What effect do I use to key out white or black?

Use the color key or go into photoshop, cut the white out using the magic wand tool and import the PSD document and use that
 
If you're just talking about that still image then you wouldn't use Premier. Use Photoshop and just use the select tool to cut all the black.

Then File/New - size as per clipboard - transparent background - paste.

Save as a PNG.
 
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