Premium Exploration Drills 3.81 g/t Gold Over 121.1 Meters
The drill program consisted of six HQ core holes totaling 1,969.9 meters (6,463 feet) and assay results have now been received for the first three drill holes from Phase-Two of the 2009 exploration program.
The successful Phase-Two drilling was completed on schedule, on budget and confirmed continuity of mineralization as predicted by the geologic model. These holes are the deepest holes drilled to date on the property and intercepted the mineralized zone up to 300 meters down-dip from the bottom of historic drill hole PC010. These results compare well to historic hole PC010 which returned grades of 3.81 g/t over 85.4 meters (including 10.8 g/t over 22.90 meters and 17.66 g/t over 10.7 meters).
The initial results from this program support the current understanding of the geologic and structural controls to mineralization and will be used in the upcoming revision to the inferred 43-101 resource; which will result in an upgrade of a portion of the existing resources and likely increase the resource in total. The high-grade gold intercepts from Phase-Two will also likely have a positive impact on the average grade of the resources stated Wilf Struck, P.Eng, CEO of Premium.
The Phase-Two drill holes were collared east of the Phase-One holes; drilled to the west; and were designed to intersect the zone of mineralization down-dip from the earlier drilling.
Interestingly, the post mineral dike encountered in previous shallower drilling was not intersected and, therefore, the mineralization in these deeper holes has not been split into two separate zones. A continuous zone of mineralization will have a positive impact on the revised resource calculation.
PFR2009-10 returned 2.66 g/t gold over 198.4 meters (650.9 feet), including 3.81 g/t gold over 121.1 meters (397.2 ft), including 9.16 g/t gold over 25.3 meters (83.0 feet), including 30.60 g/t gold over 1.8 meters (6.0 ft). The hole also contained a spectacular 0.4 meter (1.3 feet) intercept of 285.93 g/t gold at a down hole distance of 352.9 meters (1,158 feet).
The collar for this hole is located 130 meters east of PFR2009-01 which returned 5.02 g/t gold over 17.92 meters, including 13.78 g/t gold over 5.73 meters and 35.55 g/t gold over 1.58 meters. PFR2009-1 is located 25 meters to the north of the previously reported high-grade hole PC-08 which returned 7.33 g/t over 16.7 meters, including 52.05 g/t over 1.6 meters. Drill hole PFR2009-10 went to a depth of 372.0 meters (1,220 feet) and terminated in mineralization as it did not fully cross-cut the zone of gold mineralization.
PFR2009-11 returned 2.94 g/t gold over 73.5 meters (241.1 ft), including 10.57 g/t gold over 17.2 meters (56.4 ft), including 160.63 g/t gold over 0.9 meters (3.0 ft) and went to a total depth of 490.2 meters (1,608 feet). The collar for this hole is located 250 meters east of PC010 which returned grades of 3.81 g/t over 85.4 meters (including 10.8 g/t over 22.90 meters and 17.66 g/t over 10.7 meters).
PFR2009-12 returned 1.00 g/t gold over 83.4 meters (273.6 ft), including 3.47 g/t gold over 2.2 meters (7.2 ft). The collar for this hole is located 150 meters east of PFR2009-05 which contained 1.20 g/t gold over 76.05 meters, including 3.76 g/t gold over 10.52 meters as well as 1.13 g/t gold over 42.67 meters, including 7.73 g/t gold over 4.57 meters. Drill hole PFR2009-12 went to a depth of 365.9 meters (1,200 feet) and terminated in mineralization as it did not fully cross-cut the zone of gold mineralization. The bottom 2.93 meters (9.6 feet) of the hole averaged 2.74 g/t gold.
The company’s address is