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Puma Exploration Inc (2)
Symbol PUMA
Shares Issued 74,777,174
Close 2021-02-17 C$ 0.205
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Puma samples 52.1 g/t Au, 95.5 g/t Ag at Williams Brook

2021-02-18 13:10 ET - News Release

Mr. Marcel Robillard reports


Puma Exploration Inc. has released assays results for the surface discoveries of visible gold at the Pepitos gold zone (see news releases Nov. 12, 2020, and Nov. 19, 2020) as well as additional new results for the O'Neil showing (see news releases Sept. 1, 2020, Sept. 22, 2020, and Oct. 10, 2020) on the Williams Brook gold property.

Samples collected at the Pepitos gold zone from quartz veins contain fine specks of visible gold graded respectively 52.10 grams per tonne gold and 95.5 g/t silver, 16.15 g/t Au and 58 g/t Ag, and 15.05 g/t Au. Other high-grade gold results received from the Pepitos gold zone include 13.10 g/t Au, 4.87 g/t Au, 3.94 g/t Au and 3.23 g/t Au. All significant gold assays for the Pepitos gold zone and the O'Neil gold zone are listed in the attached tables.

Highlights and current status

  • Pepitos assays grading: 52.1 g/t Au, 16.1 g/t Au, 15 g/t Au, 13.1 g/t Au and 4.87 g/t Au;
  • O'Neil new assays grading: 32.8 g/t Au, 23.1 g/t Au, 16.9 g/t Au, 8.24 g/t Au and 6.14 g/t Au;
  • Pervasive silver-enrichment includes: 95.5 g/t Ag, 57.3 g/t Ag, 48 g/t Ag, 25.6 g/t Ag and 13.6 g/t Ag;
  • The O'Neil gold trend extending over five kilometres has never been drilled;
  • District-scale airborne VTEM survey of the Triple Fault gold project in progress (1,100 km completed); and
  • Assays are pending from the Lynx, Chubby and Moose gold zones.

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

"We are very satisfied with the initial surface sampling at Pepitos gold zone which confirmed and expanded the continuous known high-grade gold system on the Williams Brook property. Since the initial discovery of the O'Neil high-grade gold system, the trenching and stripping program at Pepitos expanded the surface high-grade gold mineralization for more than 75 metres. Furthermore, several high-grade silver veins were identified and could add significant value to the project," stated Marcel Robillard, president and chief executive officer of Puma Exploration. "We are excited to have received the additional assays results for the Lynx zone (see news release Oct. 22, 2020) and the first set of assays for the Chubby and Moose zones," added Mr. Robillard.

The sampling program at the Pepitos gold zone confirmed the presence of silver-rich, polymetallic quartz veins on the Williams Brook property. These silver and polymetallic veins are an integral and representative part of the geological model interpreted to be at Williams Brook. The attached table shows evidence of silver enrichment and polymetallic veins at the Pepitos gold zone.

The Williams Brook gold property, which was the focus of the 2020 exploration program, is part of the district-scale Tripe Fault gold project, recently acquired in 2020 in New Brunswick, Canada. The 2020 exploration program included primarily prospecting, mapping, trenching and stripping concentrated on the O'Neil gold trend followed over five km in length.

The latest important discoveries on the Williams Brook gold property are visible gold found at the Lynx gold zone, with pervasive antimony and copper oxides mineralization at the Lynx and Chubby gold zones. Lastly, the Moose zone represents the farthest mineralized zone (650 m), located along strike of the O'Neil showing hosting similar altered rhyolite, quartz veins and major structures. Samples results are still pending for the Lynx, Chubby and Moose areas and will be released once available.

O'Neil gold trend

The O'Neil gold trend is represented as a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurences followed by trenching over a strike length of five 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 g/t over 2.8 m, 2.1 g/t Au over nine metres, and one 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 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. Assays are still pending for the Lynx, Chubby and Moose gold zones.

Triple Fault gold project

The Triple Fault Gold Project includes three properties named Williams Brook gold, Jonpol gold and Portage Lake, covering more than 19,500 hectares of favourable gold exploration land package. The project is located about 60 km west of Bathurst with the paved road cross-cutting the property.

Puma is currently focusing its field work 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 nine metres, and one g/t over 23 m, gold occurrences grading up to 109 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 kilometres 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 siluro-devonian rocks and considered as an emerging gold exploration and development district.

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. Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagne is independent of the company.

Quality assurance/quality control

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 greater than one g/t were subjected to a metallic screening (Au-SCR24) one-kilogram pulp screened to 100 microns.

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 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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