Premium Exploration Provides Update for the Chrome Mountain Project in Montana
January 31 2014 - 8:01AM
Access Wire
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.
-
(1)http://www.platinum.matthey.com/about-pgm/production/resources-in-south-africa/
-
(2)http://sprottphysicalbullion.com/sprott-physical-platinum-and-palladium-trust/infographic/
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
E: jryan@premiumexploration.com
Peter J. Kletas
Investor Relations
866-999-6251-Toll Free
604-874-7915-Direct
info@premiumexploration.com
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.
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