http://www.pdac.ca/pdac/conv/2011/pdf/presentations/cs-premium-exploration.pdf
Friday-Petsite project, Orogrande Shear Zone, Idaho, USA
LOCATION: The project is located in North Central Idaho, near the small town of Elk City. Elevation is 1,200 m – 1,500 m (4,000 – 5,000 ft). Topography is rolling forested hills with limited outcrop. The area is un-glaciated with well developed soils.
STORY: Placer gold was discovered in the area in the 1860s with follow-up high-grade quartz vein lode deposits being discovered soon after. Placer and lode mining continued until the 1930s when the price of gold was fixed by the US government. Modern exploration of the Orogrande Shear Zone began in the 1970s by such companies as, Bema Gold, Cypress-Amax, and Kinross Gold where the primary focus was the near surface oxide potential. Several oxide deposits were located and developed but with the fall of the price in gold in the mid-1990s exploration ceased in the area.
In 2009, Premium Exploration consolidated a number of loosely joined claim groups into the 95 square km contiguous land package that exists today and began work on the well advanced Friday-Petsite Project. A new structural-geologic model was put forth and confirmed with drilling. Resource development and new discoveries were made in 2009 and 2010.
GEOLOGY: The Orogrande Shear Zone is a major regional structure lying within Cretaceous Idaho Batholith and Precambrian basement rock. Intrusions of Eocene rhyolite, dacite, and trachyte dikes also occur in many locations along the shear zone. Gold mineralization is structurally controlled and occurs in many locations along the entire 30 km length of the OSZ.
Mineralization at the Friday-Petsite is hosted within sheared and altered Granodiorite / Quartz Monzonite breccias and muscovite / sericite schists. Aleration is Phyllic; sericite alteration with disseminated pyrite. Other secondary minerals include arsenopyrite, lollingite (iron arsenide), galena, and magnetite / hematite.
DEPOSITS: The Friday-Petsite deposit hosts an NI-43101 inferred resource of 549,000 oz Au in 15 Mt at 1.1 g/t with a 0.5 g/t Au cutoff. Gold mineralization is associated with the Friday Fault, the large north-south structural conduit along which gold deposition took place. Currently, the resource is open in all directions.
DISPLAY: One core box displaying typical rock samples from the Friday-Petsite deposit will be present. Cross sections and maps to illustrate the deposit will be on display.
