Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to report on a number of recent property transactions and
direct claims additions (staking) at its Williams Brook property
(see Figure 1). Collectively, these acquisitions
add 507
claims to the total land package increasing the size of
the property from 12,700 ha to 23,770 ha. 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.
Following the recent exploration success as
shown by the gold assays from the O’Neil Gold Zone (2020-09-01 news
release), the Lynx Gold Zone (2020-10-22 news release) and the
Pepitos Gold Zone (2021-02-18 news release), Puma has confirmed the
enormous potential of the area recognized as a new emerging
Gold-District and has decided to secure the most prospective areas
surrounding the core of the Williams Brook property. “These new
land additions further consolidate our considerable ground
position, increasing our overall footprint to more than 235 square
kilometers which cover the highly prospective and underexplored
Williams Brook property,” stated Marcel Robillard, President and
CEO of Puma Exploration.
Over the past 15 months, the Company has
completed many separate transactions to consolidate a patchwork of
mining claims held by many different landowners. Most of those
mining claims have seen little to no modern exploration work and
have never been seen as a whole major unique land package.
STAKING OF ADDITIONAL MINERAL
CLAIMS
The staking initiative includes mineral rights
in the areas located adjacent to the Company’s existing Williams
Brook property. The first claims block (139 claim units for 3,305
ha) is located west of the initial Williams Brook boundary and
covers interpreted mafic volcanics and the Rocky Brook-Millstream
Fault. The second claims block (245 claim units for 5,322 ha) is
located south of the initial Williams Brook boundary and covers the
favourable volcanic units followed and explored during the 2020
exploration program.
OPTION AND PURCHASE
AGREEMENTS
To complete its impressive landholdings at the
Williams Brook property, Puma executed 2 additional distinct
property agreements with a local prospector (Rocky Fault property)
and a private company (Carleton property). The new properties
totalling 123 claims units are located north (44 units for 963 ha)
and south (79 units for 1,750 ha) of the Williams Brook property
(see Figure 1).
Terms of the ROCKY FAULT PROPERTY
Agreement
Puma may acquire a 100-per-cent undivided
ownership interest in the Rocky Fault Property (44
claim units) according to the following terms:
- Issuing an amount of 100,000 shares
of Puma and $10,000 cash payments to the owner subsequent to
signing of the agreement;
- Execute $25,000 in exploration work
on or before the first anniversary.
Additional performance payments:
- $25,000 cash payment to the owner upon a positive preliminary
economic assessment (PEA to be defined in the definitive
agreement);
- $50,000 cash payment to the owner upon a positive feasibility
study (FS to be defined in the definitive agreement);
- One-time cash payment of $100,000 to the owner upon a
commercial production (commercial production to be defined in the
definitive agreement).
The owner will retain a 2-per-cent net smelter
return royalty on any saleable production from the property. Fifty
percent of the NSR royalty (that is, 1-per-cent) may be purchased
by Puma for $1 million. Puma retains a right of first refusal on
the remaining 1-per-cent NSR royalty that is held by the owner. The
transaction is subject to the TSX Venture Exchange approval.
Terms of the CARLETON PROPERTY
Agreement
Puma may acquire a 100-per-cent undivided
ownership interest in the Carleton Property (79
claim units) according to the following terms:
- Issuing an amount of 200,000 shares of Puma and $5,000 cash
payments to the owner subsequent to signing of the agreement.
Additional performance payments:
- $25,000 cash payment to the owner upon a positive preliminary
economic assessment (PEA to be defined in the definitive
agreement);
- $50,000 cash payment to the owner upon a positive feasibility
study (FS to be defined in the definitive agreement);
- One-time cash payment of $100,000 to the owner upon a
commercial production (commercial production to be defined in the
definitive agreement).
The owner will retain a 2-per-cent net smelter
return royalty on any saleable production from the property. Fifty
percent of the NSR royalty (that is, 1-per-cent) may be purchased
by Puma for $1 million. Puma retains a right of first refusal on
the remaining 1-per-cent NSR royalty that is held by the owner. The
transaction is subject to the TSX Venture Exchange approval.
TRIPLE FAULT GOLD PROJECT
The Triple Fault Gold Project includes three (3)
properties named Williams Brook Gold, Jonpol Gold, and Portage
Lake, now covering more than 31,000 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 PERSONS
Dominique 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.
ABOUT PUMA EXPLORATION
Puma 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.comCommunications; (604) 341-6025
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9ec3db3-f593-469b-b468-2f6dd8a9b6d4
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jul 2023 to Jul 2024