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Bars of precious metals

Chrome Mountain, Montana

Platinum Group Metals

The Chrome Mountain project is a platinum, palladium, rhodium and gold target located approximately 1,500 m from the East Boulder Mine within the Stillwater Complex. East Boulder is one of two mines in operation by the Stillwater Mining Company; the only primary PGM producer in North America mining the highest grade PGM deposit in the world.

A geochemical anomaly 2,500m x 1,000m, characterized by an average grade of 1.0 g/t PGM at surface, was drilled in 2007. Drilling intended to define the northern boundary of the anomaly, and encountered reef style PGM mineralization associated with the “B” Chromitite layer and a second, previously unknown style of PGM mineralization. The “A” & “B” Chromitite layers are parallel to the richest PGM reef in the world, the Johns-Manville (JM) Reef (15 – 21 g/t PGM) mined by Stillwater Mining Co, and are thought to model a UG2 style of PGM mineralization in South Africa.

The unknown PGM mineralization is high-grade, UG2 reef-style mineralization associated with chromitite layers occurring within a much thicker envelope of disseminated PGM mineralization. This is similar to Platreef style mineralization, both of which are usually found only in South Africa.

Geologists believe that Chrome Mountain may represent a “feeder zone”; potentially the source of mineralization. In South Africa, feeder zones have returned grades up to 2,500 g/t PGM.

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Exploration Targets

Include a platinum group metals (PGM) geochemistry anomaly within the “B” Chromitite horizon characterized by an average of 1.0 g/t PGM; and high grade gold with platinum, palladium and rhodium associated in the Pine Claim Shear Zone.

Highlights:

  • Geochemical anomaly 2,500 m x 1,000 m wide, with grades of 1.0 g/t PGM
  • Surface samples in excess of 4 g/t to a high of 46 g/t PGM and 1.2 g/t rhodium
  • Platinum to Palladium ratio of 1.0 to 1.4
  • Rhodium to Platinum ratio of 9 to 1
  • All 10 holes drilled in 2007 began and ended in mineralization
  • Drilling intercepted:
    • 1.0 g/t PGM + Au over 116.7 m, including
       6.3 g/t PGM + Au over 1.2 m and 4.8 g/t PGM + Au over 1.2 m
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    • 11.9 g/t PGM + Au over 0.3 m, including
      7.6 g/t PGM + Au over 0.3 m adn 6.5 g/t PGM + Au over 0.3 m

Location & Access

Chrome Mountain is located approximately 120 kilometers (75 miles) WSW of Billings, in the Beartooth Mountains of south-central Montana.

Land Status

The property consists of 167 mining claims covering 970 hectares (2,397 acres). Premium maintains a 100% ownership interest in the property, which is adjoining claims controlled by Nevoro Resources acquired from Beartooth Platinum (TSX-V:BTP). The property has drill indicated platinum and palladium mineralization with historic results under review. The past results will be used to guide future exploration.

Mineralization

The property hosts platinum, palladium and rhodium within sulfides concentrated in specific layers of the Stillwater Layered Intrusive Complex, host to the producing Stillwater and East Boulder mines. The claims cover seven kilometers of strike along the “B” Chromitite horizon. The PGM mineralization is associated with the Chromitite while epithermal gold is hosted within the post-PGM mineralization of the Pine Claim Shear Zone which cross-cuts the PGM mineralization.

The Stillwater Mining Company operates both the Stillwater and the East Boulder Mine and is the only primary PGM producer in North America. The Stillwater Complex hosts one of the richest known palladium deposits in the world – the JM Reef – though to model the Merenksy Reef of the Bushveld Complex in South Africa. The Bushveld Complex ranges from 4 g/t to 6 g/t, whereas mining grades from the JM Reef in the Stillwater Complex range from 15 g/t to 21 g/t with credits for copper and nickel.

Parallel to the JM Reef lies the “A” and “B” Chromitite horizon, Premium’s main target on the property, and thought to model the UG2 Reef of South Africa. The “A” and “B” Chromitite horizon continues south-east onto claims controlled by Beartooth. Beartooth has been aggressively exploring the property and completed 3,350 meters of drilling as well as ground geophysics in 2006.