16 Aug 2017

NL based, private resource company Puddle Pond Resources Inc. is pleased to report that trenching of coincident electrical IP (Induced Polarization) and magnetic geophysical anomalies at the Mossy Zone, Trail zone and south extension of the Eagle Zone uncovered the quartz-veined, hydrothermal breccia (HTB) host to the gold-silver mineralization on its 100 % owned Heritage Project.  These geophysical anomalies have never been trenched nor drill tested.

 

The Mossy Zone trenching exposed three multiple sets of mineralized quartz veins and breccias over 9.85 m (32.3 feet) that range in thickness between 2.5 and 4.2 metres, and contain weakly to moderately anomalous gold and silver values throughout.  The best channel sample yielded 0.45 grams/tonne (g/t) gold and 3.0 g/t silver over 1.55 metres (5.1 feet).   Weak to moderate gold and silver mineralization is typical of the widespread surface mineralization exposed in trenches at other sites throughout the 4.5 x 2.5 km Point May Epithermal System.

The Mossy Zone trench is 250 metres east of the Eagle Zone (EZ) where similarly mineralized, multiple quartz vein and breccia sets are exposed on surface.  The geophysical anomaly outlining the Mossy Zone is at least 500 metres long and open to the northeast, and is the same strike length as the mineralized section of the Eagle Zone drill tested to date and containing 76,074 ounces of equivalent gold at a grade of 2.19 g/t (Ref. Press Release Feb 20, 2017).

Trenching also tested the south extension of the Eagle Zone, 450 metres south of the mineralized section drilled to date and the trend of the Trail Zone, located southwest of the Eagle Zone, both indicated by the 2016 geophysical surveying to be trending north – northeast.  This trenching in a lowlands valley encountered deep overburden and wet bog cover which made it difficult to expose the underlying bedrock.  The trenching did succeed in exposing several sites of quartz vein and hydrothermal breccia from which grab and chip samples yielded gold values ranging between 37 and 400 ppb (0.40 g/t) and silver values ranging between 10.5 and 27.1 g/t.

Further mapping and prospecting also has provided information adding to the gold and silver mineral potential of the Heritage Project.  One of the objectives of the 2017 field season was to update the geology and mineral potential of the Heritage Project by mapping and prospecting traverses throughout the 427 claim (21 x 10 km) project area.  This work has confirmed the presence of a large, ancient volcanic center, labeled the “Smuggler’s Caldera”, which the latest mapping shows to contain large-scale structures that were major fluid conduits for depositing the low sulphidation, epithermal gold and silver mineralization.  This is evidenced by the 18 gold and silver prospects previously identified within the Point May Epithermal System (PMES).

The new detailed mapping is leading to the identification of new mineralization.  The results from the 2016 geophysical surveys which aid in mapping structures and fault zones, etc., also assist with making these new discoveries.  A new showing has just been discovered along the east side of the PMES where several large, quartz-veined and intense hydrothermal brecciated blocks up to 1.5 metres have been located along a northeast trending structure outlined from mapping and geophysical surveying.   Grab samples from these blocks yielded gold and silver mineralization up to 1.55 g/t gold and 222.0 g/t (7.14 oz/t) silver.  These grades represent the best gold and silver values to date from the east side of the PMES and are located approximately 2 kms east of the Eagle Zone where similar gold and silver values have been intersected in drill core.

The results from the 2017 field program are being compiled to assist with directing the planned fall drilling program which is scheduled to commence in early September.  The drilling to be carried out by drill contractor Cabo Drilling (Atlantic) Corp of Springdale, NL will drill test previously untested prospects throughout the 4.5 x 2.5 km Point May Epithermal System including the new targets at the Mossy, Trail and Eagle Zones.  The objective of the fall drilling program is to increase the mineral inventory of 76,074 ounces calculated earlier in 2017.

Puddle Pond Resources Inc. also acknowledges the assistance received from the Government of Newfoundland & Labrador through grant awards from the Department of Natural Resources under the Junior Exploration Assistance program and annually awarded since drilling commenced in 2013.  These grant awards are based on merit and the potential for an early stage project, such as the Heritage, to discover an economic mineral deposit.  The company also has received a substantial research grant from the Research and Development Corporation of NL awarded in 2015 and which has made possible the ongoing research and mapping being completed by Geologist Greg Woodland under a Masters Program supervised by Dr. Graham Layne of Memorial University of St. John`s.  These grant awards have greatly assisted with advancing the Heritage Project to its current stage.

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.

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