Puma Exploration Adds More Ground at Williams Brook Gold Property in New Brunswick, Canada
26 March 2021 - 11:12PM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to report two (2) additional property transactions at its
Williams Brook property (see Figure 1). Collectively, these
acquisitions
add 60 claims to the total land
package increasing the size of the property from 23,770 ha to
25,140 ha. The Williams Brook Gold property, which was the focus of
the 2020 Exploration Program, is part of the district-scale Triple
Fault Gold Project, recently acquired in 2020 in New Brunswick,
Canada.
“These new land additions further consolidate
our considerable ground position, increasing our overall footprint
to more than 251 square kilometers which cover the highly
prospective and underexplored Williams Brook property, but most
importantly the major Rocky-Brook-Millstream Fault,” stated Marcel
Robillard, President and CEO of Puma Exploration.
OPTION AND PURCHASE AGREEMENTSTo complete its
impressive landholdings at the Williams Brook property, Puma
executed 2 additional distinct property agreements with a local
prospectors for the Ten Miles Pool Road and the
Northwest Upsalquitch properties. The new
properties totalling 60 claims units are located north of the
Williams Brook property (see Figure 1).
Terms of the Ten Miles Pool Road
AgreementPuma may acquire a 100-per-cent undivided
ownership interest in the Ten Miles Pool Road
Property (36 claim units) by issuing a total amount
300,000 shares of Puma according to the following terms:
- Issuing an amount of 150,000 shares of Puma subsequent to
signing of the agreement;
- Issuing an amount of 25,000 shares of Puma on or before the
First anniversary;
- Issuing an amount of 50,000 shares of Puma on or before the
Second anniversary;
- Issuing an amount of 75,000 shares of Puma on or before the
Third 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 Northwest Upsalquitch
Agreement
Puma may acquire a 100-per-cent undivided
ownership interest in the Northwest Upsalquitch
Property (24 claim units) by issuing a total amount
200,000 shares of Puma according to the following terms:
- Issuing an amount of 75,000 shares
of Puma subsequent to signing of the agreement;
- Issuing an amount of 50,000 shares
of Puma on or before the First anniversary;
- Issuing an amount of 50,000 shares
of Puma on or before the Second anniversary;
- Issuing an amount of 25,000 shares
of Puma on or before the Third 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.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook Gold, Jonpol Gold, and Portage Lake, now covering
more than 32,000 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 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.
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.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.
An image accompanying this announcement is available at
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