Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that it has entered into a property
agreement to add silver exposure to its current precious metals
assets in Northern New Brunswick. The new acquisition, the
Brunswick Au-Ag Property, with grab samples grading up to
1,300 g/t Ag and 2.42 g/t Au, adds 454 claims
(10,554 ha) to Puma’s landholdings, now totalling 60,554 ha (Figure
1).
Figure 1: Puma’s assets and landholdings
in Northern New Brunswick is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/0798227c-a079-4fc6-94f5-53f2b7b5a295
Marcel Robillard, President and CEO, commented,
“With this acquisition, we seized the opportunity to add
significant exposure to silver and increase the number of
prospective targets for gold exploration on our already large
holdings in Northern New Brunswick. The new claims are next to
the historical Brunswick #12 and #6 mines that produced more than
700 M Oz Ag combined*. Recent prospecting work completed on the
claims returned not only exceptional silver grades but also
significant gold mineralization. This is a compelling reason for us
to investigate this area further. The property has seen very little
exploration work to date, and our team is excited to test its
potential for precious and strategic metals”.
ABOUT THE BRUNSWICK AU-AG
PROPERTY
The Brunswick Au-Ag property (Figure 2) is
strategically located close to two (2) renowned base metals mines.
Contiguous to the new property, the Brunswick #12 Mine operated
from 1964 to 2013 and produced 449 M Oz Ag*. Only 2 km away, the
Brunswick #6 Mine operated from 1966 to 1983 and produced 261 M Oz
Ag*. *(Historic production numbers and grades provided by New
Brunswick Energy & Mines, Minerals and Petroleum Division).
Figure 2: Location of the Brunswick
Au-Ag property is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a27d97c4-f205-4f46-ad25-4712879e1519
Initial prospection and sampling conducted on
the property by a local prospector in 2022 confirmed the presence
of high-grade silver and gold mineralization grading up to
1,300 g/t Ag and 2.42 g/t Au in a Devonian felsic
intrusion.
Only limited fieldwork has been conducted on the
intrusive rock as most of the effort was directed historically to
the known Bathurst #12 horizon to chase VMS deposits. A small
trenching operation conducted in 2022 returned high-grade samples
along a 125 m-long zone with 661 g/t Ag + 0.48 g/t Au, 531
g/t Ag + 0.55 g/t Au and 376 g/t Ag + 0.56 g/t Au within
the felsic intrusive rock, close to the contact with
metasediments.
Puma is currently compiling data to evaluate the
property's potential and to define exploration targets for the
upcoming summer program. Puma’s main focus remains the Williams
Brook Property, where a winter drilling program will begin
shortly.
Over the past 24 months, the Company has
consolidated a patchwork of mining claims held by different
landowners through a series of separate transactions. Most mining
claims have seen little to no modern exploration work and have
never been explored as a major unique land package. Puma’s
discoveries and successful exploration model at the Williams Brook
property may lead to additional discoveries on the new land package
and continue to add to the region’s precious metal inventory.
BRUNSWICK AU-AG PROPERTY OPTION
AGREEMENT
To earn a 100% undivided interest in the
Brunswick Au-Ag property, Puma agrees to:
- Issue 150,000 common shares of the
Company and a $10,000 cash payment to the seller on the signing of
the agreement;
- Issue 200,000 common shares of the
Company and a $10,000 cash payment to the seller at the end of the
due diligence period ending July 1, 2023;
- Conduct $80,000 of exploration work
on the property between July 1 and December 30, 2023;
- Issue 200,000 common shares of the
Company and make a $20,000 cash payment to the seller on or before
July 1, 2024;
- Issue 250,000 common shares of the
Company and make a $25,000 cash payment to the seller on or before
July 1, 2025;
- Issue 350,000 common shares of the
Company and make a $30,000 cash payment to the seller on or before
July 1, 2026.
Additional performance payments:
- Make a $25,000 cash payment to the
seller upon a positive preliminary economic assessment (PEA to be
defined in the definitive agreement);
- Make a $50,000 cash payment to the
seller upon a positive feasibility study (FS to be defined in the
definitive agreement);
- Make a one-time cash payment of
$100,000 to the seller upon commercial production (commercial
production to be defined in the definitive agreement).
The seller will retain a 2% NSR (net smelter
return) royalty on any commercial production from the property.
Puma may purchase 50% of the NSR royalty (or 1%) for $1 million at
any time. Puma retains the right of first refusal on the remaining
1% NSR royalty held by the seller. The transaction is subject to
the TSX Venture Exchange approval.
GRANT OF OPTIONS
Under its Stock Option Plan and subject to
regulatory acceptance, Puma has granted 3,950,000 incentive Stock
Options to certain Company directors, advisors, and consultants.
The options vest immediately and are exercisable at $0.25 per
common share until February 15, 2025.
UPCOMING GOLD INVESTOR
EVENTS
Puma management will be available to discuss the
Company’s recent news and proposed developments at the following
upcoming events:
- Prospector and Developers Association
Conference (PDAC) in TorontoMarch 5-8,
2023www.pdac.ca/convention
- Precious metals Summit PDAC meeting
program on March 7-8,
2023www.precioussummit.com/event/pdac-2023-one-on-one-meeting-program/
- Swiss Mining Institute Conference in
ZurichMarch 21-22,
2023swissmininginstitute.ch/program-march-2023/
- Deutsche Goldmesse in FrankfurtMay
5-6, 2023deutschegoldmesse.online/2023-spring-companies/
ABOUT THE WILLIAMS BROOK GOLD
PROJECT
Puma’s flagship Williams Brook Project is
comprised of 6 claim blocks covering more than 50,000 ha in
Northern New Brunswick, an established and mining-friendly
jurisdiction, near paved roads and with excellent infrastructure
nearby. Since 2021, Puma has made 4 significant gold discoveries at
Williams Brook, with gold mineralization hosted in quartz veins at
surface. An aggressive exploration program is planned for 2023,
including a minimum of 6,000 m of drilling and a 4,000 T bulk
sample.
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 samples were bagged, sealed and sent to the
facility of ALS CHEMEX in Moncton, New Brunswick, where each sample
was dried, crushed, and pulped before being 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 surface
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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