December 4th, 2012, Vancouver, British Columbia – Premium Exploration Inc. (TSXV: PEM; OTCQX: PMMEF) (“Premium” or the “Company) is pleased to report that a ground-based Induced Polarisation (“IP”) geophysical survey at the Idaho Gold Project (“IGP”) has successfully outlined a new target at the X Zone. This new IP target exhibits coincident highly anomalous gold-in-soil and airborne mag/EM signatures. These characteristics are similar to those associated with the three known deposits along the IGP and suggest potential for the discovery of new gold mineralization at the Idaho Gold Project.
This is the 12th advanced target identified on the project. These twelve targets all exhibit highly anomalous geochemical signatures associated with strong airborne magnetic and electromagnetic and ground IP geophysical anomalies. The majority of the targets are yet to be drill tested.
X-Zone IP Anomaly X-Zone Gold in Soils
Idaho Gold Project Idaho Gold Project
The Friday Zone Plan of Operations is in the 45 day comment period. Should this period proceed without comment, the Company anticipates receiving the drill permits in the spring of 2012. The Friday Zone Plan of Operations contains drill sites for exploration along an additional 2.5 km of potential strike length to the south of the Friday deposit and includes the Petsite Stock target.
Currently Premium can drill within the patented claims located in the Friday and Deadwood Zones. Additionally there are 10 drill sites permitted targeting the coincident IP, airborne and gold-in-soil anomalies in the Buffalo Gulch Zone. The additional targets identified by airborne, IP geophysics and soil geochemistry are in the permitting process.
IGP - Gold in Soils Trend Deadwood - IP Anomaly Buffalo Gulch IP Anomaly
Idaho Gold Project Idaho Gold Project Idaho Gold Project
NI 43-101 Technical Report
Premium’s current technical report on the Company’s Idaho Gold Project was prepared for Premium by by Mr. Ronald Simpson, P.Geo, President of Geosim Services Inc. and independent “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical report has an effective date of May 31, 2012 and was filed on SEDAR on August 16th, 2012.
The Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.
About Premium Exploration Inc.
Premium is focused on the exploration and development of its district-sized Orogrande Shear Zone “OSZ” to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant structure that correlates with multiple known zones of mineralization. This structural control to gold mineralization, has characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Midas Gold’s Golden Meadows Project is located approximately 90km south of the IGP, along strike of a major regional structural trend. The Golden Meadows Project hosts Indicated: 4,229,000 oz (78.2 Mt @ 1.68 g/t Au) and Inferred: 2.890,000 oz (56.1 Mt @ 1.60 g/t Au) in resources to date. Exploration is ongoing at the bulk-tonnage Friday-Petsite deposit, the most advanced of several known mineralized zones located along the OSZ and represents four percent of the OSZ under Premium’s control.
For additional information, please visit us at http://www.premiumexploration.com