- BY Crystal
- POSTED IN Company, Heritage Gold and Silver Project, News
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NL based private resource company Puddle Pond Resources Inc. is pleased to announce the recommencement of drilling on its 100 % owned Heritage Gold – Silver Project on the Burin Peninsula, southern Newfoundland. The planned drilling will continue testing the Eagle Zone to add to the mineral inventory already established at this zone. Three (3) other zones, the Pinnacle, Flatbed & Zaxis Zones will also be drilled with the objective of establishing a mineral inventory at these zones, following up on earlier intersections of gold and silver mineralization.
At the Eagle Zone, drilling to date has succeeded in outlining a 43-101 non-compliant resource of 76,086 ounces of equivalent gold (AuEq), which is gold + silver expressed as gold contained in 1.08 M tonnes grading 2.19 g/t AuEq, (calculated by P & E Mining Consultants of Brampton, ON). This resource block is open along strike and at depth, suggesting there is potential for increasing the resource with additional drilling.
The new surface discovery of high-grade gold and silver in a boulder train located 150 metres west of the Eagle Zone will also be drill tested. Assays ranging up to bonanza grades of 72.98 g/t (2.34 oz/t) Au and 1298 g/t (41.73 oz/t) Ag, (announced Aug 6, 2019), are the highest surface assays off the Heritage Project making the site of this new discovery an attractive drill target. The boulder train corresponds to Induced Polarization (electrical) and magnetic geophysical anomalies along which with other gold and silver mineralized zones intersected in drill core are located.
Initial drilling at the Pinnacle, Flatbed and Zaxis Zones completed to 2018 has successfully intersected gold and silver mineralization with highlight grades of 2.4 g/t Au & 48.8 g/t Ag at the Pinnacle Zone, 1.05 g/t Au & 326 g/t Ag at the Flatbed and 5.1 g/t Au at the Zaxis. These three (3) zones, at distances between 500 and 1000 metres from the Eagle Zone, are now prioritized for follow-up drilling. Success in establishing a preliminary resource at these zones will add greatly to improving the overall resource potential of the Heritage Project, on which surface surveys to date have outlined a total of 22 mineralized zones.
The company thanks the Government of Newfoundland and Labrador for awarding the project grant assistance under the Junior Exploration Assistance Program administered by the Department of Natural Resources. These grants to offset the drilling costs are awarded to projects demonstrating the potential to host an economic deposit.
The technical information in this release was compiled by President & COO Victor A. French, P. Geo who is a qualified person under NI 43-101 guidelines.