Puma Acquires the Jonpol Gold Project in Northern New Brunswick, Canada
18 October 2019 - 2:06AM
In line with its
DEAR Strategy, Puma Exploration
(PUM-TSXV) has signed a purchase agreement to acquire the
Jonpol Gold Project located in the Murray Brook
area from local prospectors. Numerous gold occurrences have been
identified and are associated with gabbroic intrusions located
along a major subsidiary fault of the Rocky Brook Millstream Fault
(
RBMF.) Grab samples collected in trenches
reported grades of
17.1 g/t Au,
14.8 g/t
Au,
10.6 g/t Au,
6.8 g/t
Au,
5.1 g/t Au, and
3.4 g/t
Au. The
RBMF represents a major structure
trending ENE formed by the Acadian Orogeny. It hosts numerous
showings and deposits and represents a perfect plumbing system for
mineralized fluids.
The Jonpol Gold Project covers
16 claim blocks for 2,745 hectares and is located only 5km
North-West of the Murray Brook Project (click for map.) Very
limited diamond drilling has been done on the property which is
underlained by sedimentary rocks and mafic intrusions. Drill
results reported were 1.13 g/t Au over 12.0m, 1.37 g/t Au
over 6.0m, 1.37 g/t Au over 1.4m, 3.89 g/t Au over 1.0m,
and 2.78 g/t Au over 1.5m.
In 2017 and 2018, till samples were collected
and gold grain count analyses of heavy metal concentrates (HMC)
were carried out. The till surveys identified a significant anomaly
in the eastern part of the property with up to 19 gold
grains that included 9 pristine and 8 modified, indicating
a limited glacial transport. Grade of 923 ppb Au
for the HMC sample was reported.
The Purchase Agreement covers
the Jonpol Gold Project located in Northern New Brunswick. Puma
will acquire a 100% interest in the claims by issuing 4,000,000
shares (pre-consolidation.) The vendors keep a net smelter royalty
(NSR) of 2%. Puma retains the right to repurchase 1% NSR for
$1,000,000. Puma must keep the claims in good standing but does not
have any minimum work commitments. The transaction is subject to
the TSXV Exchange approval.
DEAR STRATEGY
In connection with the current reorganization of
the Company, Puma has defined a four-part strategy for 2019-2020
and beyond: Development,
Exploration, Acquisition and
Royalties/Ownership (DEAR.)
Each part of this strategy is aimed at
generating value for shareholders and are defined as follows:
- Development of the Murray Brook Deposit, where
the gossan and oxide zones will be investigated to determine the
economics and upside potential of the precious metal contents and
recovery within these zones. The goal is to convert the surface
zone materials that were previously categorized as waste to
potential mineable ore.
- Exploration of our advanced stage projects
located at the Murray Brook Deposit and Chester Property, aimed at
discovering new satellite and contiguous deposits with our
drill-ready targets. The objective is to define the 10 best
drilling targets at Murray Brook and Chester.
- Acquisition of prospective new properties
using our expertise and knowledge acquired in the last 15 years of
exploration in New Brunswick will offer a variety of different
metals exposures and potentially allow us to make new discoveries
within these potential new properties.
- Royalties and ownership gained through the
sell-off of non-core assets to third parties represent a potential
major financial upside without direct dilution. Currently, Puma
holds 14,200,000 shares (48%) of Target Minerals Inc. (1% NSR on
Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR
on Murray Brook) and will hold 5,750,000 shares (8%) of BWR
Exploration Inc. (1% NSR on Little Stull Lake.) Puma has also an
option agreement to sell the Red Brook Project to Rio Tinto.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company
with advanced and early stage precious and base metals projects in
Canada. While the priority remains to secure and finalize the
acquisition of the Murray Brook project in New Brunswick, the
emphasis will be directed to execute its DEAR
Strategy to generate value to its shareholders. Puma is currently
holding one of the largest land packages in the prolific Bathurst
mining camp in northern New Brunswick, Canada.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news
release was prepared and reviewed by Marcel Robillard, P.Geo.,
President of Puma Exploration, qualified person as defined by NI
43-101. 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. Mr. Robillard is not independent of the
Company, as is officer and shareholders thereof.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com
for further information on Puma.
Marcel Robillard, President(418)
724-0901president@explorationpuma.com
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve a number of 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/69f36f5a-47b8-4451-ad53-ee500ce8bd9c
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