Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has
arranged non-brokered private placements of up to $2.45 million,
consisting of (i) three (3) million units of the corporation at a
price of 15 cents per unit, for gross proceeds of up to $0.45
million, and (ii) ten (10) million Canadian flow-through units of
the corporation, at a price of 20 cents per FT unit, for gross
proceeds of up to $2.00 million.
Each ordinary unit will consist of one common
share of the corporation and one common share purchase warrant of
the corporation. Each warrant will entitle the holder thereof to
acquire one common share at a price of 25 cents for a 24-month
period following the closing date of the offerings. Each
flow-through unit will consist of one common share of the
corporation and one-half of one common share purchase warrant of
the corporation. Each full warrant will entitle the holder thereof
to acquire one common share at a price of 25 cents for a 24-month
period following the closing date of the offerings.
The offerings are expected to close on or around
December 11th, 2020, or such other date as the corporation may
determine. The offerings are conditional upon receipt of all
required regulatory approvals, including the approval of the TSX
Venture Exchange. The securities to be issued under the offerings
will have a holding period of four months and one day from the
closing date of the offerings, in accordance with applicable
securities laws.
The net proceeds from the offerings will be
mainly used for the exploration of the flagship Triple Fault Gold
Project in New Brunswick, including, but not limited to, proceeding
with district-scale Heli-Borne Geophysics surveys, to initiate the
first drilling program on the Williams Brook property, to begin the
drilling program on its Chester Copper Project ($2.00 million), and
finally, to use some of the proceeds for general corporate purposes
($0.45 million).
O’NEIL GOLD
TREND
(OGT)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 potential gold trend over 5.0 km along the O’Neil Gold
Trend (OGT). 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 30-50 cm) followed and sampled, so far,
over 10 meters in length. The average gold grade sample 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 50 g 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.
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