Premium Exploration Inc. (TSX:PEM,OTCQX:PMMEF) will not proceed with the contemplated short form prospectus offering of up to $7.5 million as the technical report is not compliant under National Instrument 43-101.
As quoted in the press release:
To address the concerns raised by the BCSC about the Report and the resource estimates contained therein for the Friday-Petsite Zone, the Company has engaged an additional independent qualified person to assist in the update of the Report to bring it into compliance as soon as practicably possible. Accordingly, the new qualified person will review the input database, the assumptions, parameters and methods used to estimate current mineral resources and will revise the estimates as necessary. In addition, other steps will also be taken to make the Report compliant, such as:
• including complete information about other additional contiguous parts of the Idaho Gold Property,
• removing the zero cut-off grade estimates from the mineral resource tables,
• additional descriptions regarding cross-sectional widths of the Friday-Petsite deposit, representative drill sections through the Friday-Petsite deposit showing spatial relationships of the mineralized drill intersections and composite assay results, and additional explanations regarding geological modelling and classification of indicated resources,
• removing references to a previous report (noted as “Tellurian, 2011”),
• providing further discussion as to the form and condition of legacy drill data, and the steps the author took to verify suitability for inclusion in the resource estimates,
• amending references to historical estimates for the Buffalo Gulch and Deadwood zones for compliance with NI 43-101 for referencing of historical resource estimates, including the appropriate cautionary language, and
• removal of disclaimers of responsibility and restrictions on use and reliance which are not compliant with NI 43-101 requirements.
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