Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) ("Premium"
or the "Company") is pleased to announce a drill program update and
surface grab sample results from the recently acquired patented
claims within the Deadwood Zone at the Idaho Gold Project.
Key Points:
-- Surface grab samples have returned encouraging grades from two different
mineralised systems. Premium's primary focus is a lower grade, bulk-
tonnage target; however a higher grade cross-cutting quartz vein system
has been recognised, which represents an attractive secondary target.
Assay results from the surface grab sampling program are highlighted
below.
Quartz Vein Altered Country Rock #972811 1.48 g/t Au
#972 816 19.37 g/t Au #972806 1.80 g/t Au #972812 0.61 g/t Au
#972 817 42.46 g/t Au #972807 0.05 g/t Au #972813 0.17 g/t Au
#972 818 54.05 g/t Au #972808 0.50 g/t Au #972814 0.81 g/t Au
#972 819 33.88 g/t Au #972809 0.09 g/t Au #972815 0.21 g/t Au
#972810 0.10 g/t Au #972820 0.97 g/t Au
-- Drilling on the patented claims within the northern part of the Deadwood
Zone has encountered similar alteration assemblages and sulphide
mineralisation to those seen in grab samples.
-- Deadwood drill-holes exhibit similar geological, structural, alteration,
and sulphide mineralisation characteristics of the Friday Zone located
12 km to the south, which hosts the current NI 43-101 compliant
resource.
-- Deadwood is one of several mineralised zones along the 30 km Orogrande
Shear Zone (OSZ) regional system; all mineralised zones are linked by
the 30 km geophysical anomaly with co-incident 16 km gold-in-soil
trends.
"Encountering Friday Zone material 12 km away within the
Deadwood Zone, along with excellent outcrop results, and
gold-in-soils, further suggests the potential for multiple gold
deposits along the regional trend," stated Michael Ostenson,
P.Geo., VP Exploration.
Grab samples (972816-972819) are taken from a quartz vein system
along 50 meters of strike length and all returned +10 g/t Au
results from the fire assay analyses. The balance of the grab
samples are taken from sheared and altered country rock with up to
5% pyrite occurring as disseminated and in veinlets.
Widely spaced drill-holes are drilled along a 400 metre portion
of the 12 km gold-in-soil anomaly that trends through the Deadwood
and Buffalo Gulch Zones and correlates with the 30 km OSZ
structure.
First pass drilling is designed to discover bulk tonnage style
mineralisation associated with the OSZ structure. Alteration
assemblages and sulphide mineralisation encountered in the first
three drill-holes on the Deadwood patented claims (SD2011-1, 2,
& 3), are similar to those seen in the surface grab samples
reported in this release.
Large structures have been defined in the first three
drill-holes and will be used as a guide to outline the size and
geometry of the potential mineralised system. The structures are
similar to those controlling mineralisation at the Friday-Petsite
resource 12 km to the south. The structures at Friday-Petsite have
been successfully used as the primary guiding feature for resource
expansion.
High-Grade Vein Prospects - Secondary Target
The northern part of the Deadwood Zone is interpreted to
comprise two types of gold bearing systems; an east-west high-grade
quartz vein system, and a north-south disseminated lower-grade bulk
tonnage system. Premium's primary focus is to define a bulk tonnage
deposit.
The presence of the high-grade vein system has become a
secondary drill target for Premium and the intersection of these
two systems has the potential to host high-grade vein clusters
within a large lower grade bulk tonnage deposit, thereby enhancing
the overall grade.
There are at least 8 high-grade east-west vein systems along a 7
km segment of the +30 km OSZ within the Deadwood Zone with
historically reported grades of over 1 oz/ton. A large portion of
the Deadwood Zone is therefore potentially open to new
discoveries.
Veins can be up to a few metres in width and laterally
extensive. A number of these high-grade quartz veins have been
historically mined. Historical mining exploited the shallow oxide
portions of the veins, leaving the sulphide portion of the vein
open to depth.
For a location map of the grab sample results, please click:
http://bit.ly/DW_PatentedClaimsDrilling_Map.
The Deadwood Zone has several correlating features:
-- 12 km gold-in-soil trend with soil sample results over 1.0 g/t Au and a
high of 4.0 g/t Au
-- Surface outcrop sampling in excess of greater than 10 g/t Au
-- Alteration and sulphide mineralization in drilling consistent with
Friday Zone 12 km to the south
-- All mineralization and alteration coincides with the main regional
structure (OSZ) that links all the known mineralised zones at the Idaho
Gold Project, including the current NI 43-101 compliant Friday-Petsite
resource of 343,000 indicated oz in 11.8 Mt @ 0.90 g/t Au and 879,000
inferred oz in 26.4 Mt @ 1.04 g/t Au (0.5 g/t Au cut-off) at the Friday
Zone.
NI 43-101
Premium's current NI 43-101 on the Friday-Petsite Zone along the
Company's Idaho Gold Project, was prepared for Premium by Mark I.
Pfau, MSc. of Tellurian Exploration, Inc. Mr. Pfau is an
Independent Qualified Person as defined under NI 43-101. The
technical report has an effective date of March 28, 2011 and a
revised date of September 30, 2011.
Quality Assurance
The Company has implemented a rigorous QA/QC program using best
industry practices at the Friday-Petsite Property. The program
includes chain of custody of samples, drill core sawn in half and
shipped in sealed bags, blind duplicates, blank samples and
certified standards are inserted in the sample stream. The samples
are then boxed and couriered to Acme Analytical Laboratories of
Vancouver, B.C. a lab certified for the provision of assays and
geochemical analyses (ISO 9001:2008). Samples with gold values
greater than 10 g/t are re-analyzed via the metallic screen
procedure. Samples with visible gold are also analyzed using the
metallic screen analysis, as are samples immediately preceding and
following the sample with visible gold. ALS Chemex is the check
laboratory for the program.
Qualified Person
The 2011 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 Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) is
focused on gold exploration at its district-sized Idaho Gold
Project along the Orogrande Shear Zone in North-Central Idaho, USA.
The "OSZ" is a +30 km regionally-significant trending structure
with multiple known zones of gold mineralization, similar to many
large gold belts, like the Carlin Trend in Nevada. Armed with a
proven exploration strategy, advancing gold resources, and 30 Km of
drill-ready targets, Premium is well positioned to create
shareholder value through exploration and the development of this
emerging gold district. For additional information, please visit us
at www.premiumexploration.com.
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Premium Exploration Inc. Mr. Del Steiner President
& Chief Executive Officer (604)
682-0243dsteiner@premiumexploration.com,
info@premiumexploration.comwww.premiumexploration.com Opes Capital
Inc. Ms. Christine Kopr Corporate Communications (604) 682-0243
(604) 682-2499
(FAX)ckopr@opescapitalinc.comwww.opescapitalinc.com
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