NewsPremium Exploration Finds More Gold at Friday Zone: 1.0 g/t Gold over 117.4 MetresVANCOUVER, BRITISH COLUMBIA, Aug 10, 2011 (MARKETWIRE via COMTEX News Network) --
Premium Exploration Inc. (TSX VENTURE: PEM)(OTCQX: PMMEF) ("Premium" or the "Company") is making gold discoveries. The Company's goal is to discover multiple deposits along its 30 km Idaho Gold Project, an emerging gold district in Idaho, USA.
The Company is pleased to announce that drill-hole PFR2011-10 intercepted 1.0 g/t gold over 117.4 m including 3.3 g/t gold over 4.9 metres upon stepping out 155 metres north along strike and at depth of the Main Zone of the Friday-Petsite NI 43-101 indicated gold resource of 11.8 Mt grading 0.90 g/t Au containing 343,000 oz gold and inferred gold resource of 22.5 Mt grading 1.08 g/t Au containing 779,000 gold oz, both at 0.5 g/t cut-off.
The 800 metre Main Zone which hosts the aforementioned resources has now been extended to 1,220 metres since the start of the 25,000 metre drill program. This is a 53% increase to the strike length of the mineralized zone and demonstrates the continued growth potential of the Friday-Pestsite bulk tonnage deposit. Drilling has been focused along a 5 km gold-in-soil and correlating structual target identified by geophysics.
"Nine of the ten step-out holes drilled to date have encountered near surface bulk-tonnage gold mineralization, extended the mineralized zone from 800 to 1,220 metres, and demonstrates the multi-million oz potential of the Friday-Petsite deposit," stated Michael Ostenson, P.GEO., VP Exploration. "Upon defining the extent of the mineralized zone along strike, Premium can then begin development to potentially increase the resource. Until then, our plan is to continue stepping out to determine how large the zone really is."
Three drills are active at the Idaho Gold Project; one at the Friday Zone and two in the highly prospective Deadwood Zone focused on making new discoveries. The Deadwood Zone covers approximately 35 km2, is located between the Buffalo Gulch and Friday Zones along the Idaho Gold Project, and exhibits intriguing structural complexity.
A 12 km gold-in-soil trend extends along the Buffalo Gulch and Deadwood Zones and correlates with the 30 km Orogrande Shear Zone, a regional structural target identified by geophysics. There are numerous, additional gold-in-soil anomalies that correlate with multiple cross-cutting structures, historic mines, and prospects throughout the 35 km2 Deadwood Zone.
Two of the four discoveries at the Idaho Gold Project have been made by drilling beneath gold-in-soil anomalies, while the balance were made by drilling geophysical targets which have not been soil sampled as yet. Premium has completed three drill holes at various targets in the Deadwood Zone and is awaiting results.
To date 3,512 metres (14%) of the 25,000 metre program have been report reported, and 7,644 metres drilled to date.
Friday-Petsite Drilling North:
PFR2011-10 intercepted: 1.0 g/t gold over 117.4 metres including 3.3 g/t gold over 4.9 metres.
Drill-hole PFR2011-10 is an 85 metre step-out from previously reported PFR2011-8 which returned 1.0 g/t gold over 117.7 metres including 2.9 g/t gold over 9.1 metres, along the 5 km gold-in-soil anomaly that correlates with the +5 km structural target identified by geophysics. The drilling extends the strike length of the Friday Main Zone 155 metres north, and mineralization between the North Zone and the Main Zone is now interpreted to be continuous.
The hole was drilled northwest starting in the footwall, intersected the Friday Fault structure, and drilled across the hanging wall mineralization, which is consistent with the Main Zone of the resource.
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