Premium Exploration Intersects 1.11 g/t Au Over 111.25 m at Idaho Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Premium Exploration Inc. (TSX VENTURE: PEM)(OTCQX: PMMEF) is pleased to announce results for the RC drill hole completed in December 2012, at the Friday Zone on the Idaho Gold Project.
PFR2012-1 returned: 1.11 g/t Au over 111.25 meters within
0.57 g/t Au over 304.80 meters
The RC drill hole was designed to test the viability of using reverse circulation drilling in an effort to reduce the cost of the in-fill program for the resource.
The results appear to be consistent with the resource and previously released core holes drilled in this area; PFR2009-10, PFR2009-12 and PFR2010-23 (please see press releases dated January 13, 2010 and January 31, 2011). Due to the grade variability of the resource, a QA/QC analysis is being conducted which will compare the results of the RC hole with the adjacent core holes. Upon completing the QA/QC and economic analysis, Premium will then determine whether to proceed with the RC drill method or return to diamond drill coring.
Adjacent Core Holes:
PFR2009-10: 2.66 g/t Au over 198.4 meters
3.81 g/t Au over 121.1 meters
PFR2009-12: 1.00 g/t Au over 83.4 meters including
3.47 g/t Au over 2.2 meters
PFR2010-23: 0.8 g/t gold over 370.9 meters including
1.5 g/t gold over 134.3 meters including
2.5 g/t gold over 47.3 meters
The test hole was drilled within the central portion of the Main Zone of the Friday resource targeting an area with low drill density. It was drilled to the west at a -60 degree dip from the same collar as PFR2010_23 which was drilled at a -70 degree dip on the same azimuth.
Total depth reached was 1,000 feet however due to ground conditions the drill hole was stopped prior to reaching its targeted depth and terminated in mineralization.
To view the location of the drill hole, please click here: http://bit.ly/2012_RC_Drilling
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Drill Hole Zone From (m) To (m) Interval (m) Au g/t
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PFR2012-1 Friday 193.55 304.80 111.25 1.11
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within 0.00 304.80 304.80 0.57
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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.
True Width is estimated to be approximately 75% of the drilled interval.
The Friday Zone resource estimate is comprised of 629,000 oz Au Indicated (21.5 Mt @ 0.91 g/t Au at 0.4 g/t cut-off) and 146,000 oz Au Inferred (5.9 Mt @ 0.77 g/t Au at 0.4 g/t cut-off). The resource is at or near surface, and remains open along strike to the north, south and at depth. The resource is one of three known deposits along the Idaho Gold Project.
NI 43-101 Technical Report
Premium's current technical report on the Company's Idaho Gold Project was prepared for Premium by Mr. Ronald Simpson, P.Geo., President of Geosim Services Inc. and independent "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical report has an effective date of May 31, 2012 and was filed on SEDAR on August 16th, 2012.
Qualified Person
The 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 is focused on the exploration and development of its district-sized Orogrande Shear Zone "OSZ" to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant structure that correlates with multiple known zones of mineralization. This structural control to gold mineralization has characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Exploration is ongoing at the bulk-tonnage Friday-Petsite deposit; the most advanced of several known mineralized zones located along the OSZ. The Friday-Petsite deposit represents less than four percent of the OSZ under Premium's control.
For additional information, please visit us at: http://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.
Contacts:
Premium Exploration Inc.
Mr. Del Steiner
President & Chief Executive Officer
(604) 682-0243
(604) 682-2499 (FAX)
dsteiner@premiumexploration.com, info@premiumexploration.com
www.premiumexploration.com
Opes Capital Inc.
Ms. Christine Kopr
Corporate Communications
(604) 682-0243
(604) 682-2499 (FAX)
ckopr@opescapitalinc.com
www.opescapitalinc.com
