Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce its 2023 exploration strategy and
objectives at its 100%-owned Williams Brook Gold Project in
Northern New Brunswick, Atlantic Canada. The Company aims to build
gold ounces at the Lynx Gold Zone (“LGZ”) and increase the gold
inventory of the extensive property package.
About 70% of Puma’s exploration budget will be
deployed at the Lynx Gold Zone (“LGZ”), wherein
2021, 5.55 g/t Au over 50.15 m was intersected
from surface, including two (2) main high-grade intercepts of
9.88 g/t Au over 8.60 m and 46.94 g/t Au
over 3.85 m (see Sept. 15, 2021 News release). The
remaining 30% of the budget will be directed on priority targets to
identify new gold deposits on the entire 44,650-ha property package
(Figure 1). The Company has received all work permits, including
drilling permits, for its planned 2023 exploration programs.
Figure 1. Main gold showings and occurrences at the
Williams Brook Gold Project
Puma’s President and CEO Marcel Robillard
commented: “We continue to believe that the Williams Brook Gold
Project is highly prospective for additional gold discoveries. Our
work is focused on advancing exploration most efficiently and
cost-effectively to prove that satellite gold deposits exist at
Williams Brook and that the project has the potential to host
millions of ounces of gold. We are committed to building a gold
camp at Williams Brook and are excited about what lies ahead for
Puma in 2023. “
The 2023 Exploration
Program
Located near the main highway, the Williams
Brook Gold Project has excellent infrastructure access,
facilitating exploration. The nearby towns of St-Quentin and
Bathurst have a history of forestry and mining. The local
communities support the industry and host a skilled labour force
(Figure 2).
Figure 2. Williams Brook Gold Project in
Northern New Brunswick
Puma has a long history in Northern New
Brunswick. Having worked on projects in the region for more than 15
years. As a first mover, the Company quickly and strategically
accumulated an impressive 60,554 ha of prospective gold
landholdings in the area. Puma’s successful exploration methodology
combines old prospection methods with detailed trenching to
facilitate an understanding of the geology and related mineralized
systems with up-to-date technology, such as Artificial Intelligence
(“AI”). With excellent geophysical surveys, geochemical data and
consultants’ expertise, Puma has developed a perfect low-cost
exploration tool to discover gold at shallow depths and maximize
drilling results.
The Lynx Gold Zone – 70% of the 2023 exploration
budget
Since 2021, Puma has systematically drilled
13,100 m at the LGZ to target gold-bearing quartz veins found at
the contact between rhyolite and sediments. A gold zone has now
been defined 750 m along strike, 75 m wide and to a depth of ~100
m. Recent data compilation identified three (3) main areas of gold
enrichment with several potential high-grade gold shoots that
plunge 25 degrees NE (Figure 3). The 2023 drilling program will
prioritize the extension of these high-grade gold shoots at depth
and define the geometry of several high-grade gold veins containing
disseminated sulphides with associated pathfinders
(Ag-Bi-Cu-Pb-Sb-Te-Zn) for gold mineralization.
