Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce the results for the first eleven
(11) holes of its 2023 drilling program at its 100%-owned Williams
Brook Gold Project in Northern New Brunswick. These holes were
first reported on August 2, 2023, and are not part of the series
that returned more than 100 specks of visible gold (“VG”) on
initial inspection. Notwithstanding, seven (7) of the 11 holes
reported today returned significant gold, with four (4) holes
intersecting multiple mineralized high-grade gold quartz veins
(Table 1). Hole WB23-125 intersected fifteen
(15) separate
quartz veins and returned
90 m of 0.70 g/t gold
from surface (at 2.90 m) with an impressive
50.85
m of 1.05 g/t gold starting at 42 m depth, including a
4.50 m interval of 6.46 g/t gold at 75 m depth.
All 11 holes intersected the targeted quartz
veins, with assay results returning anomalous gold (0.1 g/t) to
42.60 g/t. Results indicate substantial continuity and depth
extension of the gold mineralization at the Lynx Gold Zone. Also,
broad mineralized zones in previously untested areas – 0.5
m of 16.1 g/t gold in WB23-128, 10.10 m of 3.30
g/t gold in WB23-129, 19.35 m of 0.54 g/t
gold in WB23-131, 4.15 m of 3.18 g/t gold
in WB23-132 indicate that additional gold chutes exist (Figure 1).
Assay results for the remaining 13 holes of the 2023 drilling are
pending and will be released when received.
Puma’s President and CEO Marcel Robillard
commented, “The first holes of our Phase 1 2023 campaign were
drilled to map and test the newly identified veins discovered at
surface at Lynx earlier this year and the depth continuity of the
interpreted high-grade shoots at Lynx. Many holes hit multiple
quartz veins downhole, often starting at surface. Hole 125 was
drilled to 170 m depth, and we saw VG in 4 veins from 55 to 79 m
depth. Those returned grades of 11.20 to 42.60 g/t gold over 0.35
to 0.80 m width.
What’s most impressive is we intersected 15
veins, and they all contributed gold, regardless of whether they
contained VG. That’s significant because it highlights the
continuity of mineralization at Lynx and the potential for a large
mineable system that remains open along strike and depth. Assay
results for the remaining holes drilled deeper that returned
numerous VG specks should be in soon. We expect they will extend
the width and depth of the gold chutes and continue to build volume
at Lynx.”
Figure 1: Cross-section of Lynx Gold Area with today’s
reported results
Phase 1 drilling focused on the Lynx and Moose
areas of the LGZ (Figure 2). It was designed to 1) confirm and
extend high-grade gold mineralization at depth and along strike; 2)
target, along the favourable contact, specific veins previously
mapped at the surface with different drilling orientations to
better define the veins’ geometry and update the Company’s
structural model. The program expanded from fifteen (15) to
twenty-four (24) holes as Puma successfully intercepted the depth
extensions of the high-grade shoots defined by previous drilling
programs and intersected at depth along the newly identified
orientation, the bonanza-grade quartz veins sampled at surface.
Most of the holes drilled show pervasive
sericitization, but visible gold and associated potential
bonanza-grade veins appear to be linked to the presence of
carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide
assemblages that occur as disseminated massive sulphides or as
semi-massive veinlets within the quartz veins.
Figure 2: Drillhole location at the Lynx Gold
Zone
Table 1. Assay results of 2023 drilling
DDH # |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
WB23-123 |
7.60 |
8.00 |
0.40 |
1.03 |
WB23-125 |
2.90 |
93.55 |
90.65 |
0.70 |
Incl. |
42.05 |
92.90 |
50.85 |
1.05 |
Incl. |
66.25 |
92.90 |
26.65 |
1.70 |
Incl. |
75.40 |
92.90 |
17.50 |
2.32 |
Incl. |
78.65 |
92.90 |
14.25 |
2.67 |
and |
75.40 |
79.90 |
4.50 |
6.46 |
Individual samples |
|
|
|
|
|
2.90 |
3.95 |
1.05 |
4.60 |
|
11.00 |
11.30 |
0.30 |
9.87 |
|
37.30 |
37.60 |
0.30 |
4.30 |
|
42.05 |
42.40 |
0.35 |
2.85 |
|
55.50 |
55.90 |
0.40 |
16.60 |
|
66.25 |
66.60 |
0.35 |
13.30 |
|
75.40 |
75.80 |
0.40 |
4.45 |
|
76.05 |
76.25 |
0.20 |
1.71 |
|
78.65 |
79.50 |
0.85 |
11.20 |
|
79.50 |
79.90 |
0.40 |
42.60 |
|
87.15 |
87.45 |
0.30 |
3.67 |
|
88.00 |
88.40 |
0.40 |
11.05 |
|
90.45 |
90.80 |
0.35 |
2.44 |
|
91.75 |
92.35 |
0.60 |
5.32 |
|
92.35 |
92.90 |
0.55 |
1.46 |
WB23-127 |
85.90 |
86.40 |
0.50 |
1.50 |
WB23-128 |
95.15 |
95.65 |
0.50 |
16.10 |
WB23-129 |
42.90 |
53.00 |
10.10 |
3.30 |
Incl. |
45.25 |
48.45 |
3.20 |
10.36 |
Incl. |
48.07 |
48.42 |
0.35 |
29.20 |
WB23-131 |
46.25 |
65.60 |
19.35 |
0.54 |
Incl. |
47.00 |
48.05 |
1.05 |
1.06 |
and |
53.80 |
59.75 |
5.95 |
1.39 |
Incl. |
57.60 |
58.10 |
0.50 |
12.35 |
WB23-132 |
85.50 |
89.65 |
4.15 |
3.18 |
Incl. |
86.15 |
89.07 |
2.92 |
4.43 |
Incl. |
86.15 |
86.70 |
0.55 |
15.70 |
and |
87.64 |
88.56 |
0.92 |
4.04 |
*Interval widths reported; true widths of the system are not yet
known.
