Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is
pleased to share his future exploration and development strategy
for 2019-20 and beyond. While the priority remains to secure and
finalise the acquisition of the Murray Brook Project, the emphasis
will be directed to the exploration of the new targets identified
around the existing deposits at Murray Brook and Chester but also
within underexplored targets located on both favourable horizons
within the properties.
At Murray Brook Deposit, the upside potential of
the surface zones and the gossan zone will be evaluated in terms of
economic studies and metallurgical recovery work (click the link to
see the image). On the exploration side, the objective is to
discover new satellite and contiguous deposits using new data
collected during the 2017-19 extensive work program which
culminated with the discovery of a new copper stringer zone with
hole MB19-01: 1.35% Cu, 19 g/t Ag and 0.18 g/t Au over 26.4
meters (press release 10/04/2019).
Click the link to see the targets surrounding
the Murray Brook Deposit.
To achieve the main objectives, Puma has
proposed a restructuration (see news 25-07-2019) which would give
Puma more optionality on the acquisition, exploration and
development of the Murray Brook Project. Puma continues discussion
for potential partners for the Murray Brook Project and is
investigating scenarios to create value to shareholders through the
sell-off of non-core assets to third parties. With the current
optimism for gold projects, precious metals project such as Ann’s
Creek with drill results as shown in hole F07-15 with 3.8
g/t Au and 720 g/t Ag over 8.4 meters, becomes more
attractive to gold exploration companies.
‘’The current strategy represents an important
opportunity to continue to explore and develop Puma’s current
advanced projects in the famous Bathurst Mining Camp (‘’BMC’’) in
New Brunswick’’, notes Marcel Robillard, President and CEO of Puma
Exploration. He adds ‘’Puma will be focused on the BMC where the
company has invested over $20M in exploration work since 2005 and
collected a significant database of the BMC and used it to advance
new geological and targeting models for new discoveries’’.
The main objective of the 2020
is to make the next new significant discovery in the BMC by
targeting 10 main zones of interest in each of the Murray Brook and
of the Chester properties (Click the link to see the main targets
at Chester).
MURRAY BROOK VMS PROJECTAt
Murray Brook, the priority is to secure and finalise the
acquisition of the assets. Puma has announced the extension of the
purchase agreement with the vendors until June 30, 2020 to proceed
with the acquisition, which provides for more options and time to
work towards a positive conclusion (press release 03/07/2019 and
09/07/2019).
On the development side, the surface zones and
the gossan zone will be investigated in terms of the economics and
the metallurgical recovery work with the goal of converting the
surface and the gossan zones material that was categorized as waste
to potential mineable ore. Samples collected from the holes drilled
in the massive sulphide for the geotechnical study will be assayed
and released. On the exploration side, new geological and targeting
models for new discoveries are currently being defined from our
work programs combined with the collaboration of Mira Geosciences,
who provides some of the most advanced 3D geological modelling
available today. The goal is the define the best 10 drilling
targets at Murray Brook.
CHESTER VMS PROJECTPuma
previously announced the signing of an option agreement to acquire
100% of the Chester VMS Deposit located within the Bathurst Mining
Camp (BMC) of New Brunswick (press release 12/02/2019). The Chester
Property is comprised of 164 claims covering a total of 3,600
hectares strategically located approximately 25 kilometers South
West of three major VMS deposits: Halfmile Lake, Stratmat and Heath
Steele all held by Trevali Mining Corporation.
The Chester property is known to contain a
copper deposit. There are 3 zones included in the main Deposit; the
Central Zone, the East Zone and the West Zone (Copper Stringer)
located at surface. Only the West Zone has been included in the NI
43-101 resources calculation conducted in 2008 and updated in 2014
to reflect changes in metal prices and mining scenarios. The copper
deposit has historical measured & indicated resources of
1,400,000 tonnes grading 1.38% Cu and 3.5 g/t Ag
and inferred resources of 2,089,000 tonnes grading 1.26%
Cu (assayed for Cu only) as reported in the NI 43-101
Technical Report entitled “Technical Report - Chester Copper
Property New Brunswick Canada” (effective March 07, 2014) prepared
by Robert C. Sim, P. Geo., for Explor Resources and filed on
www.sedar.com. Puma is not treating the “historical resources
estimate” as a “current resources estimate” or “mineral reserves”,
as it has not taken steps to identify what work needs to be done to
verify, upgrade or re-classify the “historical resources estimate”
using a qualified person from Puma or by an independent third
party.
Currently, the Puma’s team is on site for
initial reconnaissance and overview of the Chester Property.
Click the link for the targets defined at
Chester.
QUALIFIED PERSONS AND
QC/ACTechnical information provided in this news release
was prepared and reviewed by Marcel Robillard, P.Geo., President,
and Dominique Gagné, P.Geo., Vice President Exploration of Puma
Exploration, qualified persons as defined by NI 43-101. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Mr.
Robillard and Mr. Gagné are not independent of the Company, as both
are officers and shareholders thereof.
ABOUT THE MURRAY BROOK
PROJECTThe Murray Brook Project consists of three (3)
distinct contiguous areas that covers 8,800 hectares and more than
18 kilometers of the favorable rocks that host the operating
Caribou Mine (Trevali Mining Corp.), on the east side, the Murray
Brook Deposit and the past operating Restigouche Mine (Trevali
Mining Corp.). From east to west, the Murray Brook Project
comprises the Murray Brook East Property (4925), the Murray Brook
Mining Lease (# 252) and the Murray Brook West Property (7846).
The Murray Brook East and Murray Brook West
Properties have been subject to various degrees of exploration and
share the same potential of increasing the mineral resources
defined at the Murray Brook Deposit and several future priority
targets have been defined on these properties.
ABOUT THE MURRAY BROOK
DEPOSITThe Murray Brook Deposit (Mining Lease #252) covers
an area of 484 hectares with a currently defined measured and
indicated mineral resources of 5.28 million tonnes
averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and
0.65 g/t gold. The core of this mineral
resource occurs in the West Zone which is 200 meters wide,
extending from surface to 300 meters vertical and the true
thickness of the massive sulphide body varies from 75 meters to 100
meters. The East Zone (Copper-Gold) is 100 meters wide, also
extending from surface to 300 vertical meters and is mainly
mineralized with gold and copper. On February 20th, 2017, a NI
43-101 report was accepted and filed on SEDAR.
ABOUT PUMAPuma is a Canadian
mineral exploration company with advanced precious and base metals
projects in Canada. The Company's major assets consist of an option
to acquire 100% beneficial interest in the Murray Brook Property
and the exploration of the Chester VMS Deposit all located in the
Bathurst Mining Camp of New Brunswick. As well as an equity
interest in BWR Resources, exploring in Manitoba. Puma’s objective
for the coming year is to focus the targeting and testing new
greenfield explorations and around existing deposits.
You can visit us on Facebook and Twitter.Learn
more by consulting www.pumaexploration.com for further information
on Puma.
Marcel Robillard, President(418)
724-0901president@explorationpuma.com
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/c1fc5104-7852-4e31-958f-ca7bc086e2c7
https://www.globenewswire.com/NewsRoom/AttachmentNg/70439755-59b7-4717-aca4-1d3f63b3db44
https://www.globenewswire.com/NewsRoom/AttachmentNg/dbc71059-6ec9-4d40-965e-f1d8b4e30569
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