Field Reconnaissance at Portage Lake (Cu-Ni-Co) Lead to the Discovery of a Mineralized Breccia Grading 1.03% Co and 0.63 g/t Au
Rimouski, October 28th, 2019 – Puma Exploration (PUMA-TSXV) has completed the acquisition of the Portage Lake (Cu-Ni-Co) and Jonpol Gold (Au) projects, as previously announced on October 15th and 17th, 2019.
At Portage Lake, additional field reconnaissance by the prospectors lead to the discovery of a mineralized breccia within a skarn horizon located in proximity to the mafic intrusion (6km by 4km). 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. Following the receipt of the assays, Puma is mobilizing an excavator to evaluate the significance of the new discovery. Other areas will also be trenched on the property at the same time. The adjoining Jonpol Gold property will be trenched following Portage Lake to help define potential drill targets on both properties.
The Portage Lake (Cu-Ni-Co) project contains several showings with the most promising discovered in the last 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, and cobalt. Grab samples grading 0.2 g/t Au and 0.60 g/t Au were collected just north of this recent trench. Very limited work has been conducted on the property, which offers huge potential for new discoveries.
The Jonpol Gold (Au) project contains numerous gold occurrences associated with gabbroic intrusions located along a major subsidiary fault of the Rocky Brook Millstream Fault (RBMF). Grab samples collected in trenches reported grades of: 17.1 g/t Au, 14.8 g/t Au, 10.6 g/t Au, 6.8 g/t Au, 5.1 g/t Au, and 3.4 g/t Au. Very limited diamond drilling has been done on the property which is underlained by sedimentary rocks and mafic intrusives. Drill results reported were 1.13 g/t Au over 12.0m, 1.37 g/t Au over 6.0m, 1.37 g/t Au over 1.4m, 3.89 g/t Au over 1.0m, and 2.78 g/t Au over 1.5m.
In order to acquire 100% interest in these projects, Puma has issued 450,000 shares for Portage Lake (Cu-Ni-Co) and 400,000 shares for Jonpol Gold (Au) to the prospectors. There is no minimum work commitment. These acquisitions were part of the DEAR strategy aimed at generating value to Puma’s shareholders. Following the acquisition of the Portage Lake (Cu-Ni-Co) and Jonpol Gold (Au) projects, the Company has 28,459,972 shares outstanding.
Puma has defined a four-part strategy for 2019-2020 and beyond: Development, Exploration, Acquisition and Royalties/Ownership (DEAR).
Each part of this strategy is aimed at generating value for shareholders and are defined as follows:
- Development of the Murray Brook Deposit, where the gossan and oxide zones will be investigated to determine the economics and upside potential of the precious metal contents and recovery within these zones. The goal is to convert the surface zone materials that were previously categorized as waste to potential mineable ore.
- Exploration of our advanced stage projects located at the Murray Brook Deposit and Chester Property, aimed at discovering new satellite and contiguous deposits with our drill-ready targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester.
- Acquisition of prospective new properties using our expertise and knowledge acquired in the last 15 years of exploration in New Brunswick will offer a variety of different metals exposures and potentially allow us to make new discoveries within these potential new properties.
- Royalties and ownership gained through the sell-off of non-core assets to third parties represent a potential major financial upside without direct dilution. Currently, Puma holds 14,200,000 shares (48%) of Targets Minerals Inc. (1% NSR on Nicholas-Denys) and 100% of Murray Brook Minerals Inc. (0.67% NSR on Murray Brook) and will hold 5,750,000 shares (8%) of BWR Exploration Inc. (1% NSR on Little Stull Lake). Puma has also an option agreement to sell the Red Brook project to Rio Tinto.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced and early-stage precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR (development, exploration, acquisition and royalties/ownership) strategy to generate value to its shareholders.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., qualified person as defined by NI 43-101. 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. Robillard is not independent of the Company, as he is President of Puma Exploration.
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Marcel Robillard, President
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.