VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 11, 2006) -Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium" or the"Company") (http://www.premiumexploration.com) is pleased to announcea US$200,000 exploration budget for the first phase of a two phase2006 exploration program for its Cucurpe project located in Sonora,Mexico. The exploration work in the first phase will consist of amapping, soil sampling and trenching campaign. Based on the initialresults from this campaign, the first phase may be further expandedto include a ground geophysical study. The Company anticipates takingup to 2000 soil and chip samples during this program. In addition tothe sampling, mapping and trenching, Premium will be upgrading alocal access road to the property during the first phase of its 2006exploration program in Mexico. This roadwork will facilitateefficient access to the property for an additional trenching anddrilling program during the second phase of the Company's 2006exploration program. The results from the first phase will define thehigh priority targets for trenching and drilling during the secondphase of the exploration program. It is anticipated that thissampling campaign will commence in late April 2006 and be completedby the end of May 2006. Mr. Del Steiner, President and CEO ofPremium, states, "The first phase of our 2006 exploration program forour Cucurpe project in Sonora is formulated to identify high-potential prospects for a targeted and tightly focused trenching anddrilling program to be undertaken in the third and fourth quarters of2006."
Cucurpe Project - Sonora, Mexico:
The Company's Cucurpe gold project is located inside the SonoraGold and Silver District in the State of Sonora, Municipality ofCucurpe, Mexico. It is physically located 40 kilometers east of thetown of Magdalena de Kino, Mexico and 180 kilometers south of city ofTucson, Arizona, United States of America. The property consists ofthirty two (32) concessions totaling approximately twelve thousand(12,000) hectares. Thirteen (13) of the concession consisting of tenthousand (10,000) hectares were staked by Company, with the balanceacquired under a mining exploration lease with an option to purchaseone hundred percent (100%) of the leased property. Reconnaissancelevel exploration on the Company's concessions has defined a regionalstructure of faulting and shearing that hosts gold, silver and minorbase metal mineralization approximately 4 kilometers wide and 8kilometers long.
Historical Exploration:
The Company's exploration work to date has consisted of mappingand sampling with three geological crews which defined numerous goldbearing structures. The Company has collected 167 chip, channel andgrab samples from veins, adits, stockworks and altered surfaceexposures. The assays results from these samples averaged 1.6 gramsper tonne of gold with a high of 74 grams per tonne. Historicexploration work by past prospectors and artisan miners that wasdocumented by the Mexican government outlines numerous prospects andshort adits from 32 different locations within the project. Theresults from this historical work include:
- Gold values ranging from 2 grams per tonne to 12 grams pertonne.
- Silver values ranging from 30 grams per tonne to 300 grams pertonne.
The National Instrument 43-101 compliant Technical Report on theproperty can be obtained by directly contacting the Company or can beviewed on the internet at www.premiumexploration.com/pdf/Premium_TechReport_2004_Mexico.pdf.
Mineralization and Geology:
The geology of the project is very similar to the Carlin Trendlocated in the State of Nevada, United States of America. It islocated within the Basin and Range Province approximately 70kilometers west of the continental margin of the North AmericanPlate. A large northwest trending shear and associated faults appearto be an important control of mineralization through fault localizedconduits. The heat source for mineralized solutions is plutonic rocksof various ages. The plutonic rocks host several major copperporphyries at Cananea, Nacozari and La Caridad in the general area.To date, three general styles of mineralization have been identifiedand sampled on the property as follows:
- Gold and silver mineralization associated with faults andfractures which tend to have silica flooding of a strongly shearedcentral structure.
- Low grade disseminated mineralization associated with structuralstockwork or brecciation of altered felsic rock.
- Placer deposits resulting from the erosion of primary depositsand deposition of the gold in the alluvium and gravels of the streamsand arroyos.
The vein deposits resulting from silica flooding fractures are acommon style of mineralization on the properties, but are generallyof low volume. Gold values tend to be high and are generallyaccompanied by silver, with silver to gold ratio of 5 to 1. On rareoccasions visible gold was observed where the sulphides hosting thegold had oxidized, leaving the gold in casts after pyrite orarsenopyrite. The disseminated gold mineralization associated withstockwork systems consisting of multidirectional quartz veinlets andmicro-veinlets. In these areas, there is hydrothermal alterationconsisting of silicification, oxidation, and argillization. Basemetals (copper, zinc and lead) generally increase to the southeastwhich may indicate a deeper erosional level.
Iron oxides (hematite and limonite) are closely associated withhigh grade mineralization on the property. Due to limited access toold shallow workings, it is unknown if the oxides continue at depthor if they are due to surface weathering. Numerous small pits and oldworking define the higher grade veins, but production is not welldocumented, and little or no exploration has been conducted in thepast using modern exploration techniques and procedures. Thepreviously fragmented ownership of the property has inhibited thedevelopment of a comprehensive geological workup for this project.Now that the property is under the Company's control and ownership acomprehensive geological model will be developed to guide theCompany's future exploration programs.
