3.81 g/t Au over 121 mSell your DEC and BUY PEM before its too late.
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
PremiumExploration, Inc. has received assay results from the first three holesof the phase 2 drill program. These holes confirmed the continuity ofthe high-grade gold zone below the current bulk-tonnage 531,890-ounceinferred gold resource currently hosted in 350 metres of strike lengthdown 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).
The drill program consisted of six HQ core holestotalling 1,969.9 metres (6,463 feet) and assay results have now beenreceived for the first three drill holes from phase 2 of the 2009exploration program. Please see news in Stockwatch Aug. 6, 2009, forthe results from the first phase of drilling.
"The successful phase 2 drilling was completed on schedule, onbudget and confirmed continuity of mineralization as predicted by thegeologic model. These holes are the deepest holes drilled to date onthe property and intercepted the mineralized zone up to 300 metres downdip from the bottom of historic drill hole PC010. These results comparewell to historic hole PC010 which returned grades of 3.81 g/t over 85.4metres (including 10.8 g/t over 22.90 metres and 17.66 g/t over 10.7metres).
"The initial results from this program support the currentunderstanding of the geologic and structural controls to mineralizationand will be used in the upcoming revision to the inferred 43-101resource; which will result in an upgrade of a portion of the existingresources and likely increase the resource in total. The high-gradegold intercepts from phase 2 will also likely have a positive impact onthe average grade of the resources," stated Wilf Struck, PEng, chiefexecutive officer of Premium.
The phase 2 drill holes were collared east of the phase 1holes; drilled to the west; and were designed to intersect the zone ofmineralization down-dip from the earlier drilling.
Interestingly, the postmineral dike encountered in previousshallower drilling was not intersected and, therefore, themineralization in these deeper holes has not been split into twoseparate zones. A continuous zone of mineralization will have apositive impact on the revised resource calculation.
PFR2009-10 returned 2.66 g/t gold over 198.4 metres (650.9feet), 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 30.60g/t gold over 1.8 metres (6.0 feet). The hole also contained aspectacular 0.4-metre (1.3-foot) intercept of 285.93 g/t gold at a downhole distance of 352.9 metres (1,158 feet).
The collar for this hole is located 130 metres east ofPFR2009-01 which returned 5.02 g/t gold over 17.92 metres, including13.78 g/t gold over 5.73 metres and 35.55 g/t gold over 1.58 metres.PFR2009-1 is located 25 metres to the north of the previously reportedhigh-grade hole PC-08 which returned 7.33 g/t over 16.7 metres,including 52.05 g/t over 1.6 metres. Drill hole PFR2009-10 went to adepth of 372.0 metres (1,220 feet) and terminated in mineralization asit did not fully crosscut the zone of gold mineralization.
PFR2009-11 returned 2.94 g/t gold over 73.5 metres (241.1feet), including 10.57 g/t gold over 17.2 metres (56.4 feet), including160.63 g/t gold over 0.9 metre (3.0 feet) and went to a total depth of490.2 metres (1,608 feet). The collar for this hole is located 250metres east of PC010 which returned grades of 3.81 g/t over 85.4 metres(including 10.8 g/t over 22.90 metres and 17.66 g/t over 10.7 metres).
PFR2009-12 returned 1.00 g/t gold over 83.4 metres (273.6feet), including 3.47 g/t gold over 2.2 metres (7.2 feet). The collarfor this hole is located 150 metres east of PFR2009-05 which contained1.20 g/t gold over 76.05 metres, including 3.76 g/t gold over 10.52metres as well as 1.13 g/t gold over 42.67 metres, including 7.73 g/tgold over 4.57 metres. Drill hole PFR2009-12 went to a depth of 365.9metres (1,200 feet) and terminated in mineralization as it did notfully crosscut the zone of gold mineralization. The bottom 2.93 metres(9.6 feet) of the hole averaged 2.74 g/t gold.
The company is looking forward to reporting the other threeholes in the program once the remaining assays have been received andcompiled into the geologic database. Two drill holes are large step-outholes to the south and are located 475 metres (1,558 feet) to the southof PFR2009-11. The holes are located on the geochem anomaly whichtrends to the south for 1,100 metres (3,608 feet) from the main zone ofdrilling. These shallow drill holes are located at a higher elevation,and as a result, are at a higher level in the mineralizing system andwere designed to intersect the structure associated with the Orograndeshear zone. The drill holes successfully intersected altered quartzmonzonite and muscovite schist associated with the Orogrande shear zonesimilar to the mineralized material encountered 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.
Resource recalculation is currently under wayincorporating the recent drill results. A total of 22 holes consistingof the seven phase 1 core holes, six phase 2 holes, four BFD core holesfrom 2004 and the five core holes drilled by Canden Resources (for atotal of 22 holes) will be included in a new resource estimate. Theseholes were drilled subsequent to the NI 43-101 resource calculation andconsequently were not available for that calculation.
The large and extensive zone of lower-grade mineralizationhosts an NI 43-101 inferred gold resource estimate of 16,544 kilogramsof gold (531,890 troy ounces) contained in 15.17 million tonnesaveraging 1.1 g/t gold (0.032 ounce per ton) at a cut-off of 0.514 gramper metric tonne (0.015 ounce per ton) which is a potentiallyopen-pittable heap-leachable disseminated gold resource. This resourcewas calculated to a depth of approximately 150 metres (492 feet), whilethe current drilling confirms continuity of mineralization to a depthof 490.2 metres (1,608 feet).
We seek Safe Harbor.