium
Exploration USA (35 core holes). The average drill hole spacing is
25 m within the area of interest and a total of 4911 composites of 3 m length
capped at 34 g/t Au were employed in this estimate.
The
mineral resource was estimated by ordinary kriging methods within a 3-D mineral
envelope of gold grades =0.50 g/t.
The
estimates were performed on material with similar geologic, alteration, and
mineralogical characteristics. A search ellipsoid of 91 m X 73 m 32 m was
utilized for grade interpolation into 20 m X 20 m X 10 m blocks. As required
under section 4.2 (5) (a) of NI-43-101, a technical report detailing this
resource will be posted to SEDAR within 45 days of this announcement.
The
mineral resource of this project is an Inferred and Indicated resource,
consistent with the CIM definition of an Inferred and Indicated resource as
referenced in NI-43-101. The effective date of this resource is
March 28, 2011
Independent Qualified
Person
Mr.
Mark I. Pfau, P.G., of Tellurian Exploration, Inc., is the independent
qualified person under NI-43-101 and the senior author of this mineral resource
estimate. Ms.. Yenlai Chee, project manager for Premium Exploration,
performed the resource calculations using Gemcom� modeling software. Mr.
Pfau has reviewed and approved of this press release for release on March 28th,
2011.
Quality Assurance
The
Company has implemented a rigorous QA/QC program using best industry practices
at the Friday-Petsite Property. As described in the Company�s News Releases of
July 9th, 2009 and December 29th, 2009 the program includes chain of custody of
samples, 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 couriered to Acme Analytical Laboratories of
Vancouver, B.C. a lab certified for the provision of assays and geochemical
analyses (ISO 9001:2008). In Phase-Three, as with Phase-Two and Phase-One,
samples with gold values greater than 10 g/t are 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. ALS Chemex is the check
laboratory for the program.
About Premium
Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is focused on gold exploration at its
district-sized land package along the Orogrande Shear Zone (�OSZ�) in
North-Central Idaho, USA; the 4th largest gold producing country in the world.
The �OSZ� is a +30 km regionally-significant trending structure with multiple
known zones of gold mineralization and is similar to many large gold belts,
like the Carlin Trend in Nevada. Armed with a proven exploration strategy,
advancing gold resources, and 30 Km of drill-ready targets, Premium is well
positioned to create shareholder value through exploration, discovery, and the
development of this emerging gold district. For additional information, please
visit us at www.premiumexploration.com.
For more information, please contact:
Mr. Del Steiner, JD.
President
Premium Exploration Inc.
(604) 682-0243
(604) 682-2499
e: dsteiner@premiumexploration.com
w: www.premiumexploration.com
Ms. Christine Kopr
Corporate Communications
Opes Capital Inc.
(604) 992-1831
e: ckopr@opescapitalinc.com
www.opescapitalinc.com
�Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release."
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 with the TSX Venture Exchange and the British Columbia Securities
Commission. 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. 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.
Copyright
� 2010 Premium Exploration, Inc. � All rights reserved.
.