Premium Exploration Provides Update for the Chrome Mountain Project in Montanaadmin
January 31, 2014, Coeur d’Alene, Idaho – Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF) ("Premium" or the "Company") is currently reviewing all data pertaining to the Company’s Chrome Mountain Project. This 100% owned, platinum-palladium-rhodium ("PGE") Project is located on the Stillwater Complex, in Montana, USA, within 1.5Km from the East Boulder Mine, one of two producing mines owned by the Stillwater Mining Company; the only primary PGE producer in North America, and mining one the highest grade PGE deposits in the world.
The project has high potential to host PGE associated mineralization as well as gold, nickel, and chrome resources. The nearby historic Mountain View Mine which is privately owned and not operating at this time was actively mined by Anaconda Copper Corp. during the 1950’s as one of the only primary chrome mines in North America. A historic high grade underground chrome resource remains at the Mountain View Mine.
Highlights of the Company Owned Land Package:
-12 km of strike length along the PGE mineralized "A" & "B" Chromitite horizons within the Peridotite Zone located stratigraphically below the JM reef, mined by the Stillwater Mining Company
-Exhibits a 2.5 km long by up to 800 meter wide anomalous zone of high-grade PGE-in-soils within a 6 km long by up to 1 km wide PGE-in-soil anomaly.
-Limited drilling conducted by the previous operator targeted the PGE soil anomaly and encountered significant high-grade intercepts within a broad envelope of lower-grade disseminated mineralization.
-Premium acquired limited soil sampling results from a program conducted by the previous operator in 2008 which extends the PGE in soil anomaly by an additional 2.5 km
-In 2011 a soil sampling survey consisting of approximately 1,300 samples was conducted by Premium to infill the limited 2008 survey and to extend the sampling coverage approximately another 6km to the west. These samples have not yet been assayed.
The Company is currently reviewing all data in its possession to develop further explroration steps to be made on the Project.
Drilling by aprevious operator targeted the A & B Chromitite horizons and encountered mineralization interpreted to be similar to the UG2 and Platreefs in the Bushveld Igneous Complex located in South Africa.
Platinum and palladium production from the Bushveld Igneous Complex in South Africa represents approximately 75% and 40% of Platinum and Palladium annual global production respectively(1).
For more information about the PGE fundamentals, please click on the links below provided by Sprott, Inc. and Johnson Matthey.
About Premium Exploration Inc.
The Company’s purpose is to efficiently and economically advance their district sized Idaho Gold Project. The Idaho Gold project contains three known deposits. The Friday deposit has an NI 43-101 compliant resource of:
Indicated: 647,000 Au (20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
Inferred: 590,000 Au (20.9 MT @ 0.88 g/t Au with 0.45 g/t cut-off)
The Deadwood deposit and the Buffalo Gulch oxide deposit both have small historical gold resources and both are expandable. Premium Exploration has commenced a preliminary economic study envisioning underground mining of a high grade portion of the Friday deposit.
For further information:
Mr. John Ryan, President & CEO
P: (604) 682–0243
Fax: (604) 682-2499
Peter J. Kletas
This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time under the Company’s profile on www.sedar.com in accordance with the policies and requirements of the TSX Venture Exchange and applicable securities law. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There are no assurances that the Company can fulfill such Forward-Looking Statements and the Company undertakes no obligation to update such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Posted: January 31st, 2014 under ACCESSWIRE.