Field Reconnaissance at Portage Lake (Cu-Ni-Co) Lead to the Discovery of a Mineralized Breccia Grading 1.03% Co and 0.63 g/t...
October 28 2019 - 8:33AM
Puma Exploration (PUMA-TSXV) has completed the acquisition of the
Portage Lake (Cu-Ni-Co) and Jonpol Gold (Au) projects, as
previously announced on October 15th and 17th, 2019.
At Portage Lake, additional field reconnaissance
by the prospectors lead to the discovery of a mineralized breccia
within a skarn horizon located in proximity to the mafic intrusion
(6km by 4km). Grab sample was collected at the site and graded
1.03% Co and 0.63 g/t Au; being the highest cobalt
and gold results obtained so far on the property. Following the
receipt of the assays, Puma is mobilizing an excavator to evaluate
the significance of the new discovery. Other areas will also be
trenched on the property at the same time. The adjoining Jonpol
Gold property will be trenched following Portage Lake to help
define potential drill targets on both properties.
The Portage Lake (Cu-Ni-Co)
project contains several showings with the most promising
discovered in the last trenching program conducted on the property
in 2017. The prospector excavated an area of 100
metres composed mainly of skarn alteration containing
50 metres of massive sulphide showing significant
iron, copper, nickel, and cobalt. Grab samples grading
0.2 g/t Au and 0.60 g/t
Au were collected just north of this recent trench. Very
limited work has been conducted on the property, which offers huge
potential for new discoveries.
The Jonpol Gold (Au) project
contains numerous gold occurrences associated with gabbroic
intrusions located along a major subsidiary fault of the Rocky
Brook Millstream Fault (RBMF). Grab samples collected in trenches
reported grades of: 17.1 g/t Au, 14.8 g/t
Au, 10.6 g/t Au, 6.8 g/t
Au, 5.1 g/t Au, and 3.4 g/t
Au. Very limited diamond drilling has been done on the
property which is underlained by sedimentary rocks and mafic
intrusives. Drill results reported were 1.13 g/t Au over
12.0m, 1.37 g/t Au over 6.0m, 1.37 g/t Au over 1.4m, 3.89 g/t Au
over 1.0m, and 2.78 g/t Au over
1.5m.
In order to acquire 100% interest in these
projects, Puma has issued 450,000 shares for Portage Lake
(Cu-Ni-Co) and 400,000 shares for Jonpol Gold (Au) to the
prospectors. There is no minimum work commitment. These
acquisitions were part of the DEAR strategy aimed at generating
value to Puma’s shareholders. Following the acquisition of the
Portage Lake (Cu-Ni-Co) and Jonpol Gold (Au) projects, the Company
has 28,459,972 shares outstanding.
DEAR STRATEGY
Puma has defined a four-part strategy for
2019-2020 and beyond: Development,
Exploration, Acquisition and
Royalties/Ownership (DEAR).
Each part of this strategy is aimed at
generating value for shareholders and are defined as follows:
- Development of the Murray Brook Deposit, where
the gossan and oxide zones will be investigated to determine the
economics and upside potential of the precious metal contents and
recovery within these zones. The goal is to convert the surface
zone materials that were previously categorized as waste to
potential mineable ore.
- Exploration of our advanced stage projects
located at the Murray Brook Deposit and Chester Property, aimed at
discovering new satellite and contiguous deposits with our
drill-ready targets. The objective is to define the 10 best
drilling targets at Murray Brook and Chester.
- Acquisition of prospective new properties
using our expertise and knowledge acquired in the last 15 years of
exploration in New Brunswick will offer a variety of different
metals exposures and potentially allow us to make new discoveries
within these potential new properties.
- Royalties and ownership gained through the
sell-off of non-core assets to third parties represent a potential
major financial upside without direct dilution. Currently, Puma
holds 14,200,000 shares (48%) of Targets Minerals Inc. (1% NSR on
Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR
on Murray Brook) and will hold 5,750,000 shares (8%) of BWR
Exploration Inc. (1% NSR on Little Stull Lake). Puma has also an
option agreement to sell the Red Brook project to Rio Tinto.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company
with advanced and early-stage precious and base metals projects in
Canada. While the priority remains to secure and finalize the
acquisition of the Murray Brook project in New Brunswick, the
emphasis will be directed to execute its DEAR (development,
exploration, acquisition and royalties/ownership) strategy to
generate value to its shareholders.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news
release was prepared and reviewed by Marcel Robillard, P.Geo.,
qualified person 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 is not independent of the Company, as he is President of
Puma Exploration.
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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