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Premium Drills Third Discovery At Idaho Gold Project
Premium Drills Third Discovery At Idaho Gold Project
VANCOUVER, BC – Premium Exploration Inc. reported the third significant gold discovery at the 100% owned Idaho Gold Project located along the Orogrande Shear Zone, Idaho USA.
PFR201022 encountered 2.1 g/t gold over 20.1 meters 900 meters from where PFR201019 reccently intersected 1.4 g/t gold over 38.4 meters including 9.4 g/t gold over 4.6 meters and discovered the new Monday Fault Zone. The Monday Zone is a separate parallel fault structure located 300 meters west of the Friday Fault Zone, which hosts a 549,000 oz inferred gold resource hosted in 15 Mt @ 1.1 g/t gold with a 0.5 g/t gold cut-off. Both the Monday and Friday Fault Zones remain open in all directions.
Phase-Three Exploration Highlights: All holes are now released totalling 10,196 meters in 24 drill holes. 100% encountered significant gold mineralization. Doubled the existing footprint of the Friday-Petsite deposit by doubling the down-dip extent to 300 meters along 500 meters of strike length; a 500% increase in Lower Block development. Updated resource estimate is underway and anticipated March-2011. New understanding of the structural controls on mineralization prompted the development of an Exploration Strategy to locate and define fault structures with geophysics and soil sampling. Proved the Exploration Strategy with the discovery of the Monday Fault Zone in PFR2010_19. Third New Discovery: PFR2010_22 encountered 2.1 g/t gold over 20.1 meters including 5.5 g/t gold over 6.4 meters along the Monday Fault Zone. Potential 900 meters of continuity between PFR2010_19 and 22 along Monday Fault Zone. Both the Friday Fault and Monday Fault Zones have +2 Km of potential strike length and are open in all directions. The Monday Zone represents our third major gold discovery on the Idaho Gold Project and confirms that our exploration strategy of drilling structure identified with geophysics is successful. stated Michael Ostenson, VP Ex of Premium Exploration.The Idaho Gold Project is host to multiple structures with coinciding gold-in-soils and our plan for the 2011 Phase-Four exploration program is to methodically drill test as many of these targets as possible as well as expand the Friday-Petsite resource along strike and at depth.
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