Rimouski, September 1ST, 2020 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the initial results of its summer exploration program conducted on the Williams Brook Property of its flagship Project; The Triple Fault Gold, in Northern New Brunswick, an Atlantic Province of Canada.
HIGHLIGTHS:
- High grade gold rock sample, grading 5 g/t Au from selected grab sample* collected at the O’Neil Showing.
- The average gold grade samples of the vein is 4 g/t Au over 10 meters (109.5 g/t Au, 38.8 g/t Au, 21.0 g/t Au 7.38 g/t Au 6.63 g/t Au, 5.55 g/t Au and 2.94 g/t Au)*.
- The high grade gold quartz vein (ranging from 30-50cm) has been followed, so far, over 10 meters in length.
- Quartz stockworks and veinlets within the surrounding rhyolite returned respectively high grade gold of 24 g/t Au, 6.14 g/t Au, 3.57 g/t Au and 1.14 g/t Au.
- The altered and brecciated rhyolite is open in all directions and now exposed for 10 meters by 10 meters.
*Rock chip and grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
Marcel Robillard, Puma’s President & CEO stated, “We are very excited with our first phase of exploration at Williams Brook with the discovery of the high gold grade outcrop on the property in an area that was never trenched or drilled before. We are surprised by the consistency of the high grade results at the O’Neil showing in the main vein but also within the surrounding rhyolite which demonstrate the gold potential of our new flagship project in New Brunswick to host large gold deposits as the other similar players in the Atlantic Gold District. The technical teams are currently prioritizing the O’Neil Showing for detailed mapping, including additional sampling and trenching in order to verify the extensions and define drill targets.”
O’NEIL GOLD ZONE (OGZ)
The first phase of the 2020 summer exploration program lead to the discovery of a high grade gold system; the O’Neil showing. The highest gold sample, grading 109.5 g/t Au, is part of a quartz vein (ranging from 30-50cm) followed and sampled, so far, over 10 meters in length. The average gold grade samples of the vein of 27.4 g/t Au over 10 meters (109.5 g/t Au, 38.8 g/t Au, 21.0 g/t Au 7.38 g/t Au 6.63 g/t Au, 5.55 g/t Au and 2.94 g/t Au)*, was estimated from chip and grab samples collected continuously every 1.5 meters on the main vein (see Picture 1 of the O’Neil Showing and Picture 2 of the rock samples).
Picture 1: O’Neil Showing
The O’Neil showing (outcrop) consists of an altered and brecciated rhyolite injected with quartz veins and quartz stockworks. The main vein is rusty and containts disseminated sulphides such as sphalerite, galena, and chalcopyrite. Following the hand and shovel cleaning of the main vein, surrounding quartz stockworks and veilnlets within the rhyolite were found, sampled and reported respectively high grade gold of 8.24 g/t Au, 6.14 g/t Au, 3.57 g/t Au and 1.14 g/t Au.
The altered and brecciated rhyolite is open in all directions and now exposed for 10 meters by 10 meters. More work is currently in progress at the O’Neil Showing to better define and understand the gold system. It is noted that this area has never been trenched or drilled in the past.
Picture 2: Grab Samples collected at the O’Neil Showing
2020 SUMMER EXPLORATION PROGRAM
Concurently with the initial work done on the O’Neil Showing, the early phase of the summer exploration program incorporated large detailed prospecting and mapping mainly focused on the southern part on the Williams Brook roperty which include the main gold bearing zones (GZ) interpreted and known below (see Map 1) :
■ O’Neil Gold Zone (OGZ)
■ Williams 1 Gold Zone (W1GZ)
■ Williams 2 Gold Zone (W2GZ)
■ Ramsay Gold Zone (RGZ)
Map 1: The Main Gold Zones at the Williams Brook property
A total of 175 rock samples, consisting of a mix of outcrops and boulders were collected on the property during this early reconnaissance stage of exploration. Most of them are quartz and rhyolite samples. Results are pending and will be released once they become available.
TRIPLE FAULT GOLD PROJECT
The Triple Fault Gold Project includes three (3) properties named Williams Brook Gold, Jonpol Gold, and Portage Lake properties covering more than 30,000 hectares of favorable gold exploration land package. The project is located about 60km 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 roperty. 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 kilometres.
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 PERSONS
Dominique Gagné, PGeo, independant 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 EXPLORATION
Puma 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.
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Marcel Robillard, President
(418) 724-0901
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.