Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or
"Puma") is pleased to announce
up to 34.70 g/t Au
in grab samples* collected at the Jaguar Gold Zone (“JGZ”) this
fall as part of the Company’s ongoing surface exploration program
at its 100%-owned Williams Brook Gold Project in Northern New
Brunswick. Results are consistent with widespread
epithermal/orogenic gold systems, and Puma plans to extend
stripping and launch an inaugural drill program at the JGZ in 2023.
Figure 1: Grab samples* collected at
surface at the Jaguar Gold Zone is available at the
following
address:https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5cb3c-54f3-40d1-90a3-372d6eeec852
*The reader is cautioned that grab samples are
selective by nature and may not represent the true metal content of
the mineralized zone.
Following the high-grade gold results from the
initial stripping at the JGZ (see October 20, 2022 News Release),
additional and systematic sampling was conducted this fall. A total
of 98 additional samples were collected during this second phase of
sampling. Sampling targeted the rhyolite/sediment contact with
pervasive potassic-pyrite alteration and close to a major fault or
its subsidiaries. Sixty (60) samples returned over 0.10 g/t Au. The
entire 98 additional new samples show an average grade of
1.91 g/t Au. To date, a total of three hundred six (306)
samples have been collected at the JGZ with an average
grade of 1.72 g/t Au. Ninety-five (95) samples assayed
above 1.00 g/t Au (31%).
The gold-enrichment zone at the JGZ currently
spans 80 m by 50 m and remains open in all directions. It is
coincident with a large IP anomaly and holes drilled in 2008 by a
previous operator (WB-08-03: 0.52 g/t Au over 55.00 metres,
WB-08-04: 0.68 g/t Au over 41.00 metres and WB-08-05: 0.21 g/t Au
over 64.00 metres) indicate that gold mineralization could be
widespread and continue at depth.
Marcel Robillard, Puma’s President and CEO,
commented, “Our results at the Jaguar Gold Zone confirm that we
have another significant area of gold mineralization on the
property. We know we’re not dealing with only one gold deposit at
Williams Brook. Our objective is to build a gold camp in this part
of New Brunswick. We will continue to advance work at Jaguar with
the same approach that has proven to be so successful at Lynx -
more stripping, sampling and an inaugural drilling program in 2023
while we continue to prioritize the development of the Lynx Gold
Zone.”
Table 1: Grab* samples over 1.00 g/t Au
from the Jaguar Gold Zone
Sample |
East UTMNad83z19 |
North UTMNad83z19 |
Lithology |
Au(g/t) |
G236661 |
661430 |
5264382 |
Rhyolite |
34.70 |
G236651 |
661439 |
5264383 |
Rhyolite |
18.45 |
G236672 |
661447 |
5264393 |
Rhyolite |
11.80 |
G236611 |
661433 |
5264405 |
Rhyolite |
9.01 |
G236630 |
661436 |
5264396 |
Rhyolite |
8.64 |
G239801 |
661430 |
5264384 |
Rhyolite |
8.33 |
G236667 |
661436 |
5264383 |
Rhyolite |
8.20 |
G236659 |
661432 |
5264385 |
Rhyolite |
7.02 |
G236674 |
661457 |
5264418 |
Rhyolite |
6.67 |
G236613 |
661436 |
5264398 |
Rhyolite |
6.09 |
G236384 |
661423 |
5264383 |
Rhyolite |
5.90 |
G236657 |
661438 |
5264387 |
Rhyolite |
4.73 |
G236632 |
661439 |
5264402 |
Rhyolite |
4.44 |
G236386 |
661419 |
5264381 |
Rhyolite |
4.09 |
G236673 |
661456 |
5264415 |
Rhyolite |
3.76 |
Sample |
East UTMNad83z19 |
North UTMNad83z19 |
Lithology |
Au(g/t) |
G236397 |
661427 |
5264388 |
Rhyolite |
3.27 |
G236656 |
661442 |
5264385 |
Rhyolite |
3.12 |
G236653 |
661450 |
5264390 |
Rhyolite |
2.66 |
G236631 |
661437 |
5264399 |
Rhyolite |
2.45 |
G236610 |
661436 |
5264407 |
Rhyolite |
2.30 |
G236664 |
661439 |
5264386 |
Rhyolite |
2.29 |
G236675 |
661468 |
5264418 |
Rhyolite |
1.98 |
G236652 |
661444 |
5264387 |
Rhyolite |
1.83 |
G236643 |
661442 |
5264381 |
Rhyolite |
1.53 |
G236627 |
661445 |
5264406 |
Rhyolite |
1.35 |
G236666 |
661436 |
5264381 |
Rhyolite |
1.32 |
G236662 |
661433 |
5264382 |
Rhyolite |
1.17 |
G236620 |
661438 |
5264409 |
Rhyolite |
1.14 |
G236646 |
661448 |
5264387 |
Rhyolite |
1.13 |
G236623 |
661442 |
5264410 |
Rhyolite |
1.11 |
G236396 |
661423 |
5264386 |
Rhyolite |
1.10 |
G236633 |
661439 |
5264404 |
Rhyolite |
1.08 |
G236398 |
661432 |
5264392 |
Rhyolite |
1.04 |
*The reader is cautioned that grab samples are
selective by nature and may not represent 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 (see Figure 2). 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.
Figure 2: Williams Brook property main
gold zones is available at the following
address:https://www.globenewswire.com/NewsRoom/AttachmentNg/896673ea-adfd-4cd2-b977-df14860734f4
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 (CGZ)and Jaguar
(JGZ) 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
Grab 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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