Puma Increases Key Land Packages in the New Triple Fault Gold Area
April 16 2020 - 11:30AM
Puma Exploration Inc., PUMA-TSXV, (
the “Company” or
“Puma”) is pleased to announce that, further to its news
release dated April 08th, 2020, it has recently increased its land
position at the Triple Fault Gold area by adding 141 mining claims
adjacent to and interior of its current land holdings by way of
staking (69 claims) and by closing option agreements (72 claims)
with two (2) private companies.
The newly acquired ground increases the Triple
Fault Gold Project to 596 claims for 12,993 hectares (129.93 km2)
and it is considered as a district-scale gold exploration project.
Puma controls a 100% ownership interest in the entire land package;
some properties are subject to option agreements (for 100%) and two
(2) staked by Puma (100%) with no underlying royalties or other
encumbrances. The following table shows a summary of the properties
included in the Triple Fault Gold Area.
Table 1. Properties included in the Triple Fault
Gold Project
Properties |
Held |
Claims |
Hectares |
Royalties |
Jonpol Gold |
100% |
126 |
2,744 |
2% “NSR” with 1% may be purchased for $1M |
Portage Lake |
100% |
91 |
1,984 |
2% “NSR” with 1% may be purchased for $1M |
Williams Brook |
Option for
100% |
238 |
5,193 |
2% “NSR” with 1% may be purchased for $1M |
Williams Brook West |
100% |
36 |
785 |
Nil |
Rocky Brook Fault |
100% |
33 |
718 |
Nil |
*William Brook Center |
Option for
100% |
21 |
458 |
2% “NSR” with 1% may be purchased for $1M |
*Jonpol Gold South |
Option for 100% |
51 |
1,111 |
2% “NSR” with 1% may be purchased for $1M |
|
Total: |
596 |
12 993 |
|
*New property acquired and described in the
section Terms of the Transactions
The properties are located roughly 60 kilometers
west of the city of Bathurst, along the 180 Provincial Highway, an
all weather paved road. They are immediately adjacent to large VMS
deposits at the Restigouche Mine and the Murray Brook Deposit. The
Triple Fault Gold District is seen as an emerging area for gold
exploration with contiguous property holdings next to some other
explorers (Gold Terra Resources, X-Terra Resources).The Company
also continues to review additional opportunities to expand its
Gold projects portfolio through its knowledge acquired in its
continuing regional exploration efforts in the region for the last
15 years.
TERMS OF THE TRANSACTIONS
William Brook Center (21
claims)
Puma may acquire a 100% undivided ownership
interest in the Property according to the following terms:
Issuing a cumulative amount of 400,000 shares of
Puma and $50,000 cash payments to the Owner, according to the
following schedule:
- 400,000 shares subsequent to
signing of the Agreement
- $10,000 cash on or before the 1st
anniversary date of the agreement
- $10,000 cash on or before the 2nd
anniversary date of the agreement
- $10,000 cash on or before the 3rd
anniversary date of the agreement
- $20,000 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;
- Pay the Owner $50,000 cash payment
upon a Positive Feasibility Study;
- Pay the Owner a one-time cash
payment of $100,000 upon a Commercial Production.
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.
Jonpol South (51 claims)
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 $50,000 cash payments to the Owner, according to the
following schedule:
- 500,000 shares subsequent to
signing of the Agreement
- $10,000 cash on or before the 1st
anniversary date of the agreement
- $10,000 cash on or before the 2nd
anniversary date of the agreement
- $10,000 cash on or before the 3rd
anniversary date of the agreement
- $20,000 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;
- Pay the Owner $50,000 cash payment
upon a Positive Feasibility Study;
- Pay the Owner a one-time cash
payment of $100,000 upon a Commercial Production.
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 /
LinkedIn
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.
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6831a154-327c-4fca-8eef-4197c07596cd
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