22:15:18 EDT Tue 04 Oct 2022
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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 106,287,244
Close 2022-04-27 C$ 0.39
Recent Sedar Documents

Puma drills 16.9 m of 6.47 g/t Au at Williams Brook

2022-04-28 08:28 ET - News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION DRILLS A NEW HIGH-GRADE ZONE OF 34.93 G/T GOLD OVER 3.00M WITHIN A 16.90M INTERCEPT GRADING 6.47 G/T GOLD AT WILLIAMS BROOK

Puma Exploration Inc. has drilled a near-surface, high-grade gold intersection of 34.93 grams per tonne gold over three metres within a wider zone assaying 6.47 g/t gold over 16.9 metres in hole WB22-25. Additional high-grade intercepts include 22.28 g/t Au over 3.2 metres within a wider gold intercept of 3.97 g/t Au over 22.1 metres in hole WB22-36 and one g/t Au over 33.35 metres in hole WB22-26. These new, high-grade discoveries extend by more than 300 metres to the northeast, the first gold discovery made at the OGT in 2021.

"These first results are very exciting. Every hole intersected gold mineralization, and hole WB22-25 is one of the most impressive, with more than 34 g/t gold over three metres. That hole contains the highest individual gold grade since the beginning of drilling in 2021, with 183 g/t Au over 0.5 metre. We are systematically building our model and demonstrating again, step by step, the gold potential of the O'Neil gold trend and the entire Williams Brook project," said Marcel Robillard, president and chief executive officer of Puma Exploration.

Highlights:

  • A new high-grade gold intersection (34.93 g/t Au over three m within a wider zone assaying 6.47 g/t Au over 16.9 m).
  • A 25 m stepout from hole WB22-25 intersected 22.28 g/t Au over 3.2 m within a wider gold intercept of 3.97 g/t Au over 22.1 m in hole WB22-36.
  • Several other high-grade gold samples occur within a large, lower-grade envelope: 183 g/t over 0.5 m, 59.6 g/t Au over 0.65 m, 30.5 g/t Au over 0.3 m, 23.7 g/t Au over 0.8 m, 16.5 g/t Au over 0.7 m, 14.65 g/t Au over 0.6 m and 9.12 g/t over 0.3 m.
  • Gold mineralization appears to be associated with widespread limonitization plus sericitization, and all holes intersected the favourable OGT mineralized and altered horizon.

These holes tested a segment of approximately 200 metres to the northeast and along strike of the 2021 drilling campaign highlighted by hole WB21-02, which returned two high-grade sections of 46.94 g/t Au over 3.85 m and 28.52 g/t Au over 2.1 m (see Sept. 15, 2021, news release). The results for an additional 2,000 metres of drilling are expected shortly.

Today's results include the first 19 holes for 2,389 metres of the continuing 10,000 m 2022 drilling campaign. An attached table highlights significant results from this first set of holes. To date, 37 holes have been drilled in this first phase of drilling for a total of approximately 4,300 metres. Assay results are pending for an additional 2,000 metres of core already sent to the laboratory. They will be announced when received.

The recently completed drill holes and field observations show the same mineralized quartz veins and stockworks with disseminated sulphides locally (pyrite, galena, sphalerite, malachite, azurite and tetrahedrite) and sporadic visible gold within widespread limonite plus sericite alteration. The alteration appears to be localized at the contact between brecciated rhyolite and sediments, and along the major high-grade quartz veins.

Continuing 10,000 m drilling program at the OGT

Following the success of the initial 2021 stripping and drilling program, the 2022 drilling campaign was designed to confirm the extent at shallow depth of the alteration and mineralization found at surface along the OGT. Since drilling began in late January, more than 37 holes (4,300 metres) have been completed.

Puma's technical team estimates that the 10,000 m drilling campaign will be completed in June, after which the 2022 field exploration program will begin over the entire property. A detailed exploration program is being prepared and will be announced shortly. It will focus on first-priority targets defined from the current geophysical, geochemical and drilling compilation.

Qualified person

Dominique Gagne, PGeo, a qualified person as defined by National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

On-site quality assurance/quality control measures

Drill core samples are bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., 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 quality assurance/quality control 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 gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

COVID-19 precautions

Puma has developed and implemented precautions and procedures compliant with Quebec and New Brunswick 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 Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious metal projects located near the famous Bathurst mining camp in New Brunswick, Canada. The company is committed to its DEAR (development, exploration, acquisition and royalties) strategy to generate maximum value for shareholders with low share dilution.

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