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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 83,163,301
Close 2021-09-14 C$ 0.59
Recent Sedar Documents

Puma drills 50.15 m of 5.55 g/t Au at Williams Brook

2021-09-15 06:12 ET - News Release

Mr. Marcel Robillard reports

MAJOR GOLD DISCOVERY IN NEW BRUNSWICK: PUMA EXPLORATION DRILLS 5.55 G/T AU OVER 50.15 METERS* ON INITIAL DRILLING AT WILLIAMS BROOK GOLD PROPERTY

Puma Exploration Inc. has released results from the six initial drill holes completed at its flagship Williams Brook gold project located in New Brunswick, the emerging new gold district of Atlantic, Canada.

Discovery hole WB21-02 intersected 5.55 grams per tonne gold over 50.15 metres from surface. The mineralized and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 metres and 46.94 g/t Au over 3.85 metres. All the first six holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralized rhyolite.

        SIGNIFICANT DRILL RESULTS AT THE LYNX GOLD ZONE
 
Hole ID           From            To        Length            Au
                   (m)           (m)           (m)         (g/t)

WB21-01           4.00         29.60         25.60          1.30
incl.             4.00          9.40          5.40          5.10
incl.             4.00          6.10          2.10         12.71
and              16.50         17.00          0.50          2.17
and              29.40         29.60          0.20          9.81
WB21-02           0.00         50.15         50.15          5.55
incl.             7.20         15.80          8.60          9.88
incl.             7.20         10.20          3.00          8.33
and              13.70         15.80          2.10         28.52
                 21.00         22.00          1.00          2.89
                 29.00         30.00          1.00          1.84
                 31.45         33.00          1.55          3.77
                 36.20         37.40          1.20          0.45
incl.            45.60         49.45          3.85         46.94
incl.            45.60         46.60          1.00         69.90
and              47.60         49.45          1.85         59.68
WB21-03          20.55         58.10         37.55          0.55
incl.            20.55         21.65          1.10          2.78
and              46.00         58.10         12.10          1.47
incl.            55.90         58.10          2.20          7.81
WB21-04          13.75         18.90          5.15          0.26
                 13.75         14.35          0.60          1.10
                 88.00         88.50          0.50          0.40
                138.30        143.80          5.50          0.95
incl.           140.50        141.50          1.00          2.84
WB21-05          12.00         38.40         26.40          1.00
incl.            26.00         38.40         12.40          2.08
incl.            26.00         28.00          2.00         12.64
WB21-06           1.50         50.20         48.70          1.16
incl.            29.00         49.70         20.70          2.73
incl.            31.80         34.50          2.70          1.92
and              36.00         37.60          1.60          1.25
and              46.80         49.70          2.90         16.92
incl.            46.80         48.30          1.50         24.66

* Stated lengths in metres are downhole core lengths and not 
true widths. True widths will be calculated once more drilling 
confirms the geometry of the quartz-sulphide system.

All 18 drill holes completed to date testing the Lynx zone have intercepted the mineralized and altered rhyolite unit. Drill core from 12 other holes has been sent to the lab and assays are pending. Following these excellent drill results, the company has recently decided to increase its planned campaign to 10,000 metres, up from the initial 2,000 metres.

Marcel Robillard, president and chief executive officer, stated: "We are all very excited about the initial assay results as they have far exceeded our expectations, especially with WB21-02 returning a metal factor of 278. The drilling is validating the representativity of the high-grade gold samples collected at surface and the continuity of the mineralization at depth and laterally. The additional results should improve our model as we continue to better understand the geometry of the mineralized envelope along this segment of the O'Neil gold trend (OGT), that remains open."

"The drill results announced today clearly demonstrates the tremendous gold potential of our Williams Brook gold project and confirms the appearance of a new gold district in New Brunswick, a mining-friendly jurisdiction of Atlantic Canada. It is no surprise that our technical team is anxious to begin the second phase of drilling to further test the easily accessible OGT and the other first-priority targets," added Mr. Robillard.

"It is really exceptional to make such a great gold discovery in such a short period of time and with a limited exploration budget. This is the result of the dedicated hard work of all the professionals working with Puma," commented Rejean Gosselin, executive chairman of the company.

