Puddle Pond Resources Inc. (PPR) is very pleased to report that the first drill testing at the Eagle Zone has intersected high grade precious metals mineralization ranging up to 420 grams/tonne (g/t), 13.5 ounces/ton (oz/t) silver and 10.28 g/t, 0.33 oz/t gold. The Eagle Zone which is a part of the extensive, 4.5 x 2.5 kilometre, gold and silver mineralized, Point May Low Sulphidation Epithermal Alteration System (PMES) was targeted for the current 1500 metre (5000 ft.) drilling program as a result of surface mineralization discovered mid-summer and reported August 27, 2013.
This surface mineralization ranging up to 241.2 g/t silver and 3.78 g/t gold in saw cut channel samples from intensely silica altered (quartz veined) rocks indicated the company had uncovered a potential sweet spot of higher grade mineralization typical of these epithermal, precious metals systems and representing high grade mineralized feeders or shoots bringing in the silver and gold enriched fluids. With the first 3 holes drilled to date all successfully intersecting the silver – gold enriched, intensely silicified zone this first drilling phase confirms the Eagle Zone is indeed a sweet spot and the drill core samples which demonstrate economic mineralization along the 340 metres (1115 ft) tested to date are highlighted by intervals such as 5.0 metres (16.5 ft) grading 155.0 g/t, (5.0 oz /t) silver and 5.2 g /t (0.33 oz/t) gold.
Company officials state these highly positive results are very encouraging , particularly with the intersection of ore grade mineralization and the identification of a probable sweet spot at such an early stage of drilling , noting that these sweet spots are generally very difficult to detect and usually require a lot of drilling to delineate. Also, intersecting the zone along the 340 metre strike length tested to date confirms the continuity of the zone along a Northeast – Southwest trend; the surface work completed this past summer identified enriched mineralization along the trend for a strike length of at least 1000 metres and the remaining 5 holes to be drilled in this first round will now test this 1000 metre (3300 ft) long target. Historical sampling carried out in 2011 and prior to Puddle Pond acquiring the Heritage Project in 2012 recorded an enriched 6.2 g/t gold value in a highly silicified sample 1200 metres Southwest of the present drill target and suggesting a much longer, up to 2.5 km trend to the mineralized zone.
Further indication of the significance of this drill discovery is the identification of ginguro veins, small sulphide rich veins enriched in silver and gold (native silver is visible in the veins intersected in the 3 drill holes) characteristic of the sweet spots. Another feature of these epithermal systems is that grades increase with depth down to 1500 metres; the Eagle Zone exhibits this feature with grades in gold and silver respectively increasing from highs of 3.78 g/t and 241.2 g/t on surface to highs of 10.28 g/t and 420.0 g/t in drill core just 60 metres below surface. The on-going success of this current drilling program suggests the possibility of an economic gold – silver deposit within the Heritage Project.
The 1500 metre program should be completed by mid-December, and all assays and other compilations should be available for release by mid-January, 2014. The management of Puddle Pond Resources is in the early planning stages of a second phase of drilling that will drill holes deeper into the system.
The board and management of Puddle Pond Resources Inc. acknowledges the ongoing support of the shareholders in raising the necessary funds for this drilling program and the assistance of the Newfoundland & Labrador Department of Natural Resources in awarding a grant to offset drilling expenses.
The technical information was compiled by Victor A. French, P. Geo., Vice President of Exploration for Puddle Pond and a qualified person as defined by National Instrument 43-101.