Puma Exploration Accelerates Option Agreement Payments To Acquire 100% Ownership in its Williams Brook Gold Project
November 23 2021 - 9:08AM
Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to announce that it has completed all the option agreement
payments in order to complete the 100% acquisition of the Williams
Brook Gold Project located in New Brunswick (see Figure 1).
Figure 1: Puma Exploration Holdings at
its Williams Brook Gold Project
Areahttps://www.globenewswire.com/NewsRoom/AttachmentNg/75936023-d4c4-42d6-804f-84eade5d7110
Following the extraordinary success of the
drilling campaign with discovery hole WB21-02
returning 5.50 g/t over 50.15 meters and the new
gold occurrences to the northeast, extending the continuous gold
mineralised corridor for more than 275 meters along the O'Neil Gold
Trend, Puma accelerated the execution of all the option agreements
covering the Williams Brook Property.
The acquisition and the consolidation of the
Williams Brook Gold project began in early 2020 and most of the
properties were currently standing at the second year of the four
(4) years option agreements. A total of 25 contiguous claim blocks
were consolidated and constitute the entire land package of the
Williams Brook Property. Puma decided to accelerate the payments to
fulfill all the requirements under the various agreements and
proceed with the titles transfers.
Consequently, Puma is the 100% registered holder
of the minerals rights totalling 32,214 hectares. The exploration
work conducted on the property is sufficient to cover the minimum
work expenditures requirement with the New Brunswick government and
to renew the properites for the next few years.
“The aggregation of all the Williams Brook Gold
claim group through the buyout of the options will enable the
Company to better allocate its exploration expenditures and ensure
a more efficient utilization of financial and human resources to
thoroughly and systematically explore for gold on our extremely
well positioned properties in the new emerging gold district of New
Brunswick,” notes Marcel Robillard, President of Puma
Exploration.
O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT) is
a pervasive altered and brecciated rhyolite unit hosting
significant gold showings and occurrences followed by trenching and
drilling over a strike length of 700 meters. The
geophysical signature of the OGT is expressed over 7km. The
favourable unit (rhyolite) is similar and parallel to the
structures hosting the “Williams 1” and “Williams 2” Gold Zones
where previous operator drilled in 2008, 54.2 g/t Au over 2.8
meters and 1 g/t Au over 23 meters.
These trends are interpreted to be related to a
major rifting in the New Brunswick Geological events and could
represent a low sulphidation epithermal gold system. Along the OGT,
the width of the rhyolite varies from 5 to 250 meters with an
average apparent thickness of 150 meters.
The core-oriented maiden drill campaign was
completed on August 20, 2021. It consisted of 18 holes for a total
of 2,360 meters that tested a 200-meter segment of the
700-meter-long O’Neil Gold Trend (OGT). The assay results for the
twelve (12) first holes are released and all holes intersected
significant gold mineralisation including the discovery hole
WB21-02 that cut 5.55 g/t Au over 50.15 meters
from surface, including 9.88 g/t Au over 8.60
meters and 46.94 g/t Au over 3.85
meters.
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.
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). Other
screen sizes available. Duplicate 50g assay on screen undersize.
Assay of entire oversize fraction.
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.explorationpuma.com
for further information on Puma.
Marcel Robillard, President, (418) 750-8510;
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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