Premium Exploration Intercepts 286.67 Meters (940.51 Feet) of 0.73 g/t Gold, Including 11.67 Meters (38.29 Feet) of 2.37 g/t Idaho Gold Project
February 20, 2014, Coeur d'Alene, Idaho - Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF) ("Premium" or the "Company") announces further assay results from drilling the deep zone at the Friday Gold Deposit in Idaho County, Idaho. The drill hole was a vertical step-out hole aimed at drilling both the upper and lower gold zones at the Friday deposit. The drill hole encountered a long interval of gold mineralization - 286.67 meters (940.51 feet) with a weighted average of 0.73 g/t Gold. Within this zone were numerous intervals of higher grade gold mineralization, the highest being 1.37 meter (4.5 feet) of 14.35 g/t Au at 229.67 meters (753.5 feet).
The current drilling is now focused on the upper high grade zone and there are numerous upper zone drill holes with assay's pending. All of the current drilling is being done to support a preliminary economic study of the high grade portions within the Friday deposit and is designed to extend the high grade mineralization found in drill holes detailed in previous press releases.
Highlights Include:
PFR20014_1: 14.35 g/t gold over 1.37 meters, (4.49 ft)
13.6 g/t gold over 1.22 meters (3.28 ft)
2.67 g/t gold over 11.67 meters (38.29 ft) See Attached Spread Sheet for Intervals
The ongoing drill program consists of a total of fourteen HQ core holes and complete assay results have now been received for the first three drill holes PFR2013_1&2 & PFR2014_1. Drill hole PFR2014_11 is now being drilled.
Drill hole PFR2014_1 was drilled 15 meters north of PFR2009_10 and intercepted the strongest mineralization at approximately 17 meters due to drill hole deflection. A zone of 36 meters (785 to 904 feet) encountered strongly silicified, clast-supported breccia rimmed with pyrite. A suite of metallic screens will be completed on the high-grade intercepts as well as a selected grade range to better understand gold distribution. Approximately 50 samples will have metallurgical testing work performed in the near future to further our understanding of the high-grade zone.
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|Drill Hole|Zone |From (m)|To (m)|Interval (m)|Feet (ft)|Au g/t|
|---------------------------------------------------------------|
|PFR2014_1 |Friday|60.96 |347.63|286.67 |940.50 |0.728 |
|---------------------------------------------------------------|
| |Friday|152.47 |160.02|7.62 |25.00 |2.50 |
|---------------------------------------------------------------|
| |Friday|229.67 |241.61|11.67 |38.29 |2.67 |
|---------------------------------------------------------------|
| |Friday|229.67 |276.61|46.94 |154.00 |1.52 |
|---------------------------------------------------------------|
| |Friday|251.52 |276.61|25.09 |82.32 |1.48 |
|---------------------------------------------------------------|
| |Friday|289.56 |291.85|2.29 |7.51 |2.34 |
|---------------------------------------------------------------|
| |Friday|336.05 |338.33|2.28 |7.48 |1.52 |
|---------------------------------------------------------------|
| |Friday|354.34 |347.63|2.29 |7.51 |1.76 |
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Note:
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o.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.
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o.True Widths are estimated to be between 65% and 75% of the drilled interval.
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The Company has implemented a rigorous QA/QC program using best industry practices at the Friday- Petsite Property. The program includes security of samples, and drill core sawn in half and shipped in sealed bags, blind duplicates, blank samples and certified standards are inserted into the sample stream. The samples are then boxed and freighted to ALS Chemex Labs in Elko, NV a lab certified for the provision of assays and geochemical analyses (ISO 9001:2008). Samples with gold values greater than 10 g/t were 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.
Qualified Person
The 2013-14 exploration program is directed by James Baughman, Chief Geologist of Premium Exploration, Inc., who is a Qualified Person as defined by NI 43-101. Mr. Baughman prepared, and approves of the content of this release.
Toronto PDAC
Premium Exploration will be at the PDAC Core Shack on March 4th and 5th in conjunction with the Prospectors and Developers Convention. Core samples from the current round of drilling will be on display.
About Premium Exploration Inc.
The Company's purpose is to efficiently and economically advance their district sized Idaho Gold Project. The Idaho Gold project contains three known deposits. The Friday deposit has an NI 43-101 compliant resource of:
Indicated: 647,000 Au (20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
Inferred: 590,000 Au (20.9 MT @ 0.88 g/t Au with 0.45 g/t cut-off)
The Deadwood deposit and the Buffalo Gulch oxide deposit both have small historical gold resources and both are expandable. Premium Exploration has commenced a preliminary economic study envisioning underground mining of a high grade portion of the Friday deposit.
For More Information Please Contact:
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|Mr. John Ryan, President&CEOPhone:(604)682-0243|Peter J. Kletas,
Investor Relations|
|Fax: (604) 682-2499 |Phone: (604)
874-7915-Direct |
|E:jryan@premiumexploration.com |Toll Free: (866)
999-6251 |
|E: info@premiumexploration.com
|E:ir@premiumexploration.com |
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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 under the Company's profile on www.sedar.com in accordance with the policies and requirements of the TSX Venture Exchange and applicable securities law. 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. There are no assurances that the Company can fulfill such Forward-Looking Statements and the Company undertakes no obligation to update 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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