Ann's Creek Property

Introduction

The Ann’s Creek property is located 23 kilometers northwest of the city of Bathurst in Gloucester County, New Brunswick. The Nicholas-Denys village is located near the property. Easily accessed from Highway 11, the Property consists of 122 contiguous claims covering an area of 25.37 km².

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Localisation BeresfordCu

This property, adjacent to the Beresford property is located in the extension of the tape of lead, zinc, silver and gold. It was the subject of underground mining development in the years 1960-1970 and is host to the majority of the exploration work of the Company since 2005. The Company owns 100% of the mineral rights covering 117 claims for a 25.44 km2 area.

Previous work

The mineral exploration on Ann's Creek property has a long history that begins with the discovery of several showings between 1880 and 1890 which the Shaft showing. The mineral exploration accelerates in the early 1950s with the discovery of other showings. Several drilling programs in the years 1950 to 1960 allowed identifying mineral resources including over 0,263 Mt at 3.26 oz / t Ag, 2.28% Pb and 3.30% Zn at Shaft.

In 1994 and 1995 Nebex conducted several geophysical and geological surveys including induced polarization over the southern portion of the property that cover in particular the Shaft and Haché deposits. Several chargeability anomalies are revealed. An electromagnetic and magnetic helicopter-borne survey conducted in 2005 by Aeroquest covers the property. Several anomalies were detected and several remain unexplored by drilling or stripping.

In 2008, an indicated mineral resource (1,11M ounces) and inferred (0,78M oz) of 1.89 million ounces of silver in accordance with 43-101 was calculated from 36 drillings on the central part of the Haché lens (50m x 100m ) to a depth of 125 meters. Since this estimate, 84 additional drillings, totaling 20,000 meters, were settled on the Haché and Shaft lenses on a distance of 700 meters that represents only about 10% of the favorable structure. This work allowed the discovery of five new mineralized zones to a vertical depth of 450 meters.

The Haché lens, that made the subject of the major drilling campaigns, is used as an exploration model for the entire property. Indeed, the ends of the lens, at about 25-50 meters, rich veins of silver and gold from 0.20 to 1.0 m thick are present and define the heart of the Haché lens that has grading 225 g/t Ag and 1.2 g/t Au over 29.1 meters and 130 g/t Ag and 0.9 g/t Au over 31.0 meters.

The objective of the works of 2010-2011 was to characterize the mineralized zones discovered during the previous drilling campaigns on the Haché and Shaft lenses in order to locate other similar mineralized lenses on the entire property. Indeed, a detailed electromagnetic geophysical survey is made ​​to define drilling targets of priority over a distance of 3.5 km that separates Haché and Henry lenses.

 A geophysical survey InfiniTEM® was conducted in October 2010 for a total of 19.6 line-km to cover the area between Shaft and Henry lenses. Twelve (12) anomalies were detected from the surface survey (EM-01 to EM-12) and the source indicates low and high conductors, sub-vertical and that have a vertical extent up to 500 meters in depth. The main anomaly detected during the survey is the anomaly EM-05 that corresponds to the geophysical signature of the Shaft and Haché lenses. This anomaly has a lateral extent of 3.1 km, from the Shaft lens to the west of the Henry lens.

Puma Exploration conducted, from 2011, a major excavating program spread out over 4 years. In 2011, a first stage where a total of 2181.3 meters was excavated and 433 samples were collected and a second stage where a total of 2710 meters was excavated and 516 samples were collected. In addition, three strippings have taken places on Ann's Creek. The first is located on the showing Dante I. Subsequently, two other strippings located on Henry-East and Bradley Gold were conducted. Finally, the company has completed two (2) drilling campaigns targeted on different areas of the property. The first campaign was carried out on the newly discovered deposit of Dante I with seven (7) drillings and continued on the Henry East mineralization with six (6) other holes drilled.

All drilling of the Henry area have intercepted rich veins of silver and gold and have confirmed that geophysical anomalies are caused by mineralized zones. The veins, with a thickness varying between 25 and 65 centimeters, have high levels of silver and gold with 284 g/t Ag and 4.8 g/t Au over 0.25 meters and 201 g/t Ag and 4.7 g/t Au over 0.25 meters.

In 2012, Puma Exploration conducted a two-stage trench campaign. The first stage took place near the Raya and Dante showings and the second took place North of the Haché deposit.

Puma Exploration has conducted, during 2013, stripping on the Haché and Shaft lenses. The main objectives of this campaign were to extend the area of the two lenses and to confirm, in surface, the mineralized zone observed while drilling on the Haché lens.

Puma Exploration conducted, in 2014, the third stage of the trenches campaign. It was carried out near the Great Northern showing in the western portion of the property.

 

Geology

The Nicholas-Denys project is located at the northern edge of the Bathurst mining camp in New Brunswick. The southern portion of the property included Ordovician rocks of the Fournier Group in fault contact or of discordance with the Silurian rocks of the Chaleurs Group and Devonian of the Dalhousie Group at north.

The Fournier Group includes oceanic basalts of intermediate composition between MORB and OIB of the Sormany Training (Arenig-Llanvirn). The basalts of the Sormany Formation are intruded by synvolcanic gabbros and diabases. The Sormany Formation is surmounted by, and by areas interdigital with, the Millstream Formation (Caradoc) that is constituted of shale and sandstone with some limestone lenses. The Millstream Formation is intersected of gabbroic intrusions Silurian-Devonian. The Fournier Group represents a segment of the transition oceanic crust-margin of the back-arc basin Tetagouche-Exploits.

