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 phase2 drill program. These holes confirmed the continuity ofthe high-gradegold zone below the current bulk-tonnage 531,890-ounceinferred goldresource currently hosted in 350 metres of strike lengthdown to a depthof 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).
Thedrill program consisted of six HQ core holestotalling 1,969.9 metres(6,463 feet) and assay results have now beenreceived for the firstthree drill holes from phase 2 of the 2009exploration program. Pleasesee news in Stockwatch Aug. 6, 2009, forthe results from the firstphase of drilling.
"The successful phase 2 drilling was completedon schedule, onbudget and confirmed continuity of mineralization aspredicted by thegeologic model. These holes are the deepest holesdrilled to date onthe property and intercepted the mineralized zone upto 300 metres downdip from the bottom of historic drill hole PC010.These results comparewell to historic 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).
"The initial results from thisprogram support the currentunderstanding of the geologic and structuralcontrols to mineralizationand will be used in the upcoming revision tothe inferred 43-101resource; which will result in an upgrade of aportion of the existingresources and likely increase the resource intotal. The high-gradegold intercepts from phase 2 will also likely havea positive impact onthe average grade of the resources," stated WilfStruck, PEng, chiefexecutive officer of Premium.
The phase 2drill holes were collared east of the phase 1holes; drilled to thewest; and were designed to intersect the zone ofmineralization down-dipfrom the earlier drilling.
Interestingly, the postmineral dikeencountered in previousshallower drilling was not intersected and,therefore, themineralization in these deeper holes has not been splitinto twoseparate zones. A continuous zone of mineralization will haveapositive impact on the revised resource calculation.
PFR2009-10returned 2.66 g/t gold over 198.4 metres (650.9feet), including 3.81g/t gold over 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). 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 eastofPFR2009-01 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 1.58metres.PFR2009-1 is located 25 metres to the north of the previouslyreportedhigh-grade hole PC-08 which returned 7.33 g/t over 16.7metres,including 52.05 g/t over 1.6 metres. Drill hole PFR2009-10 wentto adepth of 372.0 metres (1,220 feet) and terminated in mineralizationasit did not fully crosscut the zone of gold mineralization.
PFR2009-11returned 2.94 g/t gold over 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 went to a total depth of490.2 metres (1,608feet). The collar for this hole is located 250metres east of PC010which returned grades of 3.81 g/t over 85.4 metres(including 10.8 g/tover 22.90 metres and 17.66 g/t over 10.7 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). The collarfor this hole is located 150metres east of PFR2009-05 which contained1.20 g/t gold over 76.05metres, including 3.76 g/t gold over 10.52metres as well as 1.13 g/tgold over 42.67 metres, including 7.73 g/tgold over 4.57 metres. Drillhole PFR2009-12 went to a depth of 365.9metres (1,200 feet) andterminated in mineralization as it did notfully crosscut the zone ofgold mineralization. The bottom 2.93 metres(9.6 feet) of the holeaveraged 2.74 g/t gold.
The company is looking forward toreporting the other threeholes in the program once the remaining assayshave been received andcompiled into the geologic database. Two drillholes 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 thegeochem anomaly whichtrends to the south for 1,100 metres (3,608 feet)from the main zone ofdrilling. These shallow drill holes are located ata higher elevation,and as a result, are at a higher level in themineralizing system andwere designed to intersect the structureassociated with the Orograndeshear zone. The drill holes successfullyintersected altered quartzmonzonite and muscovite schist associatedwith the Orogrande shear zonesimilar to the mineralized materialencountered 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.
Resourcerecalculation is currently under wayincorporating the recent drillresults. 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 holesdrilled by Canden Resources (for atotal of 22 holes) will be includedin a new resource estimate. Theseholes were drilled subsequent to theNI 43-101 resource calculation andconsequently were not available forthat calculation.
The large and extensive zone of lower-grademineralizationhosts an NI 43-101 inferred gold resource estimate of16,544 kilogramsof gold (531,890 troy ounces) contained in 15.17million tonnesaveraging 1.1 g/t gold (0.032 ounce per ton) at a cut-offof 0.514 gramper metric tonne (0.015 ounce per ton) which is apotentiallyopen-pittable heap-leachable disseminated gold resource.This resourcewas calculated to a depth of approximately 150 metres (492feet), whilethe current drilling confirms continuity of mineralizationto a depthof 490.2 metres (1,608 feet).
We seek Safe Harbor.