Puma Exploration Continues Aggressive Exploration on the O’Neil Gold Trend on Its Williams Brook Gold Property, Atlantic Canada
08 October 2021 - 4:19AM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to provide an update on the progress of the summer-fall
2021 exploration work program at its Williams Brook Gold Property
in New Brunswick, Atlantic Canada.
INAUGURAL DRILLING PROGRAM AT WILLIAMS
BROOK GOLD PROJECT
The core-oriented maiden drill campaign was
completed on August 20, 2021. It consisted of 18 holes for a total
of 2,360 meters that tested a 200-meter segment of the
700-meter-long O’Neil Gold Trend (OGT). The assay results for the
six first holes were released mid-September and all six (6) holes
intersected significant gold mineralisation including the discovery
hole WB21-02 that cut 5.55 g/t Au over 50.15
meters from surface, including 9.88 g/t Au over 8.60
meters and 46.94 g/t Au over 3.85 meters.
The assays are pending for the remaining 12 drill holes.
Marcel Robillard, President and CEO, stated "We
are as anxious as anyone to see the assay results of the 12
remaining drill holes specially since visual observation has
confirmed the presence of the altered and mineralised zone in each
of them! Meanwhile, Puma's technical team continues to better
define and extend the gold zones on surface by prospecting,
trenching, stripping, and intense sampling in preparation for the
next drilling campaign scheduled for later in 2021”.
MAIN EXPLORATION WORK COMPLETED OR IN
PROGRESS
- Aggressive grab sampling program
completed over 400 meters along the OGT between the O’Neil and
Chubby Gold Zones.
- Wood cutting and stripping in
progress over the contact sediment-rhyolite to continue the
aggressive grab sampling program for an additional 300 meters
beyond Chubby along the OGT.
- Prospection, exploration trenching,
and grab sampling in progress over the entire 7km NE extension of
the OGT.
- Trenching and sampling of quartz
veins discovered at the lower (southeast) contact of the
rhyolite.
- Metallurgical tests in preparation
on different mineralised gold zones.
- A geophysical ground IP test survey
in progress over the drilled area (6 lines for 3.3km).
- The completion of the heliborne
VTEM and new radiometric surveys in progress to cover the entire
Williams Brook Gold Property.
- Work in progress to establish a 3D
structural model with the new data of the recent drilling campaign
in collaboration with Terrane Geosciences.
STOCK OPTION PLAN
The company further announces that it has
increased its fixed less than 10-per-cent stock option plan from
7.4 million shares to 8.3 million shares, which remains less than
10 per cent of the company's current issued and outstanding share
capital. The amended plan is subject to receipt of acceptance from
the TSX Venture Exchange.
O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT) is
a pervasive altered and brecciated rhyolite unit hosting
significant gold showings and occurrences followed by trenching and
drilling over a strike length of 700 meters. The
geophysical signature of the OGT is expressed over 7km. The
favourable unit (rhyolite) is similar and parallel to the
structures hosting the “Williams 1” and “Williams 2” Gold Zones
where previous operator drilled in 2008, 54.2 g/t Au over 2.8
meters and 1 g/t Au over 23 meters.
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 rhyolite varies from 5 to 250 meters with an
average apparent thickness of 150 meters.
Discovery hole WB21-02 intersected 5.55
g/t Au over 50.15 meters from surface. The mineralised and
altered zone drilled includes two main high-grade intercepts of
9.88 g/t Au over 8.60 meters and 46.94 g/t
Au over 3.85 meters. All the six (6) first holes
intersected significant high-grade gold quartz veins and quartz
networks within the altered and mineralised rhyolite.
High-Grade Selected Grab Samples Assays on
the Prolific O’Neil Gold Trend (OGT)*: |
O’Neil Gold
Zone: |
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 Zone: |
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 Zone: |
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 Zone Area: |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t
Au |
Moose Gold Zone: |
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 |
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). 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.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.
Figures 1 and 2 accompanying
this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/912d0c11-5fae-49b4-a929-9b387bc1c8c6
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2edefde-9f14-43c0-b40b-18ab7d1c77c0
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