Premium Exploration Inc PEM:CA announced an assay from its Friday-Petsite Property in Idaho. The result is 1.4 g/t gold over 38.4 metres, including 9.4 g/t over 4.6 metres. The Friday-Petsite Property has an inferred mineral resource estimate of 549,000 ounces gold.
Mike Brambley of Corporate Communications tells ResourceClips.com, “This was our first true exploration hole; the rest were on the Friday Fault. Currently there’s a roughly 550,000-ounce resource on the Friday Fault. We’ve been doing a lot of infill drilling there to come out with a new resource recalculation early in the first quarter. By getting mineralization on the Monday Fault—which could conceivably run parallel to the Friday Fault all the way up to Buffalo Gulch—is very significant for us.
“We still have six holes for assays to come out during January and February. We also have a revised resource estimate coming out, and we anticipate that showing at least one million ounces. We also have planned a minimum 25,000-metre drill program to begin in March. We’ve secured four drilling rigs already, and we’re in the process of permitting 120 drill sites, on each of which we can drill three holes. So it’s going to be a massive drill program.”
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by Ted Niles