Newfoundland based private resource company Puddle Pond Resources Inc. is very pleased to announce the summer exploration program of detailed prospecting and rock sampling focused over the Point May low-sulphidation, epithermal alteration system, encompassing a 4.5 km x 2 km area of widespread gold – silver mineralization outlined in 2012 has identified a highly attractive drill target.
A previously undetected zone of strong silica – quartz vein, epithermal alteration has been exposed in outcrop and sub-outcrop (large angular, up to 4 metre boulders close to outcrop) by manual stripping of thin overburden cover. The silica-quartz vein alteration is much more intense than observed in other sections of the system, suggesting this zone is much closer to the vent or conduit for bringing in the gold – silver enriched silica fluids into these epithermal systems.
Other evidence of being close to a vent, such as hot springs bringing in the silica rich fluids, is the identification within this intense silica zone of “geyser eggs or geyserites” which is characteristic of a hot springs environment. Detection of geyser eggs at the Heritage Project is a strong indicator of the hot spring epithermal environment and indicates a site of gold – silver enrichment. These sites of gold – silver enrichment are commonly referred to as “Sweet Spots”.
A much higher density or frequency of higher grade gold – silver mineralization is confirmed by the channel and grabs samples collected from this intense silica-quartz vein alteration zone throughout July and thereby fitting the model for these epithermal systems. The higher grade mineralization distinguishes this new zone from other sections of the Point May epithermal, alteration system. Samples are frequently yielding assays between 0.5 g/t and 3.76 g/t gold throughout the 1000 x 300 metre zone.
A best channel result of 1.5 g/t gold over 6 metres has been recorded with several other channel sites up to 800 metres from this channel also yielding 1.5 g/t over channel lengths up to 4 metres. Silver is also typically enriched with a best assay of 291 g/t being recorded.
The company notes the widespread distribution and detection of the higher grade mineralization over the extensive 1000 x 300 m zone outlined to date and the uncovering of outcrop throughout this zone present a highly attractive drill target which is being earmarked for a fall drilling program.
The technical information was compiled by Victor A. French, P. Geo., a qualified person as defined by National Instrument 43-101.