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Premium Exploration Announces Drilling Extension at Friday-Petsite Gold Project

Premium Exploration Inc. (TSX VENTURE:PEM) announces that drilling has extended the north-south trend of the Friday-Petsite Main Zone approximately 100 metres north reducing the gap between the North and Main Zones at the Friday-Petsite Gold Project in Central Idaho, USA.

PFR2010_16 encountered 1.0 g/t gold over 75 metres within a broader interval of 0.8 g/t gold over 155.8 metres while PFR2010_17 encountered 1.0 g/t gold over 126.2 metres within a broader interval of 0.8 g/t gold over 206.7 metres. With the addition of these holes mineralization is interpreted as being contiguous along strike to the North Zone containing historic gold-rich holes PC20 and PC21, which returned 1.6 g/t Au over 108.5 meters and 1.0 g/t Au over 79.6 meters, respectively.

PFR2010_16 & 17 were drilled from the same collar and oriented to the northwest with -60 and -50 degree dips to test the extension of alteration and mineralization along the Friday Fault to the north, between the Main and North Zones, In addition; an interpreted "dilatant" structure was tested; a high grade feature commonly associated with Shear Zones.

Both holes terminate 100 meters north PFR2010_10 & 13 (previously the northern most drill holes in the Main Zone released September 20th, 2010) and 200 meters south of historic PC20 & PC21 within the North Zone. Total project drilled strike length is now 1,000 meters.

Premium's intent is to extend the 1,000 meter strike length of the Friday-Petsite project by developing the Main Zone an additional 200 meters to the north, connecting the Main and North Zones for a total project strike length of 1,500 meters.

Planned drill holes PFR2010_23 and PFR2010_24 are designed to delineate the remaining 200 meters between the Main and North Zones and confirm continuity of mineralization.

PFR2010_23 will be a 200 meter step-out north from Premium's current mineralized 1,000 meter strike length and 50 meters north of the historic Kinross core holes PC-20 and PC-21. This hole will be drilled west to test for down-dip mineralization in the Lower Block. It is the furthest drill hole permitted to the north at this time.

PFR2010_24 will be located at the same collar as PFR2010_23 and drilled east, designed to locate the Friday Fault along the eastern boundary of the OSZ.

Drill Holes Pending Assays:

  • PFR2010_14 & 15 are designed to intercept the hanging wall mineralization and location of the Friday-Fault. Both were drilled from the same collar and located at the southern end of the Main Zone. These drill holes have visually intercepted characteristic sulphide mineralization and alteration in the interpreted Lower Block.
  • PFR2010_18 is an infill definition hole drilled steeply to the west providing structural and mineralization information.
  • PFR2010_19 was drilled to the west and is Premium's first pure exploration hole in 2010; designed to intercept the inferred west-bounding fault of the OSZ known as the Monday Fault. It has visually encountered sulphide mineralization and alteration characteristic of the OSZ.
  • PFR2010-20 is the southernmost drill hole, located 150 meters south of PFR2009_8 & 9 which returned 0.6 g/t Au over 124.1 m and 1.0 g/t Au over 11.6 m respectively. This drill hole has intercepted sulphide mineralization and alteration characteristic of the OSZ.

To Date:

  • Drilling has increased the Mineralized Strike Length to 1,000 meters (PFR2010_17 on the north and PFR2010_20 to the south), reached depths up to 300 meters, and mineralization is minimum 100 meters wide and remains open along strike and at depth.
  • Lower Block development has reached 500 meters of strike length between PFR2010_17 and previously released drill hole PFR2010_12.
  • All released drill holes (Phase-1, 2, & 3 = 27 holes) have encountered mineralization and are yet to be added to a resource estimate.
  • 20 of ~25 planned drill holes are completed in 8,704 meters with assays pending for 6 of the completed holes.

District Development Overview:

Development is ongoing at the bulk-tonnage Friday-Petsite Project, the most advanced of several known mineralized zones located at the southern end of the 30 km of the OSZ and represents 4% of the OSZ under Premium's control.

The Friday-Petsite Zone is located along the east-bounding fault of the OSZ. Drilling at the Friday-Petsite is co-incident with a 3.0 km long by 800 meter wide gold-in-soil anomaly and a correlating ground magnetic geophysical survey outlining 3 km's of immediate local structure.

Premium has had 100% drill target intercept success in conjunction with ground-magnetic geophysics and soil sampling at the Friday-Petsite Project. Intercepts have ranged from lows of 0.5 g/t Au to highs of 2.6 g/t Au, in some cases over +100 meter intervals, as with PFR2009_10: 2.6 g/t Au over 198 meters including 3.8 g/t Au over 121 meters and 5 g/t over 75 meters.

Premium intends to utilize the same methodology to refine targets for a much larger Phase-Four exploration program along the Orogrande Shear Zone in Q1-2011.

Qualified Person

The 2010 Phase-Three exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.

Source: Premium Exploration Inc.

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