NEWS!!Premium Exploration Develops High-Grade Gold Model for the 28 Km Shear Zone at their Idaho Properties
Jan 15, 2009 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
VANCOUVER,BRITISH COLUMBIA (January 15, 2009) - Premium Exploration, Inc.(PEM:TSX-V) ("Premium") has developed the first high-grade gold conduitand feeder model for the 28 km North-South trending Orogrande ShearZone.
Utilizing a new model based on high-grade goldmineralization hosted in the sheared silicified gneiss, schist andquartz monzonite geology of the Shear Zone, Premium's geologists arethe first to interpret the numerous gold resources and targets alongthe Shear Zone, as being the result of this potential high-grade feedermodel.
Premium is currently permitting for production, it'smost northern property, Buffalo Gulch, while Premium's Friday-Petsiteproperty, a 531,890 oz inferred gold resource (NI 43-101) on theSouthern-end of the zone, hosts historic high-grade drill results,which support the potential high-grade conduit theory and are listedbelow:
Historic high-grade HQ drilling by Cypres-Amax and Kinross Gold Corp., returned:
- Core Hole PC008: 7.33 g/t gold over 16.7 meters including
52.05 g/t gold over 1.6 meters
- Core Hole PC010: 4.58 g/t gold over 68.6 meters including;
12.11 g/t gold over 19.8 meters
75.09 g/t gold over 1.5 meters
- Visible gold identified in PC002, PC008 and PC010
Thehistoric work noted above, was performed by previous operatorsCypres-Amex and Kinross Gold Corp., in 1997 and audited by BeartoothPlatinum Corp., in 2004.
Highlights of the historic audit drilling by Beartooth Platinum Corp., from the Shear Zone geology:
- Core hole BFD-32: 3.54 g/t gold 25 meters true width including:
9.29 g/t gold over 1.9m true width
9.75 g/t gold over 1.3 m true width
- Core Hole BFD-30: 9.33 g/t gold over 2.9 meters true width
- Core Hole BFD-31: 8.29 g/t gold over 13 meters true width
Inaddition to the numerous gold resources and targets along the ShearZone, the drill holes demonstrate the potential tenor of mineralizationof the 28 km strike length of the Shear Zone, which are also the onlydrill holes to have intercepted the Shear Zone geology to date.
BeartoothPlatinum Corp., Premium's predecessor at the Friday-Petsite, drilledthe four HQ core holes to audit the previous high-grade drill resultsintersected by Cypres-Amax and Kinross Gold Corp., who were BeartoothPlatinum's predecessor on the property.
The Beartooth drillingtargeted the Shear Zone geology, a strike length of 300 meters (1,000ft) that crosses the large low-grade envelope of the Friday-Petsite andwas identified by 24 drill holes with intercepts up to 74 g/t gold (seeFriday-Petsite Property, Selected Core Drill Hole Composite AssaysDrilled by Cypres-Amax and Kinross Table, below).
In total,there are four established gold mineralized zones with open-pit andheap leach potential hosted along the Shear Zone, including Premium'sFriday-Petsite property, but as the drill results above show, there arealso numerous higher-grade gold occurrences hosted along the zone.
Worthnoting, all previous operators, including Kinross, Cypress-Amex andBeartooth Platinum Corp, focused their exploration programs ondeveloping the numerous individual low-grade targets, which fall alongthe Shear Zone.
Even though there are no drill holesintercepting the Shear Zone geology, at the three other gold targets,there are 13 historic underground mines on high-grade gold bearingcross-cutting quartz veins in fractures spaced along the entire lengthof the Shear Zone. Click:https://www.premiumexploration.com/wp-content/uploads/2008/08/orogrande-shear-zone.pdffor a map of the Shear Zone.
Additionally, all streams anddrainages in the area are heavily placer mined, with regionalproduction in Central Idaho amounting upwards of 4,000,000 oz of gold,historically.
