PUMA ACQUIRES LARGE GOLD PROPERTY YIELDING UP TO 50.8 G/T AU
April 06 2020 - 12:28PM
Puma Exploration Inc. (
the “Company” or “Puma”)
has signed an option agreement to acquire 100% interest in the
Williams Brook
Gold property. This property covers
5,190 hectares and is located in northern New Brunswick, only 25
kilometers east of our 100% held Jonpol Gold property.
There are known gold occurrences grading up to
50.8 g/t Au, previously sampled in bedrock, within the property.
There are also numerous gold soil anomalies and extremely anomalous
till samples, with up to 508 gold grains, discovered over an area
of approximately 12 by 3 kilometres. Drilling has been limited to a
small area of approximately 1.4 by 0.8 kilometres and includes
significant intersections that warrant follow-up drilling. Drill
hole WB-08-04 intersected 28.0 meters grading 0.91 g/t Au within
the rhyolite, which was altered from the collar to a depth of 60.7
meters down the hole. Grades in the altered rhyolite from WB-08-04
drill hole ranged up to 5.4 g/t Au over 1.0 meter. Other
significant drill results include hole WB-08-11 with 11.2 g/t Au
over 2.8 meters. In the same area, grab samples collected in
trenches returned values of 3.5 g/t Au and 14.0 g/t Au. Also,
floats grading 28.0 g/t Au and 40.5 g/t Au were found.
To date, the main focus of exploration was
centered on an area of approximately 2.0 by 1.5 kilometers, an area
which includes numerous gold occurrences, as well as the initial
discoveries from 2005. An induced polarization survey indicates
that the alteration zones remain open to the south of the surveyed
area. An IP survey carried out in 2012 identified anomalous
chargeability that remains untested to the north of the earlier
surveys. Moreover, a reconnaissance soil survey line, crossing the
south end of this IP anomaly, returned a value of 63 ppb Au,
possibly indicative of another alteration zone. Puma’s team is
currently compiling the data to generate the exploration program to
be conducted for the 2020 field season.
Two types of gold mineralization have been
identified on the Williams Brook Gold property.
One type is associated with disseminated pyrite in salmon pink
altered rhyolite, with local breccia texture and
quartz veinlets. This type of mineralization has been found in two
broad subparallel northeast trending zones which have been
interpreted using induced polarization, soil geochemical surveys,
trenching and diamond drilling to extend over a combined strike
length in excess of two kilometers. This type of
zones is known to occur over horizontal widths exceeding 40
meters. The highest gold grades have been found in quartz
veins and heavily quartz veined rhyolite that contain variable
concentrations of disseminated and/or veinlets of pyrite.
Gold-bearing quartz veins have returned up to 50.8 g/t
Au. The gold-bearing quartz veins have been observed
trending northwest, approximately perpendicular to the trend of the
alteration zones.
TERMS OF THE TRANSACTION
Puma may acquire a 100% undivided ownership
interest in the Property according to the following terms:
Issuing a cumulative amount of 500,000 shares of
Puma and $100,000 cash payments to the Owner, according to the
following schedule:
- 200,000 shares subsequent to signing of the Agreement
- 75,000 shares and $10,000 cash on or before the 1st anniversary
date of the agreement
- 75,000 shares and $20,000 cash on or before the 2nd anniversary
date of the agreement
- 75,000 shares and $30,000 cash on or before the 3rd anniversary
date of the agreement
- 75,000 shares and $40,000 cash on or before the 4th anniversary
date of the agreement
Additional performance payments:
- Pay the Owner $25,000 cash payment upon a Positive Preliminary
Economic Assessment (PEA to be defined in the definitive
agreement);
- Pay the Owner $50,000 cash payment upon a Positive Feasibility
Study (FS to be defined in the definitive agreement);
- Pay the Owner a one-time cash payment of $100,000 upon a
Commercial Production (Commercial Production to be defined in the
definitive agreement).
The Owner will retain a 2% net smelter return
(“NSR”) royalty on any saleable production from the Property. Fifty
percent of the NSR royalty (i.e. 1%) may be purchased by Puma for
$1,000,000. Puma retains a right of first refusal on the remaining
1% NSR royalty that is held by the Owner. The transaction is
subject to the TSX Venture Exchange approval.
QUALIFIED PERSONS
Marcel Robillard, PGeo, 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. Robillard is the President and CEO 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)
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.
You can visit us on Facebook / Twitter /
LinkedInLearn 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.
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Puma Exploration (TSXV:PUMA)
Historical Stock Chart
From Jul 2023 to Jul 2024