Premium Exploration http://www.premiumexploration.com Wed, 19 Nov 2008 00:17:12 +0000 http://wordpress.org/?v=2.6.3 en Premium Exploration Drills 1.14 g/t and 127.4 g/t Ag at Nueva Galicia Project, Nayarit, Mexico http://www.premiumexploration.com/news/premium-exploration-drills-114-gt-and-1274-gt-ag-at-nueva-galicia-project-nayarit-mexico http://www.premiumexploration.com/news/premium-exploration-drills-114-gt-and-1274-gt-ag-at-nueva-galicia-project-nayarit-mexico#comments Mon, 17 Nov 2008 19:39:14 +0000 Lisa http://www.premiumexploration.com/?p=486


Premium Exploration, Inc. (TSX-V:PEM) (”Premium” or the Company”) (www.premiumexploration.com) is pleased to announce drill results for the silver-gold Nueva Galicia Project in Nayarit, Mexico.

Highlights Include:

  • NG-08-023: 1.14 g/t Au and 127.4 g/t Ag over 3.65 m
  • NG-08-021: 4.21 g/t Au and 433.5 g/t Ag over 0.70 m
    • Including 7.51 g/t Au and 1024 g/t Ag over 0.50 m
  • NG-08-025: 2.44 g/t Au and 305 g/t Ag over 1.0 m

Previous Drilling at Nueva Galicia Returned the Following High-Grade Results:

  • NG-07-001: 7.84 g/t Au and 814 g/t Ag over 2.6 m
    Including 14.79 g/t Au and 1280 g/t Ag over 0.73 m
  • NG-07-013: 8.79 g/t Au and 1309 g/t Ag over 0.76 m
    Including 18.1 g/t Au and 3327 g/t Ag over 0.28 m

This press release provides the details for core holes NG08-015 to NG08-026. Drilling totaled 927m bringing the total meters completed at Nueva Galicia to 1,550 m of the initial 2000 m program. Click here to for the Nueva Galicia 2008 Completed Drill Program Map.

For previously released results, click here: September 17, 2007 NG Drill Results and March 25, 2008 NG Drill Results.

Drill results from NG08-015 to NG08-26 are encouraging. However, Premium Geologists believe that the brecciated, sheared and broken nature of the mineralized zones, resulted in poor core recovery (0% to 75%) which may have impacted the assays due to the loss of fine particular gold and silver sulphides by washing and does not accurately represent the true grade of the mineralization.

To verify if core loss and sulphide washing were factors affecting Nueva Galicia drill results, Premium implemented a process to recover drill mud for lab analysis. The analysis revealed elevated levels of gold and silver. This indicates that fine-grained mineralization was flushed from the mineralized zones during the drilling process and actual grades are unknown at this time.

As a result, Premium Exploration has since implemented a policy of using a drilling technique utilizing a “triple-tube” to significantly reduce the risk of poor core recovery in the future.

Nueva Galicia Diamond Drilling Significant Assay Summary



Drillhole

  

From (m)

To (m)

Interval (m)

Estimated True Width (m)

Au (g/t)

Ag (g/t)
               

NG08-015

  

90.50

100.64

10.14

5.07

0.30

49.2
 

Including

97.50

100.64

3.14

1.57

0.48

97.7
 

Including

93.78

100.64

6.86

3.43

0.41

62.7
               

NG08-016

  

27.05

29.40

2.35

1.60

0.07

7.82
 

Including

27.05

27.5

0.45

0.31

0.30

36.9
               

NG08-017

  

Core Loss Poor Recovery
               

NG08-018

  

67.06

71.20

4.14

2.82

0.40

87.1
               

NG08-019

  

52.90

55.55

2.65

1.70

0.23

32.6
               

NG08-020

  

Core Loss Poor Recovery
               

NG08-021

  

76.3

77.7

1.40

0.70

4.21

433.5
   

74.25

77.7

3.45

1.73

2.85

356.1

NG08-022

  

Core Loss Poor Recovery

 

NG08-023

  

76.3

77.7

1.40

0.70

0.19

80.5
   

74.25

77.7

3.45

1.73

1.14

127.4

NG08-024

  

Core Loss Poor Recovery

 

NG08-025

  

21.60

23.16

1.56

1.00

2.44

305.0
   

18.50

26.16

7.66

4.92

0.58

121.4
               

NG08-026

  

20.00

23.16

3.16

2.03

0.46

116.4
               


QA/QC

A program of Quality Assurance and Quality Control comprised of duplicate sampling and the insertion of blank samples. A total of 343 core samples collected from Holes 15-26 (NG-08-015 to NG-08-026) comprised of 14 blanks and 12 duplicates. Quality assurance samples are inserted prior to shipping to the lab. Results suggest lab assays are within acceptable accuracy limits.

Inspectorate Laboratories analyzed drill core and rock samples. Samples were prepared in Durango, Mexico and pulps sent to Reno, Nevada, USA for assaying. Inspectorate is registered with ISO 9001: 2000 accreditation. The laboratory conducts internal quality checks, including standards and replicate analyses.

All drill core was analyzed using the ICP assay method. Drill core within the target zone, which has coarse ‘nuggety’ gold, was processed using metallics (screen) fire assaying, in order to improve the accuracy of the results.

Qualified Person

Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the Qualified Person (”QP”) responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101.

About Premium Exploration, Inc.

Premium Exploration, Inc. is a unique precious metals explorer focused on Mexico and the USA.  Listed on the TSX Venture Exchange (TSX-V:PEM), Premium has assembled an innovative and successful management and advisory team, committed to maximizing shareholder exposure to precious metal discovery, the most profitable stage of exploration. Premium’s portfolio holds Gold, Silver and Platinum Group Metals projects in various stages of exploration, from grassroots to near production. http://www.premiumexploration.com/.

All prospective and current shareholders of Premium Exploration are invited to join the Company’s official investment forum exclusively at Pinnacle Digest: http://www.pinnacledigest.com/company/pem:ca. The forum allows for investor controlled discussion, questions and progressive feedback from other shareholders and investors. Third party reports on the company are also available at http://www.pinnacledigest.com./

For More Information Please Contact:

Del Steiner
President & CEO
(604) 682-0243
Email: dste