Puma adds more claims at Chester VMS Deposit
Rimouski, November 13th, 2019 – Puma Exploration Inc. (the “Company” or “Puma”) is pleased to announce that following the initial data compilation and preliminary field reconnaissance, the Company has added 139 additional claims units for a total of 3,054 additional hectares surrounding the original Chester property boundary. The Chester property has almost doubled in size and is now composed of 303 claims covering a total of 6,654 hectares (66.5 km2) strategically located approximately 25 kilometers south west of three major VMS deposits: Halfmile Lake, Stratmat, and Heath Steele.
The additional claims cover adjacent areas with excellent exploration potential derived from new interpretation of the local geology, the structural features, the geophysical signatures, and already defined targets predicted by CARDS Artificial Intelligence (AI) technology completed by Windfall Geotek (TSXV-AIIM) for the entire Bathurst Mining Camp in 2013.
Puma has reviewed the CARDS AI evaluation generated for the Bathurst Camp and has decided to hire Windfall Geotek to proceed with a more detailed, property scale, evaluation of the Chester property. The goal is to refine the regionale VMS signature and to assist us in finding new mineralized areas with the same geological features of the Chester Deposit.
CHESTER PROPERTY HIGHLIGHTS
■ Previous Mining Development included a portal and ramp (600m) development driven into the copper feeder (Stringer) zones on two (2) stopes from which 30,000 tonnes bulk samples grading 2.0% Cu were mined by the Sullivan Group in the early ’70s.
■ Historical Resources estimate on the West Zone (Copper Stringer) of the Property with of 3,489,000 tonnes grading 1.30% Cu reported in 2008 and updated in 2014*.
■ Robust Metallurgical Test conducted to date indicates that concentrate grades in the range of 27-28% Cu could be produced at copper recoveries of 97-98% by standard flotation circuits.
■ Significant Exploration Potential with strong exploration targets remain uninvestigated and include Cu-Pb-Zn soil anomalies, gravity and magnetic geophysical anomalies including the newly CARDS targets.
* Puma has not taken steps to identify what work needs to be undertaken to upgrade or verify the historical resource estimate as current mineral resources or mineral reserves. A qualified person from Puma or independent third party has not done sufficient work to classify the historical resource estimate as a current resource estimate or current mineral reserves. Puma is not treating the historical resource estimate as a current resource estimate or mineral reserves. There is no certainty that additional work will replicate the initial results.
The Chester property is known to contain a copper Deposit containing three (3) zones; the Central Zone, the East Zone, and the West Zone (Copper Stringer) located at the surface. Only the West Zone has been included in the NI 43-101 resources calculation in 2008 and updated in 2014. The copper deposit has historical measured & indicated resources of 1,400,000 tonnes grading 1.38% Cu and 3.5 g/t Ag and inferred resources of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only) as reported in the NI 43-101 Technical Report entitled “Technical Report – Chester Copper Property New Brunswick Canada” (effective March 07, 2014) prepared by Robert C. Sim, P. Geo., for Explor Resources and filed on www.sedar.com. Puma is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified person from Puma or independent third party.
Significant previous drill results at Chester property
|Feeder Zone (Surface to 50m)||Massive Sulphide Zone (Surface to 50m)|
|4.8% Cu over 20.3 meters||10.8% Zn + 4.5% Pb over 5.6 meters|
|3.4% Cu over 25.0 meters||7.4% Zn + 2.3% Pb over 6.1 meters|
|6.0% Cu over 13.1 meters||8.0% Zn + 3.9% Pb over 7.0 meters|
|8.0% Cu over 5.2 meters||8.5% Zn + 4.0% Pb over 7.9 meters|
|4.9% Cu over 14.2 meters||7.0% Zn + 2.6% Pb over 15.6 meters|
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages. While our priority remains to finalize the acquisition of the Murray Brook project in New Brunswick, 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.
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.