Puma Exploration Reports Progress on Its 2021 Exploration Program at Williams Brook Gold Property in New Brunswick, Canada
04 June 2021 - 11:00PM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to report progress on its current 2021 exploration program
at the Williams Brook Gold Property located in New Brunswick,
Canada's Atlantic province. The summer field program is well
underway with 3 technical teams on site. Heavy equipment for wood
cutting, trenching, and stripping have also been mobilized and are
currently active on site.
The main focus of the current program is to
detail and expand the recent major gold discoveries along the
O’Neil Gold Trend (OGT) traced over 650 meters with bonanza
grades up to 241.0 g/t Au. OGT will also see specific work
in preparation of the imminent inaugural drilling program that
should begin in June 2021.
Figure 1: O’Neil Gold Trend First Priority
Target for 2021 Summer Exploration Program is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/afda1046-1f26-47da-bcc9-92e33dfafd39
Major advancements were made during the
initial 2 weeks of the program which includes:
- Wood cutting of an area of 200 m X
600 m covering OGT is 25% finished and should be completed by
mid-June.
- Stripping of OGT has begun and will
intensify after the wood cutting is finished.
- Structural site characterization
with Terrane Geoscience Inc is currently in progress at the Lynx
Gold Zone. This work will benefit the technical teams of PUMA who
are advancing the mapping of the gold bearing quartz veins along
the contact sediments-rhyolite.
- Tests are in progress with a drone
in order to accurately position the lithologies and structures with
detailed photography of the entire OGT.
- The drilling sites have been
prepared for the first program (2,000 m) on the OGT. Drilling is
scheduled before the end of June.
- Prospection of the 50+ priority
targets identified with the recent large VTEM aerial survey is
ongoing. This program has already been successfull at identifying
similar parallel sediments-rhyolite contact zones in the vicinity
of the OGT.
Figure 2: Arial Drone View (60m height)
From the Lynx Gold Zone with Wood Cutting in
Progress is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6511699-7bfd-4478-ae51-3b16e08bc4cc
Figure 3: Arial Drone View
(60m height) from the Pepitos Gold Zone with Surface Sampling
Program is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7276c-b51d-4599-9668-f3c18e5e7745
Figure 4: Arial Drone View
(60m height) From the Chubby Gold Zone Compare With Initial
Sampling is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d1ce0cb-d3b1-40d0-bea5-94ead2971546
Marcel Robillard, President and CEO commented :
"The 2021 summer exploration campaign is a great milestone for
Puma’s shareholders. It is the result of the long, hard, and
dedicated work of our technical team since the acquisition of the
Williams Brook Gold Property last year. And now we are very excited
by the upcoming first drilling program on our recent OGT discovery,
and anxious to see what OGT has in store for us!"
To see a detailed interview of Marcel Robillard
explaining the highlights of the current exploration program and
strategy, click on the link:
https://youtu.be/Hhc0ooeBdPs
O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT) is
a pervasive altered and brecciated rhyolite unit hosting
significant gold showings and occurences followed by trenching over
a strike length of 7.0 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.
High-Grade Selected Grab Samples Assays
on the Prolific O’Neil Gold Trend (OGT)*:
O’Neil Gold
Area (VG): |
128.5
g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t
Au |
Pepitos Gold Area (VG): |
52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au,
4.87 g/t Au |
Lynx Gold Area (VG): |
241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au,
58.4 g/t Au |
Chubby Gold Area: |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t
Au |
Moose Gold Area: |
2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t
Au |
* Selected rock grab samples are selective by
nature and may not represent the true grade or style of
MODIFICATION OF EXERCISE PRICE FOR
OPTIONS GRANTED
Following the regulatory (TSX-V) revision, Puma
has modified the exercise price for the options granted on May
20th, 2021 from 25 cents to 26.5 cents. The total incentive stock
options remain at 1.6 million granted to certain directors,
advisers and consultants of the company. These options will expire
on June 4th, 2023.
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.
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).
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.explorationpuma.com for
further information on Puma.Marcel Robillard, President, (418)
750-8510; president@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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