Friday-Petsite Property Selected HQ Core Drill Hole Composite Assays Drilled by Cypres-Amax and Kinross: Utilizing a 5 g/t Lower Limit
Drillhole Depth of Intercept Length of Intercept
From (ft) To (ft) From (m) To (m) Feet Metres Grade (g/t)
PC006 50.0 55.0 15.2 16.8 5.0 1.53 5.60
PC006 200.0 205.0 61.0 62.5 5.0 1.53 5.30
PC006 215.0 220.0 65.5 67.1 5.0 1.53 15.15
PC007 110.0 115.0 33.5 35.1 5.0 1.53 7.15
PC008 170.0 180.0 52.6 54.1 10.0 3.05 29.02
includes 175.0 180.0 53.4 54.9 5.0 1.53 52.05
PC008 210.0 215.0 64.0 65.5 5.0 1.53 6.35
PC008 300.0 305.0 91.4 93.0 5.0 1.53 5.50
PC010 145.0 150.0 44.2 45.7 5.0 1.53 9.20
PC010 155.0 165.0 48.0 49.5 10.0 3.05 9.35
PC010 175.0 180.0 53.3 54.9 5.0 1.53 9.25
PC010 190.0 210.0 60.2 61.7 20.0 6.10 26.92
includes 195.0 200.0 59.5 61.0 5.0 1.53 75.09
PC010 320.0 325.0 97.5 99.1 5.0 1.53 5.00
PC010 350.0 355.0 106.7 108.2 5.0 1.53 5.00
Drillhole Depth of Intercept Length of Intercept
From (ft) To (ft) From (m) To (m) Feet Metres Grade (g/t)
PC012 110.0 115.0 33.5 35.1 5.0 1.53 6.35
PC014 112.0 114.9 34.1 35.0 2.9 0.88 7.47
PC014 117.0 120.0 35.7 36.6 3.0 0.92 8.61
PC014 617.1 620.7 188.1 189.2 3.6 1.10 7.49
PC014 645.0 650.7 196.6 198.3 5.7 1.74 10.57
PC020 37.0 42.8 11.3 13.1 5.8 1.77 5.43
PC020 142.4 146.0 43.4 44.5 3.6 1.10 5.54
PC020 302.2 304.4 92.1 92.8 2.2 0.67 1.29
Friday-Petsite Property Selected Reverse Circulation Drill Hole Composite Assays: Utilizing a 5g/t Lower Limit, Sampling was conducted on 5-foot intervals down-hole
PZ014 100.0 105.0 30.5 32.0 5.0 1.53 5.95
PZ015 335.0 340.0 102.1 103.6 5.0 1.53 5.60
PZ016 75.0 80.0 22.9 24.4 5.0 1.53 5.40
PZ018 95.0 100.0 29.0 30.5 5.0 1.53 7.80
PZ018 105.0 110.0 32.0 33.5 5.0 1.53 5.40
PZ018 210.0 215.0 64.0 65.5 5.0 1.53 9.29
PZ018 220.0 225.0 67.1 68.6 5.0 1.53 6.90
PZ018 300.0 305.0 91.4 93.0 5.0 1.53 7.65
PZ018 345.0 350.0 105.2 106.7 5.0 1.53 8.75
PZ019 150.0 175.0 48.8 50.3 25.0 7.63 7.32
PZ019 185.0 190.0 56.4 57.9 5.0 1.53 5.35
PZ024 90.0 95.0 27.4 29.0 5.0 1.53 8.50
PZ027 165.0 170.0 50.3 51.8 5.0 1.53 6.20
PZ034 200.0 205.0 61.0 62.5 5.0 1.53 5.50
PZ047 210.0 215.0 64.0 65.5 5.0 1.53 9.33
PZ052 85.0 90.0 25.9 27.4 5.0 1.53 5.15
PZ052 245.0 250.0 74.7 76.2 5.0 1.53 8.70
PZ055 325.0 330.0 99.1 100.6 5.0 1.53 5.90
PZ064 45.0 50.0 13.7 15.2 5.0 1.53 8.55
PZ066 320.0 325.0 97.5 99.1 5.0 1.53 5.75
PZ080 130.0 135.0 39.6 41.2 5.0 1.53 8.75
PZ080 185.0 190.0 56.4 57.9 5.0 1.53 7.80
PZ080 220.0 225.0 67.1 68.6 5.0 1.53 5.75
Qualified Person
Mr.Wilf Struck, P.Eng., geologic consultant to the Company, is theQualified Person ("QP") responsible for the technical disclosure inthis press release, in accordance with National Instrument 43-101.
About Premium Exploration, Inc.
PremiumExploration, Inc. is a unique precious metals explorer focused onMexico and the USA. Listed on the TSX Venture Exchange (TSX-V:PEM),Premium has assembled an innovative and successful management andadvisory team, committed to maximizing shareholder exposure to preciousmetal discovery, the most profitable stage of exploration. Premium'sportfolio holds Gold, Silver and Platinum Group Metals projects invarious stages of exploration, from grassroots to near production.https://www.premiumexploration.com/.
All prospective and currentshareholders of Premium Exploration are invited to join the Company'sofficial investment forum exclusively at Pinnacle Digest:https://www.pinnacledigest.com/company/pem:ca. The forum allows forinvestor-controlled discussion, questions, and progressive feedbackfrom other shareholders and investors. Third party reports on thecompany are also available at https://www.pinnacledigest.com./
For More Information, Please Contact:
Mr. Del SteinerPresident & CEOPremium Exploration, Inc.(604)682-0243Email: dsteiner@premiumexploration.com Christine KoprCorporateCommunicationsPremium Exploration, Inc.(604) 682-0243Email:ckopr@premiumexploration.com
This press release containscertain "Forward-Looking Statements" within the meaning of Section 21Eof the United States Security Exchange Act of 1934, and involves anumber of risks and uncertainties. Important factors that could causeactual results to differ materially from the Company's expectations aredisclosed in the Company's documents filed from time to time with theTSX Venture Exchange and the British Columbia Securities Commission.All statements, other than of historical fact, included herein areforward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements willprove to be accurate, and actual results and future events could differmaterially from those anticipated in such statements. The TSX VentureExchange has not reviewed and does not accept responsibility for theadequacy or accuracy of this release.
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