- BY Crystal
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Newfoundland based, private resource company Puddle Pond Resources Inc. is pleased to announce it has successfully completed the planned 2017 drilling program on its 100 % owned Heritage Gold – Silver Project located on the Burin Peninsula, southern Newfoundland. Nine (9) holes aggregating a total of 1089 metres (3572 ft.) were drilled to test previously drill – untested gold – silver mineralization at the Mossy, Flatbed, Whalesback and Zaxis prospects. More than 300 core samples were collected from this drill program and sent to Eastern Analytical Laboratories in Springdale, NL for gold-silver analysis. Results are expected by mid-January 2018 and will be released at that time.
This initial drill program at all four prospects intersected quartz veining and hydrothermal breccia, similar to that which hosts gold and silver mineralization at the Eagle Zone. A non-43-101 compliant preliminary mineral inventory of 76,074 equivalent gold ounces (gold + silver calculated as gold) is contained in 1,085,000 tonnes grading 2.19 g/t gold (ref. press release February 20, 2017).
The mineralization on the Heritage Project is contained within an alteration envelope termed the Point May Epithermal System (PMES), which displays gold-silver mineralized quartz veining and hydrothermal breccia at the Eagle Zone and 19 other prospects presently outlined within the PMES. The PMES based on work completed to date covers an area measuring 4.5 x 2.5 kms.
The drill holes were designed as a first layer of Tier 1 holes drilled at an inclination of -45 degrees to test the gold-silver potential of surface quartz veining and hydrothermal breccia to shallow depths of 60 metres (200 ft.). The success of intersecting the down dip extension of quartz veining and hydrothermal breccia in all four prospects is a further indication of the extensive gold and silver mineralization potential on the Heritage Project. The Flatbed and Whalesback Prospects are 1300 metres (4264 ft.) east of the Eagle Zone and to date represent the furthest step-out drilling sites from the Eagle Zone. The Zaxis Prospect is 300 metres (1000 ft.) northeast and along the trend of the Eagle Zone, and therefore the Zaxis could be the northeast extension of the Eagle Zone.
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.