Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce results from its ongoing 2023
exploration program at its 100%-owned Williams Brook Gold Project
in Northern New Brunswick, Atlantic Canada. Grab samples* on a new
gold-bearing quartz vein at the Lynx Gold Zone (“LGZ”) graded up to
288.00 g/t Au, 35.20 g/t Au and 2.78 g/t Au (Figure 1).
Furthermore, additional trenching and detailed mapping, conducted
since the beginning of May 2023, identified a different dipping
orientation for some quartz veins that were missed by previous
drilling. These new veins will be prioritized for testing in the
upcoming drilling program.
Figure 1. Surface mapping of the Lynx Gold
Zone
The Company continues to interpret data and
refine its geological model to maximize the return on investment on
its exploration program and cost-effectively build gold ounces at
the Lynx Gold Zone and throughout the property package. Of note,
the ongoing exploration program has not been impacted by forest
fires and the technical team has full access to the entire land
package. The Company expects to release results as they are
received throughout the summer and fall.
“Understanding and modelling the Lynx Gold Zone
is critical to unlocking the area’s full potential and building a
gold camp at the Williams Brook Gold Project. Unlike many other
exploration companies, we can gain incredibly valuable information
through very low-cost surface exploration work because the
gold-bearing veins we’re targeting start at surface. With only
13,000 metres of drilling, we’ve defined an area that spans 750 m
along strike, is 75 m wide and 100 m deep. We know the LGZ is open
at depth and 3 km along strike. Our upcoming 2023 drilling program
will expand that zone, and our ongoing surface exploration work
will ensure we maximize returns there and throughout the 46,000ha
Williams Brook land package”, said Marcel Robillard, President, and
CEO of Puma Exploration.
In May, additional trenching, mapping, and
sampling were completed at the Lynx Gold Zone to refine our
modelling of the favourable contact between the altered sediment
and the rhyolite in preparation for the upcoming drilling program.
Along this corridor, high-grade gold mineralization appears to be
hosted in quartz veins of varying widths (tens of metres to metres)
that follow three (3) main orientations: ~N260, ~N020 and
~N340.
Forty (40) samples (Table 1) were collected at
the LGZ in quartz veins, altered rhyolite and altered sediment. A
new gold quartz vein oriented NE (~N020) was discovered and graded
288.00 g/t Au, 35.20 g/t Au, 2.78 g/t Au and 0.81 g/t Au. This
vein, previously covered by overburden, was missed in the 2022
drilling campaign because all veins were thought to be dipping
NW.
Dominique Gagné, Puma’s Chief Geologist,
commented, “The geometry of the gold-bearing quartz vein system at
the Lynx Gold Zone is complex. We must study each mineralized vein
carefully to understand the gold environment and build our model.
Gold mineralization, starting at surface, gives unprecedented
access to information that would otherwise take months and lots of
expenditure to gather through drilling It also allows us to limit
trial and error. We can target veins that carry lots of gold at
surface and maximize drilling success as we did in hole WB21-02,
which intersected 5.55 g/t over 50.15 m and hole 22-66, which
returned 3.49 g/t Au over 7.15 m. “
Table 1. Spring 2023 LGZ grab sampling*
highlights (over 0.1 g/t Au)
*The reader is cautioned that grab samples are
selective by nature and may not represent the true metal content of
the mineralized zone.
Upcoming 2023 drilling program at the Lynx Gold
Zone
Since 2021, Puma has systematically drilled
13,100 m at the LGZ to target gold-bearing quartz veins at the
contact between rhyolite and sediments. A large gold zone has now
been defined 750 m along strike, 75 m wide and to a depth of ~100
m. Data compilation identified three (3) main areas of gold
enrichment with several potential high-grade gold shoots that
plunge 25 degrees NE. The 2023 drilling program, planned to begin
very shortly, will prioritize the extension of these high-grade
gold shoots at depth and define the geometry of several high-grade
gold veins containing disseminated sulphides with associated
pathfinders (Ag-Bi-Cu-Pb-Sb-Te-Zn) for gold mineralization. In
addition, step-our drilling along a 3km corridor to the NE will
test the extension of the LGZ gold mineralization along strike.
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 (Figure 2). 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. Since 2021, and with only $7M of
exploration investment, Puma has 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.
Figure 2. Main gold showings and occurrences at the
Williams Brook Gold Project
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
Grab and drill core samples were bagged, sealed,
and sent to the facility of ALS CHEMEX in Moncton, New Brunswick,
where each sample was dried (grab sample), 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.
Current Gold Investor Events
Puma invites shareholders and interested parties to schedule a
meeting in Quebec City to discuss today’s news and proposed
developments:
The Mining Investment Event of the
North Voltigeurs de Québec ArmouryJune 19-21, 2023Register
for the event at VID Conferences | THE Event 2023
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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