Puddle Pond Resources Inc through an option agreement with Golden Dory Resources Corp (TSX.V.GDR) has added Golden Dory’s Lamaline Gold Project (LGP) to its Heritage Project located in the Point May- Lamaline area on the Burin Peninsula, southern Newfoundland.
Puddle Pond Chariman and CEO Len Muise states the “LGP is a highly strategic acquisition for Puddle Pond as it is situated in the middle of the large, 36,081 acre (14,608 hectare) Heritage Project, now the focus of a detailed exploration program following up on the discovery of bonanza grades of gold and silver reported May 30th , 2012”. The LGP is host to a zone of gold – silver mineralization discovered by Golden Dory in 2009 and recommended for drilling follow up. Mr. Muise adds, “not only does this acquisition increase Puddle Pond’s land position in the area but also provides a well-defined drill target which Golden Dory detailed in 2009 within a zone of gold-silver mineralization”. This new property acquisition contains 61 claims increasing the total number of claims at Heritage to 636 claims covering 39,909 acres (16,157 hectares).
Puddle Pond also reports discovering new prospects of high grade gold-silver, some of which are also enriched in base metals, copper, zinc and lead. Highlights from the latest assays include gold up to 17.60 g/t, silver up to 786.0 g/t accompanied by copper up to 0.26%, zinc up to 0.21% and lead up to 0.22%. These new discoveries confirm the epithermal style mineralization is much wider spread than initially visualized and now outlines a mineralized area measuring at least 5 kms x 3.5 kms. The widespread outcrop locations are all characterized by the intense quartz vein – silica, epithermal style alteration now known to host significant concentrations of gold and silver.
As a result of these highly positive results, Puddle Pond has expanded on its exploration program for 2012 with the plan to now increase its target area for trenching to include 18 trenches at sites along a 3 km section of the property – the original plan was to complete 6 trenches along a 1 km section. Based on the positive assays to date from the mineralized outcrops, it is expected that further trenching will continue to yield results that could see a fall drilling program. To ensure drill target definition Puddle Pond will also be conducting a 30 km, magnetic and VLF electrical, ground geophysical survey to assist in defining the extent of the mineralized, alteration zone and a better selection of drill targets. (Golden Dory successfully used ground geophysical surveys in detailing the drill target defined on the newly acquired Lamaline Gold Project).
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.