Saturday 25th October 2014

Resource Clips


They know the drill

Premium Exploration and Amarillo Gold report assays from Idaho and Brazil

by Greg Klein

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Assays from a single infill hole continued Premium Exploration’s TSXV:PEM findings of long mineralized intervals at the Idaho gold project’s Friday zone. Results released February 19 show:

  • 0.57 grams per tonne gold over 304.8 metres
  • (including 1.11 g/t over 111.25 metres).

True width is estimated at 75%. No bottom cutoff or topcut were applied. The interval started at surface.

The assays “appear to be consistent with the resource and previously released core holes drilled in this area,” Premium stated. But this hole was drilled with a reverse circulation rig to determine whether lower-cost RC work could replace diamond drilling. Still pending is a QA/QC analysis to compare results with previous holes. Then the company will decide which equipment to use for the rest of the infill program.

Premium Exploration and Amarillo Gold report assays from Idaho and Brazil

Premium geologists log core from the Friday zone
of the company’s Idaho gold project.

The hole was drilled at a -60 degree dip from the same collar that was previously drilled in the same direction at -70, producing these results released in January 2010:

  • 0.8 g/t gold over 370.9 metres
  • (including 1.5 g/t over 134.3 metres)
  • (including 2.5 g/t over 47.3 metres).

The Friday-Petsite deposit has a May 2012 resource estimate using a 0.4 g/t cutoff to show:

  • an indicated category of 21.5 million tonnes averaging 0.91 g/t gold for 629,000 gold ounces
  • an inferred category of 5.9 million tonnes averaging 0.77 g/t for 146,000 ounces.

The near-surface resource could be amenable to open pit mining and features sulphide mineralization, Premium states. Last winter’s program drilled about 8,000 metres within the one-kilometre resource as well as along strike, with hopes of expanding the pit to 1.7 kilometres.

Two other zones on the 18,000-hectare project have non-compliant resources. Using a 0.4 g/t cutoff, the Buffalo Gulch deposit’s historic, non-43-101 resource shows:

  • an indicated category of 4.8 million tonnes averaging 0.8 g/t for 111,000 ounces.

Also using a 0.4 g/t cutoff, the Deadwood deposit’s historic, non-43-101 resource shows:

  • an indicated category of 1.6 million tonnes averaging 0.75 g/t for 39,000 ounces
  • an inferred category of 700,000 tonnes averaging 0.75 g/t for 18,000 ounces.

Both Buffalo Gulch and Deadwood have expansion potential along strike and at depth, according to Premium.

In December the company announced that a ground-based IP survey had identified a new target at the X zone with characteristics “similar to those associated with the three known deposits.” That marks the project’s 12th target, most of which have yet to be drilled.

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