Puma Exploration and El Nino Ventures Agree to 30-day Extension for the Murray Brook Purchase Agreement
June 30 2020 - 8:00AM
Puma Exploration Inc., PUMA-TSXV, (“Puma”) and El Nino Ventures,
ELN-TSXV, (‘’El Nino’’) have mutually agreed to a 30-day extension
period in regards of the amended and restated asset purchase
agreement signed on October 5th, 2016, as amended thereafter.
Pursuant to the last amendment signed by Puma and El Nino, Puma had
until June 30th, 2020, to proceed with the final $1 million cash
consideration. The 30-day extension granted will be used to review
different potential methods to deal with the acquisition of the
Murray Brook Project and its future development that would be
beneficial for both companies. Further announcements will be
forthcoming.
Marcel Robillard, president and CEO said: “I’m
please to have kept, over the years, a good relationship between
Puma and El Nino which might contribute to a positive outcome for
the acquisition of the minority interest of the Murray Brook
Deposit, and that both shareholders benefit from it for many years
to come."
TRIPLE FAULT GOLD AREA
Puma is currently focusing its field work on its
flagship TRIPLE FAULT GOLD
PROJECT in New Brunswick. The initial phase of the
program incorporates large detailed prospecting, mapping,
trenching, and stripping focused over the entire Williams Brook
property of the Triple Fault Gold Project. The Williams Brook
property includes selected drill results of 11.2 g/t over
2.8m, 1.0 g/t over 23 m, gold occurrences grading up to
50.8 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 by 3 kilometres. Puma has received all the
necessary authorizations from the New Brunswick government in light
of the pandemic, and field work is authorized to begin, but was
delayed because of the Forest Fire warnings and security.
The Triple Fault Gold Project includes four (4)
properties named Williams Brook, Jonpol Gold, Rocky Brook, and
Portage Lake and controls more than 25,000ha of favorable gold
exploration. There are many gold occurrences up to 50.8 g/t
Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes
intersected 11.2 g/t over 2.8m, 8.02 g/t Au over 1.0m, 1.0
g/t over 23.0m, 3.46 g/t Au over 2.0m. There has been very
limited drilling and exploration in the area with excellent access
by the paved Route 180 close to the mining camp infrastructure. The
Dunnage Zone hosts major gold deposits and gold occurrences in
siluro-devonian host rocks with the emergence of many companies in
Eastern Canada for gold exploration and development.
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.
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.
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