Puma Exploration Begins Its First Drilling Program at Williams Brook Gold Property in New Brunswick, Canada
June 30 2021 - 8:24AM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to announce the beginning of its inaugural drilling
campaign, with an initial minimum of 2,000 meters, to test
high-grade gold targets at the O’Neil Gold Trend (OGT) on its 100%
controlled Williams Brook Gold Project in New Brunswick. The
Williams Brook Gold Project is located within the newly highly
prospective district of Atlantic, Canada.
Initial drilling will test shallow
mineralization below the high-grade gold showings at the Lynx Gold
Zone, where many grab samples assayed over 30 g/t gold (see news
release dated 2021-03-31). Since the plunge and direction of the
high-grade mineralization is not yet known, drilling will proceed
with evenly spaced fans of short drill holes centered on the
gold-bearing quartz veins network (Figure 1).
Since the discovery of the high-grade
gold-bearing system in late 2020, Puma reported the discovery of
additional quartz veins and veinlets at surface at the Lynx Gold
Zone with few specks of Visible Gold (VG) observed in the quartz
veins (see news release 2021-06-17). The mineralization is hosted
in a strongly altered rhyolite at the contact with sediments.
“We are thrilled to begin the drilling operation
at the high-grade gold target at the Lynx Gold Zone. Following up
on our new discovery of visible gold late last year, it is an
exciting time for Puma Exploration,” said Marcel Robillard,
President and CEO of Puma Exploration. “Since the initial
discovery, we have uncovered significant gold in rock samples over
at least 70 meters strike length along the Lynx Gold Zone which
will be drilled first,” added Marcel Robillard.
The technical team has been focused on
understanding the controls on gold mineralization of the O’Neil
Gold Trend and the associated vein corridor. “The understanding of
the local geology, structures and geophysical signatures has
improved considerably from recent mapping, sampling and experts
consultations. We are now well positioned to begin drilling and the
entire team is anxious to see the first drill core pulled from this
newly discovered, gold-bearing, quartz vein system.” Notes
Dominique Gagné, President of Géominex, responsible for all
technical work and programs for Puma Exploration.
O’Neil Gold Trend (OGT)
The O’Neil Gold Trend (OGT) is
a pervasive altered and brecciated rhyolite unit hosting
significant gold showings and occurrences followed by trenching
over a strike length of 700 meters. The
geophysical signature of the OGT is expressed over 7km. The
favourable unit (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.
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 has never
been drilled and many gold zones were discovered during the summer
2020 exploration campaign.
High-Grade Selected Grab Samples Assays on the Prolific
O’Neil Gold Trend (OGT)*: |
|
|
O’Neil Gold Zone (VG**): |
128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au,
32.8 g/t Au, 23.1 g/t Au |
Pepitos Gold Zone (VG**): |
52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87
g/t Au |
Lynx Gold Zone (VG**): |
241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4
g/t Au |
Chubby Zone Area: |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t
Au |
Moose Gold Zone: |
2.4 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 ** VG: Visible
Gold
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). 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.explorationpuma.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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/33f839c8-84c7-43cf-bcd6-1f577c104b5e
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