Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to announce the discovery of a new gold-bearing zone with
up to
9.08 g/t Au on its Williams Brook property
(the “
Lynx Zone”). The gold discovery, located 300
meters northeast of the O’Neil Showing, was made during the first
phase of the ongoing trenching program to verify the source of the
gold-bearing boulder fields previously reported (press release
September 22, 2020).
HIGHLIGHTS:
- New gold discovery from current
trenching work with selected grab samples grading 9.08 g/t
Au, 6,87 g/t Au and 2.04 g/t
Au from bedrock*.
- The Lynx Zone is
located 300 meters northeast of the high-grade gold
O’Neil
Showing.
- The discovery of the
Lynx Zone proves
the efficiency of the boulder, soils, and till anomalies as gold
pathfinders at Williams Brook.
- Only
25% of the Williams Brook is
covered, so far, by soil surveys which show numerous gold soil
anomalies and extremely anomalous till samples untested.
- The objective of the trenching
program still underway at Williams Brook is to verify the maximum
geochemical targets, the extension of the knowed gold showings and
to locate the favourable geological units, contacts, and
structures.
*Selected rock grab samples are selective by
nature and may not represent the true grade or style of
mineralization across the property.
Marcel Robillard, Puma's President & CEO
stated, “New discoveries are fundamental to value creation, and the
latest results from the current trenching program confirms the
potential for further high-value discoveries on the entire Williams
Brook property as it shows numerous gold soil anomalies and
extremely anomalous till samples untested, and still holds an
untapped wealth of geological endowment.”
In light of the results reported at the
Lynx Showing
grading 9.08 g/t Au, 6,87 g/t
Au, and 2.04 g/t Au from
bedrock collected at the bottom of the trench, more trenching and
stripping will be added to the current program.
A total of 280 rock
samples, consisting of a mix of outcrops and boulders were
collected on the property during the current second phase of
exploration. Most of them are samples collected from the current
trenching program. Results are pending and will be released once
they become available.
O’NEIL GOLD ZONE (OGZ)The first
phase of the 2020 summer exploration program lead to the discovery
of the gold O’Neil Showing with the presence of a significant and
pervasive gold trend over 2.0km along the O’Neil Gold Zone (OGZ).
The O’Neil Showing consists of an altered and brecciated rhyolite
injected with quartz veins and quartz stockworks. The altered and
brecciated rhyolite is open in all directions.
The highest gold sample, grading
128.0
g/t Au, is part of the main
quartz vein (ranging from 30-50cm) followed and sampled, so far,
over 10 meters in length. The average gold grade samples of the
vein of 30.86
g/t Au over 10 meters (128.0 g/t Au, 35.2 g/t Au,
18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t
Au)*, was estimated from chip and grab samples collected
continuously every 1.5 meters on the main vein.
Following the hand and shovel cleaning of the main
vein, surrounding quartz stockworks and veinlets within the
rhyolite were found, sampled and reported respectively high grade
gold of 16.90 g/t Au,
8.24 g/t Au,
6.14 g/t Au,
3.57 g/t Au,
2.2g/t Au, and
1.14 g/t Au.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook, Jonpol Gold, and Portage Lake, covering more than
41,500 hectares of favorable gold exploration land package. The
project is located about 60 km west of Bathurst with the paved road
cross-cutting the property.
Puma is currently focusing its field work on its
first priority, the Williams Brook property. The Williams Brook
property includes selected drill results of 11.2 g/t over 2.8m, 2.1
g/t Au over 9.0m, and 1.0 g/t over 23m, gold occurrences grading up
to 109.0 g/t Au, 50.8 g/t Au, 38,9 g/t Au in bedrock, numerous gold
soil anomalies and extremely anomalous till samples with up to 508
gold grains that occur over an area approximately 12 by 3
kilometers.
There has been very limited drilling and
exploration in the area mapped to be part of The Dunnage Zone
hosting major gold deposits and gold occurrences in siluro-devonian
rocks and considered as an emerging gold exploration and
development district.
QUALIFIED PERSONSDominique
Gagné, PGeo, independent 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. Mr.
Gagné is independent of the Company.
QUALITY ASSURANCE/QUALITY CONTROL
(QA/QC)Rock samples were bagged, sealed and sent to the
facility of ALS CHEMEX in Moncton, New Brunswick where each sample
is dried, crushed, and pulped. The samples were crushed to 70% less
than 2mm, riffle split off 1kg, pulverise split to better than 85%
passing 75 microns (Prep-31B). A 30-gram subsplit from the
resulting pulp was then subjected to a fire assay (Au-ICP21). Rock
sample ICP results with gold >1g/t were subjected to a metallic
screening (Au-SCR24) 1kg pulp screened to 100 microns. Other screen
sizes available. Duplicate 50g assay on screen undersize. Assay of
entire oversize fraction.
ABOUT PUMA
EXPLORATIONPuma 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.comChristian Tweedy, Communications,
(604) 619-5810; ctweedy@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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f9d22ab1-1861-4bdf-961a-ebf35b711ed3
https://www.globenewswire.com/NewsRoom/AttachmentNg/b429314d-fb2e-43d4-8255-2ba128e8b0ce
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