Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to announce the beginning of its 2021 field exploration
campaign at its 100% owned Williams Brook Gold Property. The
program will focus on the newly discovered
O’Neil Gold
Trend (OGT), where high-grade gold zones, straddling a
well defined 7 km long airborne MAG signature, have been found (see
news release 06/05/2021).
The main objectives are to expand and better
define the known high-grade gold zones discovered in the 2020 fall
program and to identify additional gold mineralizations with our
three (3) simultaneous strategic exploration phases described
below. Puma’s has already received the work permits for the
following work programs, including for the drilling operations. The
field work will be carried out by three (3) well trained
professional crews already on site at Williams Brook. These
programs are fully-funded.
1) Definition Phase for the O’Neil Gold
Zones
Most of the exploration work this summer will be
focused on the 650 m long corridor containing the high-grade gold
zones and will include:
- A large area of 200 m x 600 m will
be cut, cleared and stripped. The targets is the favorable
rhyolite/sediments contact which hosts the previously high-grade
gold zones.
- A first detailed ground IP survey
over the Lynx and Pepitos Gold zones.
- Detailed geological mapping and
structural site characterization with the support of Terrace
Geoschience Inc., a firm specialized in structural geology.
- Systematical channel sampling of
the stripped area.
- A drone aerial overview to generate
a more accurate geological map of the veins and structures of the
stripped area.
- The inaugural shallow drilling
program on the Lynx, Pepitos and O’Neil Gold Zones in order to
better define the structural features of the gold-bearing quartz
veins and breccias to evaluate the possibility of a bulk sample
later this year.
High-Grade
Selected Grab Samples Assays on the Prolific O’Neil Gold Trend
(OGT)*: |
|
|
O’Neil Gold Area (VG**):Pepitos Gold Area (VG**):Lynx Gold Area
(VG**):Chubby Gold Area:Moose Gold Area: |
128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au,
23.1 g/t Au52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87
g/t Au241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5
g/t Au, 58.4 g/t Au3.5 g/t Au, 1.2 g/t Au, 1.2 g/t
Au, 0.45 g/t Au2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au,
1.1 g/t Au |
|
|
* Selected rock grab samples are selective by
nature and may not represent the true grade or style of** VG:
Visible Gold |
2) - Discovery Phase on the
OGT
Many targets have been identified along the
entire 7 km favorable horizon and will be better defined by
stripping, trenching and sampling. Special attention will be given
to a 3 km long target previously identified by the technical teams
and confirmed by the recently completed VTEM survey. The
exploration phase will be similar to the 2020 success program and
will include:
- One crew team will prospect the
area in details.
- A ground IP survey is scheduled
over the best part of the fertile horizon.
- A first phase of trenching and
sampling to define the lower and upper contacts
rhyolite/sediments.
- Stripping and detailed sampling on
any area showing alteration and quartz veining.
3) - Grassroots Exploration
Phase
Puma has acquired, earlier this year, two large
claim blocks tied onto the Williams Brook Property. A first phase
of exploration will be completed on those two new blocks in
addition with the new targets derived from the 2021 district-scale
Mag-Em geophysical survey. The initial work will include:
- Reconnaissance on site to verify
the access.
- Preliminary geological mapping and
prospecting will be undertaken.
- Rock samples will be analyzed by
our XRF device for specific minerals assemblage and alteration
signature as defined at the O’Neil Gold Trend.
Marcel Robillard, President and CEO commented :
"We have worked very hard, during these pandemic days, to get all
the mandatory permits allowing Puma to start immediately its 2021
field exploration campaign. Crews are on site and logistics are
being finalized at our flagship Williams Brook Gold Property. We
are very happy to go back to the discovery sites and are ambitious
to report other exciting news in the near future."
WILLIAMS BROOK GOLD PROPERTY AND THE
O’NEIL GOLD TREND
The Williams Brook Gold project is the flagship
for Puma. It covers more than 30,000 hectares of favourable
geological formations located 60 km west of the city of Bathurst,
New Brunswick
There has been very limited drilling and
exploration in this area mapped to be part of the Dunnage Zone
hosting major gold deposits and gold occurrences in siluro-devonian
rocks. It is now considered as an emerging gold exploration and
development district of Atlantic, Canada
The O’Neil Gold Trend (OGT) is
a pervasive altered and brecciated rhyolite unit hosting
significant gold showings and occurences followed by trenching over
a strike length of 7.0 km. The favourable rhyolite
is similar and parallel to the structures hosting the “Williams 1”
and “Williams 2” Gold Zones with selected drill results of
11.2 g/t over 2.8m, 2.1 g/t Au over 9.0m, and 1.0 g/t over
23m which is located 5 km to the northwest.
These trends are interpreted to be related to a
major rifting in the New Brunswick Geological events and could
represent a low sulphidation epithermal gold system. Along the OGT,
the width of the altered horizon varies from 5 to 250 meters with
an average apparent thickness of 150 meters. Numerous quartz veins,
quartz veinlets, stockworks and breccias were observed mostly
perpendicular to the major trend and contain the gold
mineralization. The OGT where many gold zones were discovered
during the summer 2020 exploration campaign has never been
drilled.
GRANT OF OPTIONS
Puma, pursuant to its stock option plan and
subject to regulatory acceptance, has granted an aggregate total of
1.6 million incentive stock options to certain directors, advisers
and consultants of the company, vesting immediately. These options
will be exercisable at a price of 25 cents per common share and
will expire on May 18, 2023.
QUALIFIED PERSONS
Dominique 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 EXPLORATION
Puma 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) 750-8510;
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.
Images accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f977e345-c264-4918-b2a3-1c0632c12d96
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