Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to announce that a second rig has been mobilized
and began drilling this week at the Williams Brook Gold Project in
New Brunswick, Atlantic Canada. Following the Company’s recent
drilling success (see April 28, 2022 News Release) and with a
better understanding of the O’Neil Gold Trend (“OGT”), a second
drill rig will be used to accelerate the current and ongoing 10,000
metres drilling program.
The first drill will continue to systematically
explore the near-surface (0-100m depth) favourable
Sediment/Rhyolite contact toward the O’Neil and Pepitos Gold Zones
to discover additional high-grade gold mineralization along the
OGT’s 750 metres strike length (Figure 1). The second drill will
follow up on the high-grade quartz veins identified during the
Company’s inaugural 2021 and current 2022 drilling programs (Table
1).
Table 1. High-Grade veins intersected at
the O’Neil Gold Trend (OGT)*
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
WB21-01 |
4.00 |
6.10 |
2.10 |
12.71 |
WB21-02 |
7.20 |
10.20 |
3.00 |
8.33 |
WB21-02 |
13.70 |
15.80 |
2.10 |
28.52 |
WB21-02 |
45.60 |
49.45 |
3.85 |
46.94 |
WB21-03 |
55.90 |
58.10 |
2.20 |
7.81 |
WB21-05 |
26.00 |
28.00 |
2.00 |
12.64 |
WB21-06 |
46.80 |
49.70 |
2.90 |
16.92 |
WB21-09 |
16.30 |
18.00 |
1.70 |
15.52 |
WB21-12 |
28.60 |
32.40 |
3.80 |
6.93 |
WB21-16 |
80.00 |
88.35 |
8.35 |
5.11 |
WB21-17 |
107.00 |
111.65 |
4.65 |
4.85 |
WB22-25 |
2.00 |
5.00 |
3.00 |
34.93 |
WB22-26 |
25.50 |
27.10 |
1.60 |
14.06 |
WB22-35 |
14.90 |
17.50 |
2.60 |
5.83 |
WB22-36 |
3.80 |
7.00 |
3.20 |
22.28 |
*Stated lengths in metres are downhole core
lengths and not true widths. True widths will be calculated once
more drilling confirms the geometry of the quartz-sulphide
system.
About 4,000 metres of the ongoing 10,000 metres
drilling program at the OGT is left to be drilled. With two (2)
drill rigs on site, the Company expects to complete the program by
the end of June 2022. An aggressive field exploration program,
including stripping, trenching and prospecting over the entire
property and mainly concentrated on the 10 kilometres interpreted
strike length of the OGT, will then be launched to identify and
prioritize drilling targets for the fall exploration program.
The entire program, including the fall drilling
program, is fully financed, and Puma expects to release updates
regularly. A detailed exploration program that focuses on first
priority targets defined from the current geophysical, geochemical
and drilling compilation will be announced shortly.
UPDATE ON THE ONGOING 10,000M DRILLING
PROGRAM AT THE OGTFollowing the success of the initial
2021 stripping and drilling program, the 2022 drilling campaign was
designed to confirm the extent at shallow depth of the alteration
and mineralization found at surface along the OGT to define
additional high-grade gold veins to be drilled in the fall drilling
program. Since drilling began in late January, more than 47 holes
for 6,000 metres have been completed. Assay results for only the
first 2,300 metres have been released.
The first hole drilled (WB22-66) at the southern
end of the current known OGT intersected the favourable
Sediment/Rhyolite contact and shows the same alteration and
mineralization that has been observed in drilling since 2021. This
confirms the continuity of the mineralized system over 750 metres
and increases the potential for additional significant high-grade
gold mineralization at the OGT.
Drill hole WB22-54, which was drilled before
Drill 1 was moved to the south, intersected visible gold (VG)
within pervasive alteration (Figure 3). This hole is located in the
high-grade gold target area that will be further tested by the
second rig.
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") MEASURESDrill core samples are bagged,
sealed and sent to the facility of ALS CHEMEX in Moncton, New
Brunswick, where each sample is 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 every 20 samples in
addition to standards, blanks, and duplicates. 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 of 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6793a918-fb3d-4003-bf77-739181ca5349
https://www.globenewswire.com/NewsRoom/AttachmentNg/6233d7c6-0334-49f3-b3cd-430c88d97dd1
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