Geo RB

Ordovician rocks of the Millstream Formation are in places, in discordance and elsewhere in fault touch with Silurian rocks of the Simpsons Field Formation (Wenlock-Ludlow) consisting of siltstones, sandstones and conglomerates polymict. The fault contact between Millstream and Simpsons Field Formations belongs to the regional fault system Rocky Brook Millstream. The Rocky Brook Millstream fault developed during the last episode of penetrative deformation (D4) of the Bathurst camp. The Rocky Brook Millstream fault developed during an episode of dextral and regional transpression that expresses by a faults swarm and with reverse oblique movement and dextral with a   strong south dip and a stretching lineation with a high to medium diving towards North east. On the Nicholas-Denys property, a fault of Northeast orientation and belonging to the fault system Rocky Brook Millstream also intersects rocks of the Simpsons Field Formation. Along the traces of this fault, the underlying rocks of the Weir formation (Llandovery) and of the La Vieille (Llandovery-Wenlock) formation are lifted in the heart of anticlinals. The Weir Formation included conglomerates, arkose, sandstone, limestone and basalts while the La Vieille Formation is constituted of nodular to massive limestone, calcareous sandstones and siltstones. The trace of the fault is marked by chips of Ordovician mixed with basalt blocks, gabbro and serpentinite of the Mélange de la Rivière Belledune Formation. The Simpsons Field Formation is surmounted by nodular limestones and calcareous siltstones of the Laplante Formation (Pridoli), then by sandstones and gray-green calcareous siltstones with red shales of the Free Grant Formation, of Devonian age.

The Silurian-Devonian rocks are intersected by the granitic pluton of Nicholas-Denys (381 Ma) which the metamorphism aureole of contact superimposes to the structures of the Rocky Brook Millstream fault system.

Model

Ann's Creek property, in association with that of Beresford Cu contains a significant number (80) of mineral showings. Among thesis mineral occurrences, at least one recognizes four kinds of deposits that are mostly cut by quartz veins and shear zones containing sulphides.

    1. Skarns in Cu and Fe: the main showings of skarns in copper and iron are Beresford Copper and Millstream Iron showings on Nicholas Denys, skarns at zinc, are found on Ann's Creek for the Dante I and Raya showings. These skarns are developing in limestone of The La Vieille Formation in the metamorphism aureole of contact of the Nicholas-Denys pluton.
    2. Vein type and of replacement: the visit of the Stephens Brook showing suggests that the mineralization in sulphides and gold-bearing arsenide where the arsenopyrite that is scattered is found in replacement of host rocks. Generally, the gold-bearing orogenic-type quartz vein deposits are associated to metamorphic terranes of all ages. These deposits are classed in deposits of hydrothermal affiliation since they are metamorphic fluids of great depth, issued from the process of accretion that carried gold and have created a path in the crust via significant faults or deformation zones. Throughout their route, these fluids have dissolved various elements, including gold, in a rocks assembling containing precursors rich in gold. Fluids have then precipitate as veins or have replaced host rocks.
    3. Massive sulphides to Pb-Zn-Ag: several showings and massive or breccia sulphides deposits, deformed, to pyrrhotite-galena-sphalerite rich in silver are found in the Ordovician rocks of the Millstream Formation. From East to West, those mineralizations contain the Pine Tree, Half Mine, Shaft, Haché and Milstream Henry deposits. The mineralization seems to form a continuous and tabular zone over more than 5.4 km which characteristics are consistent enough to warrant the correlation. The tabular appearance of the mineralization, its lateral continuity, its mineralogy and the metallic assembling are consistent with a SEDEX type mineralization. We note that the iron sulphide is the pyrrhotite that characterizes some SEDEX poor in Ba that is a feature of sulfides in the Millstream Formation.
    4. Porphyry at Mo/Cu: Some geochimical showings of soil as well as a limited quantity of drilling revealed showings in Mo/Cu and allow to believe in the presence of a porphyry in Cu/Mo within the Nicholas Denys pluton composed mainly of granodiorite and locally of monzonite. The mineralization would probably be associated to quartz veins and veinlets injected in tectonic and multidirectional fractures often related with a potassic alteration.

structures

Results

In 2008, an indicated mineral resource of 1 million ounces of silver, in accordance with NI 43-101 was calculated from only 36 drillings on the central portion of the Haché lens (50m x 100m) up to depth of 125 meters. Since this estimate, 84 new holes, totaling 20,000 meters were drilled on the Haché and Shaft lenses over a distance of 700 meters and to a vertical depth of 450 meters allowing defining five new mineralized lenses

Hache A

The high-grade zones are essentially found at the intersections of the transversal NW-SE faults and of the Rocky Brook-Millstream fault. Some of these intersections were drilled (25,000 meters in 91 drillings) and demonstrated that the mineralization in silver-gold-lead-zinc is continuous from the surface to a vertical depth of 450 meters

Localisation Anns Creek

Ann's Creek property, in association with that of Beresford Cu contains a significant number of mineralized showings and deposits.

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