Puma Exploration Increases Its Williams Brook Landholdings Clarification on Previous Drill Intercept
February 01 2022 - 3:30PM
Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or
"Puma") is pleased to report that it has signed a definitive
agreement to acquire 100% interest in 30 claims (the "South-East
Moose Brook Property") contiguous to its flagship Williams Brook
Gold property. The acquisition adds by 662 ha to the Williams Brook
North land package for a total of 20,662 ha (see Figure 1).
Williams Brook returned
5.55 g/t gold over 50.15
metres in its inaugural drilling program in 2021
(see Sept. 15, 2021 News Release). A typo occurred in the final
version of the news and should have been written 5.55 g/t gold over
50.15 metres as shown in the Figure 1 and well described in the
press release Sept. 15, 2021. The new claims cover a very
prospective area that has seen little exploration in the past.
Puma's properties are located in an emerging
Gold District with great potential. To ensure its control of the
area, the Company secured the most prospective claims surrounding
the core of the Williams Brook property.
"This new land addition further consolidates our
considerable landholdings in the area. We've increased the overall
footprint of the Williams Brook property and secured highly
prospective and underexplored areas," stated Marcel Robillard,
President and CEO.
Over the past 15 months, the Company completed
several transactions to connect a patchwork of mining claims held
by different landowners. Most of these have seen little to no
modern exploration work and have never been consolidated into a
contiguous land package before.
ACQUISITION TERMS
To acquire a 100% interest in the South-East
Moose Brook property (30 claims), Puma agrees to issue the Vendor
on closing:
- 50,000 common shares of the Company and a C$10,000 cash
payment;
- 50,000 common shares of the Company on or before the first
anniversary of the signing of the agreement;
- 100,000 common shares of the Company on or before the
agreement's second anniversary.
Additional performance payments to the Vendor:
- Cash payment of C$25,000 upon a positive preliminary economic
assessment (PEA to be defined in the definitive agreement);
- Cash payment of C$50,000 upon a positive feasibility study (FS
to be defined in the definitive agreement);
- One-time cash payment of C$100,000 upon commercial production
(commercial production to be defined in the definitive
agreement).
The Vendor will retain a 2% net smelter return
("NSR") royalty on any commercial production from the property.
Fifty percent of the NSR, or 1%, may be purchased by Puma for $1
million. Puma retains the right of first refusal on the remaining
1% NSR royalty retained by the Vendor. The agreement is subject to
the approval of the TSX Venture Exchange.
ABOUT PUMA EXPLORATIONPuma
Exploration is a Canadian-based mineral exploration company with
precious metals projects located near the Famous Bathurst Mining
Camp (BMC) in New Brunswick, Canada. The Company is committed to
its DEAR strategy (Development, Exploration,
Acquisition and Royalties) to generate maximum value for
shareholders with low share-dilution.
Connect with us on Facebook / Twitter /
LinkedIn
Visit www.explorationpuma.com for more
information or contact:
Marcel Robillard,President,
(418) 750-8510;president@explorationpuma.com
Mia Boiridy,Head of Investor
Relations and Corporate Development, (250) 575-3305;
mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept responsibility for the
adequacy or accuracy of this release.
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/6fe2022e-5d6d-488c-bcb3-a9d9651b459a
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