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Junior Mining Company, Puddle Pond Resources Inc. is pleased to announce it has acquired a major gold-silver discovery in the Point May – Lamaline area on the Burin Peninsula, southern Newfoundland. This discovery is a classic, epithermal style gold-silver system extensively mineralized on surface with bonanza grades up to 117 grams/tonne (3.76 ounces/ton) gold and 2769 grams/tonne (89 ounces/ton) silver.
The project is located in the “Avalon Zone”, a belt of rocks known to host numerous gold deposits from southern Newfoundland to the prolific gold producing district of the Carolina Slate Belt in the southern USA. The potential for epithermal style mineralization on the Burin Peninsula has long been recognized by the Geological Survey of Canada who reference the historic Haile Gold Mine, a 4 million ounce gold deposit in the Carolina Slate Belt, and the Hope Brook Gold Mine, in southern Newfoundland, and a former large Canadian gold producer, as deposit models for new discoveries in the Avalon Zone.
The discovery is in an area with little or no record of previous exploration and because of the frequency of mineral occurrences throughout other parts of the Burin Peninsula local prospectors such as the Alexander Turpin and Albert Stone prospecting groups recently turned their attention to this area. Their ground breaking work proved significant with the identification of the surface mineralization in bedrock which they were able to trace in several, easily distinguishable silica (quartz) rich epithermal alteration systems over distances up to 6-8 kms.
Puddle Pond Chairman and CEO, Len Muise reports the company was very fortunate to be made aware of this new discovery in late 2011 and since then, has successfully negotiated the acquisition of a large land position through option agreements with the prospecting groups. Mr. Muise observes that during the past few months the prospectors have cooperated in not advertising this discovery, which has enabled the company to assemble this large land package now named “the Heritage Project” (HP).
As a result of the initiatives taken by Turpin, Stone and their associates over 600 claims were staked in the district and covering the epithermal alteration systems and gold – silver surface mineralization within an area measuring 25 kms x 20 kms and now forming the HP.
Puddle Pond has established an operations base camp at Point May and a team of geologists and prospectors are carrying out detailed geological mapping, prospecting and surface sampling to identify follow-up drill targets. Trenching completed (by Turpin) just prior to acquisition has confirmed thick gold – silver mineralized sections on surface and his work will benefit the identification of drill targets.
The company also reports that this discovery has resulted in the recognition of other mineralized alteration systems in other areas of the southern Burin Peninsula and during the past couple of weeks new staking and new agreements are in progress to cover these new targets. Details of these new acquisitions will be released as they become available. Puddle Pond will also be updating its website with a photo gallery of the Heritage Project and other new acquisitions.
Mr. Muise states the company is very confident about the success of this major discovery which through the work of the local prospecting groups presents a new opportunity for resource development in this area of rural Newfoundland.
Industry consultant, Victor A. French, P.Geo., Vice President of Exploration for Puddle Pond Resources and a qualified person as defined by National Instrument 43-101 reviewed the scientific and technical information contained in this news release.