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. Click
http://bit.ly/PEM_LongSec and http://bit.ly/PEM_Resource for the long section and plan maps.
Cut-Off Grade
|
Classification
|
Tonnes
|
Grade
|
Ounces
Gold
|
(g/t Gold)
|
(g/t 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
|
Classification
|
Tonnes
|
Grade
|
Ounces
Gold
|
(g/t Gold)
|
(g/t 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
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 and the development of this emerging gold district. For
additional information, please visit us at www.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 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.
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