Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to provide additional results, following those reported on
September 01, 2020 on the O’Neil Showing, from its initial
reconnaissance exploration program conducted on the Williams Brook
Property, in Northern New Brunswick, an Atlantic Province of
Canada.
HIGHLIGHTS:
- Three (3) new gold-bearing boulders
fields discovered over 2.0
km along the O’Neil Gold Zone providing excellent
location for new potential discoveries.
- High grade gold samples, grading
12.9 g/t
Au, 2.7 g/t Au, 2.5 g/t Au and 1.6 g/t Au
from selected float samples* collected at the O’Neil Gold
Zone.
- Additional selected grab samples
collected at the O’Neil Showing with up-to 43.9 g/t
Au in the main vein and 16.9 g/t Au and
2.2 g/t Au in quartz stockworks and veinlets
within the surrounding rhyolite.
- Initial selected grab samples grading
0.86 g/t Au, 0.46 g/t Au
and 0.34 g/t Au collected at the new Twin Vein Showing
located 100 meters south of the O’Neil Showing.
- Current extensive trenching program
ongoing to verify the extensions of the O’Neil Showing and to
locate the source of the gold-bearing boulders fields.*Rock grab
and float samples are selective by nature and may not represent the
true grade or style of mineralization across the property.
Marcel Robillard, Puma's President & CEO
stated, "We are very excited to have discovered gold-bearing
boulders fields for more than 2.0
km along the interpreted O’Neil Gold Zone. Each of
these areas have the potential to host significant gold
mineralization similar to the O’Neil Showing where the main vein
contains up-to 109 g/t Au. Short-term current
follow-up work mainly include trenching operations to verify the
extentions of the O’Neil Showing and to find the source of those
gold-bearing boulders fields where usually the overburden is less
than 2 meters thick."
O’NEIL GOLD ZONE (OGZ)The
O’Neil Gold Zone has now been followed over
2.0 km in length
and includes, from south to north; the Twin Vein Showing, the
O’Neil Showing, and the continuous gold-bearing boulders. The first
phase of the 2020 summer exploration program lead to the discovery
of a high grade gold O’Neil Showing. The highest gold sample,
grading 109.5 g/t Au, is part of
a quartz vein (ranging from 30-50cm) followed and sampled, so far,
over 10 meters in length. The average gold grade samples of the
vein of 27.4 g/t Au over 10 meters (109.5 g/t Au,
38.8 g/t Au, 21.0 g/t Au 7.38 g/t Au 6.63 g/t Au, 5.55 g/t Au and
2.94 g/t Au)*, was estimated from chip and grab samples collected
continuously every 1.5 meters on the main vein.
The O’Neil Showing consists of an altered and
brecciated rhyolite injected with quartz veins and quartz
stockworks. The main vein is rusty and contains disseminated
sulphides. Following the hand and shovel cleaning of the main vein,
surrounding quartz stockworks and veinlets within the rhyolite were
found, sampled and reported respectively high grade gold of
16.90 g/t Au,
8.24 g/t Au,
6.14 g/t Au,
3.57 g/t Au,
2.2g/t Au and
1.14 g/t Au.
The altered and brecciated rhyolite is open in all
directions and now exposed for 10 meters by 10 meters. More work is
currently in progress at the O’Neil Showing to better define and
understand the gold system including trenching operations. Refer to
press release of September 1, 2020.
2020 SUMMER EXPLORATION
PROGRAMConcurrently with the initial work done on the
O’Neil Showing, the early phase of the summer exploration program
incorporated large detailed prospecting and mapping mainly focused
on the southern part on the Williams Brook property which included
the main gold bearing zones (GZ) interpreted and
known below (see news 09/01/2020) :
■ O’Neil Gold Zone
(OGZ): Current work
includes
trenching and stripping
operation■ Williams 1 Gold Zone
(W1GZ): Initial reconnaissance and mapping in
progress■ Williams 2 Gold Zone
(W2GZ): Initial reconnaissance and mapping in
progress■ Ramsay Gold Zone
(RGZ): Initial reconnaissance and prospection in
progress
Currently 199 rock samples, consisting of a mix of
outcrops and boulders were collected on the property during this
early reconnaissance stage of exploration. Most of them are quartz
and rhyolite samples collected from the current trenching program.
Results are pending and will be released once they become
available.
TRIPLE FAULT GOLD PROJECTThe
Triple Fault Gold Project includes three (3) properties named
Williams Brook Gold, Jonpol Gold, and Portage Lake properties
covering more than 30,000 hectares of favorable gold exploration
land package. The project is located about 60km west of Bathurst
with the paved road cross-cutting the property.
Puma is currently focusing its field work on its
first priority, the Williams Brook property. The Williams Brook
Gold property includes selected drill results of 11.2 g/t over
2.8m, 2.1 g/t Au over 9.0m and 1.0 g/t over 23m, gold occurrences
grading up to 109.0 g/t Au, 50.8 g/t Au, 38,9 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.
There has been very limited drilling and
exploration in the area mapped to be part of The Dunnage Zone
hosting major gold deposits and gold occurrences in siluro-devonian
rocks and considered as an emerging gold exploration and
development district.
QUALIFIED PERSONSDominique
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.
QUALITY ASSURANCE/QUALITY CONTROL
(QA/QC)Rock samples were bagged, sealed and sent to the
facility of ALS CHEMEX in Moncton, New Brunswick where each sample
is dried, crushed, and pulped. The samples were crushed to 70% less
than 2mm, riffle split off 1kg, pulverise split to better than 85%
passing 75 microns (Prep-31B). A 30-gram subsplit from the
resulting pulp was then subjected to a fire assay (Au-ICP21). Rock
sample ICP results with gold >1g/t were subjected to a metallic
screening (Au-SCR24) 1kg pulp screened to 100 microns. Other screen
sizes available. Duplicate 50g assay on screen undersize. Assay of
entire oversize fraction.
ABOUT PUMA
EXPLORATIONPuma 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.comChristian Tweedy, Communications,
(604) 619-5810; ctweedy@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 photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/46371c3b-c6db-4944-982d-7efb94ef9a1f
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