Premium Exploration drills 3.81 g/t Au over 121 m
2010-01-13 16:39 ET - News Release
Mr. Wilf Struck reports
PREMIUM EXPLORATION DRILLS 3.81 G/T GOLD OVER 121 METERS AT FRIDAY-PETSITE PROJECT
Premium Exploration,Inc.has received assay results from the first three holes of the phase2drill program. These holes confirmed the continuity of thehigh-grade gold zone below the current bulk-tonnage531,890-ounce inferred gold resource currently hosted in 350 metres ofstrike length down to a depth of 150 metres.
Highlights
PFR2009-10:
- 2.66 grams per tonne gold over 198.4 metres (650.9 feet);
- Including 3.81 g/t gold over 121.1 metres (397.2 feet);
- Including 9.16 g/t gold over 25.3 metres (83.0 feet);
- Including 30.60 g/t gold over 1.8 metres (6.0 feet).
PFR2009-11:
- 2.94 g/t gold over 73.5 metres (241.1 feet);
- Including 10.57 g/t gold over 17.2 metres (56.4 feet);
- Including 160.63 g/t gold over 0.9 metre (3.0 feet).
PFR2009-12:
- 1.00 g/t gold over 83.4 metres (273.6 feet);
- Including 3.47 g/t gold over 2.2 metres (7.2 feet).
Thedrillprogram consisted of six HQ core holestotalling 1,969.9 metres(6,463feet) and assay results have now beenreceived for the firstthree drillholes from phase 2 of the 2009exploration program. Pleasesee news inStockwatch Aug. 6, 2009, forthe results from the firstphase of drilling.
"Thesuccessful phase 2 drilling was completedon schedule, onbudget andconfirmed continuity of mineralization aspredicted by thegeologicmodel. These holes are the deepest holesdrilled to date onthe propertyand intercepted the mineralized zone upto 300 metres downdip from thebottom of historic drill hole PC010.These results comparewell tohistoric hole PC010 which returned gradesof 3.81 g/t over 85.4metres(including 10.8 g/t over 22.90 metres and17.66 g/t over 10.7metres).
"Theinitial results from thisprogram support the currentunderstanding ofthe geologic and structuralcontrols to mineralizationand will be usedin the upcoming revision tothe inferred 43-101resource; which willresult in an upgrade of aportion of the existingresources and likelyincrease the resource intotal. The high-gradegold intercepts from phase2 will also likely havea positive impact onthe average grade of theresources," stated WilfStruck, PEng, chiefexecutive officer of Premium.
Thephase 2drill holes were collared east of the phase 1holes; drilled tothewest; and were designed to intersect the zone ofmineralizationdown-dipfrom the earlier drilling.
Interestingly, the postmineraldikeencountered in previousshallower drilling was not intersectedand,therefore, themineralization in these deeper holes has not beensplitinto twoseparate zones. A continuous zone of mineralization willhaveapositive impact on the revised resource calculation.
PFR2009-10returned2.66 g/t gold over 198.4 metres (650.9feet), including 3.81g/t goldover 121.1 metres (397.2 feet),including 9.16 g/t gold over25.3 metres(83.0 feet), including 30.60g/t gold over 1.8 metres (6.0feet). Thehole also contained aspectacular 0.4-metre (1.3-foot)intercept of285.93 g/t gold at a downhole distance of 352.9 metres(1,158 feet).
Thecollar for this hole is located 130 metres eastofPFR2009-01 whichreturned 5.02 g/t gold over 17.92 metres,including13.78 g/t gold over5.73 metres and 35.55 g/t gold over 1.58metres.PFR2009-1 is located 25metres to the north of the previouslyreportedhigh-grade hole PC-08which returned 7.33 g/t over 16.7metres,including 52.05 g/t over 1.6metres. Drill hole PFR2009-10 wentto adepth of 372.0 metres (1,220feet) and terminated in mineralizationasit did not fully crosscut thezone of gold mineralization.
PFR2009-11returned 2.94 g/t goldover 73.5 metres (241.1feet), including 10.57g/t gold over 17.2 metres(56.4 feet), including160.63 g/t gold over0.9 metre (3.0 feet) and wentto a total depth of490.2 metres (1,608feet). The collar for this holeis located 250metres east of PC010which returned grades of 3.81 g/tover 85.4 metres(including 10.8 g/tover 22.90 metres and 17.66 g/t over10.7 metres).
PFR2009-12returned 1.00 g/t gold over 83.4 metres(273.6feet), including 3.47 g/tgold over 2.2 metres (7.2 feet). Thecollarfor this hole is located 150metres east of PFR2009-05 whichcontained1.20 g/t gold over 76.05metres, including 3.76 g/t gold over10.52metres as well as 1.13 g/tgold over 42.67 metres, including 7.73g/tgold over 4.57 metres. Drillhole PFR2009-12 went to a depth of365.9metres (1,200 feet) andterminated in mineralization as it didnotfully crosscut the zone ofgold mineralization. The bottom 2.93metres(9.6 feet) of the holeaveraged 2.74 g/t gold.
The companyis looking forward toreporting the other threeholes in the program oncethe remaining assayshave been received andcompiled into the geologicdatabase. Two drillholes are large step-outholes to the south and arelocated 475 metres(1,558 feet) to the southof PFR2009-11. The holes arelocated on thegeochem anomaly whichtrends to the south for 1,100 metres(3,608 feet)from the main zone ofdrilling. These shallow drill holesare located ata higher elevation,and as a result, are at a higher levelin themineralizing system andwere designed to intersect thestructureassociated with the Orograndeshear zone. The drill holessuccessfullyintersected altered quartzmonzonite and muscovite schistassociatedwith the Orogrande shear zonesimilar to the mineralizedmaterialencountered in the first threeholes.
Hole ID From m To m Length m Length ft Au g/t
PFR2009-10 173.4 371.8 198.4 650.9 2.7
232.2 353.3 121.1 397.3 3.8
238.7 264.0 25.3 83.0 9.2
239.3 241.1 1.8 6.0 30.6
352.9 353.3 0.4 1.3 285.9
PFR2009-11 266.1 339.6 73.5 241.1 2.9
277.4 294.6 17.2 56.4 10.6
290.5 291.4 0.9 3.0 160.6
PFR2009-12 281.6 365.0 83.4 273.6 1.0
362.8 365.0 2.2 7.2 3.5
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 widths are estimated to be between 65 per cent and 75 per cent of
the drilled interval.
Resourcerecalculationis currently under wayincorporating the recent drillresults. A total of22 holes consistingof the seven phase 1 core holes,six phase 2 holes,four BFD core holesfrom 2004 and the five core holesdrilled by CandenResources (for atotal of 22 holes) will be includedin a new resourceestimate. Theseholes were drilled subsequent to theNI 43-101 resourcecalculation andconsequently were not available forthat calculation.
Thelarge and extensive zone of lower-grademineralizationhosts an NI 43-101inferred gold resource estimate of16,544 kilogramsof gold (531,890 troyounces) contained in 15.17million tonnesaveraging 1.1 g/t gold (0.032ounce per ton) at a cut-offof 0.514 gramper metric tonne (0.015 ounceper ton) which is apotentiallyopen-pittable heap-leachable disseminatedgold resource.This resourcewas calculated to a depth of approximately150 metres (492feet), whilethe current drilling confirms continuity ofmineralizationto a depthof 490.2 metres (1,608 feet).
We seek Safe Harbor.