Puget Ventures Inc.

Puget Ventures Inc.

January 27, 2010 09:30 ET

Puget Announces First Werner Lake Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2010) - Puget Ventures Inc. (TSX VENTURE:PVS) -

  • Hole 09-001 returns 2.01% Copper over 0.60 metres and 0.51% Copper over 3.3 metres
  • Eight holes now completed with at least 25 holes remaining into and beneath deposit area

PUGET VENTURES INC. announced today the result from the first hole of the drill program at the Werner Lake Cobalt Deposit, located towards the centre of the Werner Lake Mineral Belt in Ontario, Canada. The program is designed to test for and extend mineralization at the historic Werner Lake Property.

Of the initial phase announced December 10, 2009 eight holes totalling 809m have now been completed. Drilling continues for the additional 1000 metres and results on the dozen outstanding holes will be available once assays are completed.

The original drill program of 1800 metres in 22 shallow holes was designed to confirm the values quoted in the historic resources, and to test the limits of the mineralization to the east and west of their known extents. Puget is currently planning an extended program of at least 17 deeper holes, aiming to complete at least 5000m more than the current round of drilling. These deeper holes will target the depth extensions to the historic resources, testing both orientation of the apparent ore shoots and their continuity and grade down-plunge. A second drill rig will be mobilized to initialize this after review of the targeting with PEG Mining Consultants Inc. ("PEG"). PEG 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.

Hole 09-001

As expected the zone returned good copper values averaging 0.51% Cu over 3.3m, but is too far to the west for appreciable cobalt. The lower zone, from 74.7m to 80.6m is a partially modified peridotite, containing some 2% erratically distributed remobilised chalcopyrite-pyrite-pyrrhotite-(pentlandite). There are scattered copper and nickel values, which are unexpected, in the lower part of the hole.

Assay results from the first hole drilled to the west of the historic mining operations are as follows:

     from  to  interval  ppb  ppb  ppb  %  %  %
     m  m  m            
 WL-09-001  89.0  25.5  26.2  0.7  87  nd  nd  0.004  0.196  0.008
     67.0  70.3  3.3  63  nd  nd  0.028  0.507  0.019
   includes  68.9  69.7  0.8  108  nd  nd  0.018  0.431  0.019
   and  69.7  70.3  0.6  170  nd  nd  0.044  2.015  0.040
     72.3  73.0  0.7  11  nd  nd  0.009  0.149  0.006
     76.7  77.7  1.0  16  nd  nd  0.012  0.125  0.012
     83.8  84.8  1.0  20  nd  nd  0.008  0.285  0.214

* nd indicated values within the reported intercept were low and included at least one value below detection limits. The detection limit for gold was 5ppb, 15ppb for platinum and 10ppb for palladium.
** The intercept widths quoted are not the true thicknesses, which are probably some 75% of those quoted. 

Hole WL-09-001 drilled through 2 moderately mineralized zones. The upper one, from 67.0m to 70.3m is a medium grained, dark grey-green to grey, lineated, biotitized, foliated metagabbroic peridotite which is weakly garnetiferous. The unit contains patchy recrystallised chalcopyrite-pyrite-(pyrrhotite)-pentlandite, occasionally as stringers, with up to 5% combined sulphides over several centimetres.

All cores were saw split before sampling. Cores are stored at the Company facility on site. All analyses were done by Accurassay at Thunderbay. Assays for gold and platinum group elements were by single assay ton fire assay with an AA finish. Base metal analyses were by ICP-MS following acid digestion.

The QP for this drilling, logging and sampling is Toby Hughes, P.Geol., P.Geo., P.Geo. The QP for this release is Dr. Adrian G. Mann, P.Geol.

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.

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