SOURCE: Punchline Resources
TORONTO--(Marketwire - Sep 13, 2012) - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce the completion of mapping and geochemical sampling of the Wonder Mine target at the Empress Project, located approximately 26 miles south of Goldfield, Nevada. The historic Wonder Mine vein system was mapped and sampled over its entire exposed length. Geochemical samples were prepared under the supervision of a qualified and professional geologist and have been submitted to a third party independent laboratory for analysis. Results from sample testing are expected within two weeks.
The Wonder Mine vein trends east-northeast and dips steeply to the south-southeast. The vein system can be traced for over 1,000 feet (underground and surface) and ranges in thickness from 3 inches to approximately 6 feet in width over certain sections. The system can also be followed for over 300 feet in vertical range. Previous mining activity was also evident by several ore chutes and raises which according to available records occurred in the 1930's.
"The Wonder Mine vein system appears to be an excellent target for modern exploration techniques, technologies, and most of all, economics," said Ramzan Savji, CEO and President of Punchline. "In the 1930's, gold prices ranged from just $20 to $35/oz. With gold currently trading at over $1,700/oz., we have the opportunity to continue exploration and mining at the Wonder and Empress Mines with prices at levels that previous operators could not have imagined."
The initial sampling program at the Wonder Mine collected a total of 16 samples, including chip channel samples taken across the veins and altered wall rock. Each sample (weighing 5-10 pounds) was securely shipped to ALS Chemex Labs in Elko, Nevada to be analyzed for gold and silver by fire assay. ALS Chemex Labs is part of the ALS Group, the global leader in the provision of analytical laboratory and technical services to the mining industry. ASL Group employs over 11,000 staff worldwide and operates more than 300 laboratories in over 50 countries across Africa, Asia, Australia, Europe, North America and South America.
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 Empress Gold and Silver Property, in Nevada, USA. The Company is also evaluating several additional projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements such as the ability to continue exploration and mining at the Wonder and Empress Mines. 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.