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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 76,018,714
Close 2021-03-31 C$ 0.19
Recent Sedar Documents

Puma samples up to 241 g/t Au at Williams Brook

2021-03-31 08:15 ET - News Release

Mr. Marcel Robillard reports

PUMA MAKES NEW HIGH-GRADE GOLD DISCOVERIES WITH SURFACE SAMPLE GRADING 241.0 G/T AU AT ITS WILLIAMS BROOK PROPERTY, NB, CANADA

Puma Exploration Inc. has provided final assays from its 2020 exploration campaign with the release today of the highest gold grade samples and additional continuous gold zone discovered, to date; with selected grab samples* of 241.0 grams per tonne Au, 79.8 g/t Au 74.2 g/t Au at the Lynx gold zone.

The Lynx gold zone is part of the O'Neil gold trend (OGT), defined by trenching over 650 metres, at the company's Williams Brook property.

Highlights:

  • New gold discoveries from recent trenching at Lynx gold zone with selected grab samples* grading 241.0 grams per tonne Au, 79.8 g/t Au, 74.2 g/t Au, 71.8 g/t Au, 63.5 g/t Au, collected from bedrock.
  • The Lynx gold zone is 75 metres long by 25 metres wide, is open in all directions and contains over 50 samples grading over one g/t Au.
  • The Lynx gold zone is located 200 metres northeast of the Pepitos and O'Neil gold zones along strike of the O'Neil gold trend (OGT).
  • Recent trenching operations led to the discovery of two additional gold zones: the Chubby (3.5 g/t Au, 1.2 g/t Au and 1.2 g/t Au) and Moose (2.4 g/t Au, 2.1 g/t Au and 1.3 g/t Au) gold zones, located respectively 100 metres and 400 metres northeast of Lynx.

* Selected rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.

The O'Neil gold trend (OGT) hosts, from south to north, the O'Neil, Pepitos, Lynx, Chubby and Moose, all newly discovered in 2020 by trenching and surface sampling. The favourable rhyolite is open in both directions and the current airborne survey (90 per cent completed) should indicate its potential size.

Marcel Robillard, president and chief executive officer of Puma, said: "It is amazing to see that every trench excavated along the O'Neil gold trend (OGT) has discovered significant new gold mineralization. The discoveries of these high-grade gold zones follows over 650 metres of trenching, demonstrates the high potential for a large epithermal gold deposit at Williams Brook.

"The recent trenching program in 2020 (4,500 m) highlighted many prospective areas remaining untested along the main fertile contact between the altered rhyolite and the sediment units. We are thrilled to continue the stripping operations at Williams Brook and initiate the first-ever fully fund[ed] drilling program along the O'Neil gold trend," added Mr. Robillard.

The Lynx gold zone

The Lynx gold zone is located 200 metres northeast of the O'Neil gold and the Pepitos gold zone, where high-grade gold samples were collected and assayed during the 2020 exploration and trenching program (see news releases dated Feb. 18, 2021, and Sept. 1, 2020). Bedrock samples grading up to 240 g/t Au at Lynx have been observed in brecciated quartz veins at the contact between the sediments and the altered rhyolite (see attached table for gold assays). The contact sediment/rhyolite is hosting the majority of high-grade gold samples collected, so far, along the O'Neil gold trend (OGT). Also, silver-antimony and bismuth mineralization was encountered in the trenching, adding to the geological model, and will be used as high-grade gold pathfinders.

 
      HIGH-GRADE SELECTED GRAB SAMPLES
     (>10.0 G/T AU) AT LYNX GOLD ZONES*

Sample         Target/area          Au (g/t)

B485106               Lynx            241.0
C098527               Lynx             79.8
B485107               Lynx             74.2
B485108               Lynx             71.8
C098536               Lynx             63.5
B485388               Lynx             59.6
B485389               Lynx             58.4
C098529               Lynx             50.4
C098526               Lynx             48.3
C098534               Lynx             38.7
B485386               Lynx             36.0
B484559               Lynx             35.7
C098541               Lynx             25.4
C098531               Lynx             24.2
B484556               Lynx             17.7
B485114               Lynx             15.9
C098535               Lynx             13.6
C098518               Lynx             12.0
B484555               Lynx             11.6
B484557               Lynx             10.9
B485378               Lynx             10.0

* Selected rock grab samples are selective 
  by nature and may not represent the true 
  grade or style of mineralization across 
  the property.

