NEWSPuget discovers high-grade extension of Werner Lake
2010-06-07 07:19 ET - News Release
Mr. Erin Chutter reports
PUGET VENTURES INC. DISCOVERS HIGH GRADE EXTENSION OF WERNER LAKE COBALT PROJECT
The drill results from Puget Ventures Inc.'s 100-per-cent-owned Werner Lake cobalt deposit continue to demonstrate the high-grade nature of the primary cobalt deposit as Puget moves closer to a renewed production decision on this key North American cobalt project.
Puget also released grab samples from the newly discovered eastern extension of Werner Lake, located 800 metres to the east of the current deposit area and directly on strike to Puget's Eastern Shallows Cobalt Deposit, clearly demonstrating the high potential for additional tonnage for the Werner Lake Project.
"We are very pleased to discover the eastern extension to the deposit, suggesting the likelihood of a much larger deposit area for Werner Lake," said Erin Chutter, President of Puget Ventures Inc. "This drill season exceeded our expectations as we continue to move our primary cobalt project of Werner Lake to a production decision."
"The next step for the deposit is the NI 43-101 Resource Report which will also include integration of historic drilling and resource numbers and work from this spring's program," said Michael Dehn, CEO of Puget Ventures Inc. "We are very excited to begin to better understand the potential of further cobalt deposits moving across the property towards our Eastern Shallows cobalt deposit four kilometres to the east from Werner Lake.
The company completed 7,616m of drilling in 34 holes over the winter and spring of 2009-2010. The initial winter program of 1839 metres in 17 relatively shallow holes was designed to test the bodies within and adjacent to the known oreshoots of the West Cobalt and Old Mine Site blocks, essentially as part of the due diligence for the NI 43-101 Resource Estimate which was initiated by PEG Engineering Group. After successful completion of the initial phase, the program was expanded to a spring phase of 5777m in 17 holes, aimed at probing the oreshoots at depth, and at testing whether the deposits were indeed constrained by an apparent shallowly plunging shoot direction. The drill program achieved all these goals. On the basis of the results of these two programs, a summer field program of surface exploration is being planned.
Tabulated below are the more significant values returned from all but one hole (WL10-019 for which not all results have been received) in the program:
--------------------------------------------------------------------------- INTERCEPT Au Co Cu NiHOLE NUMBER Final depth from to interval g/t % % %---------------------------------------------------------------------------WL09-001(ii) 89 67.0 70.3 3.3 0.06 0.028 0.507 0.02 includes 68.9 69.7 0.8 0.11 0.018 0.431 0.02 and 69.7 70.3 0.6 0.17 0.044 2.015 0.04 83.8 84.8 1.0 0.02 0.008 0.285 0.21---------------------------------------------------------------------------WL09-002(iii) 102 54.0 55.5 1.5 0.02 0.060 0.200 0.02 73.5 77.5 4.0 0.15 0.070 0.280 0.02 includes 75.0 76.4 1.4 0.20 0.120 0.560 0.02---------------------------------------------------------------------------WL10-003(iii) 97 65.7 66.5 0.8 0.09 0.050 0.460 0.01---------------------------------------------------------------------------WL10-004(iii) 74 25.4 37.7 12.3 0.30 1.210 0.220 0.02 includes 28.8 30.2 1.4 0.38 1.550 0.160 0.04 and 30.2 31.1 0.9 0.52 12.480 0.190 0.15 and 31.1 32.0 0.9 0.73 0.710 0.050 0.03 41.4 45.5 4.1 0.12 0.030 0.590 0.02 includes 41.4 42.9 1.5 0.15 0.030 0.450 0.02 and 44.3 45.5 1.2 0.13 0.030 1.190 0.03 47.6 49.2 1.6 0.09 0.020 0.160 0.02 includes 47.6 48.7 1.1 0.12 0.030 0.220 0.02---------------------------------------------------------------------------WL10-005(iii) 