Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that it successfully demonstrated
that gold mineralization extends beyond 100 m depth at its
100%-owned Williams Brook Gold Project in Northern New Brunswick,
Atlantic Canada. Twenty-four (24) holes for 3,475 m were drilled at
the Lynx Gold Zone (“LGZ”) as part of the Phase 1 2023 drilling
program. More than 100 specks of visible gold (“VG”) were observed
in 37 separate areas (Figures 1 and 2, Table 1), with 16
occurrences located between 100 m and 211 m downhole depth. Gold
mineralization appears to be constrained at the favourable
rhyolite/sediment contact, and potential bonanza-grade veins are
typically associated with carbonate alteration (dolomite) and
sulphides. Assays from Phase 1 drilling are pending; results will
be announced when received.
Puma’s President and CEO Marcel Robillard
commented, “We are extremely pleased with this first phase of our
2023 drilling program and what we see in the core. There’s
tremendous validation of our approach and model when we can hit VG
successfully, and multiple instances of it is remarkable. The
mineralization, mineralogy, alteration etc., all indicate that we
are dealing with a large hydrothermal system that extends laterally
and at depth. We are confident that we’ll substantially add to the
gold inventory at the Lynx Gold Zone as we continue to advance our
2023 program and beyond.”
Figure 1. Phase 1 drilling at the Lynx
Gold Zone – 3D gold-grade shell is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/dd086ae6-1e30-4687-ad6b-a2c4573ede70
Table 1. Visible gold occurrences in
Phase 1 2023 drilling
DDH # |
Downhole Depth (m) |
Vein type |
Host rock |
Associated sulphides |
WB23-129 |
45.4 |
white qtz |
rhyolite |
ga |
WB23-129 |
48.4 |
white qtz |
Sed-lim/GS in rhyolite |
|
WB23-132 |
87.9 |
white qtz |
sed-lim |
ga |
WB23-133 |
32.5 |
fracture in GS |
Sed altered-lim |
|
WB23-133 |
49.2 |
white qtz |
rhyolite |
|
WB23-133 |
50.3 |
white qtz |
Sed altered at contact with rhyolite |
sph |
WB23-133 |
60.7 |
white qtz |
Sed altered |
|
WB23-136 |
37.6 |
milky white qtz brec with GS fragments |
rhy-lim/Sed altered-lim |
|
WB23-137 |
3.0 |
white qtz |
sed-lim |
|
WB23-137 |
26.7 |
white qtz brec. With rhy fragments |
rhyolite-lim |
|
WB23-137 |
33.3 |
stw QV 1cm |
Rhy-lim |
|
WB23-137 |
33.6 |
stw QV 1cm |
Rhy-lim |
|
WB23-138 |
100.4 |
white qtz |
rhyolite |
ga |
WB23-138 |
109.2 |
white qtz |
rhyolite |
ga-cpy-sph |
WB23-138 |
138.7 |
white qtz |
rhyolite |
ga-sph-lim |
WB23-138 |
153.8 |
white qtz |
rhyolite |
ga-sph-lim-ma-cpy |
WB23-138 |
175.9 |
white qtz |
rhyolite |
sph-ga |
WB23-139 |
90.5 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
139.9 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
149.8 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
149.9 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
150.0 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
150.1 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
151.9 |
white qtz |
rhyolite |
cpy-ga-sph |
WB23-139 |
211.2 |
white qtz |
rhyolite |
ga-sph |
WB23-140 |
129.8 |
white qtz |
rhyolite |
ga-cpy-py-sph |
WB23-142 |
60.7 |
Rusted qtz, stw |
rhyolite-lim |
|
WB23-142 |
64.0 |
white qtz |
rhyolite-lim/sediment altered |
ga-cpy-ma |
WB23-142 |
82.0 |
white qtz |
rhyolite |
ga |
WB23-142 |
136.3 |
white qtz, stw |
rhyolite |
ga-cpy-sph |
WB23-144 |
161.7 |
white qtz |
rhyolite / sediment altered |
ga-sph-cpy |
WB23-145 |
80.6 |
white qtz rusted |
rhyolite-lim |
ga-ma |
WB23-145 |
81.8 |
white qtz |
rhyolite-lim |
|
WB23-145 |
81.8 |
white qtz |
rhyolite-lim |
ga-cpy |
WB23-145 |
82.6 |
white qtz |
rhyolite-lim |
ga-cpy-sph |
WB23-145 |
82.7 |
white qtz |
rhyolite-lim |
ga-cpy-sph |
WB23-145 |
174.4 |
white qtz |
rhyolite |
ga |
|
|
|
|
|
This first phase of drilling focused on the Lynx
and Moose areas of the LGZ (Figure 2) and was designed to confirm
and extend high-grade gold mineralization at depth and along
strike. Its objective was also to target, along the favourable
contact, specific veins previously mapped at surface with different
drilling orientations to better define the veins’ geometry and
update our structural model.
Drilling successfully confirmed the extension of
the mineralization beyond 150 m depth and revealed that the
supergene alteration observed in the core transitions to ‘’fresh
sulphides’’ at 100 m vertical depth. Most of the holes show
pervasive sericitization, but visible gold and associated potential
bonanza-grade veins appear to be linked to the presence of
carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide
assemblages that occur as disseminated massive sulphides or as
semi-massive veinlets within the quartz veins (Figure 3). Of note,
the same sulphides were intersected 255 m downhole (180 m vertical
depth) in hole WB22-145.