Figure 3. Gold enrichment drilling
targets at the Lynx Gold Zone
Table 1. Lynx Gold Zone drilling highlights
LYNX GOLD ZONE |
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
WB21-01 |
4.00 |
29.60 |
25.60 |
1.30 |
including |
4.00 |
9.40 |
5.40 |
5.10 |
WB21-02 |
0.00 |
50.15 |
50.15 |
5.55 |
including |
7.20 |
15.80 |
8.60 |
9.88 |
including |
45.60 |
49.45 |
3.85 |
46.94 |
WB21-06 |
1.50 |
50.20 |
48.70 |
1.16 |
including |
29.00 |
49.70 |
20.70 |
2.73 |
including |
46.80 |
49.70 |
2.90 |
16.92 |
WB21-09 |
15.00 |
51.00 |
36.00 |
1.07 |
including |
15.00 |
18.40 |
3.40 |
8.04 |
WB21-12 |
28.40 |
69.00 |
40.60 |
1.00 |
including |
28.60 |
33.50 |
4.90 |
5.80 |
WB21-16 |
2.30 |
109.40 |
107.10 |
0.62 |
including |
42.95 |
88.35 |
45.40 |
1.00 |
including |
80.00 |
88.35 |
8.35 |
5.11 |
WB21-17 |
103.70 |
114.50 |
10.80 |
2.13 |
WB22-25 |
1.40 |
36.75 |
35.35 |
3.12 |
including |
2.00 |
5.00 |
3.00 |
34.93 |
WB22-26 |
20.20 |
58.00 |
37.80 |
0.92 |
including |
20.20 |
34.50 |
14.30 |
2.18 |
including |
25.50 |
27.10 |
1.60 |
14.06 |
WB22-36 |
3.80 |
25.90 |
22.10 |
3.97 |
including |
3.80 |
8.35 |
4.55 |
15.72 |
WB22-39 |
8.30 |
33.00 |
24.70 |
1.23 |
including |
21.70 |
29.00 |
7.30 |
4.05 |
WB22-57 |
2.70 |
15.00 |
12.30 |
4.30 |
including |
12.40 |
13.85 |
1.45 |
35.09 |
WB22-58 |
8.00 |
31.00 |
23.00 |
1.15 |
including |
8.00 |
12.90 |
4.90 |
5.08 |
WB22-66 |
30.60 |
73.40 |
42.80 |
2.77 |
including |
32.00 |
34.00 |
2.00 |
10.70 |
including |
66.25 |
73.4 |
7.15 |
13.49 |
WB22-94 |
52.8 |
80.3 |
27.5 |
1.6 |
including |
52.8 |
70.3 |
17.5 |
2.46 |
WB22-96 |
56.9 |
82 |
25.1 |
2.17 |
including |
56.9 |
60.5 |
3.6 |
14.9 |
Additional drill holes will target the lateral
extension of the Lynx Gold Zone (LGZ) for about 3 km along strike
towards the northeast. In 2022, trenching operations discovered
additional gold mineralization at the favourable contact, as shown
in Figure 4. Those areas are currently being trenched and stripped
to identify priority drilling targets and prepare the drill
set-up.
Figure 4. Lynx Gold Zone 3km lateral
extension towards NE
Highlights of the 2023 exploration
program at the Lynx Gold Zone (LGZ)
- Drill 2,500 m to extend gold
mineralization to ~ 200 m depth (see Figure 3).
- Extend the current stripping over
selected, high-grade gold veins at surface.
- Collect grab samples on newly
excavated veins.
- Drill 2,500 m of step-out drilling
along the 3 km NE extension of the LGZ (see Figure 4).
- Continue to advance the
metallurgical study and evaluate the bulk sample.
- Launch baseline environmental
surveys.
Building the gold camp – 30% of the exploration
budget
The Williams Brook Gold Project has significant
potential beyond the currently defined Lynx Gold Zone. The LGZ
itself has major expansion potential, and another three (3) gold
zones (the Jaguar (“JGZ”), Cougar
(“CGZ”) and Panthera (“PGZ) Gold Zones) have been
identified at Williams Brook with impressive surface sampling
results (see Oct.20, 2022, Nov. 2, 2022, and Jan.19, 2023, News
Releases). Expanded stripping and trenching programs on previously
identified gold occurrences will be undertaken to identify future
drilling targets. Puma will also apply its successful low-cost
discovery method to the other properties that comprise the Williams
Brook Gold Project to identify other areas that could contribute to
its gold inventory.
Highlights of the 2023 exploration
program beyond the LGZ:
- Expand trenching and sampling at
the JGZ, CGZ and PGZ to identify future drilling targets.
- Expand the LGZ beyond the currently
identified 3 km NE extension. An excavator is already onsite,
uncovering gold occurrences that have never been drilled.
Additional sampling will identify targets for future drilling.
- Prospect, map and sample other
properties. A field crew, deployed the first week of May, continues
to advance surface exploration at Jonpol. Sampling results will be
announced when received.
