Puma Acquires the Portage Lake Cu-Ni-Co-Fe Project in Northern New Brunswick, Canada
October 15 2019 - 3:56PM
In line with its
DEAR Strategy
(
Development,
Exploration,
Acquisition and
Royalties/Ownership,) Puma Exploration (PUM-TSXV)
has signed a purchase agreement to acquire the Cu-Ni-Co Portage
Lake Property (4,350 hectares) located in the Murray Brook area
from local prospectors (click for map.) The property covers a
Devonian mafic intrusion (4km by 6km) and its associated skarn
horizons of the Chaleur Group, containing both significant
Copper-Nickel and Cobalt mineralization.
The Portage Lake Property
contains several showings with the most promising discovered in the
last trenching program conducted on the property in 2017. The
prospector excavated an area of 100 meters consisting of mainly
skarn alteration containing 50 meters of Massive Sulphide showing
significant Iron, Copper, Nickel and Cobalt (click for photo.) Grab
samples grading 0.2 g/t Au and 0.6 g/t Au were collected just north
of this recent trench. To be noted that NO samples were assayed for
Pt-Pd group elements yet. Very limited advanced work has been
conducted on the property which offers huge potential for new
discoveries.
Table 1: Grab Samples Collected from trenching in
2017
Samples |
Cu (%) |
Ni (ppm) |
Co (ppm) |
Fe (%) |
8836267 |
0.34 |
700 |
710 |
21 |
8836269 |
0.21 |
460 |
640 |
36 |
8836266 |
0.21 |
330 |
560 |
15 |
8836262 |
0.20 |
390 |
620 |
34 |
8836260 |
0.21 |
490 |
630 |
26 |
8836255 |
0.15 |
250 |
470 |
24 |
8836265 |
0.12 |
380 |
490 |
21 |
8836254 |
0.10 |
120 |
400 |
24 |
“The acquisition of the Portage Lake Cu-Ni-Co
property consolidates our land holdings in the western part of the
Murray Brook area with more than 10,000 hectares now under control.
The Portage Lake Property offers a variety of different metals
exposures such as Nickel-Cobalt that could potentially allow us to
make new discoveries, adding to our diversified portfolios in
precious and base metals. The mafic Portage intrusion could be the
potential heat source of the proximal VMS deposits but also
contains skarns and epithermal Gold deposits,” said Marcel
Robillard, CEO and President of Puma Exploration.
The Purchase Agreement covers
the Portage Lake Project (Claim Blocks 8094, 8392, 8393) located in
Northern New Brunswick. All the claims are in good standing until
March and September 2020. There is no minimum work commitment on
Puma’s part but to keep the claims in good standing. Puma will
acquire a 100% interest in the Portage Lake claims by issuing
4,500,000 shares (pre-consolidation.) The vendors keep a net
smelter royalty (NSR) of 2%. Puma retains the right to purchase 1%
NSR for $1,000,000.
UPDATE ON THE
RESTRUCTURATIONFollowing the strong support received from
its shareholders and as indicated in the press release of October
3, 2019, the Board of Directors has decided to implement the
consolidation of the shares of Puma on the basis of one (1) new
common share for each tranche of ten (10) common shares currently
issued and outstanding.
Consequently, Puma obtained from Corporations
Canada, a certificate of amendment dated October 10, 2019,
consolidating its common shares on the basis of 1-for-10, reducing
the number of issued and outstanding shares to 27,609,972. Puma is
currently working to finalize the necessary documentation with the
TSXV in order to set a date on which the shares of Puma will begin
to trade on a post-consolidation basis. A press release will be
issued as soon as new information becomes available.
DEAR STRATEGYIn connexion with
the current reorganization of the Company, Puma has defined a
four-part strategy for 2019-2020 and beyond:
Development, Exploration,
Acquisition and
Royalties/Ownership (DEAR.)
Each part of this strategy is aimed at
generating value for shareholders and are defined as follows:
- Development of the Murray Brook Deposit, where
the gossan and oxide zones will be investigated to determine the
economics and upside potential of the precious metal contents and
recovery within these zones. The goal is to convert the surface
zone materials that were previously categorized as waste to
potential mineable ore.
- Exploration of our advanced stage projects
located at the Murray Brook Deposit and Chester Property, aimed at
discovering new satellite and contiguous deposits with our
drill-ready targets. The objective is to define the 10 best
drilling targets at Murray Brook and Chester.
- Acquisition of prospective new properties
using our expertise and knowledge acquired in the last 15 years of
exploration in New Brunswick will offer a variety of different
metals exposures and potentially allow us to make new discoveries
within these potential new properties.
- Royalties and ownership gained through the
sell-off of non-core assets to third parties represent a potential
major financial upside without direct dilution. Currently, Puma
holds 14,200,000 shares (48%) of Target Minerals Inc. (1% NSR on
Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR
on Murray Brook) and will hold 5,750,000 shares (8%) of BWR
Exploration Inc. (1% NSR on Little Stull Lake.)
ABOUT PUMA EXPLORATIONPuma is a
Canadian mineral exploration company with advanced precious and
base metals projects in Canada. While the priority remains to
secure and finalize the acquisition of the Murray Brook project in
New Brunswick, the emphasis will be directed to execute its
DEAR strategy to generate value to its
shareholders. Puma is currently holding one of the largest land
packages in the prolific Bathurst Mining Camp in Northern New
Brunswick, Canada.
QUALIFIED PERSONS AND
QC/ACTechnical information provided in this news release
was prepared and reviewed by Marcel Robillard, P.Geo., President of
Puma Exploration, qualified person as defined by NI 43-101. 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. Robillard is not independent of the Company, as is
officer and shareholders thereof.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com
for further information on Puma.
Marcel Robillard, President(418)
724-0901president@explorationpuma.com
Forward-Looking Statements: This press release
may contain forward-looking statements. Such forward-looking
statements involve a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Puma to be materially different from
actual future results and achievements expressed or implied by such
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements which speak only
as of the date the statements were made, except as required by law.
Puma undertakes no obligation to publicly update or revise any
forward-looking statements. These risks and uncertainties are
described in the quarterly and annual reports and in the documents
submitted to the securities administration.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a0475d8a-8ab1-4f1d-b296-2c2b2ee9f6be
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3cf5ba9-d370-45d9-8aa1-b522adc69375
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