Puma Launches a Precious Metals Evaluation Program (PMEP) on the Murray Brook Deposit
November 06 2019 - 1:04PM
Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is
pleased to announce its Precious Metals Evaluation Program
(
PMEP) on the Murray Brook Deposit. The first 207
samples, covering 2 holes of the 2018 metallurgical drilling
program, have been received from the laboratory for gold assaying.
In hole MB18-07, the massive sulphide contains a broad gold and
silver enrichment over its entire length with
0.67 g/t Au
and 96 g/t Ag over 87.0 meters. The higher gold results
obtained in this hole are located at the footwall contact with the
altered sediments with
1.15 g/t Au and 87 g/t Ag over 22.0
meters (see accompanying section)
.
Table 1. Significant Gold Drill Results from the
Ongoing PMEP
Drillholes |
From |
To |
Length |
ALS* |
Caribou Lab** |
Caribou Lab** |
Caribou Lab** |
# |
(m) |
(m) |
(m) |
Au g/t |
Ag g/t |
Zn + Pb % |
Cu % |
MB2018-05 |
110.0 |
230.0 |
120.0 |
0.39 |
70 |
8.20 |
0.11 |
incl. |
180.0 |
230.0 |
50.0 |
0.68 |
95 |
11.77 |
0.13 |
incl. |
193.0 |
213.0 |
20.0 |
0.82 |
172 |
20.73 |
0.12 |
MB2018-07 |
155.0 |
242.0 |
87.0 |
0.62 |
96 |
9.20 |
0.13 |
incl. |
155.0 |
168.0 |
13.0 |
0.61 |
146 |
12.74 |
0.14 |
incl. |
181.0 |
193.0 |
12.0 |
0.75 |
243 |
21.39 |
0.19 |
incl. |
220.0 |
242.0 |
22.0 |
1.15 |
87 |
11.32 |
0.23 |
* New gold results from the current PMEP.**Silver
and Base Metals assayed at Caribou Mine Lab. Results released on
August 29th, 2018 (see news). |
The Murray Brook Deposit contains precious
metals in its main three (3) metallogenic sub-domains which are,
from surface to bottom; the Gossan Zone, the Oxide Zone and the
main Massive Sulphide Zone. The evaluation program
(PMEP) includes the study of the gold and silver
zonation, the precious metals association and respective recovery
within the main three (3) metallogenic sub-domains of the Murray
Brook Deposit. The different mining and milling options available
are also being evaluated to recover the maximum value of the
precious metals contained.
“The PMEP and gold assaying program will allow
Puma to cost-effectively enhance the understanding of the
polymetallic mineralization of the Murray Brook Deposit in relation
to its precious metal potential. The current programs are conducted
on the in-hand core drilled from Votorantim, Puma, and Trevali
previous programs in order to get the most benefit from the
previous drilling investments”. Notes Marcel Robillard, President
and CEO of Puma Exploration.
HIGHLIGHTS OF CURRENT PMEP
- 650 additional samples from the 2018 metallurgical drilling
program (6 holes) are currently prepared to be sent for gold
assays.
- Four (4) holes for 400 meters of the 2018 geotechnical drilling
program were never assayed for precious and base metals.
- Approximately 1.2 Mt of gossan material was mined at the Murray
Brook site between 1989 and 1992. This was treated for gold and
silver recovery using an agglomeration vat-leaching cyanidation
process.
- A total of 44,500 oz of Au and 316,000 oz of silver were
recovered from the enclosed vat leach year-round mining operation
in about 3 years. The capacity was 1,000 tpd with gold recoveries
of 90% after 16 hours of leach time.
- At the end of 1998, Novagold estimated a historical resource*
of 390,000 tonnes of the Gossan material left in the pit at 1 g/t
Au cut-off grade containing 18,933 ounces of gold (1.51 g/t Au) and
583,043 ounces of silver (46.5 g/t Ag).
- The initial review indicates that 15 previous holes intersected
the gossan over thickness varying from 1m to 45m for a total of 180
meters of gossan that were never assayed.
