OVERVIEW

Puma's properties, Williams Brook, Jonpol and Portage, are located within the Iapetus Suture, a major geological fault zone caused by the collision of several ancient land masses more than 420 million years ago.  The structure that extends from Ireland to Virginia is home to all of Atlantic Canada's gold deposits. A 4,000 km-line VTEM heliborne geophysical survey of the three properties was completed in Q1 2021 to guide exploration as Puma develops its three highly prospective properties.

Williams Brook

The Williams Brook Gold Project is located on the western edge of the Bathurst Mining Camp. It covers more than 40,000 ha of prime exploration land and benefits from excellent access, water, electricity and the availability of an experienced workforce.

Exploration work to date has identified at least four (4) different gold trends on the property package. Puma’s 2021/2022 work focused on the newly discovered O'Neil Gold Trend, a pervasive altered and brecciated rhyolite unit. The rhyolite is in contact with sediments and is characterized by quartz veins and veinlets, stockworks and breccias. Drilling at the OGT has returned exceptional results (see Table 1). Gold mineralization is associated with pervasive sericite and iron alteration over large sections. The presence of abundant quartz veins and veinlets with disseminated sulphides and oxides is also observed. Often, visible gold ("VG") is present.

Table 1. Highlights of high-grade gold intersections at the OGT since 2021*

*Stated lengths in metres are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

Puma’s ongoing exploration work is guided by Mira Geoscience’s Mineral Potential Index (“MPI”) map that was generated by compiling and analyzing all the data gathered by Puma since 2019 (see Figure 1). The data set includes results from more than 5,000 metres of trenching, 5,000 grab samples, 7,500 metres of drilling, property-wide heliborne VTEM and radiometric surveys, structural data analysis from Terrane Geoscience and previous geochemical soil and till surveys. The MPI map shows that the OGT may extend more than 15 km and that other similar, highly prospective areas are present on Puma’s large land package.

Figure 1. Map of prospective targets (credit: Mira Geoscience)

A large epithermal/orogenic system is possible at Williams Brook. The gold mineralization at the O’Neil Gold Trend is characterized by significant high-grade gold intercepts within a lower-grade envelope which may represent the surface expression of a large and pervasive supergene gold enrichment in a low to mid sulphidation epithermal quartz sulphide system (Figure 2).

Figure 2. Potential large gold system at Williams Brook

Jonpol and Portage

Puma's contiguous Jonpol and Portage properties are located approximately 10 kilometres east of Williams Brook and are underlain by the same geology. They cover an area of approximately 6,000 ha. Several gold occurrences grading up to 17.1 g/t Au are reported on both properties. While the Company is currently focused on advancing exploration on its flagship Williams Brook property, work on Jonpol and Portage will resume in the future.

175, rue Légaré
Rimouski, Qc
Canada G5L 3B9
Phone: (418) 724-0901
Fax: (418) 722-0310