Puddle Pond Resources Inc. a private resource company based in Newfoundland & Labrador (NL) is pleased to report on the 2016 work program on its 100% owned Heritage Gold – Silver Project situated on the south coast of the Burin Peninsula, NL. To date the company has completed detailed ground magnetic geophysical surveying, 2,720 metres of NQ drilling and renewed prospecting and surface sampling over the Point May Epithermal System (PMES). The PMES is a 4.5 x 1.5 km area of widespread gold and silver mineralization exposed at 15 prospects including the drill-advanced Eagle Zone where ongoing drilling since 2013 is demonstrating potential for an economic deposit of gold and silver.
Work in 2016 is highlighted by drilling at the Eagle Zone where two drill rigs are successfully carrying out 25 metre to 50 metre spaced detailed drill testing. The objective of this drilling is to provide the necessary data to assist in outlining a 43-101 compliant resource by year end. The drilling results are still being compiled with early indications of very positive results such as intersecting multiple quartz-veined sections of gold and silver ranging up to bonanza grades, demonstrated by the assay intervals in Hole HE-26-16 shown below:
The 12 cm (0.4 ft) bonanza grade interval at 20.55 m contains both the highest gold and silver assays obtained to date in drill core from the Heritage Project. Other significant drilling results include confirming that the gold and silver mineralization continues both along the strike & down-dip extensions of the Eagle Zone which earlier drill testing and geophysical surveys show may be up to one km in length.
Drilling is also successfully testing a second linear zone, 750 m east of the Eagle Zone, labeled the Pinnacle – Turpin Trend and identified in the earlier magnetic survey could also be up to one km in length. This other mineralized trend has been intersected in all four holes completed along the trend to date, and in addition to gold and silver also contains base metals, zinc and lead, which are metals typical of the style of low sulphidation epithermal mineralization occurring at the Heritage Project.
The 2016 work also includes a renewal of prospecting and surface sampling which has uncovered two extensive boulder fields 300 metres (the Trail Zone) and 450 metres in length (the Cabin Zone). The quartz-veined and silicified boulders in these zones are typical of the PMES and initial sampling has yielded strong enrichments in both gold and silver. A sample at the Trail Zone assaying 8.2 g/t (0.26 oz/t) gold and 515 g/t (16.56 oz/t) silver is the highest grade, representative grab sample from the PMES since initial property discovery in 2010. The Cabin Zone is located 300 m to the west of the Eagle Zone and the Trail Zone is located 700 m to the southwest and present new targets for follow-up exploration. These new discoveries increase the width of the PMES area containing the gold and silver mineralization from 1.5 kms to 1.8 kms, adding to the potential at the Heritage Project.
The company also thanks Dr. Jeff Hedenquist, a world recognized research specialist on epithermal systems similar to the gold and silver mineralized PMES, who just carried out a thorough site visit of the Heritage Project which included reviewing 7,500 m (22,900 feet) of drill core stored onsite. His full report will be posted on the company website at www.puddlepondresources.com which is currently being redesigned.
The information in this release was compiled by Vic French, P. Geo who is a qualified person under NI 43-101 guidelines.