Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or
"Puma") is pleased to outline its key accomplishments and
discoveries made at its Williams Brook Gold Project in 2022 and
present its 2023 Exploration Program.
Marcel Robillard, President and CEO of Puma,
stated: “In only 2 years, we have identified 4 separate
high-grade gold zones at surface with significant room for
expansion in one of the best jurisdictions in Canada. We’ve grown
Puma’s market cap from C$5M to C$30M with only C$7M of exploration
investment. Our tried and true exploration methodology has shown
that the mineralization at the Lynx Gold Zone extends 750 m along
trend and to a depth of about 100 m, and is open both laterally and
at depth. Our 2022 discoveries, the Jaguar, Cougar and Panthera
Gold Zones likely represent additional gold areas on our large land
package. The potential of the Williams Brook property is
significant and we will continue to add gold discoveries to its
inventory as we work towards defining a resource at Lynx.”
PUMA’S KEY ACCOMPLISHMENTS
-
Proved, through drilling, the continuity of high-grade gold
mineralization at the Lynx Gold Zone over a length of 750 m along
strike, a width of 75 m and a depth of 100 m (remains open for
expansion).
-
Identified a series of high-grade gold shoots that plunge 25° to
the northeast.
-
Conducted a preliminary metallurgical test on samples drilled in
2021 that returned 92% gold recovery by gravity alone and up to
99.7% by floatation with minimal cyanidation.
-
Initiated an advanced metallurgical test on twelve (12) quartz
veins located at surface totalling 3,000 kg of material.
-
Excavated 112 trenches spanning 17.1 km and collected 2,629 grab
samples.
-
Completed 2 distinct soil surveys (over 8 km2) and collected 2,686
soil samples.
-
Discovered three (3) other gold zones kilometres away from Lynx
confirming the potential for a gold camp at Williams Brook (Figure
1).
-
Secured 100% ownership of more than 49,000 ha of prospective land
in northern New Brunswick.
-
Successfully fundraised and developed a loyal shareholder base with
key institutional investors.
-
Established partnerships with industry specialists to optimize
exploration and development.
-
Developed a low-cost exploration model – with only C$7M invested on
site to date.
Figure 1. Main Gold Zones on the
Williams Brook Property is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0ef8f95-000d-4d34-8e17-8135a9493d0c
2023 DEVELOPMENT PLAN – CONTINUED
GROWTH
LYNX GOLD ZONE (“LGZ”)
High-Grade Zone Extension
1) 3,000 m of exploratory
drilling down to approximately 200 metres will confirm at depth the
higher-grade mineralized intercepts identified in 2023 (Figure 2).
This initial winter drilling program is scheduled to begin shortly
and is designed to identify the best gold zones to drill at depth
for a follow-up summer/fall drilling program.
Figure 2. Lynx Gold Zone high-grade gold
mineralization interpolation is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1386577a-cffb-48a4-a3b2-d8aea649d562
2) 3,000 m of step-out drilling
will focus on the expansion of the LGZ to the northeast along a 3
km corridor (Figure 3). Grab samples collected during the 2022
exploration program (see results below) confirmed the NE extension
of the favourable contact and identified drilling targets for the
upcoming program.
Figure 3. Lynx Gold Zone 2023 step-out
drilling plan is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1913d0d5-ce55-4187-a655-a317edb1bbd1
Bulk Sample – characterizing the Lynx Gold
Zone
Mineralization at the Lynx Gold Zone occurs as
higher-grade gold veins of varying width within a lower-grade
envelope. In consultation with industry experts, Puma has elected
to conduct a bulk sample at the LGZ in 2023. The test will provide
the average grade of the mineralization and the flow sheet for gold
recovery in preparation for a resource estimation. The application
for a 4,000 Tonnes bulk sample has already been submitted.
OTHER GOLD DISCOVERIES
Following the drilling success at Lynx, Puma
will apply its successful low-cost discovery model to other parts
of the property. Expanded surface work will be conducted at the
Jaguar (“JGZ”), Cougar (“CGZ”) and Panthera (“PGZ”) Gold Zones to
identify future drilling targets. Grab samples collected from the
last trenching program at Jaguar and Cougar confirm the gold
potential of the areas (Figure 4). A petrographic study is
currently in progress to assess the similarity between gold
mineralization at the JGZ and LGZ.
Figure 4. Jaguar and Cougar Gold Zones
compilation map is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5059e914-1ed0-47bc-b5d3-d49d72840ad1
NEW OPPORTUNITIES
Puma Exploration continues to seek new
opportunities in New Brunswick and is committed to being a leader
in mineral exploration in the province. Though its DEAR strategy
(Development, Exploration, Acquisition and Royalties), Puma is
focused on generating maximum value for shareholders with low share
dilution.
ABOUT THE WILLIAMS BROOK GOLD
PROJECT
The Williams Brook Project is comprised of 6
claim blocks covering more than 50,000 ha in an established and
mining-friendly jurisdiction, near paved roads and with excellent
infrastructure nearby. The land package is located near the Rocky
Brook Millstream Fault (“RBMF”), a major regional structure formed
during the Appalachian Orogeny and a significant control for gold
deposition in the region.
Figure 5. Williams Brook Gold Main
Zones is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/779e16e1-3d11-49f7-8cac-f8d86fee30db
QUALIFIED PERSON
Dominique Gagné, PGeo, a qualified person as
defined by Canadian National Instrument 43-101 standards, has
reviewed and approved the geological information reported in this
news release.
ON-SITE QUALITY ASSURANCE/QUALITY CONTROL
("QA/QC") MEASURES
Grab or drill core samples are bagged, sealed
and sent to the facility of ALS CHEMEX in Moncton, New Brunswick.
Grab samples are dried, and drill core samples are crushed before
all are pulped and fire-assayed (Au-ICP21). The remaining coarse
reject portions of the samples remain in storage for further work
or verification as needed. As part of its QA/QC program, the
Company inserts external gold standards (low to high grade) and
blanks for every batch of samples. All samples over 10 g/t gold or
with abundant visible gold are analyzed with a gravity finish
(Au-GRA22). Check assays are routinely performed for samples with
visible gold to ascertain the gold content of the mineralization
zone.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral
exploration company with precious metals projects located near the
Famous Bathurst Mining Camp (“BMC”) in New Brunswick, Canada.
Connect with us on Facebook / Twitter /
LinkedInVisit www.explorationpuma.com for more information or
contact:
Marcel Robillard, President and
CEO, (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.
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