- Historical resources from 2013** indicated that the Oxide Zone
of the Murray Brook Deposit represents 1,283,000 tonnes @ 0.38 g/t
Au, 38.4 g/t Ag, 0.93% Cu and 3.41% Zn+Pb containing 15,800 ounces
of gold, 1.6M ounces of silver and 26.3M lbs of Copper.
- Historical resources from 2013** indicated that the Sulphide
Zone of the Murray Brook Deposit represents 17,884,000 tonnes @
0.59 g/t Au, 41.7 g/t Ag, 0.47% Cu and 3.72% Zn+Pb containing
338,200 ounces of gold, 23.9M ounces of silver and 183.6M lbs of
Copper.
* Puma has not done sufficient work to classify
the historical estimate as current estimates. The Company is not
treating the historical estimates as a current estimate but is
currently conducting a review of the previously drilled core
available after the mining operations ceased to evaluate the size
of the fertile gossan zone.
** Historical resources from: TECHNICAL REPORT
AND PRELIMINARY ECONOMIC ASSESSMENT (PEA) OF THE MURRAY BROOK
PROJECT NEW BRUNSWICK, CANADA for VOTORANTIM METALS CANADA INC. AND
EL NINO VENTURES INC. By P&E Mining Consultants Inc with
Effective Date: June 4, 2013. Puma has not done sufficient work to
classify the historical estimate as current estimates. The Company
is not treating the historical estimates as a current estimate but
has conducted an AMENDED AND RESTATED TECHNICAL REPORT AND UPDATED
MINERAL RESOURCE ESTIMATE ON THE MURRAY BROOK PROJECT NEW
BRUNSWICK, CANADA for the high-grade portion of the Murray Brook
Deposit by P&E MINING CONSULTANTS INC. Effective Date: December
21, 2016.
Table 2. Selected Drill Results for Gold and
Silver Content in the Massive Sulphide
HoleID |
From |
To |
Length |
Au g/t |
Ag g/t |
Zn % |
Pb % |
Cu % |
MB-2011-04 |
150.00 |
213.00 |
63.00 |
1.50 |
49 |
2.61 |
1.35 |
0.45 |
incl. |
195.00 |
212.00 |
17.00 |
2.00 |
48 |
2.95 |
1.48 |
0.48 |
MB-2011-08 |
8.00 |
43.00 |
35.00 |
1.64 |
55 |
2.15 |
1.28 |
0.29 |
MB-2011-10 |
201.50 |
216.00 |
14.50 |
2.04 |
89 |
5.92 |
2.76 |
0.43 |
MB-2011-14 |
203.00 |
217.00 |
14.00 |
2.01 |
83 |
11.34 |
2.38 |
0.18 |
MB-2011-39 |
189.00 |
214.00 |
25.00 |
1.28 |
101 |
9.12 |
3.26 |
0.17 |
MB-2011-41 |
25.00 |
130.00 |
105.00 |
1.05 |
42 |
1.79 |
0.82 |
0.85 |
incl. |
26.00 |
32.00 |
6.00 |
2.12 |
84 |
2.04 |
1.40 |
0.55 |
MB-2011-44 |
69.00 |
94.00 |
25.00 |
1.34 |
52 |
2.07 |
1.14 |
0.30 |
MB-2011-49 |
129.00 |
162.00 |
33.00 |
1.70 |
125 |
7.10 |
3.13 |
0.35 |
incl. |
138.00 |
157.00 |
19.00 |
2.01 |
138 |
8.18 |
3.88 |
0.39 |
MB-2011-52 |
208.00 |
218.00 |
10.00 |
2.18 |
146 |
9.46 |
4.16 |
0.56 |
MB-2011-63 |
203.00 |
246.00 |
43.00 |
1.25 |
74 |
3.65 |
1.62 |
0.27 |
incl. |
222.00 |
239.00 |
17.00 |
2.01 |
116 |
