Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce the surface results from its 2023
field exploration program at its 100%-owned Williams Brook Gold
Project in Northern New Brunswick. A total of 1,135 samples were
collected within 54 new trenches along the NE trending mineralized
Gold Corridor that extends now for 4 km from the Lynx Gold Zone to
the new Cheetah Gold Zone (“CHGZ”), which includes the Tiger Gold
Zone (Figure 1).
Puma’s president and CEO, Marcel Robillard,
commented, “Our work at the Lynx Gold Zone since 2021 has returned
impressive results with high-grade gold mineralization extending
750 m along strike to a depth of 200 m. We know that the system is
open both laterally and at depth. We have always suspected a very
large gold system at Williams Brook. These preliminary surface
results from Tiger and now the new Cheetah zone confirm the
potential to define other significant gold deposits along this 4 km
corridor and beyond. We’ll launch an inaugural drilling program at
Tiger in early 2024, and we’re excited to test this new cluster of
gold-rich quartz veins. We expect the drill results of this
campaign will increase our already significant gold inventory.”
“Gold mineralization at the Williams Brook
Project is hosted in quartz veins that occur in broad zones at
the contact margin between different rock types and
competencies. The higher-grade gold mineralization is structurally
controlled and generally occurs near this contact. As with many
gold systems, the source of the gold mineralization is a large,
underlying magmatic system. The extensive limonite alteration that
extends to over 100 metres in depth and 4 km in strike length shows
evidence of a large system here. As we’ve successfully shown in the
past, our first round of drilling at Tiger will target the bedding
contact to intersect the high-grade quartz veins at depth and
confirm the presence of additional gold chutes in the extension of
the Lynx Gold Zone.” noted Dominique Gagné, Puma’s Chief
Geologist.
Tiger Gold Zone
Surface exploration work this summer, along the
Lynx Gold Trend, expanded the Tiger Gold Zone (TGZ), a gold showing
identified last year located 350 m away from the LGZ, for
continuous gold mineralization of more than 1.5km. Four (4)
sizeable, mineralized quartz veins oriented WNW were discovered and
returned significant High-Grade Gold results (see Table 1).
The Tiger Gold Zone area now spans 400 m by 180
m. Gold mineralization at the TGZ occurs in quartz veins with
limonite alteration and disseminated chalcopyrite, sphalerite,
galena, and malachite typical of the high-grade veins discovered at
the Lynx Gold Zone. Also, as at the Lynz Gold zone, the veins occur
to the contact between rocks of different competencies - volcanic
and sediment units.
Figure 1. Gold zones along the Lynx Gold
Trend (LGT)
Table 1. Grab samples* assay results highlights with
grades above 1 g/t gold
Zone |
Type |
Sample |
X |
Y |
Lithology |
Alt. / Min |
Au-Best |
LGZ |
Stripping |
G237029 |
660343 |
5259477 |
Quartz vein |
lim |
288.00 |
LGZ |
Stripping |
G237027 |
660341 |
5259474 |
Quartz vein |
lim |
35.20 |
LGZ |
T23-09 |
G239616 |
660424 |
5259545 |
Quartz vein |
lim |
26.00 |
TGZ |
T23-41 |
J026975 |
660913 |
5259829 |
Quartz vein |
lim |
19.90 |
TGZ |
Stripping |
J026775 |
660862 |
5259929 |
Quartz vein |
lim |
14.50 |
LGZ |
T23-02 |
