Punchline Resources reported today that the company’s geologic team has completed a comprehensive review of extant historical data on the Winnemucca Mountain Property, with analysis rich enough to be quite confident in their initial target selection.
This effort clears the way for a thorough mapping and sampling program, results of which should hit markets in two to three weeks according to the current schedule. Great news for PUNL, whose 3.8k acre (208 unpatented mineral claims) Winnemucca Mountain Property, located in Nevada’s mining-friendly Humboldt County, represents a superb mix of historically validated mineralization and currently untapped potential. Extensive analytical work done in the 90’s by Newmont Mining (Santa Fe Pacific Gold Corp. at the time) concentrated mostly on the Swordfish zone has been very useful to PUNL in devising the mapping/sampling program and confidence is high that initial results will confirm existing Geostat computer modeling of the zone’s cross-section, estimated to contain approximately 4.58M tons at 0.024 opt Au (0.01 oz/ton cut-off).
Previous work on this sizeable (2.2k feet long by 700 feet deep) northeast-trending, low sulfide quartz veining-type system consisted of everything from CSAMT and induced polarization geophysical surveying, to straight up trenching, rock samples, and the attendant geologic mapping. There are even auger hole samples of bedrock from out of 286 holes, with some 52k feet of reverse circulation drilling besides (in 73 holes), giving PUNL a solid historic exploration platform from which to render a contemporary mapping/sampling grid.
President and CEO of PUNL, Ramzan Savji, emphasized how robust the data was going into their sampling, mapping, and potential drilling effort, projecting the company’s eventual realization of a more complete 3D modeling post the initial program that will then be used to construct a highly efficient drilling program. Savji underscored that one key aspect of the company’s program moving forward would be to fully investigate the best way to target the original hydrothermal boiling zone, as this looks like the highest concentration of mineralized value.
Rock chip and geochemical sampling, as well as detailed mapping, should start in a few days time and markets will be eager to see how the high-priority targets resolved during this latest analysis pan out. There is a number of exposed quartz veins which appear to be elements of the larger system previously defined back in the 90’s and PUNL will be going after these exposed leads right away. While extant data is all pre establishment of the NI 43-101 standard, PUNL is sitting on an option agreement to acquire a 70% interest and is clearly excited at the highly prospective potential of the site.
For more information on Punchline Resources, visit www.PunchlineResources.com
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