Mr. Marcel Robillard reports
PUMA EXPLORATION SIGNS STRATEGIC LAND PACKAGE AGREEMENT TO EXTEND ITS WILLIAMS BROOK GOLD PROPERTY
Puma Exploration Inc. has signed a definitive agreement to acquire 100-per-cent interest in another 341 claims, in nine separate claim blocks, contiguous to its flagship Williams Brook North property. The claims add another 7,443 hectares to the land package, for a total of 29,522 ha. The Williams Brook gold property is the continuing focus of the company's 2022 exploration program. The new claims are located along strike of the gold trends identified at Williams Brook to date. While there has been limited exploration carried out on the claims so far, trenching undertaken in 2021 returned gold results up to 8.67 grams per tonne (g/t) gold. Puma will compile and analyze available data this winter in preparation for a comprehensive surface exploration program next summer.
Over the past 15 months, Puma has consolidated a patchwork of mining claims that had seen little to no modern exploration work. The company's successful 2021 exploration program, combined with the initial visual observations from the current 10,000-metre drilling program at the O'Neil gold trend (OGT), were catalysts to secure more ground with similar potential contiguous to the existing landholding.
More about the claims
In 2020, a new logging road exposed potassic rhyolite rocks containing quartz veins. Trenching in the summer of 2021 led to a gold discovery. Seven out of nine samples from an initial trench (trench 1) returned more than one g/t Au, with notable grades of 5.92 g/t Au, 5.15 g/t Au, 4.05 g/t gold and 3.09 g/t Au. Following this success, 30 metres to the south, a second trench exposed the same mineralization and returned 8.67 g/t Au, 6.18 g/t Au, 2.10 g/t Au, 1.18 g/t Au and 1.0 g/t Au.
This gold discovery appears to coincide with a large-scale mag anomaly. Puma will undertake a detailed compilation of trenching results and geophysical data this winter in preparation for next summer's grassroots exploration program over the entirety of the property. The claims have never been drilled before. The summer, 2022, surface exploration work will enable the company to identify targets for future drilling.
To acquire a 100-per-cent interest in the claims (341 claims), Puma agrees to issue the vendor on closing:
- 250,000 common shares of the company and a $40,000 cash payment;
- 250,000 common shares of the company and a $40,000 cash payment on or before the first anniversary of the signing of the agreement;
- 250,000 common shares of the company and a $50,000 cash payment on or before the agreement's second anniversary;
- 250,000 common shares of the company and a $50,000 cash payment on or before the agreement's third anniversary.
Additional performance payments to the vendor:
- Cash payment of $25,000 upon a positive preliminary economic assessment;
- Cash payment of $50,000 upon a positive feasibility study;
- One-time cash payment of $100,000 upon commercial production.
The vendor will retain a 2-per-cent net smelter return (NSR) royalty on any commercial production from the property. Fifty per cent of the NSR, or 1 per cent, may be purchased by Puma for $1-million. Puma retains the right of first refusal on the remaining 1-per-cent NSR royalty retained by the vendor. The agreement is subject to the approval of the TSX Venture Exchange.
Dominique Gagne, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.
Puma has developed and implemented precautions and procedures compliant with Quebec and New Brunswick's health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential of community contact and spreading of the virus.
About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near 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.
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