Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to report final assays from its 2020 exploration campaign
with the release today of the highest gold grade samples and
additional continuous gold zone discovered, to date; with selected
grab samples* of
241.0 g/t Au, 79.8 g/t Au 74.2 g/t
Au at Lynx Gold Zone.
The Lynx Gold Zone, is part of
the O’Neil Gold Trend (OGT), defined by trenching over 650 meters,
at its Williams Brook Property (Figure 1).
HIGHLIGHTS:
- New gold discoveries from recent
trenching at Lynx Gold Zone with selected grab samples* grading
241.0 g/t Au, 79.8 g/t Au,
74.2 g/t Au, 71.8 g/t Au, 63.5 g/t Au collected
from bedrock.
- The Lynx Gold Zone is 75 meters
long by 25 meters wide, open in all directions, and contains over
50 samples grading > 1 g/t Au.
- The Lynx Gold Zone, is located 200
meters northeast of the Pepitos and
O’Neil Gold zones along strike of the O’Neil Gold
Trend (OGT).
- Recent trenching operations lead to
the discovery of two additional Gold Zones; the
Chubby (3.5 g/t Au, 1.2 g/t Au and 1.2 g/t Au) and
Moose (2.4 g/t Au, 2.1 g/t Au and 1.3 g/t Au) Gold
Zones located respectively 100 meters and
400 meters Northeast of
Lynx.
*Selected rock grab
samples are selective by nature and may not represent the true
grade or style of mineralization across the property.
The O’Neil Gold Trend (OGT), is hosting from
south to north; the O’Neil, Pepitos, Lynx, Chubby and Moose, all
newly discovered in 2020 by trenching and surface sampling (figure
2). The favorable rhyolite is open in both directions and the
current airborne survey (90% completed) should indicate its
potential size.
Marcel Robillard, President and CEO of Puma said
: " It is amazing to see that every trench excavated along the
O’Neil Gold Trend (OGT) has discovered significant new gold
mineralization. The discoveries of these high-grade gold zones
follows over 650 meters of trenching, demonstrates
the high potential for a large epithermal gold deposit at Williams
Brook.”
Figure 1: Williams Brook Property and location
of the 2020 Exploration
programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/23f79a1a-5aba-4999-845d-15098b36e1ca
“The recent trenching program in 2020
(4,500m) highligthed many prospective areas
remaining untested along the main fertile contact between the
altered rhyolite and the sediment units. We are thrilled to
continue the stripping operations at Williams Brook and initiate
the first ever fully-fund drilling program along the O’Neil Gold
Trend.” Add Marcel Robillard.
THE LYNX GOLD ZONEThe
Lynx Gold Zone (Figure 3) is located 200 meters
northeast of the O’Neil Gold and the Pepitos Gold Zone where
high-grade gold samples were collected and assayed during the 2020
exploration and trenching program (see news released 2021-02-18,
2020-09-01). Bedrock samples grading up to 240 g/t
Au at Lynx have been observed in brecciated quartz veins
at the contact between the sediments and the altered rhyolite (see
table 1 for gold assays). The contact sediment/rhyolite is hosting
the majority of high-grade gold samples collected, so far, along
the O’Neil Gold Trend (OGT). Also, Silver-Antimony and bismuth
mineralzation were encountered in the trenching which adding to the
geological model and will be used as high-grade gold
pathfinders.
