{"id":1016858,"date":"2024-10-24T11:27:17","date_gmt":"2024-10-24T15:27:17","guid":{"rendered":"https:\/\/explorationpuma.com\/?p=1016858"},"modified":"2024-10-24T11:27:18","modified_gmt":"2024-10-24T15:27:18","slug":"puma-welcomes-kinross-gold-as-strategic-investor-to-explore-and-develop-the-williams-brook-project","status":"publish","type":"post","link":"https:\/\/explorationpuma.com\/fr\/puma-welcomes-kinross-gold-as-strategic-investor-to-explore-and-develop-the-williams-brook-project\/","title":{"rendered":"Puma Welcomes Kinross Gold as Strategic Investor to Explore and Develop the Williams Brook Project"},"content":{"rendered":"\n

Rimouski, Qu\u00e9bec, October 24, 2024<\/strong> \u2013 Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the \u201cCompany\u201d or \u201cPuma\u201d) is pleased to announce the execution on October 23, 2024 of a definitive option agreement (the \u201cOption Agreement\u2019) with KG Exploration (Canada) Inc., a wholly-owned subsidiary of \u00a0Kinross Gold Corporation<\/strong> (TSX: K, NYSE: KGC) (\u201cKinross\u201d) with respect to the Williams Brook, Portage and Jonpol properties (collectively, the \u201cWilliams Brook Project\u201d) located in Northern New Brunswick, Canada (see Figure 1).<\/p>\n\n\n\n

Figure 1. Puma\u2019s land holdings in Northern New Brunswick<\/h5>\n\n\n\n
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Under the terms of the Option Agreement, Kinross will have, subject to certain conditions, the option to earn a 65% interest<\/strong> in the Project by funding a minimum of $16,750,000<\/strong> in exploration expenditures during a period of five (5) years (including a firm commitment of $2,000,000 with at least 5,000 metres of drilling during the first 18 months).<\/p>\n\n\n\n

In connection with the Option Agreement, Kinross has also agreed to subscribe under a concurrent private placement for treasury common shares of the Company, representing approximately 9.9% of its issued and outstanding shares.<\/p>\n\n\n\n

Puma\u2019s President and CEO Marcel Robillard stated, \u201cWe believe in the region\u2019s potential to host Canada\u2019s next major gold camp. I am delighted to welcome Kinross, the first major gold producer to establish a presence in New Brunswick. I look forward to working with its first-in-class exploration and development team to grow the region\u2019s potential<\/em>\u201d. Most of the first $2M will be directed towards drilling (5,000 metres) and other identified targets on the Williams Brook property. The drilling program will continue to test and define the Lynx Gold Zone previously intersected by Puma (5.55 g\/t Au over 50.15 m, 2.49 g\/t Au over 63.05 m, 5.15 g\/t Au over 23.15 m, 2.77 g\/t Au over 42.80 m, 1.24 g\/t Au over 98.05 m, 3.97 g\/t Au over 22.10 m, 3.12 g\/t Au over 35.35 m)\u201d.<\/em><\/p>\n\n\n\n

He also emphasized the financial benefits of the agreement, \u201cWithin four (4) years and with only $12.75 M of expenditures (as of May 31, 2024), Puma successfully defined a high-grade gold zone at the Williams Brook property, the Lynx Gold Zone that attracted a Tier One gold producer. With juniors still struggling despite gold\u2019s all-time high price, this significant injection of cash over the next five years, especially Kinross\u2019s firm commitment over the next 18 months, will significantly accelerate exploration and unlock the Project\u2019s value. Kinross\u2019 commitment represents a stamp of approval on Williams Brook\u2019s potential, and having Puma as the operator speaks to Kinross\u2019 confidence in the strength of our exploration team.\u201d<\/em><\/p>\n\n\n\n

Under the Option Agreement, Puma will act as the Operator and will be assisted by a technical committee comprised of two (2) representatives of each company. The Option Agreement confirms Kinross\u2019s trust in Puma\u2019s expertise and skill in driving exploration forward. As Operator, Puma will also receive management fees that will contribute directly to Puma\u2019s treasury.<\/p>\n\n\n\n

Option Agreement Highlights<\/h3>\n\n\n\n

To earn a 65% interest in the Project, Kinross will have to fund $16.75M in exploration expenditures as follows:<\/p>\n\n\n\n