Figure 5. The trenching operation
currently in progress at the Williams Brook property
About the Williams Brook Gold Project
Puma's flagship Williams Brook Gold Project
comprises six (6) claims blocks covering more than 44,650 ha in
Northern New Brunswick, an established and mining-friendly
jurisdiction, near paved roads and with excellent infrastructure
nearby. The land package is located near the Rocky Brook Millstream
Fault (“RBMF”), a major regional structure formed during the
Appalachian Orogeny and a significant control for gold deposition
in the region.
Since 2021, and with only $7M of exploration
investment, Puma has made four (4) significant gold discoveries at
the Williams Brook property - the Lynx, Cougar, Jaguar and Panthera
Gold Zones, with gold mineralization hosted in quartz veins at
surface. The Lynx Gold Zone remains the company’s focus. Still,
Puma believes that a large orogenic/epithermal gold system is
present at Williams Brook and is focused on building a gold camp on
the large property package.
Qualified Person
The technical information of this release was
reviewed and approved by Dominique Gagne, PGeo, a consultant of
Puma and a qualified person as defined by the National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
On-Site Quality Assurance/Quality Control (“QA/QC”)
Measures
Drill core samples are bagged, sealed and sent
to the facility of ALS CHEMEX in Moncton, New Brunswick, where each
sample is crushed and pulped before being fire-assayed (Au-ICP21).
The remaining coarse reject portions of the samples remain in
storage for further work or verification as needed. As part of its
QA/QC program, the Company inserts external gold standards (low to
high grade) and blanks every 20 samples in addition to standards,
blanks, and duplicates. All samples over 10 g/t gold or with
abundant visible gold are analyzed with a gravity finish
(Au-GRA22). Check assays are routinely performed for samples with
visible gold to ascertain the gold content of the mineralization
zone.
Upcoming Webinar
Puma invites shareholders and other interested
parties to participate in a webinar on Thursday, June 1,
2023, at 4:00 pm EDT. Marcel Robillard,
President and CEO, will provide an overview of the 2023 Exploration
Program and answer questions.
Click on
https://us06web.zoom.us/webinar/register/WN_Bfn8lQPNQYWhHreP_9ogRQ
to register.
Upcoming Gold Investor Events
Puma invites shareholders and interested parties to schedule a
meeting at the upcoming conferences to discuss the Company's recent
news and proposed developments:
The Mining
Investment Event of the North Voltigeurs de Québec
ArmouryJune 19-21, 2023Register for the event at VID Conferences |
THE Event 2023
Please book your appointment with Mia Boiridy,
Head of Investor Relations, at
mboiridy@explorationpuma.com.
About Puma Exploration
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects near New
Brunswick, Canada's Famous Bathurst Mining Camp ("BMC"). The
Company is committed to deploying its DEAR
strategy (Development,
Exploration, Acquisition, and
Royalties) to generate maximum value for
shareholders with low share dilution.
Connect with us on Facebook / Twitter /
LinkedIn.Visit www.explorationpuma.com for more information or
contact:
Marcel Robillard, President and
CEO, (418) 750-8510;president@explorationpuma.com
Mia Boiridy, Head of Investor
Relations and Corporate Development, (250) 575-3305;
mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve several known and unknown risks, uncertainties,
and other factors which may cause the actual results, performance,
or achievements of Puma to be materially different from actual
future results and achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date the statements were made, except as required by
law. Puma undertakes no obligation to publicly update or revise any
forward-looking statements. These risks and uncertainties are
described in the quarterly and annual reports and in the documents
submitted to the securities administration.
Figures accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/1b338ae6-08fa-4eef-a73d-8975182eb865https://www.globenewswire.com/NewsRoom/AttachmentNg/e1ddc1ba-04c8-4d69-bc24-595968212242https://www.globenewswire.com/NewsRoom/AttachmentNg/f6c6aaca-0d98-4873-ac91-f543a36e96e9https://www.globenewswire.com/NewsRoom/AttachmentNg/9cc5035a-3f6d-4fda-a2d4-626fa270cfe3https://www.globenewswire.com/NewsRoom/AttachmentNg/269be176-ef50-419b-b07f-79c1f8d73cbc
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