Rimouski, February 28, 2020 – Puma Exploration Inc. (the “Company” or “Puma”) is pleased to confirm the presence of widespread copper, cobalt, nickel, and gold mineralization in a large devonian mafic intrusive (4km x 6km) during its first trenching program at Portage Lake. The trenching program, totaling 14 trenches for 1,750 meters, was the first field work conducted on the property by Puma since its acquisition in late 2019.
The Portage Lake property, which is 100% held by Puma, covers a large devonian mafic to intermediate intrusion adjacent to skarn and hornfels horizons of the Chaleur Group, both containing significant copper-gold-cobalt with nickel-iron grades. A total of four (4) mineral occurrences were found within the Portage intrusion where only two shallow (2) holes were drilled by previous operators. Further investigation will be conducted following the recent results to demonstrate the potential for finding a major deposit of Cu-Au-Co-Ni related to intrusion or breccia models at a very low exploration and maintenance cost.
In the southern contact of the intrusion, a grab sample collected in the trench revealed that the mineralization consisted of a deformed hornfel with approximately 30% of massive sulphide, yielding 0.19% Cu, 533 ppm Ni, 0.83% Co, and 0.35 g/t Au. Another mineralized zone located approximately 500 meters to the East, consisting of massive sulphide mineralization in a brecciated gabbro returned values of 0.11% Cu, 506 ppm Ni, 384 ppm Co, and 25% Fe. Lastly, within the Portage intrusion located 2km to the North of the zones describes above, in an altered hornfel at proximity to the major Ramsay Brook fault, sample returned value of 1.46 g/t Au. This pervasive mineralization in the intrusion are located less than 2km from the Restigouche Mine and 10km from the Murray Brook Deposit.
A total of seventeen (17) exploration targets have been defined from the recent trenching program and detailed data compilation.A field crew will be testing each target by prospecting and trenching in the spring. A ground geophysical survey (IP) is planned on the new mineralized zones discovered and a major TDEM survey is also planned over the Murray Brook Area which will be covering the Murray Brook West, the Jonpol and the Portage Lake properties, all of which are 100% held by Puma.
“This is another exciting step for Puma” Marcel Robillard, President & CEO, commented, “because the forecast of potential increased in demand of Copper in the coming years due to its applications in infrastructure and Green Energy applications. With the combination of our Chester, Portage, Turgeon, Legacy and Jonpol projects, our portfolio of copper ang gold assets is well positionned for 2020 and beyond, using our 15 years of experience and knowledge of the Bathurst Mining Camp” added Marcel Robillard.
THE PORTAGE LAKE PROJECT
The Portage Lake (Cu-Ni-Co-Au) project contains several showings with the most promising discovered in the recent trenching program conducted on the property in 2017. The prospector excavated an area of 100 metres composed mainly of skarn alteration containing 50 metres of massive sulphide showing significant iron, copper, nickel, gold and cobalt. A grab sample was collected at the site and graded 1.03% Co and 0.63 g/t Au; being the highest cobalt and gold results obtained so far on the property. Very limited work has been conducted on the property, which offers huge potential for new discoveries.
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.
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). 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
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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.