LAS VEGAS, NV- Sep 27, 2012 - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has received initial positive results from the geochemical sampling program recently conducted on the Wonder Mine target at the Empress Project, located approximately 26 miles south of Goldfield, Nevada. The results of independent assay testing confirm the presence of both high grade gold and silver in exposed mineralized vein structures which now represent a significant priority drill target at the Wonder Mine.
The recent work program at the Wonder Mine collected a total of 16 underground samples from chutes and shafts thought to be utilized by previous operators of the mine, including chip channel samples taken across the veins and altered wall rock. Results of gold content assays ranged from 0.027 to greater than 10.000 g/t with 5 of the 16 samples returning values greater than the 10.000 g/t upper limit of standard testing. Silver content assays ranged from 1.3 to greater than 100.0 g/t with 2 of the 16 samples returning values greater than the 100.0 g/t upper limit of standard testing. The "over-run" samples are currently being re-assayed to determine the true gold and silver content values greater than 10.0 g/t gold and 100 g/t silver upper limits of the previous selected standard assay method. Results of the re-assayed samples are expected within the next few days.
"These extremely positive gold and silver sampling results are a strong indication that we are on the right track to proving our belief that a significant opportunity exists to bring the historic Wonder Mine back into production," said Ramzan Savji, CEO and President of Punchline. "The Wonder Mine vein system is a huge exploration and mining target that stretches for at least 1,000 feet and maybe even more. With initial sample grades in excess of 10.0 g/t gold and 100 g/t silver, a possible discovery of this magnitude could allow Punchline to establish itself as a premier gold and silver producer in the area."
The Company is working closely with its consulting geologists to design and quickly implement the next stage of exploration at the Wonder Mine target. It is expected that further exploration will include a diamond core drilling program designed to better outline the extent of the known gold and silver mineralization. Further details regarding exploration plans and schedules for the Wonder Mine target will be released as soon as possible.
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 but not limited to, the quality and concentration of minerals present on the Empress Gold and Silver Property, the carrying out of planned exploration programs and results analysis, the establishment of probable or proven resources, and the possible future economic production of minerals. 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.
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