Punchline Resources Reports 3,000 ft. Potential Strike Length at Swordfish Target in Winnemucca Mountain Gold Project
LAS VEGAS, April 10, 2013 /PRNewswire/ — Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) (“Punchline” or the “Company”) is pleased to report that initial geologic mapping has shown a series of quartz vein outcroppings over a total strike length of approximately 3,000 feet in the Swordfish Target area at the Winnemucca Mountain Property in Humboldt County, Nevada, USA.
“Initial exploration reports from the Winnemucca Mountain gold project have indicated that the total strike length at the Swordfish Target is potentially significantly longer than the 2,200 feet previously outlined by Santa Fe Pacific in the 1990′s,” said Ramzan Savji, CEO and President of Punchline. “In addition, geologists in the field have stated that the steeply dipping quartz veins appear to be associated with a northeast trending shear zone that is several hundred feet wide.”
This field report is part of the ongoing geologic mapping, rock sampling, and geochemical exploration program currently being undertaken by the Company at the Winnemucca Mountain Property. Results from this phase of the exploration program will be combined with available historic data to construct 3D modeling of the potential resource target area and to determine an ideal drilling strategy.
Mr. Savji concluded, “This initial phase of the planned exploration at Winnemucca is expected to be completed within the next 48 hours, after which samples will be sent to a local certified laboratory for immediate testing.”
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-1990′s 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.
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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.
SOURCE Punchline Resources Ltd.