Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce the results of the last six (6)
holes of its 2023 first phase drilling program at its 100%-owned
Williams Brook Gold Project. All holes reported today successfully
intersected the targeted favourable contact and a series of quartz
veins and stockwork with gold mineralization. Drilling also
extended the width and length of the high-grade gold shoots
identified previously at Lynx and demonstrated the continuity of
mineralization over long intervals (Figures 1 and 2).
Additional high-grade gold shoots were
intercepted underneath the high-grade gold veins sampled at
surface, confirming our model of multiple stacked veins extending
at depth. The gold shoots have now been confirmed to extend
downhole to at least 250 m and over a strike length of at least 400
m. Of particular interest, a group of high-grade gold veins assayed
20.67 g/t gold over 5.50 m within a large section
of 32.15 m grading 3.80 g/t gold in WB23-142, and
also in WB23-145 where a section of 5.65 m returned 10.81
g/t gold and another graded 9.91 g/t gold over
5.10 m, within a broad intersection of 98.05 m at
1.24 g/t gold.
The gold mineralization at Lynx extends both
laterally and at depth over impressive lengths, such as
100.90 m of 1.25 g/t gold in WB23-142 and
98.05 m of 1.24 g/t gold in WB23-145. These long
intervals emphasize the continuity of the mineralization and
indicate that gold is present outside the core of the high-grade
gold shoots. This is good news for potential open pit mining
scenarios and will positively impact the mineral resource
estimation of the deposit.
Figure 1. Cross-section of Lynx gold area with today’s reported
results
Hole WB23-140 intersected 6.70 m of 2.44
g/t gold starting at surface, followed by several
high-grade intervals such as 3.95 m of 5.44 g/t
gold and 3.25 m of 4.06 g/t gold at
depth. Hole WB23-144 returned 6.60 g/t gold over 3.25
m from 158 m, and WB23-145 returned 1.01 g/t gold over
3.00 m from 246 m. Gold mineralization was still present at
249 m downhole depth, indicating that the system remains
open. Today’s results expand the already wide distribution
of the high-grade gold shoots, with mineralized intervals beginning
at or near surface.
Puma’s President and CEO Marcel Robillard
commented, “This latest set of results adds considerable scale and
volume to the Lynx Gold Zone, which remains open along strike and
at depth. Drilling shows impressive continuity downhole and between
drill holes. We see similar geology, alteration, structural
characteristics, geochemistry, and stacking of high-grade gold
veins in all drill holes. Our recent fieldwork shows that some of
the same attributes characterize the Tiger Gold Zone, located 350 m
away. The potential for a sizeable kilometre-wide and deep system,
similar to Fosterville, is possible here, and we’ll continue to
expand the zone with our ongoing exploration program.”
”The first phase of our 2023 drilling campaign
was a huge success, with many intersections showing metal factors
exceeding 10 and up to 165, proving the robustness of the gold
system. The drill rig is now being mobilized, and our technical
team is excited to test new targets at Lynx, at depth and along
strike with the second phase of our 2023 drilling program.” added
Réjean Gosselin, Puma’s Executive Chairman.
Figure 2. Pictures of Bonanza gold-grade core samples
Lynx Gold Zone Depositional Model
Samples of drill core with very high-grade gold
veins were sent to an external consultant for petrographic (thin
section) analysis to help characterize the gold system at the LGZ.
The samples were also sent for additional XRF whole-rock
geochemical analysis. Most of the holes drilled show pervasive
sericitization with pyrite, tetrahedrite, sphalerite, galena, minor
chalcopyrite, and malachite. Visible gold and associated potential
bonanza-grade veins appear to be linked to the presence of
carbonate alteration with elevated silver, bismuth, and base metals
values (Cu-Pb-Zn).
A detailed mapping study in collaboration with
Terrane Geoscience’s structural experts also indicates that the
gold mineralization at the LGZ is associated with and controlled by
extensional veins and breccias arranged in a ladder pattern.
The favourable contact at the LGZ appears to
have acted as a major plumbing zone between sediment (turbidite)
and felsic volcanic (rhyolite), with gold veins developing within
the turbidite itself in contrast to the surrounding rock.
