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

Canada's Next Primary Cobalt Producer

Werner Lake Ongoing Work Program

 

Puget Ventures announced on December 10, 2009 that it had begun its multi-month drill program on its flagship Werner West cobalt deposit in Werner Lake, Ontario.  Drills have 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.

On March 4, 2010, Puget announced completion of the first phase of drilling on its 100% owned Werner Lake Cobalt Deposit, located in the Werner Lake Mineral Belt in northwestern Ontario, Canada. The Phase I program was designed to confirm the historic resource figures with a goal of providing an updated NI43-101 compliant resource for the Werner West Zone. In addition, drilling tested the eastern and western extension of the known mineralized zone. In total 1,839 metres of drilling were completed in 17 diamond drillholes during the Phase I program. Results from this drill program were released April 19, 2010. The drilling of Puget's flagship asset, the Werner West Deposit in Northwestern Ontario, returned a 12.30 metre intercept averaging 1.21% cobalt including a very high-grade interval grading 12.48% cobalt over 0.90 metres. These high-grade intercepts are associated with anomalous copper, nickel and gold values.

The Phase II program announced the addition of a second drill to the program on March 24, 2010 in order to accelerate the program currently underway which is designed to target possible extensions to the known deposits in advance of the planned NI 43-101 Resource Report.  Phase II drill results were released as of June 7, 2010 showing a high grade extension of the Werner Lake cobalt deposit.  The company completed 7,616m of drilling in 34 holes over the winter and spring of 2009-2010. The initial winter program of 1839 metres in 17 relatively shallow holes was designed to test the bodies within and adjacent to the known oreshoots of the West Cobalt and Old Mine Site blocks, essentially as part of the due diligence for the NI 43-101 Resource Estimate which was initiated by PEG Engineering Group.

The Company announced on July 6, 2010 that a summer work program is ready to commence on the Werner Lake Belt Deposit.  This summer program of surface exploration and prospecting will focus on the newly discovered Eastern extension of Werner Lake Cobalt Deposit, located 800 metres to the East of the current deposit area and directly on strike to Puget's Eastern Shallows Cobalt Deposit.  The Company will also conduct sampling and prospecting to the West of the Norpax Deposit and Eastwards towards the Gordon Lake Mine.  The summer work program will include prospecting over a 12-kilometre distance extending from the Alcock-Mosher D showing West of Norpax and as far East as the Rexora 5 Occurrence.  The mineral survey should also include prospecting on and around the historic Quebec Nickel Corporation Occurrence, 1-kilometre North of Almo Lake.  Drilling will follow systematic surface work focused on locating targets along strike and down-dip of previous intersections from the latest round of drilling.

Click Here to View:

• North Looking Werner Lake Idealised Longitudinal Section Phase I
• Werner Lake Surface Plan
• North Looking Werner Lake Idealised Longitudinal Section (With Grades) Phase I
• North Looking Werner Lake Idealised Longitudinal Section (b) Phase I
• North Looking Wener Lake Idealised Longitudinal Section (no grades) Total

 

Upcoming:

• Summer program of surface exploration and prospecting to extend the known strike of the cobalt bearing zones
• NI 43-101 Resource Report