Premium Exploration Inc (TSX-V:PEM)
(�Premium� or the �Company�) is pleased to announce two drills are turning at
the company�s 100% owned Idaho Gold Project located in the Central Idaho USA.
Five zones of mineralization are known within the 30 km of potentially
mineralized structure identified by geophysics, with less than 1% of the
anomaly drill tested to date.
The primary focus of the Phase-Four drill program is
to demonstrate the district size potential of the Idaho Gold Project by
discovering and delineating new zones of mineralization: the Friday Zone
currently hosts a resource of 343,000 Indicated and 879,000 oz Inferred
ounces*. In addition, the Buffalo Gulch, Deadwood, Monday, and �X� Zones and
the newly identified 15 km structure demonstrate the potential for additional
deposits.
Key Objectives for Phase-Four Exploration include:
- + 25,000 meters of diamond
drilling with a two-fold strategy:
15,000 m: Discover new gold zones at Buffalo Gulch,
Deadwood, and �X� Zones by drill testing
defined coincident geophysical and
geochemical anomalies;
Expand and
define the geometry of the Monday Discovery
10,000 m: Step-out drilling to expand and define the geometry
of the Friday-Petsite deposit;
Infill drilling for resource expansion and category upgrade
- Gradient array IP geophysics to
refine drill targets over key areas
- Up to 10,000 soil samples to
further refine geophysical anomalies
- +100 drill sites proposed and
permitted along the 30 km for maximum flexibility
�Our goal is
to ultimately develop a district with multiple near-surface gold resources
along our +30 km property,� stated Del Steiner, President &
CEO.
�Our strategy of drilling structures identified by
geophysics has led to 3 gold discoveries and significant resource development.
With less than 1% of the geophysical anomalies on the property being
systematically drilled to date, Phase-Four offers an excellent opportunity to
potentially create significant shareholder value in 2011.�
One drill is located at the Friday Zone where major step-out with some infill
drilling is planned. The second drill is at the Buffalo Gulch Zone testing an
extraordinary anomaly at depth identified by the IP geophysics.
Two additional drills are contracted to arrive in June when the majority of the
drill permits are anticipated to be received. Drilling will target numerous
coincident geophysical and gold-in-soil anomalies along the Idaho Gold Project
in an effort to discover and delineate new discoveries.
New 15 Km Structure
Additional airborne geophysics reveals
another 15 km geophysical anomaly potentially outlining 15 km of mineralized
structure. Premium previously announced staking an additional 328 claims
to control the priority zone when the 2010 soil sampling revealed coincident
gold mineralization along 1.0 km of the structure and will be followed up with
drilling in Phase-Four. Click image below for a map of
the new structure.
The Phase-Four
budget is currently $7.0M for the 25,000 meter program. Premium believes
that sufficient resources are available to complete the Phase-Four drill
program.
Phase-4 Proposed
Plan Friday & Monday Zones-
Proposed Buffalo Gulch & Deadwood
Zones
IGP Zones
(Click maps to enlarge)
*The Friday-Petsite deposit hosts 343,000
Indicated oz Au (11.8 Mt @ 0.90 g/t Au with 0.5 g/t Au cut-off) and 879,000
Inferred oz (26.4 Mt @ 1.04 g/t Au with 0.5 g/t Au cut-off) and remains open.
For an updated Block Model of the recently released
resource estimate on www.Corebox.Net, please click http://bit.ly/Corebox_Block_Model_FP.
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.
Qualified Person
The 2010 Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr.
Ostenson prepared, and approves of the content in
this release.
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.
.