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Newfoundland and Labrador based junior resource company Puddle Pond Resources Inc. is pleased to announce the start of the 2014 summer exploration program on its strategic Heritage Gold – Silver Property located along the Burin Peninsula paved highway on the south coast of insular Newfoundland.
The first phase of the work program is an Induced Polarization (IP) ground geophysical survey centered over the Eagle Zone where drilling in December, 2013 intersected high grade gold and silver with a best interval of 5.50 metres (18.20 feet) grading 5.49 g/T (0.18 oz/t) gold and 133.51 g/T (4.29 oz/t) silver. Bonanza grades were also intersected with best assays for gold at 34.89 g/T (1.12 oz/t) over 0.43 m (1.41 ft) and silver at 574 g/T (18.46 oz/t) over 0.81 m (2.70 ft), reference press release January 31, 2014.
The purpose of the IP survey is to test the extension of the 500 metre strike length of mineralization intersected in drilling to date at the Eagle Zone. Earlier surface prospecting results from the area indicate the zone has a much greater strike length up to at least 1200 metres and well beyond the 500 metre mineralized section outlined during the drilling. The IP survey will also test for new drill targets at other gold – silver prospects identified during the 2012 trenching and channel sampling program.
The rationale for carrying out the IP survey over the known, 500 metre mineralized zone is to record the responses from this zone and compare them to responses produced over the other areas being surveyed, which include the additional strike length of the Eagle Zone indicated up to 1200 metres and the other gold-silver prospects covered by the 12 km survey grid. Obtaining similar responses over these other areas will indicate they are probable sites of gold – silver enrichments and therefore assist with defining precise drill targets for a future drilling program.
The company appreciates investor support received during its recent private placement financing which enables the ongoing exploration on the Heritage Project and allows the company to continue working towards identifying a 43-101 compliant gold – silver resource. Puddle Pond also acknowledges the support received from the Newfoundland government through the grant received for the 2013 Drilling Program under the Junior Exploration Assistance Program.
The technical information was compiled by Victor A. French, P. Geo., President & COO of Puddle Pond Resources Inc. and a qualified person as defined by National Instrument 43-101.