The Conversation (0)
Premium Exploration Inc. (TSXV:PEM,OTCQX:PMMEF) has located and reviewed historical reports from the historic target known as the Petsite Stock at the 30 km long Idaho Gold Project. The reports identify lithology, alteration, structure, and gold mineralization, demonstrating the resource and the mineralized zone’s additional growth potential.
As quoted in the press release:
Highlights:
1.88 g/t Au over 32 meters was encountered in historic RC drill-hole 89-7. DH 89-7 was drilled to a depth of 375 ft (114.3 m) and terminated in mineralization. Previous operators stopped the drill-hole as the quartz vein target was not intersected. DH 89-7 is located 1.7 km south from the Friday-Petsite resource. The Friday-Petsite resource hosts 629,000 oz Au indicated (21.5 Mt averaging 0.91 g/t Au) and 146,000 oz Au inferred (5.9 Mt averaging 0.77 g/t Au) along 1.0 km of strike.The lithology of the RC drilling was difficult to identify due to the nature of the cuttings, however, lithology, mineralization, and alteration consistent with the Friday-Petsite resource was identified in geological logs and recognized in core pictures of historic core holes such as drill-hole 91-2. DH 91-2 was located 50 m west of RC drill-hole 89-7 and not being the target lithology, was not assayed.
Premium has drilled nine gold discoveries along a 20 km portion of the 30 km IGP with the Idaho Batholith interpreted as being the preferred host rock for gold mineralization along the contiguous Buffalo Gulch, Deadwood, Monday, and Friday mineralized Zones. Geological similarities between all zones and at all scales suggest that these zones are related to the same mineralizing event and, as a result, are potentially connected along trend and at depth.
Permitting has been initiated to follow up on the historic drilling and permits are pending.
Click here to read the Premium Exploration (TSXV:PEM,OTCQX:PMMEF) press release
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