The Chubby and Moose gold zones

The other new discoveries, the Chubby and the Moose gold zones, are located, respectively, 350 metres and 600 metres northeast of the O'Neil gold zone. The gold mineralization is located in a faulted, altered and brecciated rhyolite. Most of the samples containing the higher-grade gold mineralization show a distinctive epithermal texture and are located along the contact zone (sed/rhy), which represents an important control/conduit parallel to the regional structures trending northeast. Potential gold enrichments systems (Riedel type) are composed of extension veins (north 290 degrees to north 320 degrees) within the rhyolite/sediment contacts.

 
        SIGNIFICANT SELECTED GRAB SAMPLES
        (>1.0 G/T AU) AT CHUBBY AND MOOSE
                   GOLD ZONES*

Sample           Target/area            Au (g/t)

B485207               Chubby                3.9
B484658               Chubby                1.2
B485487               Chubby                1.2
B484975                Moose                2.4
B485373                Moose                2.1
A0753735               Moose                1.3
B485372                Moose                1.1
B485234                Moose                1.1

* Selected rock grab samples are selective by 
  nature and may not represent the true grade 
  or style of mineralization across the property.

Current activities 2021 and program

These impressive new results, data and interpretation will lead to the drilling target definition for the first-ever drilling program along the O'Neil gold trend. The first step is to proceed with a major stripping area over the entire O'Neil gold trend (600 m by 100 m), where the main objective will be to better define and locate the fertile contact between the sediments/rhyolite along the OGT.

Also, the district-scale airborne VTEM (virtual time domain electromagnetic) survey (3,900 kilometres) of the Triple Fault gold project is almost done (90 per cent) and will help define the geophysical signature of these high-grade gold new discoveries. Since January, Puma proceeded with significant claim additions to secure the entire Williams Brook area.

Marcel Robillard, president and chief executive officer of Puma, said: "Since less than one year Puma consolidated the Triple Fault project as an emerging gold district, including all its gold showings, soil and till anomalies within the prospective area. We have been active in the area since 15 years, but 2020 was our most ambitious year with new objectives."

O'Neil gold trend (OGT)

The O'Neil gold trend (OGT) is represented as a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching over a strike length of 5.0 km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones with selected drill results of 11.2 grams per tonne over 2.8 m, 2.1 g/t Au over 9.0 m and 1.0 g/t over 23 m.

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 altered horizon varies from five to 250 metres, with an average apparent thickness of 150 metres. Numerous quartz veins, quartz veinlets, stockworks and breccias were observed mostly perpendicular to the major trend and contain the gold mineralization. The OGT has never been drilled and many gold zones were discovered during the summer 2020 exploration campaign.

Triple Fault gold project

The Triple Fault gold project includes three properties named Williams Brook gold, Jonpol gold and Portage Lake, covering more than 32,000 hectares of favourable gold exploration land package. The project is located about 60 km west of Bathurst, with the paved road crosscutting the property.

Puma is currently focusing its fieldwork on its first priority, the Williams Brook gold property. The Williams Brook gold property includes selected drill results of 11.2 g/t over 2.8 m, 2.1 g/t Au over 9.0 m and 1.0 g/t over 23 m, gold occurrences grading up to 109.0 g/t Au, 50.8 g/t Au, 38.9 g/t Au in bedrock, numerous gold soil anomalies and extremely anomalous till samples with up to 508 gold grains that occur over an area approximately 12 by three kilometres.

There has been very limited drilling and exploration in the area mapped to be part of the Dunnage zone hosting major gold deposits and gold occurrences in Silurian-Devonian rocks and considered as an emerging gold exploration and development district.

Qualified persons

Dominique Gagne, PGeo, an 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.

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). Rock sample ICP results with gold over one g/t were subjected to a metallic screening (Au-SCR24) one kg pulp screened to 100 microns. Other screen sizes are available. Duplicate 50 g assay on screen undersize. Assay of the 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 share dilution.

We seek Safe Harbor.

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