Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is
pleased to report preliminary data and maps from the airborne
Mag/Em survey (VTEM) conducted at the Williams Brook Gold property.
The geophysical data, from the high-grade Gold O’Neil Trend,
revealed a distinct magnetic signature presently shown to be at
least 7 km long (see Figure 1). The anomaly (contact between
high/low mag) has been confirmed to coincide with the gold
mineralization discovered at surface in 2020 which included bonanza
grade grab samples up to 241 g/t Au (see news 2021-03-31).
The helicopter-borne geophysical surveys
consisted of Mag and EM using the versatile time-domain
electromagnetic (VTEM™) plus system with Full-Waveform processing.
Measurements consisted of Vertical (Z) and In-line Horizontal
(X&Y) components of the EM fields using an induction coil and a
horizontal magnetic gradiometer using two caesium magnetometers. A
total of 1,552 line-kilometers of EM and 1,685 km of magnetic data
were acquired (see Figure 2).
The Williams Brook Project survey area was flown
in a northwest to southeast (N 130° E azimuth) direction with
traverse line spacings of 100 metres. Tie lines were flown
perpendicular to traverse lines at 1000m line spacings. The survey
identifies multiples targets over the entire Williams Brook Gold
property. Geophysical consultants are currently interpreting,
filtering and finalizing the interpretation of the entire
survey.
Marcel Robillard, president and CEO, stated: "We
are very excited to launch our 2021 field program and can’t wait to
have the geological team on site with boots on the ground. Now that
we have in hand the preliminary data from the VTEM survey, the team
has established the first priority targets to discovered new gold
zones as we did in 2020 and to expand the 2020 new gold discoveries
by stripping and with our first ever drilling program at O’Neil
Gold Trend. The technical team is expected to begin field work on
May 10th and the initial work will be directed on the O’Neil Gold
Trend.”
High-Grade Selected Grab Samples Assays on
the Prolific O’Neil Gold Trend (OGT)*: |
|
|
O’Neil Gold Zone (VG):Pepitos Gold Zone (VG):Lynx Gold Zone
(VG):Chubby Gold Zone:Moose Gold Zone: |
128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au,
32.8 g/t Au, 23.1 g/t Au52.1 g/t Au, 16.1
g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au241.0
g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t
Au3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t
Au2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t
Au |
* Selected rock grab samples are selective by
nature and may not represent the true grade or style of
mineralization across the property.
2021 Exploration ProgramThe
initial program will be directed on the newly discovered O’Neil
Gold Trend, confirmed so far by trenching over 650 meters. More
trenching, stripping and the inaugural drilling program will
explore the favorable contact (Sediments/Rhyolite) hosting the
high-grade gold area between the O’Neil Gold Zone to the Moose Gold
Zone. The fully funded initial program will include:
- Cleaning the 2020 trenches with
pumps and excavator
- Detailed Mapping of the cleaned
trenches and stripped area
- Structural Experts analysis and
study with Terrane Geoscience Inc.
- Systematic Channels sampling
- Drone Aerial Survey
- IP ground geophysical survey
- Drilling Campaign of 4,000
meters
Detailed work program will be announced to keep
the shareholders up-to-date with current exploration and
developments as they occur.
O’Neil Gold Trend
(OGT)The O’Neil Gold Trend (OGT) is a
pervasive altered and brecciated rhyolite unit hosting significant
gold showings and occurences followed by trenching over a strike
length of 7.0 km. The favourable unit (rhyolite)
is similar and parallel to the structures hosting the “Williams 1”
and “Williams 2” Gold Zones with 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.
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 altered horizon varies from 5 to 250 meters with
an average apparent thickness of 150 meters. Numerous quartz veins,
quartz veinlets, stockworks and breccias were observed mostly
perpendicular to the major trend and contain the gold
mineralization. The OGT has never been drilled and many gold zones
were discovered during the summer 2020 exploration campaign. Assays
are still pending for the Lynx, Chubby, and Moose Gold
Zones.
TRIPLE FAULT GOLD
PROJECTThe Triple Fault Gold Project
includes three (3) properties named Williams Brook Gold, Jonpol
Gold, and Portage Lake, covering more than 20,000 hectares of
favorable gold exploration land package. The project is located
about 60 km 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 Gold 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 kilometers.
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) 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.
Figures accompanying this announcement are
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f14cd45-eb1e-4427-a4b4-80132de6c68b
https://www.globenewswire.com/NewsRoom/AttachmentNg/37ae0aff-aa74-4070-a8bc-c36e43c613fd
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