Dr. Gregg Morrison, a leading expert on
intrusion-related, porphyry and epithermal gold systems, has
reviewed the geology and classified rock and core samples of the
Lynx Gold Zone for their texture, mineralogy, and multi-element
geochemistry. He 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 3: Location of 2023 drill holes
Table 1. Assay results for holes WB23-140 to 145
DDH # |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
WB23-140 |
3.30 |
159.15 |
155.85 |
0.42 |
incl, |
3.30 |
10.00 |
6.70 |
2.44 |
incl, |
4.00 |
7.00 |
3.00 |
5.21 |
and |
49.25 |
53.40 |
4.15 |
0.44 |
and |
85.90 |
86.50 |
0.60 |
1.76 |
and |
115.00 |
158.70 |
43.70 |
0.92 |
incl, |
115.00 |
133.30 |
18.30 |
1.43 |
incl, |
129.35 |
133.30 |
3.95 |
5.44 |
incl, |
129.35 |
130.25 |
0.90 |
21.50 |
and |
155.45 |
158.70 |
3.25 |
4.06 |
incl, |
155.45 |
156.45 |
1.00 |
10.75 |
and |
180.00 |
181.40 |
1.40 |
1.20 |
WB23-141 |
79.70 |
84.30 |
4.60 |
0.30 |
WB23-142 |
36.10 |
137.00 |
100.90 |
1.25 |
incl, |
58.85 |
91.00 |
32.15 |
3.80 |
incl, |
58.85 |
82.00 |
23.15 |
5.15 |
incl, |
58.85 |
69.30 |
10.45 |
11.21 |
incl, |
58.85 |
64.35 |
5.50 |
20.67 |
and |
67.50 |
69.30 |
1.80 |
1.86 |
and |
80.25 |
82.00 |
1.75 |
0.93 |
and |
90.70 |
91.00 |
0.30 |
9.61 |
and |
136.45 |
137.00 |
0.55 |
1.24 |
WB23-143 |
INDIVIDUAL SAMPLE IN WB23-143 |
|
|
|
48.40 |
49.30 |
0.90 |
1.22 |
|
77.00 |
77.85 |
0.85 |
2.44 |
|
94.45 |
95.00 |
0.55 |
16.05 |
WB23-144 |
72.85 |
178.60 |
105.75 |
0.32 |
incl, |
72.85 |
76.85 |
4.00 |
2.32 |
and |
72.85 |
73.65 |
0.80 |
6.88 |
and |
76.25 |
76.85 |
0.60 |
6.16 |
and |
153.00 |
178.60 |
25.60 |
0.95 |
incl, |
153.00 |
162.05 |
9.05 |
2.55 |
incl, |
158.80 |
162.05 |
3.25 |
6.60 |
incl, |
161.50 |
162.05 |
0.55 |
38.10 |
and |
177.65 |
178.60 |
0.95 |
1.12 |
WB23-145 |
79.85 |
251.00 |
171.15 |
0.74 |
incl, |
79.85 |
177.90 |
98.05 |
1.24 |
incl, |
80.35 |
109.25 |
28.90 |
2.26 |
incl, |
79.85 |
88.85 |
9.00 |
6.87 |
incl, |
80.35 |
86.00 |
5.65 |
10.81 |
incl, |
80.75 |
83.00 |
2.25 |
25.23 |
and |
105.30 |
107.80 |
2.50 |
1.41 |
and |
158.45 |
178.60 |
20.15 |
2.73 |
incl, |
169.65 |
174.75 |
5.10 |
9.91 |
incl, |
171.85 |
174.75 |
2.90 |
16.38 |
and |
246.00 |
249.00 |
3.00 |
1.01 |
All interval widths reported are along the core axis; true
widths of the system are unknown.
Table 2. Coordinates of drill holes
DDH # |
Station |
Easting (m)* |
Northing (m)* |
Elevation (m) |
Azimuth (°) |
Dip (°) |
Length (m) |
WB23-140 |
L270E |
660343 |
5259458 |
387 |
260 |
-45 |
218 |
WB23-141 |
L270E |
660343 |
5259458 |
387 |
330 |
-45 |
178 |
WB23-142 |
L180E |
660287 |
5259359 |
388 |
338 |
-46 |
236 |
WB23-143 |
L340E |
660351 |
5259599 |
386 |
202 |
-45 |
101 |
WB23-144 |
L350E |
660388 |
5259550 |
386 |
260 |
-46 |
197 |
WB23-145 |
L250E |
660335 |
5259430 |
388 |
260 |
-46 |
275 |
* Projection: UTM Nad83 zone 19 |
|
|
|
Total: |
1,205 |
Webinar
Puma invites shareholders and other interested
parties to participate in a webinar on Thursday, November
23, 2023, at 4:00 pm EST. Marcel Robillard, President and
CEO, will provide an overview of the Company’s latest developments
and answer questions.
Click on the following link
https://us06web.zoom.us/webinar/register/WN_mH1EVDqhQuqztP3umo0N2Q
to register. After registering, you will receive a confirmation
email containing information about joining the webinar.
Upcoming Gold Investor Events
Puma invites shareholders and interested parties to schedule a
meeting at the upcoming conferences to discuss the Company's recent
news and proposed developments. Click on the links to register.
- 121 Mining Investment London. UKNovember
20-21. 2023
About the Williams Brook Gold Project
Puma's flagship Williams Brook Gold Project
comprises four properties covering more than 60,000 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.
Figure 4. 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 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 cores 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.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b993a8-0dde-43fe-a153-2325b170672e
https://www.globenewswire.com/NewsRoom/AttachmentNg/9274c3b0-5493-4477-9e2d-b332ab3e407c
https://www.globenewswire.com/NewsRoom/AttachmentNg/c07a24d3-8530-47ac-9c46-a04fafbab640
https://www.globenewswire.com/NewsRoom/AttachmentNg/19bb5395-8197-4bb2-87a0-416b24bc5bcb
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