LAS VEGAS, NV- Oct 2, 2012 - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has received additional positive sample results from exploration recently conducted at the Empress Project, located approximately 26 miles south of Goldfield, Nevada. The additional samples were taken from underground workings previously known as Adit 3 of the historic Empress Mine.
As part of the ongoing exploration program currently being conducted at the Empress Project, geologists collected five underground rock chip channel samples taken across exposed quartz veins at various accessible points along the length of the Empress Mine Adit 3 horizontal tunnel. The samples target an east-west trending, moderately south dipping quartz vein system that was believed to be mined by previous operators of the property. The samples were securely shipped to ALS Chemex in Reno, Nevada for accurate fire assaying.
Each of the five samples returned significant amounts of high-grade gold ranging from 10.35 to 28.8 g/t and returned silver values ranging from 4.5 to 21.7 g/t. The Adit 3 area is one of several high-priority targets at Empress currently being considered for a drilling program in the near future.
Empress Mine Adit 3 Vein Sampling Results
Sample Distance Sample True Gold Silver Gold Silver
Portal Width Width
(feet) (feet) (feet) (oz/ton) (oz/ton) (g/t) (g/t)
PEW-01 150 0.5 0.5 0.84 0.63 28.8 21.7
PEW-02 180 0.5 0.5 0.365 0.13 12.5 4.5
PEW-03 200 0.7 0.7 0.30 0.28 10.35 9.5
PEW-04 280 2.0 2.0 0.58 0.25 19.95 8.7
PEW-05 290 7.0 7.0 0.507 0.33 17.35 11.4
"It appears that we have confirmed another potential high-grade gold and silver drill target at our Empress Project in Nevada," said Ramzan Savji, CEO and President of Punchline. "It is worth noting that a very large percentage of our samples taken so far at Empress have returned high values of both gold and silver. This apparent consistency of the vein mineralization is another factor that leads us to believe that we have a significant opportunity to develop a new mine at Empress."
Further details regarding exploration plans and schedules for the Empress Project 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 overall quality and concentration of minerals present on the Empress Property, the carrying out of planned exploration programs, the results and analysis of such exploration activity, the establishment of probable or proven resources, and the possible future economic production of any potential minerals on the property. 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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