Figure 2. Map of the Lynx Gold Zone with
2023 Phase 1 drilling of VG is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/8033f797-e640-49bf-9ec8-3681e045cd68
Figure 3. Pictures of the mineralized
core with VG intersected at the LGZ is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/8de63a36-6ae9-42f5-93ef-440a608e5e46
Table 2. Coordinates and depth of
drilled holes
DDH # |
Easting * |
Northing* |
Azimuth (°) |
Dip (°) |
Length (m) |
WB23-122 |
660246 |
5259235 |
335 |
-45 |
107.0 |
WB23-123 |
660256 |
5259214 |
335 |
-65 |
83.0 |
WB23-124 |
660213 |
5259379 |
155 |
-80 |
122.0 |
WB23-125 |
660263 |
5259293 |
330 |
-45 |
170.0 |
WB23-126 |
660242 |
5259412 |
155 |
-65 |
80.0 |
WB23-127 |
660237 |
5259421 |
155 |
-75 |
134.0 |
WB23-128 |
660236 |
5259382 |
155 |
-85 |
116.0 |
WB23-129 |
660263 |
5259417 |
155 |
-65 |
65.0 |
WB23-130 |
660207 |
5259347 |
155 |
-80 |
113.2 |
WB23-131 |
660227 |
5259340 |
165 |
-65 |
89.0 |
WB23-132 |
660303 |
5259443 |
230 |
-45 |
196.0 |
WB23-133 |
660336 |
5259560 |
202 |
-45 |
107.3 |
WB23-134 |
660312 |
5259564 |
155 |
-65 |
122.0 |
WB23-135 |
660335 |
5259521 |
335 |
-55 |
100.0 |
WB23-136 |
660350 |
5259505 |
295 |
-55 |
92.0 |
WB23-137 |
660371 |
5259519 |
295 |
-50 |
87.0 |
WB23-138 |
660362 |
5259507 |
260 |
-45 |
257.0 |
WB23-139 |
660361 |
5259481 |
260 |
-45 |
230.0 |
WB23-140 |
660343 |
5259458 |
260 |
-45 |
218.0 |
WB23-141 |
660343 |
5259458 |
330 |
-45 |
178.0 |
WB23-142 |
660287 |
5259359 |
338 |
-46 |
236.0 |
WB23-143 |
660351 |
5259599 |
202 |
-45 |
101.0 |
WB23-144 |
660388 |
5259550 |
260 |
-46 |
197.0 |
WB23-145 |
660335 |
5259430 |
260 |
-46 |
275.0 |
* Projection: UTM Nad83 zone 19 |
|
Total: |
3475.5 |
|
|
|
|
|
|
2023 Drilling Program
The fully-funded and permitted 2023 program
(minimum of 6,000 m) is focused on the Lynx Gold Zone (“LGZ”) and
is designed with three (3) primary objectives:
- Extend the continuity of the LGZ at depth and along
strike;
- Validate and refine the existing geological model;
- Corroborate Puma’s current geophysical pathfinder tool.
The planned fifteen (15) holes (approximately
2,000 m) of Phase 1 drilling was expanded to twenty-four (24) holes
and 3,500 m as the Company successfully intercepted the depth
extensions of the high-grade shoots defined by previous drilling
programs and intersected at depth and along the newly identified
orientation, the bonanza-grade quartz veins sampled at surface.
Puma will now complete surface exploration work
to localise the favourable rhyolite sediment contact along the
strike extension of the Lynx Gold Zone in preparation for the
Company’s Phase 2 drilling program.
Upcoming AGM
Puma’s 2023 Annual and Special Meeting of
Shareholders will be held on Tuesday, August 29, 2023, at 2 pm
(EDT). Again, this year, the Company will hold the Meeting via a
live webcast at TSX Trust Virtual AGM, where all Shareholders and
their proxy holders, regardless of geographic location, will have
an equal opportunity to participate. Shareholders and proxy holders
will not be able to attend the Meeting in person. Further details
and instructions about virtual participation are included in the
Meeting materials available on the Company's website and under
Puma's profile on www.sedar.com.
About the Williams Brook Gold
Project
Puma's flagship Williams Brook Gold Project
covers an impressive 44,650 ha of prospective gold landholdings in
Northern New Brunswick, an established and mining-friendly
jurisdiction near paved roads and with excellent infrastructure
nearby. The nearby towns of St-Quentin and Bathurst have a history
of forestry and mining. The local communities support the industry
and host a skilled labour force. The land package is located near
the Rocky Brook Millstream Fault (“RBMF”), a major regional
structure formed during the Appalachian Orogeny and a significant
control for gold deposition in the region.
Figure 4. Main gold showings and
occurrences at the Williams Brook Gold Project is
available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/e9302ee8-78ed-4e43-8873-ac9555a210af
Since 2021, and with only $7M of exploration
investment, Puma made four (4) significant gold discoveries at the
Williams Brook property - the Lynx, Cougar, Jaguar, and Panthera
Gold Zones, with gold mineralization hosted in quartz veins at
surface. The Lynx Gold Zone remains the company’s focus. Still,
Puma believes that a large orogenic/epithermal gold system is
present at Williams Brook and is focused on building a gold camp on
the large property package.
Qualified Person
The technical information of this release was
reviewed and approved by Dominique Gagné, PGeo, a consultant of
Puma and a qualified person as defined by the National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
On-Site Quality Assurance/Quality
Control (“QA/QC”) Measures
Drill core samples are bagged, sealed and sent
to the facility of ALS CHEMEX in Moncton, New Brunswick, where each
sample is crushed and pulped before being fire-assayed (Au-ICP21).
The remaining coarse reject portions of the samples remain in
storage for further work or verification as needed. As part of its
QA/QC program, the Company inserts external gold standards (low to
high grade), blanks and duplicates for every batch of samples. All
samples over 10 g/t gold or with abundant visible gold are analyzed
with a gravity finish (Au-GRA22). Check assays are routinely
performed for samples with visible gold to ascertain the gold
content of the mineralization zone.
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 /
LinkedIn.Visit 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.
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