Project Highlights

Friday Gold Deposit
Indicated Mineral Resource estimate of 647,000 oz (20.1 Mt @ 1.0 g/t Au) and an Inferred Mineral Resource estimate of 590,000 oz (20.9 Mt @ 0.88 g/t Au). Current resource has potential for expansion.

Exploration Potential
Land package contains structurally controlled gold mineralization over a 31 km strike length with numerous targets identified. Project also hosts the Buffalo Gulch gold deposit and Deadwood gold deposit, both of which contain historical gold resources, as well as other underexplored zones of gold mineralization.

Location and Claim Ownership

The Idaho Gold Project is located about 4 km west of Elk City in north-central Idaho, USA. The 18,000 hectare project area includes 2,169 unpatented mining claims, 18 patented mining claims, 3 placer claims, and one section (259 ha) of private ground. There is good site access and local infrastructure with all-weather hard-top road and power lines traversing the property, and industrial water rights in-hand.

The claims are 100% owned by Premium Exploration Inc., subject to a 1% NSR on the Friday deposit capped at $3,000,000 and a 1.5% NSR on the Buffalo Gulch deposit capped at $1,500,000, upon commercial production. Logan has signed an option and joint venture agreement with Premium Exploration Inc. whereby Logan can acquire up to a 75% interest in the property. Please refer to March 28, 2013 news release for further details on the agreement.

     Property Outline

Mineral Resources

NI 43-101 Resource Estimate (0.45g/t cut-off)   April, 2013 

Historical Resource Estimate (0.4 g/t cut-off)  September, 2004 

The estimates use Indicated and Inferred resource categories that are consistent with National Instrument 43-101 (“NI 43-101”) and CIM definitions. There are no recent mineral resource estimates at Buffalo Gulch or Deadwood.  Given the quality of the historic work completed on the Property, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and the Company is not treating the historic resources as current.

Exploration History

Numerous historical workings have been excavated on the property since the first claims were staked in 1907. Modern exploration of the property began in the early 1980s, which included stream sediment sampling, soil sampling, outcrop/dump sampling, geological mapping, reverse circulation and diamond drilling, metallurgical test work, and historical resource estimates. Bema Gold and Cyprus-Amax, followed by Kinross Gold, completed the majority of the major company historical drilling and test work.

From 2009 to 2012, Premium Exploration consolidated 180 km² of the fragmented historic district and conducted approximately 24,000 metres of drilling, along with airborne magnetic and EM surveys, ground magnetic and IP surveys, soil sampling and metallurgical testing. Premium developed a new structural-geologic model for the area and was successful in using geophysics to identify structural targets, followed by in-situ gold-in-soil sampling to refine the target areas. This exploration technique resulted in eight discoveries and the identification of several additional drill-ready targets.

    Exploration Targets

Geology & Mineralization

The project area is predominantly underlain by metasedimentary units of Proterozoic-age Belt Supergroup which have been intruded by the Cretaceous-age composite Idaho Batholith and a Tertiary-age rhyolite (Petsite) stock. The Idaho Batholith underlies much of central Idaho and, in the project area, is comprised mainly of granodiorite (Kgd). The metamorphic units are comprised of mainly biotite schist and gneiss (pCbs & pCbg).

The project encompasses the Orogrande Shear Zone (OSZ), a major structural break with over 250 prospects and historic mines. The OSZ is comprised of a series of structures generally striking north-south and dipping about 75° west. It extends for a distance of over 45 km and transgresses the contact with the Belt metasediments and the Idaho batholith. On the property, the OSZ varies from 90 to 180 m in width, and is sharply defined on the east by the Friday Fault and on the west by the Monday Fault.

Mineralization on the project can be classified as an orogenic precious metals deposit. The gold deposits identified on the project thus far are of two types: disseminated, relatively low grade gold mineralization in broad zones of shearing, and higher grade gold and silver in quartz veins and silicified breccias. These deposit types occur as both oxidized and un-oxidized deposits, depending on the depth of weathering, and in association with sulfide mineralization.  Six documented mineralized zones occur along the OSZ within the project area – the Friday Zone, Buffalo Gulch Zone, Deadwood Zone, Lucky Strike Zone, Monday Zone, and “X” Zone.

      Geology Map