5.89 |
2.57 |
0.45 |
MB-2012-66 |
28.05 |
62.00 |
33.95 |
1.48 |
61 |
2.65 |
1.38 |
0.30 |
incl. |
28.05 |
40.00 |
11.95 |
2.02 |
63 |
2.08 |
1.22 |
0.40 |
MB-2012-70 |
211.00 |
237.00 |
26.00 |
1.47 |
137 |
10.73 |
4.20 |
0.39 |
incl. |
222.00 |
233.00 |
11.00 |
2.53 |
173 |
10.90 |
4.79 |
0.54 |
MB-2012-77 |
166.00 |
226.00 |
60.00 |
1.24 |
70 |
4.43 |
1.71 |
0.25 |
incl. |
204.00 |
224.00 |
20.00 |
2.74 |
80 |
5.69 |
1.73 |
0.55 |
MB-2012-78 |
12.00 |
22.00 |
10.00 |
1.82 |
50 |
1.97 |
1.02 |
1.64 |
MB-2012-80 |
90.60 |
111.00 |
20.40 |
1.44 |
57 |
2.45 |
1.21 |
0.28 |
MB-2012-88 |
89.45 |
113.50 |
24.05 |
1.33 |
58 |
3.10 |
1.37 |
0.34 |
MB-2012-90 |
151.16 |
240.00 |
88.84 |
1.17 |
103 |
6.99 |
2.92 |
0.20 |
incl. |
215.00 |
240.00 |
25.00 |
2.60 |
124 |
8.38 |
4.11 |
0.42 |
MB-2012-91 |
109.00 |
162.00 |
53.00 |
1.02 |
55 |
2.46 |
1.22 |
0.31 |
MB-2012-94 |
134.00 |
196.10 |
62.10 |
1.24 |
41 |
1.88 |
0.97 |
0.42 |
MB-2012-97 |
125.00 |
180.00 |
55.00 |
1.30 |
64 |
2.63 |
1.22 |
0.38 |
MB-2012-99 |
202.00 |
238.00 |
36.00 |
2.01 |
46 |
1.91 |
0.94 |
0.93 |
incl. |
203.00 |
218.00 |
15.00 |
2.33 |
60 |
1.82 |
0.94 |
1.46 |
MB-2012-101 |
118.00 |
160.00 |
42.00 |
1.11 |
53 |
2.25 |
1.12 |
0.32 |
MB-2012-104 |
165.00 |
240.00 |
75.00 |
1.19 |
46 |
1.73 |
0.96 |
0.65 |
incl. |
214.00 |
240.00 |
26.00 |
1.80 |
57 |
2.04 |
1.24 |
0.45 |
MB-2012-121 |
42.00 |
136.20 |
94.20 |
1.07 |
51 |
2.25 |
1.00 |
0.46 |
incl. |
42.00 |
58.00 |
16.00 |
2.21 |
66 |
3.13 |
1.19 |
0.33 |
MB-2012-132 |
162.00 |
202.00 |
40.00 |
1.32 |
110 |
9.49 |
3.16 |
0.14 |
MB-2012-161 |
177.00 |
247.00 |
70.00 |
1.18 |
93 |
6.04 |
2.14 |
0.28 |
incl. |
226.00 |
246.00 |
20.00 |
2.59 |
109 |
8.12 |
2.87 |
0.44 |
MB-2012-162 |
219.10 |
238.15 |
19.05 |
2.16 |
47 |
1.48 |
1.04 |
1.94 |
incl. |
224.00 |
234.00 |
10.00 |
2.72 |
58 |
1.85 |
1.43 |
0.64 |
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), 100% of Murray Brook Minerals Inc. (0.67% NSR on
Murray Brook) and 5,700,000 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. The samples are prepared, sent, processed at ALS
Moncton, New Brunswick. All samples were assays by AU-AA26 method.
QA/QC are monitored by the analysis of blanks, reference material
and replicate samples at a frequency of one (1) of each per 30
samples.
You can visit us on Facebook and Twitter.Learn
more by consulting www.pumaexploration.com for further information
on Puma.
Marcel Robillard, President
(418) 724-0901
president@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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7bead861-066e-4476-8fce-b0905f726292
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