Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or
"Puma") is pleased to provide a summary of its Summer 2022
Exploration activities and outline its Fall Program at its 100
%-owned Williams Brook Gold Project in New Brunswick, Atlantic
Canada.
Photos (from left to right): Lynx Gold Zone,
Stripping and trenching at Jaguar Gold Zones, HQ core
In June, Puma’s technical team continued its
exploration work at the Lynx Gold Zone (“LGZ”) and
initiated work on new prospective areas located elsewhere on the
property. While finishing drilling, logging and core sampling of
the 2022, 10,000 metres drilling program at Lynx, two exploration
teams prospected, trenched and stripped several priority targets
outlined by the compilation of various surveys and data gathered
since 2020 (Figure 1). Once core sampling was completed, and
samples were sent to the lab in August, a third exploration team
was added to expedite the surface summer program.
HIGHLIGHTS OF SUMMER 2022 EXPLORATION
ACTIVITIES AT WILLIAMS BROOK
- The 10,000 metres of drilling at the Lynx Gold Zone were
drilled, logged and sampled;
- 8 HQ-size holes (100 metres) were drilled at the Lynx Gold Zone
for a preliminary metallurgical study;
- 45 trenches for a total of 7 linear km were completed along
priority targets;
- Two (2) new potential major gold zones, Cougar and Jaguar, were
stripped;
- 3,075 soil samples were collected on new ground acquired at the
beginning of 2022;
- A drone magnetic survey covering 42 sq. km was flown over the
newly acquired ground;
- Mapping, prospecting and rock sampling were completed over
large unexplored areas of the property, with more than 1,500 rock
samples sent to the lab;
- CARDS Windfall Geotek Artificial Intelligence (AI) targeting
was completed over the entire property (40,000 ha).
THE LYNX GOLD ZONEThe Lynx Gold
Zone was confirmed as Puma’s main area of focus. It is interpreted
to be a mineralized felsic dome within a large gold system. The
high-grade gold mineralization is characterized by finely
disseminated gold in quartz (veins, veinlets, stockworks, breccias)
at the contact between rhyolite and sediments. The contact allowed
for the movement of gold-bearing fluids and is characterized by
highly silicified iron oxide carbonates and intense sericite
alteration.
Puma’s 2022 drilling program identified three
(3) gold enrichment zones at Lynx along the 750 m strike length
stripped to date (see September 29, 2022, News Release). Additional
stripping and pressure washing this summer uncovered new quartz
veins that had never been sampled. This summer's structural
analysis, mapping and sampling results will enable Puma to optimize
its drilling targeting and maximize results.
Also, to better define the gold mineralization
and grade at Lynx, eight (8) HQ (63.5 mm diameter) holes were
drilled in and close to 3 high-grade gold quartz veins. Because
gold occurs as flakes or is finely disseminated within the quartz
veins, the larger core size provides a better representation of the
mineralization. A metallurgical test will be conducted on the 100
metres of drilling combined with 100 kg of material sampled from
each other veins (to be completed this fall). The results of the
metallurgical study will be announced when received.
NEW TARGETSPuma’s systematic
exploration method - prospecting, followed by stripping, trenching,
sampling, and drilling led to the discovery of the Lynx Gold Zone
in 2020. The objective of this summer’s exploration program was to
apply this successful approach to define additional drilling
targets close to the Lynx Gold Zone and in other parts of the
property.
Forty-five (45) trenches were excavated outside
of the currently defined 750 m Lynx Gold Zone to test priority
targets identified by the in-house technical team and confirmed by
artificial intelligence (AI) such as Mira Geoscience’s MPI
(“Mineral Potential Index”) map (Figure 2) and Windfall Geotek’s
CARDS program.
The objective of the trenching was to trace the
rhyolite and identify other potential targets for gold
mineralization beyond the currently defined Lynx Gold Zone and
along the 10 km extension of the O’Neil Gold trend.
Similarly, Puma stripped large areas of the
newly identified Cougar and Jaguar Gold Zones to verify historical
gold results obtained by previous operators in 2008 and recognized
by Mira and Windfall Geotek’s analyses. The stripping exposed
several quartz veins that were sampled and mapped in preparation
for a follow-up drilling program.
Very little historical exploration was carried
out to the property's northeast and southeast. In 2021, a grab
sample collected by another operator returned 8.67 g/t gold. Puma
collected more than 3,000 soil samples over large sections of the
newly acquired and underexplored area to verify the area's gold
potential. Also, Government maps indicate that rhyolite is present
in the property's southeast, but no field work has ever been
carried out there. To help identify the favourable rock type, a
drone magnetic survey, instrumental to discovery, was flown over
the newly acquired land package.
