Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to report that it has identified additional
high-grade gold targets at its Williams Brook Gold Project located
in New Brunswick, Atlantic-Canada. A grab sample returned
371.00 g/t Au*, the highest gold-grade reported to
date. Today's results are part of Puma's Fall 2021 stripping
program at the O'Neil Gold Trend ("OGT"), where many new quartz
veins were discovered and sampled (see Figure 1). Based on the
Company's previous success drilling high-grade gold areas
identified at surface (grab sample* of
240.00 g/t
Au returned
5.55 g/t Au over 50.15 m at
depth, see Sept. 15, 2021 News Release), this high-grade gold area
is the first priority target of Puma's 2022 10,000 metres drilling
program.
Figure 1: Location of reported grab
samples at the OGT and associated first priority drilling
targets accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1bc203ba-c43a-4e7c-ad78-c19493b5e6ce
"The consistent discovery of high-grade gold
mineralization at Williams Brook is very exciting considering the
imminent launch of our 2022 10,000 metres drilling Program. The
presence of significant and pervasive gold at surface along the
favourable lithological contact at the O'Neil Gold Trend indicates
that our model is sound." Notes Réjean Gosselin, Executive Chairman
and Director of Puma Exploration.
The Williams Brook Gold Project is located
within a potential new gold district with highly prospective but
underexplored areas. The quartz veins containing the high-grade
gold are similar over the entire 750 metres-long OGT (see Figure
2). The high-grade samples reported today (370.00 g/t Au,
60.60 g/t Au, 28.40 g/t Au and 24.90 g/t Au)* are part of
150 new assay results received from the lab. Results from another
550 surface samples collected last fall are pending and will be
released when received.
Figure 2: Samples collected at surface
at the OGT accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/718cc5ba-a9ad-4cb5-b9ff-6ef86c3ffbf4
Table 1: Selected new high-grade surface
samples collected at the OGT*
Sample |
Au-AA24 |
Au-GRA22 |
Sample |
Au-AA24 |
Au-GRA22 |
Sample |
Au-AA24 |
Au-GRA22 |
|
Au (g/t) |
Au (g/t) |
|
Au (g/t) |
Au (g/t) |
|
Au (g/t) |
Au (g/t) |
D248023 |
1.92 |
|
D248253 |
>10.00 |
29.60 |
D248327 |
8.16 |
|
D248025 |
3.43 |
|
D248254 |
9.45 |
|
D248346 |
1.17 |
|
D248027 |
3.66 |
|
D248255 |
>10.00 |
24.90 |
D248350 |
2.74 |
|
D248029 |
5.42 |
|
D248256 |
1.63 |
|
D248353 |
>10.00 |
11.30 |
D248032 |
>10.00 |
24.80 |
D248258 |
>10.00 |
15.45 |
D248354 |
3.45 |
|
D248033 |
>10.00 |
15.35 |
D248262 |
7.59 |
|
D248360 |
1.45 |
|
D248049 |
2.17 |
|
D248293 |
>10.00 |
60.60 |
D248362 |
>10.00 |
371.00 |
D248050 |
>10.00 |
13.40 |
D248309 |
5.98 |
|
D248366 |
9.84 |
|
D248251 |
>10.00 |
28.40 |
|
|
|
D248367 |
3.66 |
|
*The reader is cautioned that grab samples are
selective by nature and may not represent the true metal content of
the mineralized zone.
Mobilization for Puma's fully funded 2022
exploration program has already begun. The 10,000 metres drilling
program at Williams Brook will target the most promising high-grade
gold zones of the O'Neil Gold Trend discovered in 2021 through
surface exploration work. Following the initial set-up of the pump,
the on-site core shack and drill pads, the drill is expected to be
turning before the end of the week.
“We are very excited to test the areas that have
returned very high-grade gold at surface. This could parallel the
success of our inaugural 2021 drilling program. We drilled at depth
the area at the Lynx zone that had returned 240.00 g/t
Au, and we hit the best intercept in the area with
5.55 g/t Au over 50.15 m.” commented Marcel
Robillard, President & CEO of Puma Exploration.
Figure 3: Similarity between surface
grab samples and core samples accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a3e7bd5d-e9bd-405c-9f7e-78a87a8bb17a
STOCK OPTION PLANThe company
further announces that it has increased its fixed less than
10-per-cent stock option plan from 8.3 million shares to 9.9
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.
QUALIFIED PERSONDominique
Gagné, PGeo, a qualified person as defined by Canadian National
Instrument 43-101 standards, has reviewed and approved the
geological information reported in this news release.
ON-SITE QUALITY ASSURANCE/QUALITY
CONTROL ("QA/QC") MEASURESGrab samples were bagged, sealed
and sent to the facility of ALS CHEMEX in Moncton, New Brunswick,
where each sample was dried, crushed, and pulped before being fire
assayed (Au-ICP21). The remaining coarse reject portions of the
samples remain in storage for further work or verification as
needed. As part of its QA/QC program, the Company inserts external
gold standards (low to high grade) and blanks for every batch of
surface samples. All samples over 10 g/t gold or with abundant
visible gold are analyzed with gravity finish (Au-GRA22). Check
assays are routinely performed for samples with visible gold to
ascertain the gold content of the mineralization zone.
COVID-19 PRECAUTIONSPuma has
developed and implemented precautions and procedures compliant with
Québec and New Brunswick's health guidelines. Strict protocols are
in place to ensure the safety of all staff, thereby reducing the
potential for community contact and spreading of the virus.
ABOUT PUMA EXPLORATIONPuma
Exploration is a Canadian-based mineral exploration company with
precious metals projects located near the Famous Bathurst Mining
Camp (BMC) in New Brunswick, Canada. The Company is committed to
its DEAR strategy (Development, Exploration,
Acquisition and Royalties) to generate maximum value for
shareholders with low share-dilution.
Connect with us on Facebook / Twitter /
LinkedIn
Visit www.explorationpuma.com for more
information or contact:
Marcel Robillard,President,
(418) 750-8510;president@explorationpuma.com
Mia Boiridy,Head of Investor
Relations and Corporate Development, (250)
575-3305;mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
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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