[b]PUNL News Out!! Check it~~~~>
Punchline Resources Initiates High Priority Target Sample Program at Winnemucca Mountain Gold Project in Nevada[/b]
LAS VEGAS, April 9, 2013 /PRNewswire/ -- Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that Company geologists have initiated a rock sampling program at the Winnemucca Mountain Property in Humboldt County, Nevada, USA.
"There have been several high priority exposed quartz vein targets identified at the Winnemucca Mountain Gold Property that will be tested as part of this rock chip sampling program," said Ramzan Savji, CEO and President of Punchline. "Initial ground work is expected to be completed over the next few days, after which the collected samples will be tested for gold and other mineral content at a local certified laboratory."
The results from the rock chip and channel sampling program, along with geochemistry, and detailed mapping will be utilized to develop an anticipated drill program at the Winnemucca Mountain Property planned to begin following standard regulatory drilling permitting.
Based on current schedules, the rock sampling program ground work and testing of samples is expected to be completed within the next two 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-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.
For further information regarding Punchline, contact:
Punchline Investor Relations
(888) 553-9995 (Toll-free)
E-mail: info@punchlineresources.com
Website: www.punchlineresources.com
Forward-Looking Statements
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.
Copyright 2013 PR Newswire
