Puddle Pond Resources Inc. is pleased to report the latest assay results from a new area of higher grade gold mineralization hosted in intense silica – quartz vein alteration first reported in the August 8th press release provide further evidence of the potential for a zone of significant gold – silver mineralization on the important Heritage Project, Burin Peninsula, southern Newfoundland.
This last set of assays just received for silver and base metals (zinc, lead, copper) analyses reveal high grade silver and low abundances of base metals accompany the gold enriched samples. The combination of corresponding high gold & silver values, low abundances of base metals and intense silica – quartz vein alteration is characteristic of sweet spots which form economic deposits within an epithermal alteration system.
The silver values are generally above 20.0 g/t and range up to 293.0 g/t (9.4 oz/t) and combined with the gold values represent gold equivalent values (gev’s) that are well within the range of economic mineralization. (Gev’s is the value of the gold and silver expressed as the value just in gold). The samples containing the higher grade gold & silver show gev’s in the range of 3.0 g/t to 7.3 g/t equivalent gold and within the limits of economic deposits.
During the current work program success in uncovering the higher grade mineralization in outcrop and near outcrop (large angular boulders) over an area measuring 1000 x 300 metres outlined a drill target (Ref August 8, 2013 Press Release), which is now further endorsed by these latest assay results.
The company has submitted an application for an exploration approval to proceed with a drilling program to test this new target and further stripping of the thin overburden cover over the next few weeks is planned to more precisely fix drill sites.
The technical information was compiled by Victor A. French, P. Geo., a qualified person as defined by National Instrument 43-101.