Marcel Robillard, President and CEO of Puma
Exploration, stated, “From the get-go, Puma’s objective has been to
define and characterize the Lynx Gold Zone and then apply our
exploration model to the entire property. We’ve confirmed this
summer that the Williams Brook Gold Project has the potential for
multiple gold-bearing zones throughout the large 40,000-ha land
package. A large gold system is possible in New Brunswick. We have
the team and know-how to systematically build a resource there, and
our immediate focus will be building the gold inventory at
Lynx.”
ONGOING FALL 2022
EXPLORATION PROGRAMPuma’s surface exploration work at
Williams Brook is ongoing and is expected to continue until
snowfall in mid-December. The fall program’s objectives are:
- Extend the Lynx Gold Zone by stripping, cleaning, mapping and
sampling;
- Individually sample the high-grade gold veins at the Lynx Gold
Zone for metallurgical testing;
- Conduct a 3D structural analysis of the gold mineralization at
the Lynx Gold Zone for drilling targeting;
- Complete additional prospecting, detailed mapping and sampling
of the new Ramsay sector, located SE of the O’Neil Gold Trend
(“OGT”);
- Complete additional trenching and stripping at the Jaguar Gold
Zone;
- Define exploration targets identified by Mira Geoscience and
Windfall Geotek with artificial intelligence;
- Define drilling targets at the Cougar and Jaguar Gold
Zones
In the next few weeks, Puma expects to receive
results from its summer and ongoing fall exploration program,
including initial metallurgy. An outline of the planned 2022/2023
Exploration Program will follow.
UPCOMING WEBINARPuma invites
shareholders and other interested parties to participate in a
webinar on Monday, October 17, 2022, at 4:00 pm
EST. Marcel Robillard, President and CEO, will provide an
overview of the 2022 Exploration Program and answer questions.
Click on
https://us06web.zoom.us/webinar/register/WN_AggStrceSKKGaCGRvs1CKg
to register.
ABOUT THE WILLIAMS BROOK GOLD
PROJECT
The Williams Brook Gold Project is located near
the Rocky Brook Millstream Fault (“RBMF”), a major regional
structure formed during the Appalachian Orogeny and a significant
control for gold deposition in the region.
The Project is comprised of 4 claim blocks
covering more than 40,000 ha in an established and mining-friendly
jurisdiction, near paved roads and with excellent infrastructure
nearby (Figure 3). The Lynx Gold Zone was discovered in 2020 by
high-grade surface samples and later recognized at depth in 2021 by
hole WB21-02 that intersected 5.55 g/t Au over 50.15
m from surface, including two high-grade gold veins with
9.88 g/t Au over 8.60 m and 46.94 g/t Au
over 3.85 m. A follow-up 10,000 m (113 holes) drilling
program identified several new high-grade veins at Lynx, including
51.73 g/t gold over 1.85 m (WB 22-66),
34.93 g/t gold over 3.00 m (WB22-23), and
22.38 g/t Au over 3.20 m (WB22-36) and defined 3
high-grade gold zones along the currently exposed 750 m extension
of the OGT.
Puma’s ongoing work indicates that a large
orogenic/epithermal gold system is present at Williams Brook.
Surface exploration work has identified several additional gold
targets along the extension of the OGT and other gold trends on the
large land package, including the recently uncovered Cougar and
Jaguar Gold Zones.
QUALIFIED PERSON
Dominique 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") MEASURES
Drill 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 a gravity finish
(Au-GRA22). Check assays are routinely performed for samples with
visible gold to ascertain the gold content of the mineralization
zone.
ABOUT PUMA EXPLORATION
Puma 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 /
LinkedInVisit www.explorationpuma.com for more information or
contact:
Marcel Robillard, President and
CEO, (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.
Images accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ee52a9e-f93e-4f57-8921-a2cbf4d52920
https://www.globenewswire.com/NewsRoom/AttachmentNg/e490f895-e29d-4bf1-ab79-06d08f0ed222
https://www.globenewswire.com/NewsRoom/AttachmentNg/681cb6d7-b52a-4716-8689-c15a383ab3d3
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdda0c58-5702-4092-9626-9caecec6e1bd
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6175d41-716e-45fa-a47b-08cc71a64eef
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