LAS VEGAS, NV--(Marketwire - Nov 30, 2012) - Punchline Resources Ltd. (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that it has completed initial drilling of selected targets at the Empress Project located approximately 26 miles south of Goldfield, Nevada.
"The completion of the initial reverse circulation drill program at the Empress Project should provide us with important new data regarding the underlying geology of the property and the overall potential of a possible new mine at the site," said Ramzan Savji, CEO and President of Punchline. "Once results of sample assays are returned back from the independent testing laboratory, we expect to analyze the new information before planning the next phase of possible exploration at Empress."
The selected drill targets at Empress were believed to be down-dip extensions of high-grade gold/silver quartz veins mined at the turn of the century by previous operators of the Wonder and Empress Mines. Drilling at the Wonder Mine target was intended to follow up historic drilling that intersected substantial mineralization (3 ft. @ 0.47 oz/ton gold and 3.85 oz/ton silver, 5 ft. @ 0.79 oz/ton gold and 0.46 oz/ton silver). Drilling at the Empress Mine target was intended to follow up recent underground sampling conducted by the Company that encountered significant gold values ranging from 0.302 to 0.841 oz/ton gold and 0.13 to 0.63 oz/ton silver in Adit 3.
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 Project and Winnemucca Mountain Gold 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 ability of the company to prove a new mine at the Empress 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. Historical exploration results as well as more recent sampling should in no way be construed as sufficient evidence of a commercially viable reserve on the Empress property. There can be no assurance that the company will be able to prove up a commercially viable reserve on the property.