Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”)
announces a non-brokered private placement of $1,600,000. The
Company plans to issue up to 5,000,000 units at a price of $0.32
per unit ("Unit") for gross proceeds of up to $1,600,000 (the
"Offering"). Crescat Portfolio Management LLC (for itself and/or
for accounts managed by Crescat Portfolio Management LLC
(collectively, “Crescat”)), has agreed to be the lead order by
making a strategic investment of $960,000 or representing 60% of
the proposed financing. In addition, Crescat requested and secured
participation rights that provide for an option to participate in
future financings.
Proceeds from this Offering will be used to
increase the current ongoing 2,000-meter diamond drill program to
10,000-meter at the Williams Brook Gold Project, located in New
Brunswick, Canada and for general working capital purposes. “We are
encouraged by the near-surface, high-grade gold that Puma is
encountering in New Brunswick. We are excited to infuse capital to
help the company with its goal of quintupling the planned meters of
drilling this season,” commented Kevin Smith, Crescat's Chief
Investment Officer.
Marcel Robillard, President & CEO of Puma,
added “We are extremely pleased to welcome Crescat, as a
significant strategic shareholder of the Company as we continue to
unlock the mineral potential of the Williams Brook Gold Project.
The confidence Crescat and its world-renowned technical advisor,
Dr. Quinton Hennigh, have shown in Puma is a vindication of our
belief of the potential of the Williams Brook Gold Project. This
financing will allow us to advance exploration more aggressively at
our flagship project which covers 27,000 hectares of favourable
geological setting.”
“Puma's Triple Fault Gold Project is a grass
roots success in a prolific gold belt," commented Dr. Quinton
Hennigh, technical advisor to Crescat Capital. "Newfoundland has
become a hot bed of exploration over the past year, but the same
geology continues into New Brunswick to the southwest. Puma has
identified similar high-grade gold mineralization to that seen in
Newfoundland and has already identified multiple high-grade
targets. Further prospecting is expected to generate more. We are
very happy to join Puma as a shareholder at a time when they are
beginning to drill test these exciting targets."
Each Unit will be comprised of one common share
of the Company and one common share purchase warrant, with each
warrant exercisable to purchase one additional common share at an
exercise price of $0.50 for a period of 24 months. The Company may
pay finders’ fees in relation to a portion of this Offering. The
Offering and payment of finders’ fees are subject to acceptance of
the TSX Venture Exchange. The Offering is fully subscribed and it
is expected that the closing will occur on or about August 13, 2021
(the "Closing Date"). All securities issued pursuant to this
Offering and any shares issued pursuant to the exercise of warrants
will be subject to a four-month hold period from the Closing
Date.
ABOUT CRESCAT CAPITAL
LLCCrescat is a global macro asset management firm
headquartered in Denver, Colorado. Crescat's mission is to grow and
protect wealth over the long term by deploying tactical investment
themes based on proprietary value-driven equity and macro models.
Crescat's goal is industry leading absolute and risk-adjusted
returns over complete business cycles with low correlation to
common benchmarks. Crescat's investment process involves a mix of
asset classes and strategies to assist with each client's unique
needs and objectives and includes Global Macro, Long/Short, Large
Cap and Precious Metals funds.
Crescat is advised by its technical consultant
Dr. Quinton Hennigh on gold and silver resource companies. Dr.
Hennigh became an economic geologist after obtaining his PhD in
Geology/Geochemistry from the Colorado School of Mines. He has more
than 30 years of exploration experience with major gold mining
firms that include Homestake Mining, Newcrest Mining and Newmont
Mining. Recently, Dr. Hennigh founded Novo Resources Corp and
currently serves as Chairman. Among his notable project
involvements are First Mining Gold's Springpole gold deposit in
Ontario, Kirkland Lake Gold's acquisition of the Fosterville gold
mine in Australia, the Rattlesnake Hills gold deposit in Wyoming,
and Lion One's Tuvatu gold project on Fiji, among many others.
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 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). 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.
The securities described herein have not been,
and will not be, registered under the Unites States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any U.S. state
securities laws, and may not be offered or sold in the Unites
States without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with requirements of
an applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the Unites States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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.
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