Business & Finance
Thu, December 17, 2009Wed, December 16, 2009Tue, December 15, 2009Mon, December 14, 2009Sun, December 13, 2009Fri, December 11, 2009Thu, December 10, 2009Wed, December 9, 2009Tue, December 8, 2009Mon, December 7, 2009Sun, December 6, 2009Sat, December 5, 2009Fri, December 4, 2009Thu, December 3, 2009Wed, December 2, 2009Puget Ventures Inc. Commences Multi-Month Drilling Program on Werner West Cobalt Deposit
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Published in Business and Finance on Thursday, December 10th 2009 at 7:17 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2009) - Puget Ventures Inc. (the "Company") (TSX VENTURE:PVS) announced today that it has commenced its multi-month drilling program on its 100% owned Werner West cobalt deposit in Werner Lake, Ontario.
The Werner West cobalt deposit is located in the Kenora District, Ontario and is a two hour drive from Winnipeg, Manitoba.
"Over the last few months, we have developed a very good understanding of the terrain, geology of the deposit and historic engineering, metallurgical and drilling work previously completed on the Werner West cobalt mine," said Erin Chutter, President of Puget Ventures. "With our NI 43-101 resource targeted for April, the next few months are going to be quite extraordinary as we combine the knowledge from our technical team with the results of this ongoing program."
A drill has been mobilized onto the Werner Lake Cobalt projects to confirm the historic resource and enable the company to publish a NI 43-101 compliant reserve/resource. It is anticipated that 800 to 1000 metres of drilling will be completed prior to the Christmas break. Drilling is expected to then recommence early in the New Year with the balance of the currently planned program to be complete by the end of March.
"This winter's program will allow us to confirm the historic deposit area, refine our understanding of the geology and high grade zones of the Werner West deposit and better understand the structure of the Werner Lake Belt for the potential of additional resource areas," said Michael Dehn, CEO of Puget Ventures.
Time permitting, exploration drilling designed to expand the historic resource will be commenced prior to the road thaw in spring.
PEG Mining Consultants Inc. has been contracted to complete the independent 43-101 resource report for Puget, and has been working with Puget's technical team to optimize the current drill program.
Below a table outlines of some of the most significant historic drill results that are within the historic resource area:
| Werner West Cobalt Deposit Historic Resource Area (formerly known as the Juan Deposit) | |||||
| Hole | From (m) | To (m) | True Width (m) | Cu % | Co % |
| 10 | 32.66 | 41.7 | 6.39 | 0.45 | 0.32 |
| Including | 32.66 | 34.48 | 1.29 | 0.03 | 1.44 |
| 12 | 34.44 | 39.04 | 3.25 | 2.29 | 0.17 |
| 14 | 29.89 | 34.82 | 3.49 | 0.15 | 1.24 |
| Including | 29.89 | 32.05 | 1.53 | 0.22 | 2.74 |
| 40 | 26.36 | 41.43 | 10.66 | 0.25 | 0.97 |
| Including | 37.81 | 40.43 | 1.85 | 0.44 | 5.29 |
| Old Minesite Historic Resource Area (Historic Production Recovered Grade 2% Co) | |||||
| Hole | From | To | Interval Width | Cu % | Co % |
| O-14 | 52.59 | 54.59 | 2.00 | 0.28 | 2.58 |
| O-16 | 51.96 | 53.46 | 1.50 | 0.23 | 2.89 |
Please note that these are historic results. Additional drilling will be carried out to establish a 43-101 compliant resource.
Puget Ventures has consolidated 60 kilometres of mineralized strike in the Werner Lake Greenstone Belt that includes six historic deposits, three of which contain anomalous cobalt. Results of the company's Norpax drill program, also in Werner Lake, that was run in October and November 2009 will be released shortly after all assay results have been received and compiled.
Cobalt is used primarily in battery and steel applications, and lithium ion batteries with cobalt are quickly becoming the consensus battery application for electric vehicles.
T. Hughes, P.Geol, P. Geo., P. Geo is the QP for this news release.
About Puget Ventures Inc. ([ www.pugetventures.com ])
Puget Ventures Inc. is a TSX Venture Exchange listed mineral exploration company that controls the Werner Lake Mineral Belt, including the advanced stage Werner West Cobalt deposit, one of Canada's only primary cobalt properties, located in Northwestern Ontario. Puget is also currently exploring the Trout Bay copper-zinc property in Red Lake, Ontario.
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
