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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.