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.hasreceived assay results from the first three holesof the phase2drillprogram. These holes confirmed the continuity ofthehigh-gradegold zonebelow the current bulk-tonnage531,890-ounceinferred goldresourcecurrently hosted in 350 metres ofstrike lengthdown to a depthof 150metres.
- 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).
- 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).
- 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).
Thedrillprogramconsisted of six HQ core holestotalling 1,969.9 metres(6,463feet) andassay results have now beenreceived for the firstthree drillholes fromphase 2 of the 2009exploration program. Pleasesee news inStockwatchAug. 6, 2009, forthe results from the firstphase of drilling.
"Thesuccessfulphase 2 drilling was completedon schedule, onbudget andconfirmedcontinuity of mineralization aspredicted by thegeologicmodel. Theseholes are the deepest holesdrilled to date onthe propertyandintercepted the mineralized zone upto 300 metres downdip from thebottomof historic drill hole PC010.These results comparewell tohistoric holePC010 which returned gradesof 3.81 g/t over 85.4metres(including 10.8g/t over 22.90 metres and17.66 g/t over 10.7metres).
Theinitialresults from this programsupport the currentunderstanding ofthegeologic and structuralcontrols to mineralizationand will be usedin theupcoming revision tothe inferred 43-101resource; which willresult in anupgrade of aportion of the existingresources and likelyincrease theresource intotal. The high-gradegold intercepts from phase2 will alsolikely havea positive impact onthe average grade of theresources,"stated WilfStruck, PEng, chiefexecutive officer of Premium.
Thephase2drill holes were collared east of the phase 1holes; drilled tothewest;and were designed to intersect the zone ofmineralizationdown-dipfromthe earlier drilling.
Interestingly, thepostmineraldikeencountered in previousshallower drilling was notintersectedand,therefore, themineralization in these deeper holes hasnot beensplitinto twoseparate zones. A continuous zone ofmineralization willhaveapositive impact on the revised resourcecalculation.
PFR2009-10returned2.66 g/t gold over 198.4 metres(650.9feet), including 3.81g/t goldover 121.1 metres (397.2feet),including 9.16 g/t gold over25.3 metres(83.0 feet), including30.60g/t gold over 1.8 metres (6.0feet). Thehole also containedaspectacular 0.4-metre (1.3-foot)intercept of285.93 g/t gold at adownhole distance of 352.9 metres(1,158 feet).
Thecollar for thishole is located 130 metres eastofPFR2009-01 whichreturned 5.02 g/t goldover 17.92 metres,including13.78 g/t gold over5.73 metres and 35.55 g/tgold over 1.58metres.PFR2009-1 is located 25metres to the north of thepreviouslyreportedhigh-grade hole PC-08which returned 7.33 g/t over16.7metres,including 52.05 g/t over 1.6metres. Drill hole PFR2009-10wentto adepth of 372.0 metres (1,220feet) and terminated inmineralizationasit did not fully crosscut thezone of goldmineralization.
PFR2009-11returned 2.94 g/t goldover 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 wentto a totaldepth of490.2 metres (1,608feet). The collar for this holeis located250metres east of PC010which returned grades of 3.81 g/tover 85.4metres(including 10.8 g/tover 22.90 metres and 17.66 g/t over10.7metres).
PFR2009-12returned 1.00 g/t gold over 83.4metres(273.6feet), including 3.47 g/tgold over 2.2 metres (7.2 feet).Thecollarfor this hole is located 150metres east of PFR2009-05whichcontained1.20 g/t gold over 76.05metres, including 3.76 g/t goldover10.52metres as well as 1.13 g/tgold over 42.67 metres, including7.73g/tgold over 4.57 metres. Drillhole PFR2009-12 went to a depthof365.9metres (1,200 feet) andterminated in mineralization as itdidnotfully crosscut the zone ofgold mineralization. The bottom2.93metres(9.6 feet) of the holeaveraged 2.74 g/t gold.
Thecompanyis looking forward toreporting the other threeholes in theprogram oncethe remaining assayshave been received andcompiled into thegeologicdatabase. Two drillholes are large step-outholes to the southand arelocated 475 metres(1,558 feet) to the southof PFR2009-11. Theholes arelocated on thegeochem anomaly whichtrends to the south for1,100 metres(3,608 feet)from the main zone ofdrilling. These shallowdrill holesare located ata higher elevation,and as a result, are at ahigher levelin themineralizing system andwere designed to intersectthestructureassociated with the Orograndeshear zone. The drillholessuccessfullyintersected altered quartzmonzonite and muscoviteschistassociatedwith the Orogrande shear zonesimilar to themineralizedmaterialencountered 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
True widths are estimated to be between 65 per cent and 75 per cent of
the drilled interval.
Resourcerecalculationiscurrently under wayincorporating the recent drillresults. A total of22holes consistingof the seven phase 1 core holes,six phase 2 holes,fourBFD core holesfrom 2004 and the five core holesdrilled byCandenResources (for atotal of 22 holes) will be includedin a newresourceestimate. Theseholes were drilled subsequent to theNI 43-101resourcecalculation andconsequently were not available forthatcalculation.
Thelarge and extensive zone oflower-grademineralizationhosts an NI 43-101inferred gold resourceestimate of16,544 kilogramsof gold (531,890 troyounces) contained in15.17million tonnesaveraging 1.1 g/t gold (0.032ounce per ton) at acut-offof 0.514 gramper metric tonne (0.015 ounceper ton) which isapotentiallyopen-pittable heap-leachable disseminatedgold resource.Thisresourcewas calculated to a depth of approximately150 metres (492feet),whilethe current drilling confirms continuity ofmineralizationto adepthof 490.2 metres (1,608 feet).
We seek Safe Harbor.