Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that it has received from New
Brunswick’s Department of Natural Resources and Energy Development,
the authorization to proceed with a 4,000 tonnes bulk sample at the
Lynx Gold Zone (“LGZ”).
Dr. Simon Dominy, an expert in the design and
implementation of bulk sampling programs, will join Puma’s advisory
team to supervise the Company’s Bulk Sampling Program (“BSP”) to
ensure proper planning and success.
Bulk samples are undertaken to de-risk a project
by verifying local grade estimates and metallurgical test work from
drill holes and/or channel samples. They also explore the scale-up
potential and metallurgical responses and provide geological and
geotechnical information on the extraction area. The high-grade
gold mineralization at Lynx is not homogeneous but rather exhibits
the “nugget effect”. Puma’s fully permitted 4,000 tonnes bulk
sample will be collected from several different areas at the Lynx
Gold Zone (see Figure 1) to better characterize the zone's
mineralization and potential local average gold grade.
Marcel Robillard, President, and CEO commented
“The 12,000 m we’ve drilled at the Lynx Gold Zone returned
impressive grades, but we’d have to drill hundreds of thousands of
metres to gain some certainty on the average grade of the zone. By
running the bulk sample this year, we can get a better
representation of the local grade around the sampling site and how
it reconciles with the drilling’s predicted grade. This
outside-the-box thinking will place Puma well ahead of our
industry’s typical exploration timeline and be a key milestone in
the advancement of the Williams Brook Gold Project.”
“The bulk sample will also move us closer to
demonstrating whether we can potentially have a profitable mining
operation at Williams Brook. If we can extract the gold on-site
with gravity alone, we can significantly cut costs, reduce the
environmental impact and streamline permitting. This would be a
fantastic outcome for all stakeholders, the future of mining in New
Brunswick, and our shareholders,” added Marcel.
The bulk sample is considered an exploration
tool to be conducted in parallel with the upcoming planned drilling
program which will begin shortly. The initial 3,000 metres of
drilling will target the high-grade gold shoots interpreted from
the 10,000 metres drilling program that was completed in 2022.
Figure 1: Example of rock types to be
included in the 4,000 tonnes bulk sample
NEXT STEPS BEFORE GETTING THE BULK SAMPLE
COLLECTED
To ensure the success of the BSP, Puma plans to
complete the following over the coming months:
- Evaluate the results of the current advanced recovery tests
from 3,000 kg of quartz-vein material sent to RPC in Fredericton
(see November 15, 2022, News Release).
- Determine if the Lynx Gold Zone is potentially acid
generating.
- Define the flowsheet for optimal gold recovery.
- Complete a cost/benefit and risk evaluation of on-site pilot
plants vs toll milling.
- Prepare the site with field work commencing as soon as the snow
melts.
MORE ABOUT BULK SAMPLING
Bulk sampling allows companies to investigate
the metallurgical properties of a deposit and retrieve critical
information that cannot be gathered by drilling alone. Bulk
sampling assesses whether a prospective deposit would be both
feasible and profitable to mine and is one of the most effective
exploration tools to de-risk a gold exploration project.
The underused and undervalued mineral
exploration tool requires oversight by an expert, such as Dr.
Dominy, to avoid potential pitfalls.
On a complex gold deposit such as the one at the
LGZ where gold grade distribution is variable, bulk sampling
provides better gold grade confidence than drilling results.
Geologists can better understand the deposit by mapping out its
geometry, structure, and mineralization and the larger-scale
metallurgical testing involved in bulk sampling can help determine
the most optimal milling methods and flow sheet design for a
potential mining operation.
Reference: True Grade Yukon Gold: The Benefits
of Bulk Sampling in Gold Exploration | INN (investingnews.com)
ABOUT DR. SIMON DOMINY
Dr. Simon Dominy is a mining professional whose
career has included technical and leadership roles in mine
operations, academia, and consulting. He is particularly interested
in the integration of geology, mining engineering, and mineral
processing through the development of Total Deposit Knowledge and
the application of geometallurgy. Simon has expertise in the
evaluation and exploitation of various gold orebody styles and has
developed skills in ore characterization; design and implementation
of bulk sampling/trial mining programmes; evaluation of high-nugget
effect/coarse-gold deposits; and narrow vein/highly selective
mining methods.