Figure 2: The O’Neil Gold Trend (OGT) main Gold
Zoneshttps://www.globenewswire.com/NewsRoom/AttachmentNg/9397a3d6-167a-4b0f-83c1-8d758230dfc0
Figure 3: The Lynx Gold Zone trenches
resultshttps://www.globenewswire.com/NewsRoom/AttachmentNg/a16f5757-67a8-4967-bd9f-1bba38ec4c3b
Table 1 : High-Grade
selected grab samples (>10.0 g/t Au) at Lynx
Gold Zones*
Sample |
East UTMNad83 |
North UTMNad83 |
Target/Area |
Au (g/t) |
B485106 |
660274 |
5259317 |
Lynx |
241.0 |
C098527 |
660256 |
5259300 |
Lynx |
79.8 |
B485107 |
660273 |
5259317 |
Lynx |
74.2 |
B485108 |
660273 |
5259316 |
Lynx |
71.8 |
C098536 |
660257 |
5259298 |
Lynx |
63.5 |
B485388 |
660254 |
5259296 |
Lynx |
59.6 |
B485389 |
660255 |
5259297 |
Lynx |
58.4 |
C098529 |
660257 |
5259300 |
Lynx |
50.4 |
C098526 |
660255 |
5259300 |
Lynx |
48.3 |
C098534 |
660254 |
5259298 |
Lynx |
38.7 |
B485386 |
660253 |
5259295 |
Lynx |
36.0 |
B484559 |
660221 |
5259278 |
Lynx |
35.7 |
C098541 |
660254 |
5259297 |
Lynx |
25.4 |
C098531 |
660260 |
5259300 |
Lynx |
24.2 |
B484556 |
660222 |
5259279 |
Lynx |
17.7 |
B485114 |
660270 |
5259306 |
Lynx |
15.9 |
C098535 |
660256 |
5259298 |
Lynx |
13.6 |
C098518 |
660259 |
5259304 |
Lynx |
12.0 |
B484555 |
660241 |
5259290 |
Lynx |
11.6 |
B484557 |
660221 |
5259279 |
Lynx |
10.9 |
B485378 |
660244 |
5259291 |
Lynx |
10.0 |
*Selected rock grab samples
are selective by nature and may not represent the true grade or
style of mineralization across the property.
THE CHUBBY AND MOOSE GOLD
ZONESThe other new discoveries; the
Chubby (Figure 4) and the Moose
(Figure 5) Gold zones are located, respectively 350 meters and 600
meters NE of the O’Neil Gold Zone. The gold mineralisation is
located in a faulted, altered, and brecciated rhyolite. Most of the
samples containing the higher grade gold mineralization show a
distinctive epithermal texture and are located along the contact
zone (Sed/Rhy) which represents an important control/conduit
parallel to the regional structures trending NE. Potential gold
enrichments systems (Riedel Type) are composed of extension veins
(N290° to N320°) within the rhyolite/sediment contacts.
Figure 4: The Chubby Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/d7e1aa18-7982-475b-8ea2-ab8b98addda0
Figure 5: The Moose Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/b6139ac6-0c35-4797-8c1b-c2a3d6492d82
Table 2 : Significant
selected grab samples (>1.0 g/t Au) at Chubby
and Moose Gold Zones*
Sample |
East UTMNad8 z19 |
North UTMNad83 z19 |
Target/Area |
Au (g/t) |
B485207 |
660333 |
5259385 |
Chubby |
3.9 |
B484658 |
660300 |
5259415 |
Chubby |
1.2 |
B485487 |
660341 |
5259383 |
Chubby |
1.2 |
B484975 |
660445 |
5259563 |
Moose |
2.4 |
B485373 |
660424 |
5259547 |
Moose |
2.1 |
A0753735 |
660422 |
5259573 |
Moose |
1.3 |
B485372 |
660425 |
5259549 |
Moose |
1.1 |
B485234 |
660408 |
5259534 |
Moose |
1.1 |
*Selected rock grab samples
are selective by nature and may not represent the true grade or
style of mineralization across the property.
CURRENT ACTIVITIES 2021 AND
PROGRAMThese impressive new results, data and
interpretation will lead to the drilling target definition for the
first ever drilling program along the O’Neil Gold Trend. The first
step is to proceed with a major strpping area over the entire
O’Neil Gold Trend (600m by 100m) where the main objective will be
to better define and located the fertile contact between the
sediments/Rhyolite along the OGT.
Also, the district-scale Airborne VTEM survey
(3,900km) of the Triple Fault Gold Project is almost done (90%) and
will help define the geophysical signature of these high-grade Gold
new discoveries. Since January, Puma proceeded with significant
claims addition to secure the entire Williams Brook area.
Marcel Robillard, President and CEO of Puma
said: "Since less than one (1) year Puma consolidated the Triple
Fault project as an emerging gold district, including all its gold
showings, soil and till anomalies within the prospective area. We
have been active in the area since 15 years, but 2020 was our most
ambitious year with new objectives.”
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 occurrences 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.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook Gold, Jonpol Gold, and Portage Lake, 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.
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, (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.
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