Puget Ventures - A New Strategic Metals Player Emerges - TSX-V:PVS

Canada's Next Primary Cobalt Producer

Exploration & Development

During November 2009 Puget utilised a diamond-drilling contractor to complete a four-hole diamond-drilling program, aggregating 1,403 metres into the Norpax deposit. Core was logged, split and sampled by Puget personnel. The primary goal was to test for additional mineralisation and to quantify minor elements such as platinum group elements and gold associated with the copper and nickel. Grades for base metals (copper and nickel) were similar to those encountered in earlier worker's drilling into the Norpax deposit while values of minor elements including cobalt and the PGE suite, were negligible. 

From December 2009 to May 2010, Puget utilised the same diamond-drilling contractor and completed a 33 diamond-drill hole programme targeting the Werner Lake and West Werner Lake cobalt-nickel-copper deposits. Totaling 7,565.3 metres of coring, the primary goal of the programme was to increase known mineralisation obtained from previous drilling and aid in the estimation of a resource for the Werner Lake and West Werner Lake cobalt-nickel-copper deposits. 

The drilling returned significant base metal intercepts hosted within a folded, moderately strained to highly sheared, mafic-ultramafic volcanic-intrusive assemblage. Where best preserved the ultramafic is a two pyroxene, amphibole, plagioclase, lherzolitic peridotite. Locally pyroxenite, amphibolite and gabbro were also recognised that also host appreciable sulphides. Highest sulphide concentrations are >5% with varying proportions of pyrite, chalcopyrite, cobaltian pyrite, cobaltite and pentlandite. Semi-massive sulphides, which historically returned high cobalt values, were rarely intercepted except over 10-20 cm widths. It is apparent that mineralised widths for cobalt-rich material are relatively narrow, in the order of 1-3 metres. 

The results of this drilling combined with the previous drilling and underground information will allow an updated resource estimate and thereafter consideration of a preliminary economic analysis of potential for commercial production. Puget has retained AGP Mining Consultants Inc. to prepare a resource estimate but completion of that estimate is not expected for some months.