Recent projects have included: the evaluation of
high-nugget effect conglomerate gold mineralization; optimization
of small high-grade deposits with emphasis on evaluation, selective
mining approaches, flexible processing options, and ore control;
characterization of gold ores to determine sampling parameters;
sampling protocol optimization; geometallurgical characterization
(grade, metallurgical and geoenvironmental); and implementation of
strategic and tactical geometallurgy.
As an industry practitioner, Simon is active in
developing and operating several gold projects in Australia,
Europe, and South America. He is a Principal Advisor/Qualified
Person with Novo Resources Corporation; Director of Artemis
Resources Ltd; and Group Technical Lead with private entity OCX
Gold SA. He has extensive experience as a Qualified
Person/Competent Person in various jurisdictions and across a
number of gold deposit types.
“We are extremely pleased to welcome Simon to
our Advisory Committee. His expertise will be instrumental in
helping us design and complete a successful bulk sampling program
and avoid any potential pitfalls. We look forward to working with
him to achieve this key milestone,” notes Marcel Robillard, Puma’s
President, and CEO.
“I am pleased to be joining the Puma team at
this exciting period for the development of the LGZ. They are
already progressing the project on the front foot by recognizing
the need for bulk sampling and implementing it early on,” notes Dr.
Simon Dominy.
UPCOMING GOLD INVESTOR
EVENTS
Puma invites shareholders and interested parties to
stop by the booth, attend a presentation, or schedule a meeting at
the upcoming conferences to discuss the Company's recent news and
proposed developments:
- Prospector and Developers Association Conference
(PDAC) in TorontoBooth IE2152March 5-8,
2023www.pdac.ca/conventionCorporate Presentation Forum for
InvestorsMarcel Robillard, President, and CEO will be
presentingMarch 7 at 10:14 amSession Gold 1, Room
801APrecious metals Summit PDAC meeting
programMarch 7-8,
2023www.precioussummit.com/event/pdac-2023-one-on-one-meeting-program/Atlantic
Edge Mining Investment EventBallroom A, Intercontinental
Hotel225 Front Street, TorontoMarch 7, 2023Mia Boiridy, Head of
Investor Relations and Corporate Development will be presentingTo
register click here Canada's Atlantic Edge Mining Investment Event
(PDAC) Toronto 2023 Tickets, Tue, 7 Mar 2023 at 8:30 AM |
Eventbrite
- Swiss Mining Institute Conference in
ZurichMarch 21-22,
2023swissmininginstitute.ch/program-march-2023/
- Deutsche Goldmesse in FrankfurtMay
5-6, 2023deutschegoldmesse.online/2023-spring-companies/
ABOUT THE WILLIAMS BROOK GOLD
PROJECT
Puma's flagship Williams Brook Gold Project
covers more than 50,000 ha in Northern New Brunswick, an
established and mining-friendly jurisdiction, near paved roads and
with excellent infrastructure nearby. Since 2021, Puma has made
four (4) significant gold discoveries at Williams Brook, with gold
mineralization hosted in quartz veins at surface. An aggressive
exploration program is planned for 2023, including a minimum of
6,000 m of drilling and a 4,000 T bulk sample.
QUALIFIED PERSON
Dominique 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.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects near New
Brunswick, Canada's Famous Bathurst Mining Camp ("BMC"). The
Company is committed to deploying its DEAR
strategy (Development,
Exploration, Acquisition, and
Royalties) to generate maximum value for
shareholders with low share dilution.
Connect with us on Facebook / Twitter /
LinkedInVisit www.explorationpuma.com for more information or
contact:
Marcel Robillard, President and
CEO, (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 several 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.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/65cb0b5f-dd46-4cda-830b-231176087a3ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/95039d89-9d71-4ada-866d-63362a35a2d4
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