Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to announce the discovery of visible GOLD (VG) in quartz
veining stockwork similar to the O’Neil Showing signature grading
up to 109.5 g/t Au (press release 2020/09/01) at its Williams Brook
Property near Bathurst, New Brunswick, Atlantic Province of Canada.
The discovery, located 35 meters NE of the O’Neil Showing, was made
during Phase 2 of the current trenching program (T20-21 to T20-29)
conducted on the O’Neil Gold Trend (OGT) (see figure 1).
Phase 1 of the exploration program successfully
expands the OGT over 5 km from the High-Grade O’Neil Showing
towards the north-east (see figure 2). Of particular interest is
the discovery of a significant zone (50 m by 25 m) of a large
altered and mineralized system composed of quartz veins and quartz
stockwork within the 40 Zone located 2.5 km NE of
the high-grade gold O’Neil Showing (see figure 3). The assays from
this zone are pending.
HIGHLIGHTS:
- Visible GOLD (VG)
discovered 35 meters NE of the O’Neil high-grade Gold Showing
- 29
trenches for
4,000
meters executed mainly in the O’Neil Gold Trend (OGT)
- The favorable unit (altered rhyolite)
hosting the O’Neil Showing expanded over 5
km at OGT
- Discovery of significant altered
rhyolite, quartz veins and quartz stockwork within the 40
Zone at OGT
- Channel sampling and detailed mapping
in progress at the O’Neil Zone (R20-01 and
R20-02)
- Stripped Area of 75m X
150m (Wood cutting and stripping) in progress the O’Neil
Zone
- Over 500
samples from the current work are currently at the lab
(assays pending)
Marcel Robillard, Puma's President & CEO
stated, “We are very excited to announce the first visible GOLD
(VG) found by Puma’s technical team at the Williams Brook Property.
Since the beginning of the exploration in July 2020, tremendous
knowledges and discoveries were made which accentuated the
similarities between Williams Brook and the other majors gold plays
in Atlantic Canada”.
“The key to success is to define the favorable
horizon for more than 5 km, in order to increase the potential to
find a large gold deposit. Puma controls more than 41,500 ha in an
emerging Gold-District in Northern New Brunswick, Canada”.
Phase 1 of the exploration
program was directed to delineate the favorable altered rhyolite
horizon as documented from the previous work and the regional
mapping. The technical team were able, with mapping and trenching,
to expand the altered rhyolite over 5 km at the O’Neil Gold Trend
(OGT), over 1 km at the Williams Brook Gold Trend 1 (W1GT) and 350
m at the Williams Brook Gold Trend 2 (W2GT).
Following the recent discoveries and data
collected during the first phase, the
Phase 2 of the exploration program is directed on
the altered rhyolites/sediments contacts delineated which seems to
represent an important control on the gold mineralization in
association with regional structures trending NW. The current
trenching program focuses on the interpreted potential ore shoot
system (Riedel Type) composed of extension veins (290° to 320°)
with the rhyolite/sediment contacts.
Puma’s main objective of the initial exploration
program conducted at the Williams Brook was to prove the potential
of the property to host a major gold deposit. It included
property-scale prospecting, geological mapping followed by two (2)
phases of aggressive trenching program.
O’NEIL GOLD
TREND
(OGT)The first
phase of the 2020 summer exploration program lead to the discovery
of the GOLD O’Neil Showing with the presence of a significant and
pervasive potential gold trend over 5.0 km along the O’Neil Gold
Trend (OGT). The O’Neil Showing consists of an altered and
brecciated rhyolite injected with quartz veins and quartz
stockworks. The altered and brecciated rhyolite is open in all
directions.
The highest gold sample, grading
128.0
g/t Au, is part of the main
quartz vein (ranging from 30-50 cm) followed and sampled, so far,
over 10 meters in length. The average gold grade samples of the
vein of 30.86
g/t Au over 10 meters (128.0 g/t Au, 35.2 g/t Au,
18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t
Au)*, was estimated from chip and grab samples collected
continuously every 1.5 meters on the main vein.
Following the hand and shovel cleaning of the
main vein, surrounding quartz stockworks and veinlets within the
rhyolite were found, sampled and reported respectively high grade
gold of 16.90 g/t Au,
8.24 g/t Au,
6.14 g/t Au,
3.57 g/t Au,
2.2g/t Au, and
1.14 g/t Au.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook, Jonpol Gold, and Portage Lake, covering more than
41,500 hectares of favorable gold exploration land package. The
project is located about 60 km west of Bathurst with the paved road
cross-cutting the property.
Puma is currently focusing its field work on its
first priority, the Williams Brook property. The Williams Brook
property includes selected drill results of 11.2 g/t over 2.8 m,
2.1 g/t Au over 9.0 m, and 1.0 g/t over 23 m, gold occurrences
grading up to 109.0 g/t Au, 50.8 g/t Au, 38,9 g/t Au in bedrock,
numerous gold soil anomalies and extremely anomalous till samples
with up to 508 gold grains that occur over an area approximately 12
by 3 kilometers.
There has been very limited drilling and
exploration in the area mapped to be part of The Dunnage Zone
hosting major gold deposits and gold occurrences in siluro-devonian
rocks and considered as an emerging gold exploration and
development district.
QUALIFIED PERSONSDominique
Gagné, PGeo, independent qualified person as defined by Canadian
National Instrument 43-101 standards, has reviewed and approved the
geological information reported in this news release. 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.
Gagné is independent of the Company.
QUALITY ASSURANCE/QUALITY CONTROL
(QA/QC)Rock samples were bagged, sealed and sent to the
facility of ALS CHEMEX in Moncton, New Brunswick where each sample
is dried, crushed, and pulped. The samples were crushed to 70% less
than 2mm, riffle split off 1kg, pulverise split to better than 85%
passing 75 microns (Prep-31B). A 30-gram subsplit from the
resulting pulp was then subjected to a fire assay (Au-ICP21). Rock
sample ICP results with gold >1g/t were subjected to a metallic
screening (Au-SCR24) 1kg pulp screened to 100 microns. Other screen
sizes available. Duplicate 50g assay on screen undersize. Assay of
entire oversize fraction.
ABOUT PUMA
EXPLORATIONPuma Exploration is a Canadian-based mineral
exploration company with precious and base metals projects in early
to advanced stages located in the Famous Bathurst Mining Camp (BMC)
in New Brunswick, Canada. Great efforts will be made by the Company
in the coming years to deploy its DEAR strategy
(Development, Exploration, Acquisition and Royalties) in order to
generate maximum value for shareholders with low shares
dilution.
You can visit us on Facebook / Twitter /
LinkedInLearn more by consulting www.pumaexploration.com for
further information on Puma.
Marcel Robillard, President, (418) 724-0901;
president@explorationpuma.comChristian Tweedy, Communications,
(604) 619-5810; ctweedy@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.
Figures accompanying this announcement are
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6ebbd538-3a00-446c-852a-2be6b49dd47c
https://www.globenewswire.com/NewsRoom/AttachmentNg/9fe5bb28-79a1-4bde-8c94-762dc3fe18ee
https://www.globenewswire.com/NewsRoom/AttachmentNg/40ca09cf-3a86-4f9b-9e99-d5c0f5da9571
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jul 2023 to Jul 2024