Managment team has picked their #1 target to invest in and why PEMs SP will rise in the next few days coupled with the recent interest in PEM we have another winner here
The proceeds from the placement will be used for production permitting on the Buffalo Gulch gold project, exploration drilling on the high grade gold zone at the Friday-Petsite property; an NI 43-101 Inferred gold resource of 531,890 troy ounces, contained in 15.17 million tonnes averaging 1.1 g/t gold (0.032 oz/ton) at a cutoff of 0.514 gram per metric tonne (0.017 oz/ton); and general working capital. The funds raised will include up to a 10% finder’s fees in cash or shares.
Highlights Include:
- Completion of 11 core holes totaling 1,623 m (5,324 ft) with an average depth of 148 m (484 ft)
- Visible Chromite identified in two holes to date
- Core logging completed with final preparation of samples for shipment to the assay lab is underway
- 387 surface soil samples collected over 2,400 m west of Chrome Mountain to delineate the western extension of the 15 km PGM geochemical anomaly
- Chrome Mountain is located 1,500 m from the East Boulder Mine (Stillwater Mining Company)
As a Geological Engineer, Mr. Struck brings 25 years of considerable experience in mining operations, operational and corporate management, mine engineering and development, and involvement in acquisitions, evaluations and feasibility studies to Premium.In addition to his State and Federal agency contacts, Mr. Struck has significant expertise in gold and platinum group metal exploration in Canada and the USA, and permitting exploration and development programs with State and Federal agencies in both Montana, (particularity in the Stillwater Complex at Premium’s Chrome Mountain project), and Idaho.
VANCOUVER, BRITISH COLUMBIA (May 13, 2009) – Premium Exploration, Inc., (TSX-V:PEM) (”Premium”) is pleased to announce it has signed a contract for minor road development to access new drill sites for the Phase-One High-Grade Gold Drill Program at the Friday-Petsite drill target in Idaho, USA.Premium also welcomes Mike Ostenson, an experienced gold, platinum and palladium exploration geologist to Premium’s geological team.
Highlights from historic drilling at the high-grade zone:
PC010: 26.92 g/t Au over 6.1 meters
PC008:29.02 g/t Au over 3.05 meters
BFD31: 8.29 g/t Au over 13 meters true width
The new road will provide access to the majority of a historic 4,000-foot, gold in soil geochemical anomaly that extends south from the Friday-Petsite NI 43-101 compliant resource. The compliant 531,890 oz Inferred gold Resource is contained in 15.18 million tonnes at an average grade of 1.1 g/t Au. Please click hereto view a new map of the zone.
The majority of the geochemical anomaly is yet to be drilled due to low gold prices during the 1990’s, approximately $340/oz, when the property was in possession of previous operators.
VANCOUVER, BRITISH COLUMBIA-(Marketwire - January 29th, 2008) - Premium Exploration, Inc. (TSX-V:PEM) (”Premium” or the “Company”) (https://www.premiumexploration.com/) is pleased to announce that it has SEDAR filed the “REVIEW OF THE FRIDAY-PETSITE, PROPERTIES, ELK CITY AREA, IDAHO, U.S.A.” The report reviews the historical exploration work conducted on the Friday-Petsite property and has determined that the inferred resources comply with the definition of such resources as required by NI 43-101.
The report reviewed the extensive historical exploration work conducted on the South Orogrande Shear Zone over the past 20 years by Bema Gold Corporation, Cyprus Amax Minerals, and Kinross Gold Corporation. Approximately US$3.25 million has been expended on exploration activities in the past and Wilf Struck, P.Eng. of CV Enterprises describes the Friday / Petsite property as an Advanced Exploration Property and further concluded that the past exploration has defined a medium-sized disseminated gold deposit that is open along strike and at depth and potentially expandable through additional exploration.
Mr. Struck has reviewed the resource as calculated by Kinross in 1999 and has concluded that this deposit has an “Inferred Resource” complying with NI 43-101 standards at the following tons and cut-off grades: