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Puma Exploration Inc (2)
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Puma Exploration hits visible gold at Williams Brook

2021-07-15 09:56 ET - News Release

Mr. Marcel Robillard reports


Puma Exploration Inc. has released initial observations from its 2021 inaugural diamond drill campaign at its 100-per-cent-controlled Williams Brook gold property, located in New Brunswick, Atlantic Canada (see press release dated June 30, 2021). The program is designed to trace the high-grade gold vein networks exposed at surface at the Lynx gold zone (see press release dated March 31, 2021) to better define any potential high-grade shoot gold system extending at depth and along strike.

To date, four holes totalling 524.5 metres, drilled along within the same section N155 and collared over the high-grade gold mineralization at the Lynx gold zone, are completed. A few specks of visible gold (VG) were encountered in the first two holes (WB21-01 and WB21-02), which are currently logged and split adequately. All holes were collared in a strong altered and brecciated rhyolite and/or altered sediments. Abundant quartz veins and large network of quartz veinlets were also observed, showing pervasive sericite alteration with disseminated sulphides (galena, chalocopyrite, pyrite, sphalerite, stibinite and malachite) over more than 50 metres in each hole.

Puma notes that the logging and sampling are currently in progress. There is no certainty that the assays will reflect the current visual observation, but the core pulled out from the ground are similar to the surface stripping observations.

Review of previous field reports

Following a detailed review of historical reports to identify the drilling pattern used by the previous operators, the technical team highlighted a diamond drill program done in 2008 by Blue Note Mining. At the time of the release, Blue Note Mining reported an interval of 11.16 grams per tonne gold over 2.8 metres (hole WB08-11).

The initial assay (fire assay) results for a 0.50-metre (24.3 to 24.8 metres) interval in this intersection returned a value of 501 g/t Au and was reassayed at 269 g/t Au. A third assay, using metallic screen returned 24.5 g/t Au. The latest result has been used for the calculation of the weighted average grade of the 2.8-metre intercept at 11.2 g/t Au. If the average of the three results was used instead of the lower one, the overall intercept of the hole WB08-11 would have been 54.1 g/t Au over 2.8 metres within a broader zone of 23.8 g/t Au over 6.4 metres.

Hole WB08-11 was drilled at the Williams Brook property about five kilometres northwest of the O'Neil gold trend (OGT). The mineralization occurs in quartz veins within an altered rhyolite with pyrite-galena-sphalerite disseminated mineralization. Visible gold was also noted in the hole.

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 700 metres. The geophysical signature of the OGT is expressed over seven 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 g/t Au over 2.8 metres, 2.1 g/t Au over 9.0 metres and 1.0 g/t Au 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 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 (OGT)*:

  • O'Neil gold zone (VG**): 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au and 23.1 g/t Au;
  • Pepitos gold zone (VG**): 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au and 4.87 g/t Au;
  • Lynx gold zone (VG**): 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au and 58.4 g/t Au;
  • Chubby zone area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au and 0.45 g/t Au;
  • Moose gold zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au and 1.1 g/t Au.

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

** VG refers to visible gold.

Qualified person

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); other screen sizes available; duplicate 50-gram assay on screen undersize; assay of entire oversize fraction.

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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