Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that Company geologists have completed historic data compilation, analysis, and initial field target selection at the Winnemucca Mountain Property in Humboldt County, Nevada, USA.
"The professional geologists working on the Winnemucca Mountain Gold project in Nevada have been able to make significant process to prepare for a sampling and potential drilling program planned to start shortly," said Ramzan Savji, CEO and President of Punchline. "Analysis of the available data has positively identified several high priority targets for immediate field examination that should include sampling across several exposed quartz veins believed to be a part of the gold bearing system previously outlined by Santa Fe Pacific in the mid-1990s. Detailed mapping and rock chip geochemical sampling are expected to begin over the next few days."
The results of the rock sampling program, associated element geochemistry, and detailed site mapping will help to establish additional structural details regarding the hydrothermal system exposed at the surface. This data will ultimately be used to construct 3D modeling and to determine an ideal drilling strategy to target the original hydrothermal boiling zone where the highest gold values are likely to occur.
Based on current schedules, results of the first round of mapping and sampling are expected to be received within 2-3 weeks.
Winnemucca Mountain Property Summary
The Winnemucca Mountain Property covers 3,800 acres and is located in an area of numerous past and current gold mines. Modern exploration began in the 1980's with mapping, geochemical sampling, geophysics, and drilling conducted by several companies including St. Joe, Cordex, Tenneco, and Santa Fe Pacific Gold. By the mid-1990s over 52,000 feet of drilling had been completed. A large percentage of this drilling was done in the Swordfish Target which is currently being evaluated by Punchline as a potential resource.
Santa Fe utilized a Geostat computer program to calculate a cross-sectional resource estimate for the Swordfish zone area which estimated it to contain 4.58 million tons grading 0.024 oz/ton gold at a 0.01 oz/ton cut-off). This estimated resource occurs in an area 2,200 feet long and 700 feet deep. The Santa Fe historical resource estimate pre-dates the implementation of current 43-101 compliant techniques. As such, it is only a historical estimate and does not meet current resource standards.
Punchline Resources currently holds an option agreement to acquire a 70% interest in the Winnemucca Mountain Property.
About Punchline Resources
Punchline Resources Ltd. is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently exploring the Winnemucca Mountain Property in Nevada. The Company may also evaluate additional projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements discussion the potential completion of planned exploration programs, the establishment of proven resources, and the possible future economic production of minerals. There is currently no established gold resource at the Winnemucca Mountain Property. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Resources Ltd. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Resources Ltd. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.
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SOURCE: Punchline Resources