Premium Exploration Drills 2.23 g/t Gold Over 158m and 5.74 g/t Gold Over 76m Increasing Strike Length of Recently Discovered High-Grade “Lower Block” by 200%
July 21st, 2010, Vancouver, British Columbia: Premium Exploration, Inc. (TSX-V:PEM) (the “Company”) is pleased to announce assay results for the first three holes of the ongoing 10,000 meter Phase-Three drill program at the Friday-Petsite project located in central Idaho, USA. These holes have added 200 meters of strike length to the high-grade mineralization now referred to as the “Lower Block” recently discovered down-dip, directly beneath, and not included in the existing bulk-tonnage 531,890 oz inferred gold resource (NI 43-101).
Highlights Include:
PFR2010-1: 0.98 g/t gold over 203.0 meters including
2.61 g/t gold over 21.03 meters
PFR2010-2: 1.84 g/t gold over 274.9 meters including
5.74 g/t gold over 76.2 meters including
22.18 g/t gold over 14.94 meters
PFR2010-3: 2.23 g/t gold over 157.9 meters including
3.65 g/t gold over 74.37 meters
“Resource growth at the Friday-Petsite property should expand rapidly with the addition of 300 meters of strike length in the new “Lower Block” to the existing 350 meters of strike length in the 531,890 oz, “Upper Block”, inferred gold resource. With mineralization open at depth and the high-grade aspect of the “Lower Block”, the potential for quickly adding ounces with two drills onsite is outstanding,” stated Michael Ostenson, Premium’s VP of Exploration.
The geometry of the deeper high-grade mineralization discovered in Phase-Two drilling led Premium’s geologists to propose a new “Lower Block”, offset horizontally and slightly vertically from the upper block, which hosts the 531,890 oz at-surface resource, by a shallow dipping thrust fault. The existence of the new “Lower Block” has now been confirmed and is the target of development in the early stages of the 10,000 meter Phase-Three drill program.
Read more at www.premiumexploration.com
