Puddle Pond Resources Inc. is pleased to announce it is preparing for a planned fall drilling program on the important Heritage Gold – Silver Project located on the Burin Peninsula, southern Newfoundland. The Newfoundland and Labrador Department of Natural Resources has issued the drilling approvals and has also awarded the company a grant valued up to $100,000 to offset drilling costs. These drilling grants are based on the merits of the target which include the potential to discover an economically important resource.
The Eagle Zone discovered earlier this summer is distinguished as a 1000 x 300 metre area containing gold and silver grades that are enriched compared to other sections of the much larger Point May Epithermal Alteration System, measuring 4.5 kms x 2.0 kms. Since discovery earlier this summer, surface grab and channel sampling throughout the Eagle Zone have yielded economic grades of gold and silver hosted within intense silica flooding and quartz veining.
The company notes this zone represents a very robust drill target and advises latest sampling at the Eagle Zone has uncovered new sites of enriched mineralization and quartz veining with grab sample assays just received yielding up to 2.72 g/t gold and 241.2 g/t (7.8 oz/t) silver, and well within the range of the economic values reported earlier (ref. Press Release Aug 27, 2013).
Fifteen (15) holes totalling 2,500 metres are planned for testing along the 1000 m strike length and across the 300 metre width of the Eagle Zone, and Puddle Pond is in the process of establishing a drill road and drill sites for the planned program. The company acknowledges the support from the Newfoundland Government in awarding the drilling grant for the Heritage Project.
Victor A. French, P.Geo., President of Puddle Pond Resources Inc. and a qualified person as defined by National Instrument 43-101 reviewed the scientific and technical information contained in this news release.