Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to share its latest discoveries and observations on its
Williams Brook Gold property. The Williams Brook Gold property,
which was the focus of the 2020 Exploration Program, is part of the
district-scale Tripe Fault Gold Project, recently acquired in 2020
in New Brunswick, Canada.
The latest important discoveries on the Williams
Brook Gold property are Visible Gold (VG) found at
the Lynx Gold Zone, and pervasive antimony and copper oxides
mineralization at the Lynx and Chubby Zones. Visible Gold
(VG) was identified while expanding the initial trench at
the Lynx Gold Zone (see news released 2020-10-22) which is located
175 meters northeast, on strike, of the Pepitos Gold Zone where
Visible Gold (VG) was also reported (see news released
2020-11-19).
Highlights of the 2020 Exploration
Program:
- Initial sampling of the “O’Neil
Gold Zone” grading up to 128 g/t Au
- Discovery of many Visible
Gold (VG) specks in quartz veins at the “Pepitos Zone”
(results pending)
- Discovery of first Visible
Gold (VG) in a quartz vein at the “Lynx Gold Zone”
(results pending)
- Pervasive
alteration of antimony and copper at the “Lynx and Chubby
Zones”(results pending)
- First discovery of
antimony with goethite, seen as strong association
with known gold deposits
- District-Scale Airborne
VTEM survey (2,900 km Lines) at the Triple Fault Gold
Project (in progress)
- The O’Neil Gold Trend (OGT)
extending over 5 km has never been drilled
(2021)
- 2020 trenching program totaling
4,500 meters within 39 trenches
“Puma is in a strong financial
position to begin 2021, after completing more than $3M in
private placements in December 2020, allowing the Company to move
the Williams Gold Property forward to the next level. The
fully-financed program includes a district-scale airborne VTEM
survey conducted over the entire Triple Fault Gold Project (in
progress), additional trenching and stripping operations, and the
first drilling program at the O'Neil Gold Trend (OGT).” Stated by
Marcel Robillard, Puma's President & CEO. “We are very excited
and believe that the Williams Brook Gold Property shares the same
characteristics as all the other significant gold deposits
in the Atlantic Provinces of Canada.” Added Marcel
Robillard.
O’Neil Gold Trend
(OGT)The O’Neil Gold Trend (OGT) is
represented as a pervasive altered and brecciated rhyolite unit
hosting significant gold showings and occurences followed by
trenching over a strike length of 5.0 km. The
favourable unit (rhyolite) is similar and parallel to the
structures hosting the “Williams 1” and “Williams 2” Gold Zones
with 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.
These trends are interpreted to be related to a
major rifting in the New Brunswick Geological events and could
represent a low sulphidation epithermal gold system. Along the OGT,
the width of the altered horizon varies from 5 to 250 meters with
an average apparent thickness of 150 meters. Numerous quartz veins,
quartz veinlets, stockworks and breccias were observed mostly
perpendicular to the major trend and contain the gold
mineralization. The OGT has never been drilled and many gold zones
were discovered during the summer 2020 exploration campaign (see
Figure 1). Assays are still pending for the O’Neil,
Pepitos, Lynx, Chubby, and Moose Zones.
Figure 1: O’Neil Gold Trend (OGT) Main
Gold Zones is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/d013b494-9216-4e67-8ac5-b63dcecb2f76
O’Neil Gold Zone (OGZ)The
O’Neil Gold Zone represents the first evidence of a high-grade gold
potential at the Triple Fault Gold Project with the discovery, in
2008 by a local prospector, of a grab sample grading 50 g/t Au in
an altered quartz vein.
The 2020 exploration program led to the
discovery of the highest gold sample assay with 128.0 g/t
Au, collected from the main quartz vein, ranging from
30-50 cm in width, followed and sampled, so far, over 10 meters in
length. The average gold grade of the samples of the vein is
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), and was estimated from chip and grab samples collected
continuously every 1.5 meters on the main vein (see Figure 2).
Figure 2: O’Neil Gold Zone Main
Showing is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/0fe48102-43b5-45fc-bc7a-0c6a09f289df
Pepitos Gold Zone The Pepitos
Gold Zone is the first area with Visible Gold (VG) observed in a
brecciated quartz vein showing pervasive sericite + chlorite
alteration. Following the initial discovery, a stripping area was
excavated (25 m X 25 m) and contained several quartz veins with
Visible Gold (VG) + disseminated sulphides (galena, chalcopyrite)
(see Figure 3). The Pepitos Gold Zone is located about 35 meters NE
of the O’Neil Gold Zone. Results are pending for the Pepitos Gold
Zone.
Figure 3: Pepitos Gold Zone
Stripping is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc342cac-a547-402d-a5a3-bad12d893889
Lynx Gold Zone The Lynx Gold
Zone discovery was made during the first phase of the 2020
trenching program. Selected grab samples grading up-to 9.08 g/t Au
were collected in a brecciated quartz veins within the sediments in
proximity of the favorable contact between the sediments and the
altered rhyolite. While cleaning the trenches, the technical team
discovered the first Visible Gold (VG) speck in this area. The
quartz veins also contain copper (malachite) and antimony
(valentinite) oxides (see Figure 4). The Lynx Gold Zone is located
225 meters north of the O’Neil Gold Zone and additional results are
pending.
Figure 4: Mineralization at the Lynx
Gold Zone is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/6ab5639b-ccee-4aee-8bfd-29c7851fea29
Chubby ZoneThe Chubby Zone,
located 350 meters on strike NNE of the O’Neil Gold Zone, was
discovered at the end of the summer program using our new
exploration model built from the knowledge gathered from previous
field observations and hints from Department of Natural Resources
(DNR) New Brunswick experts. The gold mineralization seems to be
concentrated along the altered and brecciated contact
(rhyolites/sediments). The contact zone represents an important
control/conduit in association with regional structures trending
NE. Potential gold enrichments systems (Riedel Type) are composed
of extension veins (N290° to N320°) within the rhyolite/sediment
contacts.
Favorable epithermal texture was also found at
the Chubby Zone with the pervasive presence of antimony and copper
in the system. Sericite, chlorite and goethite alteration are
dominant (see Figures 5 and 7). This zone shows the most apparent
width, with up to 200 meters of altered rhyolite and quartz veins.
The assays results from the Chubby Zone are pending.
Figure 5: Mineralization at the Chubby
Zone is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/368c24d0-18ba-414f-92f4-44d9769ba8ac
Figure 6: Trenching Operations at Chubby
Zone is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/296bcc8c-19af-4a15-9c3e-a2023ae438e3
Figure 7: Comparison Between O’Neil
Sample vs Chubby Sample is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/31451c23-89a9-404a-92f4-53609f025eb9
Moose Gold Zone The Moose Gold
Zone appears to be located 650 meters NNE of the O'Neil Gold Zone
at the end of a faulted, altered, and brecciated rhyolite. The
latest trenches done in December have successfully identified the
presence of two (2) favorable units (altered rhyolite) that are
offset of about 200 meters SE based on the interpretation of the
recent Lidar (DEM) survey and the regional magnetic survey (see
Figure 8). The results are pending for the Moose Gold Zone.
Figure 8: Trenching Operation at the
Moose Gold Zone is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/4258e20a-eb60-4464-971b-ebe21a84c85d
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook Gold, Jonpol Gold, and Portage Lake, covering more
than 19,500 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 Gold property. The Williams
Brook Gold 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.comArness Cordick, Communications,
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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