22:05:52 EDT Tue 04 Oct 2022
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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 86,190,536
Close 2021-12-08 C$ 0.40
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Puma finds visible gold in quartz at Williams Brook

2021-12-08 07:42 ET - News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION DISCOVERS LARGE QUARTZ VEINS AT SURFACE WITH VISIBLE GOLD ON ITS WILLIAMS BROOK GOLD PROPERTY

Puma Exploration Inc. has discovered a series of thick quartz veins that contain visible gold (VG) between the Chubby and Moose gold zones of its Williams Brook gold property in New Brunswick, Atlantic Canada.

The discoveries were made during the company's continuing stripping program that targets the favourable rhyolite/sediment contact along the O'Neil gold trend (OGT) and is designed to confirm continuous gold mineralization at surface over the trend's 700-metre strike length.

Rejean Gosselin, geologist and chairman of the board, noted: "We are excited about this discovery at the Chubby-Moose gold area. The mineralization of these near-surface, highly altered and large thick quartz veins is similar to what we observed at O'Neil, Lynx and Pepitos.

"This discovery further supports the potential for a large gold deposit that could extend over a strike length of 700 metres at Williams Brook. Building on the success of our inaugural drilling program in other areas of the property, we will test this new target in early 2022 to show that the gold mineralization observed here at surface also extends at depth."

Recent exploration highlights

  • Discovery of a pervasive network of altered and thick quartz veins;
  • Discovery of three additional areas with visible gold, over 25 metres, in quartz vein;
  • Discovery of several N340 structures in the rhyolite that could represent important conduits to the formation of the quartz veins and associated high-grade gold mineralization;
  • The entire OGT belt is heavily oxidized and mineralized;
  • Over 750 samples sent for assays (results pending);
  • Compilation of a robust geological model in collaboration with Terrane Geosciences and Mira Geoscience under way;
  • Launch of a 10,000-metre drilling campaign in January, 2022.

Continuing exploration program

Puma's continuing surface exploration and stripping program, launched in June, 2021, is focused on testing and extending the O'Neil gold trend at its Williams Brook property. Building on the company's success, the aggressive mechanized stripping program continues to uncover prospective areas for high-grade gold mineralization along the OGT. The entire 300-metre strike length contact between the Lynx zone up to the Moose zone was stripped at a width varying between 25 and 100 metres. The pervasive altered rock package that hosts networks of quartz veins with high-grade gold mineralization seen at O'Neil, Lynx and Pepitos is also present here. This significant discovery shows that gold mineralization extends over 700 metres along strike from the O'Neil area all the way to the Lynx area and that a large gold deposit is possible at Williams Brook.

With surface gold mineralization extending at depth, as shown by Puma's inaugural drilling program, the technical team is aggressively sampling the uncovered quartz veins to identify potential high-grade gold targets and improve the outcomes of its upcoming drilling program. Over 750 samples have been collected to date, with assays pending. Mapping and analysis of structural data are also under way to further optimize the upcoming drilling program. Terrane Geosciences mapped the favourable rhyolite/sediment contact in the area, and the structural features and the quartz veins orientation are currently being analyzed to improve targeting. As long as field conditions allow, Puma will continue to advance its surface stripping and sampling work aggressively.

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. Mr. Gagne is independent of the company.

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. The company is committed to its DEAR strategy (development, exploration, acquisition and royalties) to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.

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