Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or
"Puma") is pleased to announce that grab* samples collected at the
new Jaguar Gold Zone (“JGZ”) at its 100%-owned Williams Brook Gold
Project in Northern New Brunswick, have returned up to
34.70 g/t Au (Figure 1).
High-grade gold mineralization at the Jaguar
Gold Zone is found in altered rhyolite associated with pervasive
pyrite mineralization (Figure 2). Other grab* samples returned
significant values such as 18.30 g/t Au,
16.85, 16.30 g/t Au, 16.25 g/t Au, and 12.90 g/t
Au. Gold mineralization occurs along a favourable
rhyolite/sediment contact near a major fault and its
subsidiaries.
The JGZ hosts a gold-enrichment zone that spans
80 m by 50 m and remains open in all directions (Figure 3). The
gold mineralization at the JGZ is associated with quartz-pyrite
veinlets and could be as significant and widespread as that found
at the Lynx Gold Zone. Today’s results indicate that gold
mineralization at Williams Brook could be very extensive and that
other gold-mineralized zones are expected within the 40,000-ha
project.
FIGURE 1: Location of grab* samples at
the Jaguar Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/23428cbe-9eb1-4da2-9d5b-258318dc1d22
FIGURE 2: High-grade gold grab* samples
at the Jaguar Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/c584e9c2-aa1a-4709-8cb2-a66b761b0cb0
THE JAGUAR GOLD ZONEThe Jaguar
Gold Zone, located about 5 km northeast of the Lynx Gold Zone
(“LGZ”), was briefly explored in 2008 by previous operators. At
that time, soil anomalies and trenching identified gold
mineralization at surface. Subsequent drilling returned 2.10 g/t Au
over 9.00 m within a lower grade envelope of 0.52 g/t Au over 55.00
m in hole WB-08-03. No additional work was carried out until Puma
stepped in in 2020.
Puma trenched and stripped the JGZ this summer
to follow up on the 2008 results (see Figure 3). Puma successfully
applied its discovery model developed at the Lynx Gold Zone to this
new property area. This systematic approach led to another gold
discovery at the Jaguar Gold Zone with much higher gold grades than
reported historically.
Two hundred seven (207) samples were collected
this summer at the JGZ with an average grade of 1.67 g/t Au. 59
samples assayed above 1.00 g/t Au (28.5%) and 35 samples between
0.10 g/t Au to 1.00 g/t Au (16.9%). One hundred (100) additional
samples were collected recently and sent to the lab. Results will
be announced when received.
The work completed at the JGZ (see Image 1) is
part of Puma’s ongoing strategy to build a potential gold camp at
the Williams Brook Gold Project by testing highly-prospective areas
on the large land package while prioritizing the
development of the Lynx Gold Zone.
FIGURE 3: Gold mineralization at Jaguar
Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/6e347a71-2e11-469d-9bc2-5d2e42bea0c2
Image 1: Ongoing stripping and trenching
at the Jaguar Gold
Zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/fdc6f2f6-9fb6-441b-8381-56e874f72d01
Table 1: Grab* samples over 5.00 g/t Au
from the Jaguar Gold Zone
Sample |
East UTMNad83z19 |
North UTMNad83z19 |
Lithology |
Au (g/t) |
E904964 |
661457 |
5264404 |
Rhyolite |
34.70 |
G236501 |
661428 |
5264384 |
Rhyolite |
18.30 |
E904959 |
661429 |
5264396 |
Rhyolite |
16.85 |
E904985 |
661462 |
5264407 |
Rhyolite |
16.30 |
E904966 |
661458 |
5264402 |
Rhyolite |
16.25 |
E904339 |
661430 |
5264391 |
Rhyolite |
12.90 |
G235684 |
661429 |
5264396 |
Rhyolite |
11.40 |
E904034 |
661459 |
5264395 |
Rhyolite |
9.05 |
E904902 |
661463 |
5264398 |
Rhyolite |
8.55 |
E904986 |
661462 |
5264405 |
Rhyolite |
8.11 |
G235686 |
661457 |
5264404 |
Rhyolite |
7.99 |
G235682 |
661461 |
5264398 |
Rhyolite |
7.94 |
E904969 |
661454 |
5264398 |
Rhyolite |
7.86 |
E904008 |
661465 |
5264416 |
Rhyolite |
7.17 |
E904029 |
661449 |
5264392 |
Rhyolite |
6.70 |
E904923 |
661439 |
5264389 |
Rhyolite |
6.38 |
E904961 |
661463 |
5264408 |
Rhyolite |
6.25 |
E904033 |
661461 |
5264398 |
Rhyolite |
6.22 |
E904967 |
661457 |
5264402 |
Rhyolite |
5.83 |
E904976 |
661441 |
5264395 |
Rhyolite |
5.78 |
E904994 |
661460 |
5264401 |
Rhyolite |
5.44 |
E904014 |
661460 |
5264421 |
Rhyolite |
5.32 |
*The reader is cautioned that grab samples are
selective by nature and may not be representative of the true metal
content of the mineralized zone.
ABOUT THE WILLIAMS BROOK GOLD
PROJECT
The Williams Brook Project is comprised of 6
claim blocks covering more than 46,000 ha in an established and
mining-friendly jurisdiction, near paved roads and with excellent
infrastructure nearby (Figure 4). The land package 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 Lynx Gold Zone (“LGZ”) is Puma’s main area
of focus. It 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 identified three (3) gold enrichment zones along the
750 m strike length stripped to date.
The LGZ 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.
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.
FIGURE 4: The Williams Brook Gold
Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/34a8a5b6-e647-464b-ad87-162b3a9694a8
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") 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 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.
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