Gold Companies Premium Exploration Inc
Last Updated on Tuesday, 26 July 2011 10:23 Written by Brian Boutilier Thursday, 04 November 2010 16:52
Mining Companies - Gold Companies
Premium Exploration Inc. is a junior explorer with an aggressive drilling program designed to revitalize the historic Orogrande Shear Zone gold district in central Idaho, USA. They have an experienced management team that is committed to adding ounces to the Friday-Petsite 343,000 oz Au Indicated – (11.8 Mt @ 0.90 g/t Au with 0.5 g/t Au cut-off) and 879,000 oz Au Inferred – (26.4 Mt @ 1.04 g/t Au with 0.5 g/t Au cut-off) resource. With 30 kilometers of potential high-grade gold open for exploration, Premium Exploration is potentially developing a “Carlin” type trend in central Idaho. Premium Exploration is listed on the Toronto Venture Exchange under the symbol (PEM) and on the OTC under (PMMEF).
Annual trading range (.37-.83) 2011 updated
Today 11/4/2010 at .50.
S/O 133,501,019
Options 8.2M ranging from (.15-.66)
Warrants 38.3M ranging from (.25-.50) Expiry March-Dec 2011
F/D 160,049,769
* Focused on robust mineralized districts with good production potential to support growth, Premium’s property portfolio will position them as industry leaders among our peers.
* The Idaho gold projects are not just about the four million oz of regional historic gold production or the 531,000 oz (NI 43-101) gold resource. Nor are they just about the three other mineralized gold occurrences under exploration, or even the 13 historic mines which all fall along the Shear Zone.
* The Idaho gold projects are about a new vision for the district. An accumulation of surmounting geological data strongly suggests that the Orogrande Shear Zone could be a high-grade mineralizing conduit and feeder system for all the aforementioned gold mineralization along the zone. This is demonstrated by a drill hole which intercepted the Shear Zone material and returned 9 g/t gold over 21 meters, including 74 g/t gold over 1.5 meters. A concept no other operator has looked at before.
* With 28 kilometers of known strike length hosting prolific gold mineralization, the Orogrande Shear Zone could potentially be one of the largest, under-discovered gold mining districts in North America and we intend to prove our model with upcoming aggressive exploration programs.
Orogrande Shear Zone
Properties
Overview Map
Phase in the lifecycle of the mine: Discovery>>Resource definition>>Pre-Economic assessment>>Feasibility>>Permits/construction>>Production
The Buffalo Gulch Project is located near the north end of the Orogrande Shear Zone and is accessible year round. The property has good access via State Highway 14 from Grangeville (60 miles west of Elk City). This pre-production project is located within the 26-mile long Orogrande Shear Zone. Gold was originally discovered near Elk City, Idaho in 1861 and the Orogrande Shear zone has historically produced approximately 4,000,000 oz of gold and currently hosts 213 registered mineral workings.
Buffalo Gulch is defined by a north-south trending gold in soil geochem anomaly that has a length of 3200 meters (10,500 feet). Extensive soil sampling, geophysical surveys and drill programs have defined a disseminated gold deposit containing both oxide and sulfide mineralization. The gold deposit is open along strike and at depth into sulfide mineralization. To date, deep drilling has not been conducted to test the extent of the sulfide mineralization and only 10% of the surface geochemical anomaly appears to have been drill tested by previous operators. Premium believes that substantial potential exists to significantly increase the scale of this gold deposit.
Geological interpretation compares similarities betwee that gold vein structure associated with the north Orogrande Shear Zone the high-grade gold vein structure intersected on the southern extension of Orogrande Shear Zone, where initial drilling returned 21.3m averaging 9.9 g/ton gold mineralization, including 1.5m of 67.89 g/ton.
The Deadwood Project is located along the Orogrande Shear Zone and links the Buffalo Gulch Project (110,000 oz non-43101) to the north with the Aurum and Friday-Petsite Project to the south.
The land package consists of 178 claims and was recently increased by 134 claims for a total current land position of 312 unpatented lode claims. The total area covers ~2,500 hectares or 25 sq-km.
Several historic mines and prospects are present on the property and the project is bounded on all sides by historically worked placer deposits. There is a 5,000- meter geochemical soil anomaly along strike and a number of shallow RC drill-holes that have been drilled by previous operators. Premium has recently acquired a historic geophysical IP survey that is currently undergoing interpretation
Friday-Petsite hosts a *549,000 oz gold inferred resource (NI 43-101). Open along strike and at depth, it has many of the hallmarks of a significant, gold deposit in terms of its size potential and current grade. There is the possibility of additional sulphide gold mineralization at depth and additional oxide gold mineralization along strike.
Previous operators Bema Gold, Cyprus-Amax, and Kinross Gold Corp., delineated the first 250 metres (820 ft.) of a high-grade zone within the area of the resource while focusing on developing the near surface low-grade deposit. In 2004, Beartooth Platinum Corp audited the previous drilling as well as expanded the high-grade strike of the high-grade zone by 100 metres (328 ft.). At the time, the price of gold was approximately $350/oz.
Pipeline Projects
Cash 832K
Liabilities ST 373K
Cash burn Rate: 1.37M
Exploration 800K
Admin 537K
Revenue generated from Shares Released: (8.1M common, 3.6M warrants)
Senior Management
Del Steiner - President, & Interim Chairman & CEO
Grant T. Smith - Chief Financial Officer
Lisa Maxwell - Corporate Secretary
Barney Green Lee Portillo - Vice President, Mining Development - Mexico
BOD
Del Steiner - Interim Chairman
Barney Green Lee Portillo - Boardmember
Robert Komarechka - Boardmember Patrick
Sam Yue – Boardmember
Guojian Xu – Boardmember
- 343,000 oz Au Indicated – (11.8 Mt @ 0.90 g/t Au with 0.5 g/t Au cut-off)
- 879,000 oz Au Inferred – (26.4 Mt @ 1.04 g/t Au with 0.5 g/t Au cut-off)
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