Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to report that it has launched Phase 1 (2,000 m)
of its 2023 drilling program, and the drill is currently turning at
its 100%-owned Williams Brook Gold Project in Northern New
Brunswick, Atlantic Canada.
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 our current geophysical
pathfinder tool.
Figure 1. 2023 drill mobilization at the
Lynx Gold Zone
President and CEO of Puma, Marcel Robillard,
commented, "We’ve been diligently studying the lithology and
structural geology at the Lynx Gold Zone to understand what
controls gold mineralization to minimize drilling expenditure and
maximize success. The 2023 drill program will mainly test the
extension at depth of the high-grade gold shoots identified by our
previous drilling campaigns. It will also verify a series of
targets generated by our ongoing data compilation and analysis that
were never drilled before. Recent surface gold discoveries,
including the new quartz vein grading 288 g/t Au, will also be
tested at shallow depth. We’re excited to see the drill turning
again at the Lynx Gold Zone. We anticipate our 2023 drilling
program will significantly increase the Williams Brook gold
inventory and add value for our shareholders."
2023 Drilling Program – Phase 1
An initial fifteen (15) holes for approximately
2,000 m will be drilled to expand beyond 100 m depth, the
high-grade gold shoots identified in 2022 that are oriented NNE and
plunging 25-30° (see Figure 2 and Table 1); test the high-grade
gold veins discovered recently and their NW orientation; and gather
geological and structural data to help refine our 3D modelling.
Drilling will target:
- The bonanza grade gold veins that
returned 2.77 g/t Au over 42.8 m with 13.49 g/t Au over 7.15 m in
hole WB22-66;
- The stacked quartz veins in
discovery hole WB-21-02 that graded 5.55 g/t Au over 50.15 m
near-surface;
- The recently discovered NW-dipping
quartz vein that returned 288.00 g/t Au, 35.20 g/t Au and 2.78 g/t
Au (see June 21, 2023 News release) and other bonanza-grade veins
that sampled 371 g/t Au, 121.5 g/t Au and 106.5 g/t Au that were
previously drilled, but may have been missed in the 2022 drilling
campaign.
Figure 2. Interpreted high-grade gold
shoots to be tested at the Lynx Gold Zone
Table 1. High-grade gold intercepts
targeted for follow-up in the 2023 drilling program
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
WB21-01 |
4.00 |
6.10 |
2.10 |
12.71 |
WB21-02 |
0.00 |
50.15 |
50.15 |
5.55 |
incl. |
7.20 |
10.20 |
3.00 |
8.33 |
and |
13.70 |
15.80 |
2.10 |
28.52 |
and |
45.60 |
49.45 |
3.85 |
46.94 |
WB21-06 |
46.80 |
49.70 |
2.90 |
16.92 |
WB21-16 |
80.00 |
88.35 |
8.35 |
5.11 |
WB22-25 |
1.40 |
11.70 |
10.30 |
10.72 |
WB22-26 |
21.25 |
26.50 |
5.25 |
5.13 |
WB22-36 |
3.80 |
18.00 |
14.20 |
5.83 |
WB22-57 |
2.70 |
15.00 |
12.30 |
4.30 |
WB22-66 |
31.40 |
67.55 |
36.15 |
3.25 |
incl. |
30.60 |
35.00 |
4.40 |
5.01 |
and |
66.25 |
73.40 |
7.15 |
13.49 |
WB22-91 |
6.55 |
10.75 |
4.20 |
9.84 |
WB22-96 |
56.90 |
60.50 |
3.60 |
14.90 |
The results from this first phase of 2023
drilling at the LGZ will help refine our discovery model and
provide valuable information to maximize returns for the planned
future phases (minimum 4,000 m) and as we launch our step-out
drilling program along the 3 km extension to the NE or even beyond,
to the Panthera Gold Zone located along strike 12 km away.
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.
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 3. 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
Drill core samples were bagged, sealed and sent
to the facility of ALS CHEMEX in Moncton, New Brunswick, where each
sample was 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3a29978a-c13a-4327-a8b2-859ce8a677a4https://www.globenewswire.com/NewsRoom/AttachmentNg/3f895155-9e2b-4edc-b30b-ae2a6bdcc01fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/172d53eb-8490-4c37-86c1-ed0769f5b1c9
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