Table 2. Coordinates of drill holes
DDH # |
Easting (m)* |
Northing (m)* |
Elevation (m) |
Azimuth (°) |
Dip (°) |
Length (m) |
WB23-122 |
660246 |
5259235 |
386 |
335 |
-45 |
107.0 |
WB23-123 |
660256 |
5259214 |
386 |
335 |
-65 |
83.0 |
WB23-124 |
660213 |
5259379 |
392 |
155 |
-80 |
122.0 |
WB23-125 |
660263 |
5259293 |
386 |
330 |
-45 |
170.0 |
WB23-126 |
660242 |
5259412 |
389 |
155 |
-65 |
80.0 |
WB23-127 |
660237 |
5259421 |
389 |
155 |
-75 |
134.0 |
WB23-128 |
660236 |
5259382 |
389 |
155 |
-85 |
116.0 |
WB23-129 |
660263 |
5259417 |
389 |
155 |
-65 |
65.0 |
WB23-130 |
660207 |
5259347 |
388 |
155 |
-80 |
113.2 |
WB23-131 |
660227 |
5259340 |
389 |
165 |
-65 |
89.0 |
WB23-132 |
660303 |
5259443 |
388 |
230 |
-45 |
196.0 |
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. Click on the links to register.
- 121 Mining Investment. New York. NYOctober
23-24. 2023
- EMP New Brunswick. Fredericton. NBOct. 29 -31.
2023Marcel Robillard will present on Oct. 30 at 3:30 p.m.
- Explor 2023. Montreal. QCOct 30 – Nov. 2.
2023Marcel Robillard will present on Nov. 1 at 3:40 p.m. Click here
for details.
- Precious Metals Summit. Zurich. CHNov.13-15.
2023Marcel Robillard will present on Nov. 14 at 12:15 p.m. Click
here for details.
- 121 Mining Investment London. UKNovember
20-21. 2023
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 less than $10M of
exploration investment. Puma has made multiple gold discoveries at
the Williams Brook property and believes that the property hosts a
large orogenic/epithermal gold. Puma’s ongoing exploration programs
are focused on building a gold camp in Northern New Brunswick.
Figure 3. Main gold showings and occurrences at the
Williams Brook Gold Project
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 and surface samples are bagged,
sealed and sent to 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.
About Puma Exploration
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects in New Brunswick,
near Canada's Famous Bathurst Mining Camp ("BMC"). Puma has a long
history in Northern New Brunswick, having worked on regional
projects for over 15 years. As a first mover, the Company quickly
and strategically accumulated an impressive 44.650 ha of
prospective gold landholdings in the area. Puma’s successful
exploration methodology combines old prospecting methods with
detailed trenching and up-to-date technology such as Artificial
Intelligence (“AI”) to facilitate an understanding of the geology
and associated mineralized systems. Armed with 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 Company is also 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 / X /
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) accepts 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 that 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. The quarterly and annual reports and
the documents submitted to the securities administration describe
these risks and uncertainties.
Figures accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4bdf3ae9-540d-4b3c-8c14-a211ab34b6e0https://www.globenewswire.com/NewsRoom/AttachmentNg/d59bdcea-36e1-4bd1-8698-2302f47d7b0dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b402a095-94e7-41bc-9697-d091434523c7
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