Puma Exploration Adds More Claims at Triple Fault Gold Project
29 July 2020 - 5:04AM
Puma Exploration Inc., PUMA-TSXV, (“Puma”) has increased its land
package at the Triple Fault Gold Project in New Brunswick, Atlantic
Province of Canada. Puma added, by staking, six (6) additional
claim blocks comprising 180 new claim units for a total of 3,590
hectares, all located contiguous to the initial Williams Brook Gold
property boundary. The claims were selected following a newly
discovered cluster of rusty quartz boulders found during the
initial ongoing reconnaissance program. Altered felsic volcanic
floats were also found in this area. The Williams Brook Gold
property now covers more than 26,000 hectares and Puma is the
biggest landholder in the area.
“It is very encouraging to see the abundance of
rusty quartz boulders occurring along an inferred mineralized trend
over a length now of approximately 3.8 km. Open ground
approximately 1 km northeast along the mineralized trend from the
cluster of the rusty quartz boulders found were staked and we
decided to increase the property to secure the highly
prospective trend, but also over the entire land package,’’
notes Marcel Robillard, President, CEO of Puma Exploration.
PUMA EXPLORATION ARRANGES $450,000
PRIVATE PLACEMENT
Puma is undertaking a non-brokered private
placement of units, for a maximum of $450,000. Pursuant to the
placement, Puma is offering a maximum of 4.5 million units at a
price of 10 cents per unit. Each Unit is comprised of one (1)
flow-through common share (a “Flow-Through Common Share”) and one
half (1/2) common share purchase warrant (each whole warrant, a
“Warrant”), each Warrant entitling the holder to purchase an
additional common share (a “Warrant Share”) at an exercise price of
$0.15 per Warrant Share for a period of twenty-four (24) months
following the Closing Date.
The company will use the proceeds of the
offering for the exploration program currently in progress on the
Triple Fault Gold Project. The shares and warrants
issued under the offering will be subject to a holding period of
four (4) months and one day following the closing.
TRIPLE FAULT GOLD AREA
Puma is currently focusing its field work on its
flagship TRIPLE FAULT GOLD
PROJECT in New Brunswick. The initial phase of the
program incorporates large detailed prospecting, mapping,
trenching, and stripping focused over the entire Williams Brook
Gold property of the Triple Fault Gold Project.
The Triple Fault Gold Project includes four (4)
properties named Williams Brook Gold, Jonpol Gold, Rocky Brook, and
Portage Lake and controls more than 25,000ha of favorable gold
exploration. There are many gold occurrences and float with up-to
50.8 g/t Au, 40 g/t Au, 28 g/t Au, 17 g/t Au and
previous holes intersected 11.2 g/t over 2.8m, 8.02 g/t Au
over 1.0m, 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m.
There has been very limited drilling and exploration in the area
with excellent access by the paved Route 180 close to the mining
camp infrastructure. The Dunnage Zone hosts major gold deposits and
gold occurrences in siluro-devonian host rocks with the emergence
of many companies in Eastern Canada for gold exploration and
development.
QUALIFIED PERSONS
Marcel Robillard, PGeo, qualified person as
defined by Canadian National Instrument 43-101 standards, has
reviewed and approved the geological information reported in this
news release. 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.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious and base metals projects in early
to advanced stages located in the Famous Bathurst Mining Camp (BMC)
in New Brunswick, Canada. Great efforts will be made by the Company
in the coming years to deploy its DEAR strategy
(Development, Exploration, Acquisition and Royalties) in order to
generate maximum value for shareholders with low shares
dilution.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.Marcel Robillard, President
(418) 724-0901
president@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/1a198fce-9b7a-460c-a2ec-cc98911c251e
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