G236936 |
660238 |
5259246 |
Quartz vein |
lim |
13.20 |
LGZ |
T23-02 |
G236937 |
660237 |
5259247 |
Quartz vein |
ser, lim |
12.45 |
CHGZ |
T23-37 |
G237236 |
662340 |
5261573 |
Quartz vein |
lim,ser |
6.69 |
TGZ |
T21-07 |
G238377 |
660872 |
5259928 |
Quartz vein |
|
4.58 |
TGZ |
T23-38 |
J026791 |
660902 |
5259940 |
Quartz vein |
lim |
4.48 |
TGZ |
T23-41 |
J014980 |
660919 |
5259831 |
Quartz vein |
lim,ser |
4.30 |
TGZ |
T23-38 |
J026793 |
660901 |
5259940 |
Quartz vein |
lim |
4.00 |
LGZ |
T23-02 |
G236939 |
660235 |
5259245 |
Quartz vein |
ser, lim |
3.98 |
TGZ |
T23-48 |
J028353 |
660966 |
5259908 |
Quartz vein |
lim |
3.60 |
LGZ |
T23-02 |
G236941 |
660239 |
5259246 |
Quartz vein |
ser,lim |
3.58 |
LGZ |
T23-09 |
G236962 |
660426 |
5259553 |
Quartz vein |
|
3.46 |
LGZ |
T23-09 |
G239606 |
660426 |
5259549 |
Quartz vein |
lim,ser |
3.13 |
LGZ |
Stripping |
G237030 |
660343 |
5259478 |
Quartz vein |
lim |
2.78 |
TGZ |
T23-41 |
J026971 |
660916 |
5259829 |
Quartz vein |
lim |
2.68 |
LGZ |
T23-09 |
G239605 |
660426 |
5259551 |
Quartz vein |
|
2.64 |
LGZ |
T23-12 |
G236990 |
660393 |
5259406 |
Quartz vein |
lim,ser |
2.53 |
TGZ |
Stripping |
J026776 |
660861 |
5259925 |
Quartz vein |
lim |
2.53 |
TGZ |
T21-07 |
J026665 |
660874 |
5259930 |
Quartz vein |
lim |
2.25 |
LGZ |
T23-12 |
G239629 |
660388 |
5259401 |
Quartz vein |
lim |
1.94 |
TGZ |
T23-42 |
J028007 |
660829 |
5259910 |
Quartz vein |
lim |
1.93 |
TGZ |
T23-38 |
J026792 |
660902 |
5259941 |
Quartz vein |
|
1.76 |
LGZ |
T23-09 |
G239787 |
660465 |
5259531 |
Quartz vein |
lim |
1.72 |
LGZ |
T23-09 |
G236959 |
660428 |
5259552 |
Quartz vein |
|
1.72 |
TGZ |
T23-41 |
J026983 |
660918 |
5259831 |
Quartz vein |
lim |
1.68 |
TGZ |
T23-46 |
J028312 |
661022 |
5260104 |
Quartz vein |
lim,ser,ma,ga ,cpy |
1.63 |
LGZ |
T23-01 |
G236909 |
660252 |
5259166 |
Quartz vein |
´py |
1.59 |
LGZ |
T23-09 |
G239609 |
660425 |
5259548 |
Quartz vein |
lim,ser |
1.49 |
TGZ |
Stripping |
J026753 |
660873 |
5259931 |
Sediment veinlets |
lim |
1.37 |
LGZ |
T23-02 |
G236935 |
660237 |
5259251 |
Rhyolite veinlets |
lim |
1.37 |
TGZ |
T23-50 |
J028357 |
660801 |
5259848 |
Quartz vein |
lim |
1.26 |
LGZ |
T23-02 |
G236931 |
660243 |
5259248 |
Rhyolite veinlets |
lim |
1.15 |
TGZ |
T23-41 |
J028277 |
660964 |
5259848 |
Quartz vein |
lim,ser |
1.13 |
LGZ |
T23-02 |
G236940 |
660239 |
5259245 |
Quartz vein |
ser,lim |
1.08 |
*The reader is cautioned that grab samples are selective by
nature and may not represent the true metal content of the
mineralized zone.
Image 1. Stripped quartz vein at the TGZ
showing location of sample J026775
Image 2. Trench 23-41 showing location of sample J026975
at the Tiger Gold Zone
Image 3. Cheetah Gold Zone (CHGZ)
About the Williams Brook Gold
Project
Puma's flagship Williams Brook Gold Project
comprises four properties covering more than 49,000 ha in Northern
New Brunswick—an established and mining-friendly jurisdiction near
paved roads and with excellent infrastructure nearby. 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.
Since 2021 and with less than C$12M of
exploration investment. Puma has made multiple gold discoveries at
the Williams Brook property and believes that the property hosts an
extensive orogenic gold system. Puma’s ongoing exploration programs
are focused on building a gold camp in Northern New Brunswick,
Canada.