99 62.3 65.4 3.1 0.29 0.140 0.380 0.01 includes 63.6 65.4 1.8 0.45 0.180 0.610 0.02 68.0 71.8 3.8 0.32 - 0.710 0.01 includes 68.0 69.3 1.3 0.47 0.040 0.340 0.02 and 70.3 71.8 1.5 0.38 0.010 1.800 0.01---------------------------------------------------------------------------WL10-006 137 88.5 93.6 5.1 0.16 0.032 1.098 0.00 includes 88.5 89.5 1.0 0.21 0.003 0.215 0.00 and 92.4 93.6 1.2 0.42 0.124 4.346 0.01 99.6 101.0 1.4 0.15 0.090 0.081 0.00---------------------------------------------------------------------------WL10-007 135 54.8 55.2 0.4 0.07 0.012 0.323 0.00-------------WL10-008(iii) 76 1.0 2.9 1.9 0.20 0.040 0.200 0.01---------------------------------------------------------------------------WL10-009(iii) 148 114.6 117.0 2.4 0.18 0.102 0.266 0.02 includes 116.1 117.0 0.9 0.39 0.120 0.470 0.02---------------------------------------------------------------------------WL10-010(iii) 164 131.8 136.1 4.3 0.11 0.100 0.370 0.02 includes 131.8 132.6 0.8 0.14 0.140 0.050 0.01 and 133.5 135.1 1.6 0.14 0.080 0.650 0.02 and 135.1 136.1 1.0 0.06 0.120 0.440 0.03-------------WL10-011(iii) 95 67.4 68.4 1.0 1.31 0.010 0.020 0.01 72.2 73.1 0.9 0.17 0.011 0.382 0.02---------------------------------------------------------------------------WL10-012 69 38.4 39.6 1.2 0.04 0.053 0.159 0.02---------------------------------------------------------------------------WL10-013 92 76.8 79.1 2.3 0.14 0.060 0.190 0.02 includes 78.2 79.1 0.9 0.09 0.122 0.241 0.04---------------------------------------------------------------------------WL10-014 69 59.0 63.5 4.5 0.06 0.231 0.099 0.03 includes 59.0 60.6 1.6 0.10 0.377 0.135 0.04 and 62.0 63.5 1.5 0.04 0.232 0.080 0.02---------------------------------------------------------------------------WL10-015 131 no significant values---------------------------------------------------------------------------WL10-016 140 no significant values---------------------------------------------------------------------------WL10-017 122 no significant values---------------------------------------------------------------------------WL10-018 323 266.3 267.2 0.9 0.04 0.020 0.234 0.01---------------------------------------------------------------------------WL10-019 256 assays still outstanding---------------------------------------------------------------------------WL10-020 244 210.4 211.2 0.8 0.06 0.018 0.164 0.01 230.2 231.5 1.3 0.02 0.011 0.431 0.42---------------------------------------------------------------------------WL10-021 374 no significant values---------------------------------------------------------------------------WL10-022 281 220.0 224.9 4.9 0.18 0.025 0.243 0.01 includes 220.0 221.0 1.0 0.13 0.021 0.623 0.01---------------------------------------------------------------------------WL10-023 263 185.9 190.6 4.7 0.23 0.289 0.096 0.02 includes 185.9 186.6 0.7 0.76 0.826 0.244 0.06 and 186.6 187.6 1.0 0.11 0.383 0.087 0.02 and 189.0 189.6 0.6 0.20 0.349 0.062 0.02 203.3 204.4 1.1 0.09 0.121 0.139 0.03---------------------------------------------------------------------------WL10-024 296 240.0 241.1 1.1 0.06 0.288 0.156 0.02 248.5 249.3 0.8 0.08 0.057 0.150 0.01 252.5 253.5 1.0 0.04 0.007 0.106 0.01---------------------------------------------------------------------------WL10-025 465 no significant values---------------------------------------------------------------------------WL10-026 400 no significant values---------------------------------------------------------------------------WL10-027 439 no significant values---------------------------------------------------------------------------WL10-028 276 233.1 235.8 2.7 0.06 0.279 0.085 0.02 includes 233.1 233.8 0.7 0.07 0.853 0.049 0.04---------------------------------------------------------------------------WL10-029 499 33.2 35.2 2.0 0.09 