Significant Widths of Near-Surface Gold Mineralization At Handcamp Project

BAY ROBERTS, NEWFOUNDLAND - Puddle Pond Resources reported that the inaugural (scout) drilling program at Handcamp Project in Central Newfoundland has been completed on time and on budget. From an operational point of view the Handcamp Project is ideally situated. Close to the Trans-Canada Highway and the town of Springdale, the Project benefits from the excellent local exploration/mining infrastructure and accordingly Puddle Pond’s operating costs at Handcamp are amongst the lowest of any exploration project on the Island of Newfoundland. The ten, short, diamond drill-holes (~750 meters or 2,500 feet of core) were designed to evaluate the nature and extent of the middle part of a newly discovered shear zone that is host to a wide zone of near-surface gold mineralization.

Initial observations indicate that the gold mineralization is associated with zones of intense silica flooding/stockworks of crosscutting quartz veinlets associated with pyritization and base-metal sulphides. Like their predecessor drill holes (H22-01, -02, and -03; see News Release of May 26th, 2022), holes H22-04 and H22-06 both cut a significant length of near-surface, gold mineralization and look to have tested the full width of the “mineralized zone”, whilst H22-05 appears to have intersected just the margin. (Note that silver and base-metal assays for drill holes H22-03 through H22-06 are pending).

1) H22-04: 3.03 g/t Au over 11.60 meters (38 feet) contained within a broader interval of 1.81 g/t Au over 23.00 meters (75 feet). 2) H22-05: 1.90 g/t Au over 3.65 meters (12 feet). 3) H22-06: 2.16 g/t Au over 7.35 meters (24 feet) contained within a broader interval of 1.27 g/t Au over 16.55 meters (54 feet). Also, additional assays received for drill hole H22-03 have resulted in that mineralized intersection being expanded: H22-03 (including the new assay results); and 3.84 g/t Au over 11.35 meters (37 feet) including 5.64 g/t Au over 6.50 meters (21 feet).

Victor French, P.Geo., President, said, “Every diamond drill hole provides important new data about the structures and lithologies that define the gold-mineralized shear zone. With so little outcrop because of the significant amount of glacial till cover, tracing the mineralized structure is challenging at best. Although we have had excellent early results with the drilling, we must temper our expectations and recognize that there is still so much to learn about the Project’s geological setting and the distribution of the newly identified zone of near-surface gold mineralization at Handcamp.”