Premium Defines 8 Km
Gold-In-Soil Trend at Idaho Gold Project
Premium Exploration Inc.
(TSX-V:PEM) (�Premium� or �the Company�) is pleased to report geochemical
results from ~4,500 soil samples taken from the Company�s 100% owned Idaho Gold
Project located along the Orogrande Shear Zone in
North-Central Idaho, USA. These samples were taken over previously
unexplored portions of the Deadwood Zone in order to refine targets identified
by airborne geophysics for the upcoming 2011 Phase-Four drill program. The
target is open along trend and untested by drilling.
New
Deadwood Gold-in-Soil Trend:
- New Deadwood
gold-in-soil trend of >20ppb Au is 8 km in length and up to 1 km in
width. The anomaly clearly outlines the western margin of the NNE
trending Orogrande Shear Zone in an area of
multiple NNW trending splay structures.
- Gold-in-soil
results up to 2.0 g/t and comparable to the
gold-in-soil anomalies at the Friday and Buffalo Gulch Zones, both of
which correlate very well with known mineralization along the Orogrande Shear Zone.
- Deadwood
gold-in-soil anomaly is located:
- 5 Km north along strike from Friday-Petsite deposit of 549,000 oz inferred gold resource
(15
Mt @ 1.13 g/t Au with a 0.5 g/t cut-off)
- 3 Km south
along strike from Buffalo Gulch historic 111,000 oz indicated gold
resource*
(4
Mt @ 0.8 g/t Au with a 0.4 g/t cut-off)
- New
gold-in-soil anomaly correlates with airborne geophysics, thus providing
clear targets for the Phase-Four drill program
�Drilling
based on gold-in-soils combined with geophysics is the most effective
exploration strategy at the Idaho Gold Project, proven with 100% drill success
at the Friday Zone,� stated Mike Ostenson, VP
Exploration of Premium Exploration. �The new Deadwood Zone gold-in-soil
results correlate with potential mineralized fault structures identified by
geophysics giving Premium numerous high-priority targets along the new 8 Km
trend.�
2010 Soil Sampling
Program
The gold-in-soil sampling program was
targeted on the complex structural corridor revealed by the airborne geophysics
in the Deadwood Zone and was designed to refine drill targets for the upcoming
Phase-Four drill program scheduled to begin March 21, 2011.
The
survey was conducted on a grid with 200 meter north-south spacing and 25 meter
east-west spacing. The soil samples were submitted for multi-element
analysis� providing Premium with potential pathfinder elements.
As
a result of the strong anomaly, Premium increased its land position by 328
claims in the Deadwood Zone.
Phase-Four Exploration
Premium
has received IP Di-Pole Di-Pole geophysics conducted
in Q4 2010 and anticipates releasing results as soon as they have been analysed. With the new IP data, drill targets are being
refined and prioritized for the upcoming Phase-Four program scheduled to begin
late March 2011 and drill-site permitting is currently on track for +25,000
meters of drilling. The exploration program will also include up to 10,000
soil samples with additional geophysics.
The
Friday-Petsite resource will also continue to be
developed focusing on demonstrating the potential footprint along strike with
large +250 meter step-outs to the north and south.
Further
exploration on the new Monday Fault Zone discovery will be followed up with a
combination of soil sampling, geophysics, and drilling.
*Buffalo Gulch
Historic Resource
The
Buffalo Gulch resource estimate by Idaho Gold Corp in was reviewed by Micon International in 2004, and they concluded that the
Buffalo Gulch property had historical Mineral Resources of about 5 million tons
averaging 0.023 oz/ton Au (4.5 million tonnes at 0.8
g/t Au), comparable to an indicated resource. No cut-off grade was provided.
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.
The historical classes used by Idaho Gold are different from current CIM
classes, however, they might be comparable to the CIM inferred or indicated
resource classes.
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 samples with
visible gold.
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
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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.
.