0.020 0.082 0.01 363.0 364.0 1.0 0.07 0.005 0.201 0.01 368.6 370.0 1.4 0.16 0.039 0.422 0.01 381.8 382.5 0.7 0.02 0.028 0.157 0.02---------------------------------------------------------------------------WL10-030 366 223.3 224.3 1.0 0.04 0.007 0.142 0.04---------------------------------------------------------------------------WL10-031 37 hole abandoned - rig unstable---------------------------------------------------------------------------WL10-031B 542 468.2 469.2 1.0 0.03 0.069 0.156 0.02 472.2 475.2 3.0 0.10 0.017 0.274 0.00---------------------------------------------------------------------------WL10-032 358 289.1 290.1 1.0 0.08 0.126 0.147 0.02 312.3 315.1 2.8 0.09 0.196 0.145 0.01 includes 312.3 313.3 1.0 0.08 0.247 0.126 0.01 and 313.3 314.3 1.0 0.10 0.268 0.160 0.01 320.5 321.5 1.0 0.06 0.008 0.119 0.01---------------------------------------------------------------------------WL10-033 358 246.2 248.2 2.0 0.05 0.006 0.161 0.01 276.0 277.0 1.0 0.02 0.010 0.108 0.02 hole curtailed above zone---------------------------------------------------------------------------(i) the intercept thickness is not true thickness, which would be approximately 70% of the quoted figure(ii) Previously reported on January 27, 2010(iii) Previously reported on April 19, 2010nd indicates that one or more of the values within the sample interval was below detection limits. Detection limits are as follows: Au 5ppb, Pt 15ppb, Pd 10ppbThere are no significant values in the Platinum group Elements
Prudence dictated that WL10-033 be curtailed before reaching the programmed intersection point when spring break-up occurred rather earlier than expected. The casing remains in the hole to allow reentry.
Holes WL09-002 through WL10-013 all probed the original historically drilled area beneath the Western Cobalt zone; and demonstrate that, although values and thicknesses fluctuate, the values and thicknesses of the original intersections are reflected in the current drilling program. Hole WL10-014 targeted the heart of the Old Mine Area.
Holes WL10-015, WL10-016, WL10-017 were drilled to investigate the gap between the Old Mine site and Werner Lake West Cobalt deposit. They show that the zone is indeed absent in this area. Holes WL10-023, WL10-024, WL10-028, WL10-032 are also all probes below the presumed lower limit of the West Cobalt ore shoot. All showed good cobalt values of over 0.2% and there are some good thicknesses indicated. They demonstrate that the shallow easterly pitch is a fallacy. This has very positive implications as far as increasing resources by further probing is concerned.
Holes WL10-029, WL10-031B probed below the known limits of the Old Mine #3 lens oreshoot, but appear to have been sited too far to the west, and therefore missed this short, high-grade strike.
A summer program of surface exploration and prospecting to extend the known strike of the cobalt bearing zones is being planned. Preliminary field work to the east of the Old Mine zone has demonstrated that the zone does indeed extend in this direction, with some gratifying values returned from surface grab sampling 800m east of the old mine site:
Au Co Cu Nig/t % % %0.60 0.31 3.43 0.0260.62 0.19 3.10 0.0140.24 0.09 0.79 0.0080.40 0.06 0.22 0.003
All cores were saw split before sampling. Cores are stored at the Company facility on site. All analyses were done by Accurassay at Thunderbay. Assays for gold and platinum group elements were by single assay ton fire assay with an AA finish. Base metal analyses were by ICP-MS following acid digestion. The QP for this drilling, logging and sampling is Toby Hughes, P.Geol., P.Geo., P.Geo. The QP for this release is Dr. Adrian G. Mann, P.Geol.
Puget Ventures Inc.Ms. Erin Chutter
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