22:03:02 EDT Tue 04 Oct 2022
Enter Symbol
or Name

Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 86,083,804
Close 2021-11-23 C$ 0.415
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Puma completes option payments for Williams Brook

2021-11-23 12:39 ET - News Release

Mr. Marcel Robillard reports


Puma Exploration Inc. has completed all the option agreement payments in order to complete the 100-per-cent acquisition of the Williams Brook gold project located in New Brunswick.

Following the extraordinary success of the drilling campaign with discovery hole WB21-02 returning 5.50 grams per tonne over 50.15 metres and the new gold occurrences to the northeast, extending the continuous gold-mineralized corridor for more than 275 metres along the O'Neil gold trend, Puma accelerated the execution of all the option agreements covering the Williams Brook property.

The acquisition and the consolidation of the Williams Brook gold project began in early 2020 and most of the properties were currently standing at the second year of the four-year option agreement. A total of 25 contiguous claim blocks were consolidated and constitute the entire land package of the Williams Brook property. Puma decided to accelerate the payments to fulfill all the requirements under the various agreements and proceed with the titles transfers.

Consequently, Puma is the 100-per-cent-registered holder of the mineral rights totalling 32,214 hectares. The exploration work conducted on the property is sufficient to cover the minimum work expenditures requirement with the New Brunswick government and to renew the properties for the next few years.

"The aggregation of all the Williams Brook gold claim group through the buyout of the options will enable the company to better allocate its exploration expenditures and ensure a more efficient utilization of financial and human resources to thoroughly and systematically explore for gold on our extremely well-positioned properties in the new emerging gold district of New Brunswick," notes Marcel Robillard, president of Puma Exploration.

O'Neil gold trend (OGT)

The O'Neil gold trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 metres. The geophysical signature of the OGT is expressed over seven kilometres. The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 metres and one g/t Au over 23 metres.

These trends are interpreted to be related to a major rifting in the New Brunswick geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from five to 250 metres with an average apparent thickness of 150 metres.

The core-oriented maiden drill campaign was completed on Aug. 20, 2021. It consisted of 18 holes for a total of 2,360 metres that tested a 200-metre segment of the 700-metre-long OGT. The assay results for the 12 first holes are released and all holes intersected significant gold mineralization including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 metres from surface, including 9.88 g/t Au over 8.60 metres and 46.94 g/t Au over 3.85 metres.

Qualified person

Dominique Gagne, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither 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. Mr. Gagne is independent of the company.

Quality assurance/quality control (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample is dried, crushed and pulped. The samples were crushed to 70 per cent less than two millimetres, riffle split off one kilogram, pulverize split to better than 85 per cent passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50 g assay on screen undersize. Assay of entire oversize fraction.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the famous Bathurst mining camp (BMC) in New Brunswick, Canada. Great efforts will be made by the company in the coming years to deploy its DEAR strategy (development, exploration, acquisition and royalties) in order to generate maximum value for shareholders with low shares dilution.

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