Puma Exploration Drills 0.41% Copper Equivalent (CuEq(i)) over 60.5 meters in Hole FM12-01 at Nicholas-Denys Project, New Bru...
13 Março 2013 - 10:58AM
Marketwired Canada
Puma Exploration (TSX VENTURE:PUM) is pleased to announce the results of hole
FM12-01 drilled at the Millstream Iron Skarn Deposit and grading 0.41% CuEq over
60.5 meters. The hole was collared to drill test the depth extension of the
Millstream Iron Skarn Deposit outcropping at surface. Hole FM12-01 encountered
94.8 meters of skarn horizon showing distinct metal zonation including copper,
gold, silver and speciality metals as bismuth (Bi), molybdenum (Mo) and tungsten
(W).
Prior hole FM12-01, Puma drilled three (3) shallow holes in 2007 to better
locate and define the surface expression of the Millstream Iron Skarn Deposit.
Similar copper grade and thickness were observed in the holes as hole F07-04
grades 0.50% Cu, 0.15 g/t Au and 6.6 g/t Ag over 29.3m, hole F07-05 grades 0.46%
Cu, 7.4 g/t Ag over 4.7m and hole F07-06 grades 0.42% Cu, 0.10 g/t Au and 4.3
g/t Ag over 26.7m.
Highlights include:
-- Intersection of 94.8 meters of the favourable skarn horizon in hole
FM12-01 grading 0.28% CuEq(i);
-- Continuous copper mineralization over 60.5 meters grading 0.41%
CuEq(i);
-- Speciality metals encounters: Bismuth, Molybdenum and Tungsten;
-- A new 3D mag inversion shows a potential source (feeder) of the skarn
horizon and porphyry deposits
Table 1. Best Results in hole FM12-01
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Hole Azi. Dip From To Length Au Ag Cu Mo Cu Equ
# m m m g/t g/t % ppm %
---------------------------------------------------------------------------
FM12-01 N025 -45 60.1154.9 94.8 0.05 2.2 0.20 74 0.28
inclu. 60.1120.6 60.5 0.08 3.0 0.30 90 0.41
inclu. 91.6120.6 29.0 0.14 4.3 0.39 169 0.59
inclu. 92.6100.5 7.9 0.27 6.5 0.65 191 0.97
inclu. 93.5 96.8 3.3 0.61 9.1 1.07 7 1.59
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(ii)Copper equivalent grades are based on metal prices of: copper
US$3.66/lb, gold US$1660 per oz, silver US$31.7 per oz and Moly US$10.0/lb.
Metal recoveries have not been applied in the copper equivalent
calculation. The copper equivalent calculation is as follows; Cu Eq = Cu
grade + ((Au grade/31.11 x Ag price) + (Ag grade/31.11 x Ag price) + (Mo
grade%/100(i)2200 x Mo price)/ Cu price/22).
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The skarn horizon is continuous over 10 kilometers from Beresford Copper to Raya
lens located along the Main Fault with an average thickness of 20 meters (Table
2). From west to East: Beresford Copper, Millstream Iron, Dante and Raya lenses.
Only limited surface work including mapping, prospecting and few shallow holes
has been directed over the 10 km strike length of favorable skarn horizon. The
Dante and Raya Lenses represent a continuous silver and zinc skarn
mineralization observed over 700 meters length by trenching and stripping during
2011 and 2012.
The mineralization shows a distinct metal zonation from the porphyry pluton as
copper, gold, silver, lead, zinc and speciality metals as bismuth (Bi),
molybdenum (Mo) and tungsten (W). The presences of NW structures near the skarn
deposits increase the metals content of Au-Ag-Pb-Zn.
Table 2. Puma's drill results in Skarn horizon over 10 km
at Nicholas-Denys
----------------------------------------------------------
Hole Lens From To Length Au
# m m m g/t
----------------------------------------------------------
F07-01 Beresford Cu 34,6 53,9 19,3 0,17
F07-05 Millstream Fe 36,3 63,6 27,3 0,16
F07-06 Millstream Fe 34,2 51,3 17,1 0,15
FR12-05 Raya 9,6 30 20,4 0,25
FR12-08 Raya 54,8 76 21,2 1,00
FD11-05 Dante 65,5 90,1 24,6 0,03
FD12-03 Dante 17,3 38,75 21,4 0,01
----------------------------------------------------------
Table 2. Puma's drill results in Skarn horizon over 10 km at Nicholas-Denys
---------------------------------------------------------------------------
Hole Ag Cu Pb Zn Bi Mo W
# g/t % % % ppm ppm ppm
---------------------------------------------------------------------------
F07-01 46 0,37 0,07 0,44 281 92 20
F07-05 7 0,53 0,02 0,08 183 7 20
F07-06 6 0,60 0,01 0,02 447 72 21
FR12-05 38 0,05 0,70 1,50 66 less than 1
1
FR12-08 11 0,03 0,30 0,50 less than less than less than
2 1 10
FD11-05 99 0,11 1,40 1,30 221 less than 22
1
FD12-03 60 0,08 1,40 1,30 107 less than 31
1
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To refine the drilling targets, a new 3D mag inversion survey (see figure 1) has
been completed over the Nicholas-Denys Porphyry and the skarn horizon. The
survey shows well the continuity of the skarn over more than 10 kilometers. The
survey shows also the potential source (feeder) for the mineralization at
Nicholas-Denys located between Millstream Iron and Beresford Copper deposits
which provide excellent drill targets to follow-up.
Drill results are good indicators that we are above a much larger system and
only deeper drilling of this new skarn structure and into the Nicholas-Denys
Porphyry will demonstrate the real economic potential of that project.
Nicholas-Denys has the potential to contain a world-class Skarn and/or Porphyry
Copper deposit as the Antamina (Peru) or Gaspe Mines (Quebec) mines.
About Nicholas-Denys
Puma Exploration has conducted extensive exploration program at Nicholas-Denys
in 2012 with 22 holes for 3,970 meters of drilling, 25 trenches for 3,100 meters
of trenching and stripping of about 9,600 m2 were directed on the two main
structures which are the Rocky-Brook-Millstream and Main Fault Zones.
The 2012 exploration results indicated that the Nicholas-Denys property contains
a significant polymetallic mineralization system that is open for extension. The
area explored to date represents only 20% of the total length of the favourable
corridor which extends over more than 10 km. The discovery of new silver-gold
structures and lenses along the Rocky-Brook-Millstream Fault and the northern
second main fault with newly proved skarn horizon represent a key step toward
the definition of an economic deposit.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced
precious and base metals projects in Canada. The Company's major assets are the
Nicholas-Denys Silver Project and Turgeon Copper Project in New Brunswick and
the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration
efforts in New Brunswick, Canada, which has been ranked the best place in the
world to conduct mining exploration by the 2012 Fraser Institute Survey.
Learn more by clicking here: www.pumaexploration.com
The contents of this press release were prepared by Dominique Gagne, a Qualified
Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex
laboratory in Val d'Or using the atomic absorption and ICP methods. There is not
enough drilling data presently available to determine the shape and true width
of the mineralized zone. 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 Exploration Inc.
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 Exploration
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Puma Exploration
Marcel Robillard
President
(418) 724-0901 / Toll free: (800) 321-8564
president@explorationpuma.com
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