Puma Announces First Trenching Results at Portage Yielding Up to 0.19% Cu, 0.83% Co and 1.46 g/t Au in New Brunswick
February 28 2020 - 10:57AM
Puma Exploration Inc. (
the “Company” or “Puma”) is
pleased to confirm the
presence of widespread copper,
cobalt, nickel, and gold mineralization in a large devonian mafic
intrusive (4km x 6km) during its first trenching program
at Portage Lake. The trenching program, totaling 14 trenches for
1,750 meters, was the first field work conducted on the property by
Puma since its acquisition in late 2019.
The Portage Lake property, which is 100% held by
Puma, covers a large devonian mafic to intermediate intrusion
adjacent to skarn and hornfels horizons of the Chaleur Group, both
containing significant copper-gold-cobalt with nickel-iron grades.
A total of four (4) mineral occurrences were found within the
Portage intrusion where only two (2) shallow holes were drilled by
previous operators. Further investigation will be conducted
following the recent results to demonstrate the potential for
finding a major deposit of Cu-Au-Co-Ni related to intrusion or
breccia models at very low exploration and maintenance costs.
In the southern contact of the intrusion, a grab
sample collected in the trench revealed that the mineralization
consisted of a deformed hornfel with approximately 30% of
massive sulphide, yielding 0.19% Cu,
533 ppm Ni, 0.83% Co, and
0.35 g/t Au. Another mineralized zone located
approximately 500 meters to the East, consisting of massive
sulphide mineralization in a brecciated gabbro returned values of
0.11% Cu, 506 ppm Ni, 384 ppm Co, and 25% Fe. Lastly, within the
Portage intrusion located 2km to the North of the zones describes
above, in an altered hornfel at proximity to the major Ramsay Brook
fault, sample returned value of 1.46 g/t Au. This pervasive
mineralization in the intrusion are located less than 2km from the
Restigouche Mine and 10km from the Murray Brook Deposit.
A total of seventeen (17) exploration targets
have been defined from the recent trenching program and detailed
data compilation. A field crew will be testing each target by
prospecting and trenching in the spring. A ground geophysical
survey (IP) is planned on the new mineralized zones discovered and
a major TDEM survey is also planned over the Murray Brook Area
which will be covering the Murray Brook West, the Jonpol, and the
Portage Lake properties, all of which are 100% held by Puma.
“This is another exciting step for Puma" Marcel
Robillard, President & CEO, commented. "The forecast of
potential increased in demand of Copper in the
coming years due to its applications in infrastructure and Green
Energy applications. With the combination of our Chester, Portage,
Turgeon, and Legacy and Jonpol projects, our portfolio of copper
and gold assets is well positioned for 2020 and beyond, using our
15 years of experience and knowledge of the Bathurst Mining Camp’’
added Marcel Robillard.
THE PORTAGE LAKE PROJECT
The Portage Lake (Cu-Ni-Co-Au)
project contains several showings with the most promising
discovered in the recent trenching program conducted on the
property in 2017. The prospector excavated an area of 100
metres composed mainly of skarn alteration containing
50 metres of massive sulphide showing significant
iron, copper, nickel, gold and cobalt. A grab sample was collected
at the site and graded 1.03% Co and 0.63 g/t Au;
being the highest cobalt and gold results obtained so far on the
property. Very limited work has been conducted on the property,
which offers huge potential for new discoveries.
QUALIFIED PERSONS
Dominique Gagné, 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. Gagné is independent of the
Company.
ABOUT PUMA EXPLORATION
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
(BMC). 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.
You can visit us on Facebook and Twitter.Learn
more by consulting www.pumaexploration.com for further information
on Puma.Marcel Robillard, President
(418) 724-0901
president@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.
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