Dr. Gregg Morrison, a leading expert on
intrusion-related, porphyry and epithermal gold systems, stated:
“I believe Williams Brook is part of the same family of
gold systems as Fosterville and Sunday Creek in Australia and
Valentine Lake in Newfoundland. These other deposits are
known for their structure-controlled mineralization, metal zoning,
free gold in bonanza shoots and kilometre scale depth extent. The
similarities to these more comprehensively explored deposits gives
real confidence to deeper drilling in the Lynx Zone and continued
exploration around the feeder structures in the Williams Brook
District.’’
Figure 2. Main gold showings and occurrences at the
Williams Brook Gold Project
Corporate Update
Market Stabilization and Liquidity Services
Puma contracts Red Cloud Securities Inc. (“Red
Cloud”) to provide liquidity services to the Company in compliance
with the policies and guidelines of the TSX Venture Exchange and
other applicable legislation. Red Cloud is a Toronto-based
financial services company that helps mineral exploration and
mining companies access capital markets and enhance their corporate
profile. Red Cloud trades Puma shares on the TSX-V to maintain a
reasonable market and improve the liquidity of Puma’s common
shares.
The Company pays Red Cloud $4,000 monthly,
payable quarterly in advance. The term of engagement is ongoing and
may be terminated by either party on 30 days’ prior written notice.
The Company and Red Cloud have an arm’s length relationship, but
Red Cloud and its clients may have an interest, directly or
indirectly, in Puma's securities. The agreement is principally to
maintain market stability and liquidity for the Company's common
shares and is not a formal market-making agreement. There are no
performance factors contained in the agreement between Red Cloud
and the Company, and Red Cloud will not receive any shares or
options from the Company as compensation for services it will
render. Promotional Services
The company agreed to a six-month sponsorship of
RocksAndStocksNews (“R&S”) for C$15,000 in May 2023. R&S,
an online portal for precious metals and mining stocks, is a
private entity based in Mexico owned and operated by Allan
Laboucan. R&S provided distribution of Puma’s news releases
along with his personal comments and opinions on its YouTube
Channel. The sponsorship paid in full at the beginning of the
agreement expired on Nov. 9, 2023. R&S did not receive any
shares or options as compensation. R&S and Puma are unrelated
and unaffiliated entities. R&S did not provide any buying or
selling recommendations on Puma, nor did they give any financial
advice. Allan Laboucan is not currently a Puma shareholder.
Qualified Person
The technical information of this release was
reviewed and approved by Dominique Gagne, P.Geo. 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 and surface samples are bagged,
sealed and sent to 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) and blanks every 20 samples in addition to standards,
blanks, and duplicates. 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 in New Brunswick,
near Canada's Famous Bathurst Mining Camp ("BMC"). Puma has a long
history in Northern New Brunswick, having worked on regional
projects for over 15 years. As a first mover, the Company quickly
and strategically accumulated an impressive portfolio of
prospective gold landholdings in the area. Puma’s successful
exploration methodology combines old prospecting methods with
detailed trenching and up-to-date technology such as Artificial
Intelligence (“AI”) to facilitate an understanding of the geology
and associated mineralized systems. Armed with geophysical surveys,
geochemical data and consultants’ expertise, Puma has developed a
perfect low-cost exploration tool to discover gold at shallow
depths and maximize drilling results.
The Company is also 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 / X/ 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) accepts 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 that 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. The quarterly and annual reports and
the documents submitted to the securities administration describe
these risks and uncertainties.
All figures accompanying with this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/28576177-988f-4991-ae5d-b647d2772037https://www.globenewswire.com/NewsRoom/AttachmentNg/bbcea592-4b62-4de4-9740-fc0daaefc5f3https://www.globenewswire.com/NewsRoom/AttachmentNg/38ce4563-b4e2-4ebe-a7b3-1914fa388c0ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/af3d2bb9-3349-49b7-a419-0d447c8d33dfhttps://www.globenewswire.com/NewsRoom/AttachmentNg/64c34bc4-93ed-4f05-9972-12b1058a469a
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