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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 77,143,714
Close 2021-06-04 C$ 0.27
Recent Sedar Documents

Puma begins wood cutting, stripping at Williams Brook

2021-06-04 09:37 ET - News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION REPORTS PROGRESS ON ITS 2021 EXPLORATION PROGRAM AT WILLIAMS BROOK GOLD PROPERTY IN NEW BRUNSWICK, CANADA

Puma Exploration Inc. has provided an update on progress on its current 2021 exploration program at the Williams Brook gold property located in New Brunswick, Canada's Atlantic province. The summer field program is well under way with three technical teams on site. Heavy equipment for wood cutting, trenching and stripping has also been mobilized and is currently active on site.

The main focus of the current program is to detail and expand the recent major gold discoveries along the O'Neil gold trend (OGT) traced over 650 metres with bonanza grades up to 241.0 grams per tonne gold. OGT will also see specific work in preparation of the imminent inaugural drilling program that should begin in June, 2021.

Major advancements were made during the initial two weeks of the program, which includes:

  • Wood cutting of an area of 200 metres by 600 metres covering OGT is 25 per cent finished and should be completed by mid-June.
  • Stripping of OGT has begun and will intensify after the wood cutting is finished.
  • Structural site characterization with Terrane Geoscience Inc. is currently in progress at the Lynx gold zone. This work will benefit the technical teams of Puma, which is advancing the mapping of the gold-bearing quartz veins along the contact sediments/rhyolite.
  • Tests are in progress with a drone in order to accurately position the lithologies and structures with detailed photography of the entire OGT.
  • The drilling sites have been prepared for the first program (2,000 metres) on the OGT. Drilling is scheduled before the end of June.
  • Prospection of the 50-plus priority targets identified with the recent large VTEM (versatile time-domain electromagnetic) aerial survey is continuing. This program has already been successful at identifying similar parallel sediments/rhyolite contact zones in the vicinity of the OGT.

Marcel Robillard, president and chief executive officer, commented: "The 2021 summer exploration campaign is a great milestone for Puma's shareholders. It is the result of the long, hard and dedicated work of our technical team since the acquisition of the Williams Brook gold property last year. And now, we are very excited by the upcoming first drilling program on our recent OGT discovery and anxious to see what OGT has in store for us!"

O'Neil gold trend (OGT)

The O'Neil gold trend is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching over a strike length of 7.0 kilometres. 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 gold over 2.8 metres, 2.1 grams per tonne gold over 9.0 metres and 1.0 gram per tonne gold 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 altered horizon varies from five metres 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.

High-grade selected grab samples assays on the prolific O'Neil gold trend*:

  • O'Neil gold area (visible gold): 128.5 grams per tonne gold, 44.4 grams per tonne gold, 38.8 grams per tonne gold, 32.8 grams per tonne gold and 23.1 grams per tonne gold;
  • Pepitos gold area (visible gold): 52.1 grams per tonne gold, 16.1 grams per tonne gold, 15.0 grams per tonne gold, 13.1 grams per tonne gold and 4.87 grams per tonne gold;
  • Lynx gold area (visible gold): 241.0 grams per tonne gold, 79.8 grams per tonne gold, 74.2 grams per tonne gold, 63.5 grams per tonne gold and 58.4 grams per tonne gold;
  • Chubby gold area: 3.5 grams per tonne gold, 1.2 grams per tonne gold, 1.2 grams per tonne gold and 0.45 gram per tonne gold;
  • Moose gold area: 2.4 grams per tonne gold, 2.1 grams per tonne gold, 1.3 grams per tonne gold and 1.1 grams per tonne gold.

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

Modification of exercise price for options granted

Following the regulatory (TSX Venture Exchange) revision, Puma has modified the exercise price for the options granted on May 20, 2021, from 25 cents to 26.5 cents. The total incentive stock options remain at 1.6 million granted to certain directors, advisers and consultants of the company. These options will expire on June 4, 2023.

Qualified persons

Dominique Gagne, PGeo, independent qualified person as defined by 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 and 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).

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious metal and base metal 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 (development, exploration, acquisition and royalties) strategy in order to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.

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