Significant positive observations from the initial drilling results:

  • The gold mineralization starts at surface:
    • WB21-01 intersected 1.30 g/t Au over 25.60 metres from 4.00 metres.
    • WB21-02 intersected 5.55 g/t Au over 50.15 metres from surface (zero m).
    • WB21-05 intersected 1.16 g/t Au over 48.70 metres from 1.50 metres.
  • The high-grade samples collected at surface are representative of the mineralization at depth:
    • WB21-01 intersected 50.0 g/t Au over 0.50 metre.
    • WB21-02 intersected 59.68 g/t Au over 1.50 metres.
    • WB21-03 intersected 23.10 g/t Au over 0.65 metre.
    • WB21-05 intersected 16.07 g/t Au over 1.10 metres.
    • WB21-06 intersected 44.74 g/t Au over 0.70 metre.
  • Significant mineralized and altered thickness intersected:
    • WB21-01 intersected 1.30 g/t Au over 25.60 metres.
    • WB21-02 intersected 5.55 g/t Au over 50.15 metres.
    • WB21-03 intersected 1.47 g/t Au over 12.10 metres.
    • WB21-05 intersected 1.00 g/t Au over 26.40 metres.
    • WB21-06 intersected 1.16 g/t Au over 48.70 metres.
  • The high-grade surface mineralization is extending at depth:
    • WB21-02 intersected 59.68 g/t Au over 1.50 metres from 47.60 metres.
    • WB21-03 intersected 23.10 g/t Au over 0.65 metre from 56.85 metres.
    • WB21-04 intersected 2.84 g/t Au over 1.10 metres from 140.50 metres.
    • WB21-06 intersected 44.74 g/t Au over 0.70 metre from 47.60 metres.
  • The gold mineralization is extending in the sediments:
    • WB21-04 intersected 1.92 g/t Au over 0.70 metre from 16.80 metres.
    • WB21-04 intersected 2.84 g/t Au over 1.00 metre from 140.50 metres.

Inaugural drilling program at Williams Brook gold project

As planned, a total of 18 holes were completed for 2,360 metres. The NQ core oriented maiden drill program was conducted to test a segment of the 700-metre-long O'Neil gold trend (OGT), part of the Williams Brook gold project. The OGT shows a distinct seven-kilometre-long magnetic signature highlighted by the 2021 detailed VTEM (versatile time domain electromagnetic) airborne survey.

The drilling program was designed to better understand the spatial geometry of the mineralized envelope and discover any new potential high-grade zones extending at depth. It was planned with the support of Terrane Geoscience Inc., which completed earlier this summer a study of the alteration pattern and structural analysis of the main vein.

The holes were oriented to intersect the downdip projection of significant high-grade gold vein networks exposed at surface in trenches and in stripped areas at the Lynx gold zone along the O'Neil gold trend (OGT).

Core observations

Each of the 18 diamond drill holes show consistent mineralization and pervasive alteration over core length varying between 10 m and 75 m starting at surface. The main features observed included: abundant quartz veins and large network of quartz veinlets showing pervasive sericite and iron alteration. Disseminated sulphides and oxides (galena, chalocopyrite, pyrite, sphalerite, stibinite, bornite, covellite, tetrahedrite and malachite) were also present within the strongly altered intervals and within quartz veins. Visible gold (VG) was observed in many holes. The veins are granulars, drusics and sometimes massive within the altered porphyric rhyolite in contact with the sediments. The sediments are composed of altered siltstone interbed with mudstone.

Drilling ended Aug. 20, 2021, with 18 holes totalling 2,360 metres having been completed. The average depth per hole ranged between 58 and 242 metres. Final core logging and sampling are completed with the samples of all the holes sent to the laboratory for assaying. Once received, assay results will be compiled, interpreted and then released on a timely basis.

Current work

The technical team is on site to proceed with trenching and stripping operations to extend the favourable contact between the altered rhyolite and the sediments along the entire O'Neil gold trend. A large grab sampling program with detailed mapping of the favourable contact is in progress. A permanent crew with one excavator moves forward with exploration trenches in the entire area. Drill pads for the next core oriented drill campaign are also being prepared.

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 kilomettres. The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones.

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 rhyolite varies from five to 250 metres with an average apparent thickness of 150 metres.

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

  • O'Neil gold zone (visible gold): 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.

Qualified persons

Dominique Gagne, PGeo, 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 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 are available. Duplicate 50 g assay on screen undersize. Assay of entire oversize fraction.

About Puma Exploration Inc.

Puma Exploration is a Canada-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 shares dilution.

We seek Safe Harbor.

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