Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that the first drill holes of the
2023 drilling program at the Lynx Gold Zone successfully
intercepted the favourable rhyolite/sediment contact at depth with
a series of quartz veins with associated sulphide mineralization
that typically carries gold. Several specks of
visible gold
(“VG”) were also observed in quartz veins. Pictures of the
core are shown below.
DRILLING HIGHLIGHTS
- The 11 drill holes completed show
pervasive alteration and mineralization (py-cpy-ga-sph-mal) that
typically carries high-grade gold mineralization;
- The favourable rhyolite/sediment
contact has been intersected at depth and shows continuity;
- The projected and targeted
high-grade gold shoot area shows significant sulphide
mineralization, pervasive alteration, and specks of visible gold in
two holes (WB23-129 and WB23-132);
- Hole WB23-132 hosts visible gold at
87 m downhole, the deepest occurrence of VG so far.
Puma’s President and CEO Marcel Robillard
commented, "Our preliminary observations of the drill core are very
exciting. We successfully hit the favourable contact and
intercepted several quartz veins with pervasive alteration and
sulphides (py-ga-cpy-sp-mal) at about 100 m vertical depth – 50 m
deeper than what was drilled previously. We know that quartz veins
with sulphides near the favourable contact are an excellent
indicator of gold mineralization, as evidenced by the presence of
visible gold in 2 holes along the interpreted high-grade gold
shoot. These preliminary observations indicate that our model is
sound and confirm that a significant gold deposit is possible at
the Williams Brook Gold Project".
Puma has completed approximately 20% of its
ongoing 2023 drilling program at its flagship 100%-owned Williams
Brook Project in Northern New Brunswick, Atlantic Canada. The
fully-funded program includes a minimum of 6,000 m of drilling in
separate phases aimed to extend the high-grade gold mineralization
at depth and along strike of the Lynx Gold Trend (“LGT”) and test
other new surface gold discoveries. To date, eleven (11) drill
holes for 1,275 m have been completed (see Figure 1) that
successfully intercepted the depth extensions of the high-grade
shoots defined by previous drilling programs. Assay results are
pending and will be announced when received.
2023 Drilling Program – Phase
1
2,500 metres of drilling is planned for Phase 1
of the 2023 drilling program at the Lynx Gold Zone. This first
phase is focused on the Lynx and Moose areas (see Figure 1) and is
designed to confirm and extend high-grade gold mineralization at
depth and along strike.
Figure 1. Map of the Lynx Gold Zone drill
intercepts over 25 MF (g/t * thickness)
https://www.globenewswire.com/NewsRoom/AttachmentNg/606a2bbb-68a2-41b6-b837-012dd81ac618
Picture 1. Visible gold intersected in the
current drilling program
https://www.globenewswire.com/NewsRoom/AttachmentNg/143efef8-a364-4d10-ac0c-99b28a544544
Picture 2. 12.2 m of quartz veins / brecciated
stockwork with galena @ 16.0m downhole depth (WB23-122)
https://www.globenewswire.com/NewsRoom/AttachmentNg/666dc7f5-f69d-4d38-bf5f-a2de5dcb8f32
Picture 3. Quartz veins / Brecciated stockwork with py+ga+cpy @
86.4 m downhole depth (WB23-124)
https://www.globenewswire.com/NewsRoom/AttachmentNg/75224f21-e07d-451a-80ab-52804126dced
Picture 4. Quartz veins – stockwork with
limonite and sulphides @ > 100 m downhole depth (WB23-125)
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf934dd4-36ef-442d-895c-7468806745bb
Table 1. Coordinates and depth of holes drilled
to date
DDH # |
Station |
Easting (m)* |
Northing (m)* |
Elevation (m) |
Azimuth (°) |
Dip (°) |
Length (m) |
WB23-122 |
L090E |
660246 |
5259235 |
386 |
335 |
-45 |
107.0 |
WB23-123 |
L090E |
660256 |
5259214 |
386 |
335 |
-65 |
83.0 |
WB23-124 |
L120E |
660213 |
5259379 |
392 |
155 |
-80 |
122.0 |
WB23-125 |
L140E |
660263 |
5259293 |
386 |
330 |
-45 |
170.0 |
WB23-126 |
L160E |
660242 |
5259412 |
389 |
155 |
-65 |
80.0 |
WB23-127 |
L160E |
660237 |
5259421 |
389 |
155 |
-75 |
134.0 |
WB23-128 |
L140E |
660236 |
5259382 |
389 |
155 |
-85 |
116.0 |
WB23-129 |
L180E |
660263 |
5259417 |
389 |
155 |
-65 |
65.0 |
WB23-130 |
L100E |
660207 |
5259347 |
388 |
155 |
-80 |
113.2 |
WB23-131 |
L115E |
660227 |
5259340 |
389 |
165 |
-65 |
89.0 |
WB23-132 |
L230E |
660303 |
5259443 |
388 |
230 |
-45 |
196.0 |
* Projection: UTM Nad83 zone 19 |
|
|
|
Total: |
1,275m |
About the Williams Brook Gold Project
Puma's flagship Williams Brook Gold Project
covers an impressive 44,650 ha of prospective gold landholdings in
Northern New Brunswick, an established and mining-friendly
jurisdiction near paved roads and with excellent infrastructure
nearby. The nearby towns of St-Quentin and Bathurst have a history
of forestry and mining. The local communities support the industry
and host a skilled labour force. 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.
Since 2021, and with only $7M of exploration
investment, Puma has made four (4) significant gold discoveries at
the Williams Brook property - the Lynx, Cougar, Jaguar, and
Panthera Gold Zones, with gold mineralization hosted in quartz
veins at surface. The Lynx Gold Zone remains the company’s focus.
Still, Puma believes that a large orogenic/epithermal gold system
is present at Williams Brook and is focused on building a gold camp
on the large property package.
Figure 2. Main gold showings and occurrences at the Williams
Brook Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/5faa0c0d-2bd7-4bfa-9624-cfb3517cce51
Qualified Person
The technical information of this release was
reviewed and approved by Dominique Gagné, PGeo, a consultant of
Puma and a qualified person as defined by the National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
On-Site Quality Assurance/Quality Control
(“QA/QC”) Measures Drill core samples are bagged, sealed and
sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where
each sample is 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), blanks and duplicates 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 near New
Brunswick, Canada's Famous Bathurst Mining Camp ("BMC"). The
Company is committed to deploying 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 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 several 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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