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.
The Williams Brook property is located on the western edge of the Bathurst Mining Camp. It covers more than 20,000 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 Williams Brook Gold Project. Puma is 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. Visible gold is present, and grab samples have returned high-grade gold up to 241 g/t Au.
The first-ever drilling campaign on the O'Neil Gold Trend was completed in August 2021. The 2,360 metres drilling program was devised to intersect the down-dip projection of the high-grade gold veins exposed at surface. It was also designed to help better understand the spatial geometry of the mineralized envelope. The oriented NQ drilling was planned with the support of Terrane Geoscience Inc. after a detailed structural analysis.
The drilling returned exceptional results with an intersection of 50.15 metres grading 5.55 g/t Au in WB21-02. The holes were characterized by pervasive sericite and iron alteration over large sections. The presence of abundant quartz veins and veinlets with disseminated sulphides and oxides was also observed. Often, visible gold ("VG") was present.
An induced polarization (IP) geophysical survey and an aggressive grab sampling program have yielded excellent results. A follow-up 10,000-metres drilling campaign will begin in Q1 2022.
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.