Puma Exploration Inc., PUMA-TSXV, (“Puma”) is pleased to announce
the closing of the fully subscribed current ordinary units private
placement for an amount of $750,000. The Company issued 5 million
units (“Units”) at the price of $0.15 per Unit. Each unit comprises
one common share and one common share purchase warrant. Each
warrant gives its holder the right to purchase one common share at
a price of $0.25 per share until December 17, 2022.
In connection with the private placement, the
company has paid cash finders' fees totalling $15,315 and issued
364,200 finders' warrants, each entitling the holder to acquire one
additional common share of Puma at a price of $0.15 for 24 months.
All securities issued to purchasers and finders under the offering
are subject to a four-month holding period from the date of
issuance of the securities, pursuant to applicable securities
legislation and the policies of the TSX Venture Exchange. The
placement has received the conditional approval of the TSX Venture
Exchange. The company will use the proceeds of the offering for
working capital purposes, and to explore its current flagship
Triple Fault Gold Project.
The technical team is still on site on the
Williams Brook Gold property to finalize the summer exploration
program which currently includes the trenching and stripping of the
new discoveries made during the initial phase of exploration.
The net proceeds from the offering 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, as well as for
general corporate purposes.
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 5.0km 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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