Puma Exploration Signs Strategic Land Package Agreement to Extend Its Williams Brook Gold Property
March 01 2022 - 5:00AM
Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to report that it has signed a definitive
agreement to acquire 100% interest in another
341
claims ("the Claims")
, in nine (9)
separate claim blocks, contiguous to its flagship Williams Brook
North property. The Claims add another 7,443 ha to the land package
for a total of 29,522 ha. The Williams Brook Gold property is the
ongoing focus of the Company's 2022 Exploration Program. The new
claims are located along strike of the gold trends identified at
Williams Brook to date (see Figure 1). While there's been limited
exploration carried out on the Claims so far, trenching undertaken
in 2021 returned gold results up to
8.67 g/t Au.
Puma will compile and analyze available data this winter in
preparation for a comprehensive surface exploration program next
summer.
Over the past 15 months, Puma has consolidated a
patchwork of mining claims that had seen little to no modern
exploration work. The Company's successful 2021 exploration
program, combined with the initial visual observations from the
current 10,000 metres drilling program at The O'Neil Gold Trend
("OGT"), were catalysts to secure more ground with similar
potential contiguous to the existing landholding.
MORE ABOUT THE CLAIMSIn 2020, a
new logging road exposed potassic rhyolite rocks containing quartz
veins. Trenching in the summer of 2021 led to a gold discovery.
Seven (7) out of 9 samples from an initial trench (Trench 1)
returned more than 1g/t Au with notable grades of 5.92 g/t
Au, 5.15 g/t Au, 4.05 g/t gold and
3.09 g/t Au. Following this success, 30 metres to
the south, a second trench exposed the same mineralization and
returned 8.67 g/t Au, 6.18 g/t
Au, 2.10 g/t Au, 1.18 g/t
Au and 1.0 g/t Au.
This gold discovery appears to coincide with a
large-scale mag anomaly. Puma will undertake a detailed compilation
of trenching results and geophysical data this winter in
preparation for next summer's grassroots exploration program over
the entirety of the property. The Claims have never been drilled
before. The summer 2022 surface exploration work will enable the
Company to identify targets for future drilling.
ACQUISITION TERMS
To acquire a 100% interest in the Claims (341
claims), Puma agrees to issue the Vendor on closing:
|
a) |
|
250,000 common shares of the Company and a C$40,000 cash
payment; |
|
b) |
|
250,000 common shares of the Company and a C$40,000 cash
payment on or before the first anniversary of the signing of the
agreement; |
|
c) |
|
250,000 common shares of the Company and a C$50,000 cash
payment on or before the agreement's second anniversary; |
|
d) |
|
250,000 common shares of the Company and a C$50,000 cash
payment on or before the agreement's third anniversary. |
Additional performance payments to the
Vendor:
|
1) |
|
Cash payment of C$25,000 upon a positive preliminary economic
assessment; |
|
2) |
|
Cash payment of C$50,000 upon a positive feasibility
study; |
|
3) |
|
One-time cash payment of C$100,000 upon commercial
production. |
The Vendor will retain a 2% net smelter return
("NSR") royalty on any commercial production from the property.
Fifty percent of the NSR, or 1%, may be purchased by Puma for $1
million. Puma retains the right of first refusal on the remaining
1% NSR royalty retained by the Vendor. The agreement is subject to
the approval of the TSX Venture Exchange.
QUALIFIED PERSONDominique
Gagné, PGeo, a qualified person as defined by Canadian National
Instrument 43-101 standards, has reviewed and approved the
geological information reported in this news release.
COVID-19 PRECAUTIONS
Puma has developed and implemented precautions
and procedures compliant with Québec and New Brunswick's health
guidelines. Strict protocols are in place to ensure the safety of
all staff, thereby reducing the potential of community contact and
spreading of the virus.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects located near the
Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The
Company is committed to its DEAR strategy
(Development, Exploration, Acquisition and Royalties) to generate
maximum value for shareholders with low share-dilution.
Connect with us on Facebook / Twitter /
LinkedIn
Visit www.explorationpuma.com for more
information or contact:
Marcel Robillard,President,
(418) 750-8510;president@explorationpuma.com
Mia Boiridy,Head of Investor
Relations and Corporate Development, (250) 575-3305;
mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
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/1d4c8cde-ba00-4a42-9628-b26251de5798
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