Sonora Exploration Team:
The fieldwork of the first phase of the 2006 exploration programwill be led by Ms. Nancy Reardon, M.Sc., Pgeol, SEG Fellow. Ms.Reardon has over 18 years of junior exploration project experienceworking with gold prospects located across North, Central and SouthAmerica. She is a bi-lingual geologist who just returned from theproperty where she completed a field reconnaissance program andnoted, "The Cucurpe Project geology is largely within the same rocksas the Santa Gertrudis Mine and the La Jojoba Project currently beingundertaken by Columbia Metals Corporation, Ltd. (TSX VENTURE:COL) TheCucurpe Project has the same potential as these two nearby goldprojects." Working with Ms. Reardon on the exploration program is theCompany's General Manager in Mexico, Mr. Barney G. Lee Portillo, theCompany's Geologic Consultant, Mr. Wilf Struck, P.Eng., and theCompany's V.P. of Minerals, Mr. James Robertson, P.Eng. Mr. Struck isthe qualified person responsible for the technical disclosure in thispress release.
Overview of the Sonora Gold and Silver District:
The Sonora Gold and Silver District is a historic mining districtthat is host to several current major projects. The Company'sproperty within the District historically has been under-explored dueto its previously fractured ownership, which provides significantimpediments to a comprehensive exploration program that is warrantedby its geology. In April 2005 the Company completed the consolidatedof the property ownership though a coordinated series of acquisitiontransactions involving 19 different property owners that will nowallow for a holistic exploration program to be completed on theproperty for the first time ever. There are several significantproduction and exploration projects located either very near ordirectly adjacent to the Company's project as further describedbelow.
Santa Gertrudis Mine: Sonora Copper, LLC
Sonora Gold Corporation (TSX VENTURE:SGG) recently sold the SantaGertrudis Mine to Sonora Copper, LLC a privately held United StatesCompany that plans to reopen the mine this year. The mine is locatedapproximately 12 kilometers north of Premium's Cucurpe project. Theproject was originally placed into production by a subsidiary ofPhelps-Dodge, Inc. (NYSE:PD) and was later sold to CampbellResources, Inc. (TSX VENTURE:CCH), who produced 560,000 ounces ofgold at the mine through the year 2001. At the end of 2001 the minewas mothballed and sold due to low gold prices. The mine's productionwas derived from 22 small open pits transported to a central leachpad.
La Jojoba Project: Columbia Metals Corporation, Ltd.
The La Jojoba Project a 529 hectare property that contains severalgold occurrences which have been intermittently explored by threedifferent operators which each estimated the property containsapproximately 200,000 ounces of gold averaging approximately 1gramper tonne gold. Columbia Metals acquired this project in April 2005and is planning on placing this project into production during 2006.
San Enrique and Greta Projects: Teck Cominco, Ltd. - Sonora GoldCorporation Joint Ventures
A wholly owned subsidiary of Teck Cominco, Ltd.(TSX:TEK.MV.A)(TSX:TEK.SV.B), has entered into a joint ventureagreement with Sonora Gold Corporation whereby it will obtain a 70%interest in Sonora Gold's San Enrique and Greta Projects for completeUS$7,000,000 in exploration expenditures on the projects. The SanEnrique project is a gold and copper-moly exploration target, and theGreta exploration project is focused on a high grade gold vein systemthat has an associated disseminated low grade open pit target.Subsequent to entering into these joint ventures with Sonora GoldCorporation, the wholly owned subsidiary of Teck Cominco, Ltd.,undertook a major claim staking campaign where they acquired 90,000hectares of property that completely surrounds, on all sides, theCompany's Cucurpe project.
About Premium Exploration, Inc.
Premium Exploration, Inc., is a Vancouver, British Columbia based,junior natural resource exploration Company. The Company currentlyhas two precious metal projects located in the Western United Statesand Mexico.
The information in this press release is not NI 43-101 compliantand should not be relied upon as such. This press release containscertain "Forward-Looking Statements" within the meaning of Section21E of the United States Security Exchange Act of 1934, and involve anumber of risks and uncertainties. Important factors that could causeactual results to differ materially from the Company's expectationsare disclosed in the Company's documents files from time to time withthe TSX Venture Exchange and the British Columbia SecuritiesCommission. All statements, other than of historical fact, includedherein are forward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such statements.Information contained in this news release includes information aboutadjacent properties on which we have no right to explore or mine. Weadvise investors in the United States that the SEC's miningguidelines strictly prohibit information of this type in documentsfiled with the SEC. United States investors are cautioned thatmineral deposits on adjacent properties are not indicative of mineraldeposits on our properties.
Комментариев нет:
Отправить комментарий