Vancouver, British Columbia, Canada, September 11, 2009 --(PR.com
)-- Premium Exploration, Inc. (TSX-V:PEM) (the “Company”) is pleased to announce that results have been received from the final two holes of the Phase-One drill program. PFR2009-06 and PFR2009-07 have confirmed gold mineralization associated with soil geochemistry (that extends 1150 meters to the south) resulting in a 100-meter continuation of the current bulk-tonnage resource zone, south, at the Friday-Petsite Project.
Extended gold mineralization 100 meters to the south
0.64 g/t gold over 45.29 meters (148.6 ft) including
1.06 g/t gold over 15.54 meters (50.0 ft)
0.61 g/t gold over 97.23 meters (318.0 ft) including
3.25 g/t gold over 4.42 meters (14.5 ft) including
7.64 g/t gold over 1.58 meters (5.2 ft)
Del Steiner (President) states, “These results confirm that the near-surface gold mineralization associated with the Orogrande Shear Zone (OSZ) continues to the south and is a continuation of the current NI 43-101 bulk-tonnage resource. Holes six and seven are located 75 meters south of hole PFR2009-4 and intersected strong gold mineralization. This is very exciting, as the gold in soil geochemical anomaly continues 1150 meters (3770 feet) to the south of holes six and seven and the drill results confirm that the gold in the soil samples reflects the gold in the bedrock.”
Drill holes PFR2009-6 and PFR2009-7 were drilled from the same collar location and are directly south of the NI 43-101 inferred gold resource and demonstrate continuity of the gold mineralization to the south across Quartz Creek.
This is significant, as the drill holes intercepted gold mineralization coincident with a gold-in-soil geochemical anomaly. The soil anomaly is contiguous to the bulk-tonnage gold resource and continues south for 1150 meters. The current bulk-tonnage gold resource is hosted in 350 meters of strike length and also hosts 350 meters of contiguous soil geochemistry. (Drilling now confirms that the southern 1150 meters of soil geochemistry is a continuation of the first 300 meters of gold-in soil mineralization.)
There are 660 meters of soil anomaly within the patented claim boundaries and drill roads are currently being constructed to provide access to drill sites within the patented claims.
PFR2009-07 was a vertical hole and terminated in mineralization. Interestingly this hole contained 0.73 meter intercept at 66.39 meters that assayed 14.33 g/t gold and 173 g/t silver. The higher silver content may reflect proximity to a Cretaceous Rhyolitic Quartz-Eye porphyry intrusion which is thought to be related to a second mineralizing event. The intrusion is located 1750 meters south-east of the bulk-tonnage gold resource and maybe on a splay to the Orogrande Shear Zone.
The target for the second phase of drilling will be the 1150 meters of soil gold geochemistry, which continues directly to the south of the existing resource. The defined resource estimate of 16,544 kilograms of gold (531,890 troy ounces) contained in 15.17 million tones, averaging 1.1 g/t gold (0.032 oz/ton) at a cutoff of 0.514 gram per metric tonne, (0.015 oz/ton) is also open to the north and at depth. The drill sites recently approved by the Nez Perce National Forest will permit drill testing over a 400 meter strike length to the north of the existing resource.
As with the first five holes, PFR2009-06 and PFR2009-07 confirm the broad zone of near-surface lower-grade gold mineralization along strike and demonstrate continuity of the high-grade gold zone to the south, of the defined bulk tonnage gold deposit.
~ True widths are estimated to be between 70% and 100% of the drilled interval.
The Phase-Two drill program is being designed and will be implemented once the financing is in place.
About Premium Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. Our team is committed to unlocking mineral wealth for our shareholders by discovering, developing, and permitting precious metals assets to production. The Company’s portfolio includes one of the largest land packages in Idaho, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. 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.