Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) has
proceeded with all the payments required to satisfy the first year
anniversary options obligations for the properties included in its
flagship Triple Fault Gold Project, New Brunswick (see Figure 1).
The total cash payment of $30,000 with the issuance of 75,000
shares to optionees have satisfied all of the options agreement
requirements to keep the agreement in good standing until April
2022 (see news releases dated 2020-04-06 and 2020-04-16 for
detailed transaction terms).
Figure 1: Option Agreements on the
Triple Fault Gold Project is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdf7acd0-c422-4150-a7d1-91f69ccbe970
Marcel Robillard, Puma's President & CEO
stated, “In light of the discoveries made during the summer
exploration program and the potential of the entire Triple Fault
Gold Project to hold significant gold deposits, we have decided to
advance the payments required for the April 2021 first year
anniversary which fulfills the obligations and secures the options
agreement until April 2022.”
PRIVATE PLACEMENTPuma
Exploration Inc. has arranged a non-brokered private placement of
up to $0.75-million, consisting of five (5) million units of the
corporation at a price of 15 cents per unit, for gross proceeds of
up to $750,000. 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 offering.
The offering is fully-subscribed and expected to
close on or around December 18, 2020, or such other date as the
corporation may determine. The offering is conditional upon receipt
of all required regulatory approvals, including the approval of the
TSX Venture Exchange. The securities to be issued under the
offering will have a holding period of four months and one day from
the closing date of the offering, in accordance with applicable
securities laws. The net proceeds from the offering will be used
for general corporate purposes.
O’NEIL GOLD TREND (OGT)The
first phase of the 2020 summer exploration program led to the
discovery of the O’Neil Showing, the Lynx Showing and the Pepitos
Gold Zone 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
19,147 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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