Creation of a New Active Player for Precious Metals in New Brunswick
August 27 2019 - 2:05PM
Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is
pleased to announce the sale of its interest in the Ann’s Creek and
Beresford Copper properties, collectively named the Nicholas-Denys
Project to Targets Minerals. The transaction will create a new
active player in Northern New Brunswick with the initial focus on
precious metal (Gold-Silver) deposits located along the
Rocky-Brook-Millstream (RBM) Major fault system.
Targets Minerals, a private company, is the
owner of the Oxford Property covering also the RBM Fault and with
the acquisition of the Nicholas-Denys Project will control more
than 31 km long of the fertile fault system. With these impressive
assets, Targets Minerals plans to list on a Canadian Stock Exchange
within the next 18 months.
In exchange of the properties, Puma will receive
14,200,000 shares of Targets Minerals which will represent
approximatively 48% of the outstanding shares at the closing of the
Purchase Agreement. Puma will also receive $100,000 cash at the
closing and will retain 1% NSR Royalty of which half of it can be
bought back for $1,000,000. The transaction is subject to the
approval of the TSXV.
‘’The transaction fits perfectly within our new
business model shared earlier this month (see news 06/08/2019)
where Puma looks to unlock the value of its impressive assets
acquired over the past 15 years in New Brunswick. Puma will
continue to focus on its majors VMS projects of the Bathurst Mining
Camp, but the direct equity ownership (48%) in Targets Minerals
will provide a great exposure to the Gold and Silver upside within
the current Precious metals renewed interest markets without
dilution of existing Puma’s shareholders’’ notes Marcel Robillard,
President and CEO of Puma Exploration.
Table 1. Selected best interceptions
drilled by Puma on the Ann’s Creek Property
LENSES Au-Ag |
Holes |
From |
To |
Long. |
Ag |
Au |
RBM Fault |
# |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
Haché |
F07-15 |
70.90 |
79.30 |
8.30 |
720 |
3.8 |
F07-16 |
46.00 |
49.00 |
3.00 |
679 |
1.8 |
F07-31 |
26.10 |
30.70 |
4.60 |
503 |
2.1 |
F07-32 |
27.20 |
32.50 |
5.30 |
540 |
1.0 |
F08-36 |
158.00 |
161.30 |
3.30 |
373 |
3.2 |
FH12-04 |
72.90 |
79.20 |
6.40 |
446 |
1.5 |
F06-01 |
40.00 |
52.70 |
12.70 |
257 |
1.1 |
Shaft |
F07-10 |
73.20 |
78.80 |
5.60 |
138 |
0.9 |
F08-41 |
199.00 |
203.00 |
4.00 |
133 |
0.2 |
F08-56 |
182.00 |
187.20 |
5.20 |
235 |
1.3 |
F08-68 |
85.10 |
88.30 |
3.20 |
278 |
0.8 |
FH12-04 |
11.50 |
20.60 |
9.10 |
92 |
1.1 |
Henry East |
FH12-05 |
36.60 |
41.00 |
4.40 |
454 |
2.3 |
FH12-06 |
12.20 |
13.30 |
1.10 |
194 |
1.6 |
FH12-09 |
11.20 |
15.80 |
4.60 |
81 |
1.0 |
FH12-10 |
31.20 |
34.20 |
3.00 |
187 |
2.3 |
Henry |
F06-11 |
35.00 |
37.00 |
2.00 |
217 |
1.6 |
F06-12 |
48.50 |
52.00 |
3.50 |
183 |
0.9 |
Dante |
FD11-02 |
20.00 |
24.10 |
4.10 |
130 |
- |
FD11-05 |
65.50 |
90.10 |
24.60 |
100 |
- |
FD11-06 |
37.10 |
47.60 |
10.50 |
108 |
- |
Raya |
FR12-05 |
10.40 |
17.80 |
7.40 |
76 |
0.3 |
FR12-08 |
54.80 |
67.70 |
12.90 |
- |
1.6 |
|
After the initial review, compilation and merge
of all available data from the Ann’s Creek, Beresford Copper and
Oxford Properties, in a complete database, a detailed field work
program will be announced by the parties.
Puma Exploration also announces an amendment of
its current Private Placement. The price per Unit for its
non‑brokered private placement previously announced on July 25,
2019 has been reduced from $0.025 to $0.015 per Unit. Each whole
Warrant will be exercisable for one common share of the Company at
a price of $0.05 for 48 months from the date of issuance. The
private placement now consists of 66,666,666 Units for gross
proceeds of $1,000,000. The terms of the private placement and the
Units and the proposed use of proceeds are otherwise as previously
disclosed. The private placement is subject to regulatory
approval.
DETAILS ABOUT THE TRANSACTIONIn
exchange of the Nicholas-Denys project, Puma will receive
14,200,000 shares of Targets Minerals which will represent
approximatively 48% direct equity interest at the closing of the
Purchase Agreement. Puma will also receive $100,000 cash and will
retain 1% NSR Royalty of which half of it can be bought back for
$1,000,000. The transaction is subject to the approval of the
TSXV.
The main objective of Targets Minerals is to
list on a Canadian Stock Exchange within the next 18 months. In the
event that Targets does not proceed with the listing within the
timeframe stipulated, the Ann’s Creek and Beresford Copper
properties will be returned to Puma which will be no longer
shareholder of Targets.
From the closing of the current transaction to
the listing on a Canadian Exchange, Targets will need the written
consent of Puma before proceeding to any property transaction.
ABOUT NICHOLAS-DENYSThe
Nicholas-Denys covers the Rocky Brook Millstream Fault (RBMF) and
his splay, the Main Fault (MF). These faults represent two (2)
major mineralized structures which contains the main precious
metals (Au-Ag) lenses on the property. These faults can be followed
over 20 kilometers and the intersection with minor transverse NW-SE
extension structure, represents the primary exploration targets for
the high-grade Au-Ag lenses.
ABOUT PUMA EXPLORATIONPuma is a
Canadian mineral exploration company with advanced precious and
base metals projects in Canada. While the priority remains to
secure and finalize 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. To achieve the main objectives,
Puma has proposed a restructuration (press release July 25, 2019)
which would give Puma more optionality on the acquisition,
exploration and development of the Murray Brook project and to
remain one of the most active exploration company in New
Brunswick.
The 2019 plan also includes the sale of
undervalued assets to increase the value of the
company to its shareholders. Puma will hold 14,200,000 shares of
Targets Minerals, exploring for Precious Metals
(Gold-Silver) in New Brunswick and currently holds
4,750,000 shares of BWR Resources exploring for
gold in Manitoba and also an option agreement with
Rio Tinto for the Red Brook Project in New Brunswick.
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.
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.
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