Puma Exploration trenches up to 0.35 g/t Au at Portage

Feb 28, 2020

2020-02-28 11:21 ET – News Release

Mr. Marcel Robillard reports

PUMA ANNOUNCES FIRST TRENCHING RESULTS AT PORTAGE YIELDING UP TO 0.19% CU, 0.83% CO AND 1.46 G/T AU IN NEW BRUNSWICK

Puma Exploration Inc. has confirmed the presence of widespread copper, cobalt, nickel and gold mineralization in a large devonian mafic intrusive (four kilometres by six kilometres) during its first trenching program at Portage Lake. The trenching program, totalling 14 trenches for 1,750 metres, was the first fieldwork conducted on the property by Puma since its acquisition in late 2019.

The Portage Lake property, which is 100 per cent held by Puma, covers a large devonian mafic to intermediate intrusion adjacent to skarn and hornfels horizons of the Chaleur Group, both containing significant copper-gold-cobalt with nickel-iron grades. A total of four mineral occurrences were found within the Portage intrusion where only two shallow holes were drilled by previous operators. Further investigation will be conducted following the recent results to demonstrate the potential for finding a major deposit of copper-gold-cobalt-nickel (Cu-Au-Co-Ni) related to intrusion or breccia models at very low exploration and maintenance costs.

In the southern contact of the intrusion, a grab sample collected in the trench revealed that the mineralization consisted of a deformed hornfel with approximately 30 per cent of massive sulphide, yielding 0.19 per cent Cu, 533 parts per million (ppm) Ni, 0.83 per cent Co and 0.35 g/t Au. Another mineralized zone located approximately 500 metres to the east, consisting of massive sulphide mineralization in a brecciated gabbro, returned values of 0.11 per cent Cu, 506 ppm Ni, 384 ppm Co and 25 per cent iron (Fe). Lastly, within the Portage intrusion located two kilometres (km) to the north of the zones describes above, in an altered hornfel at proximity to the major Ramsay Brook fault, a sample returned a value of 1.46 g/t Au. This pervasive mineralization in the intrusion is located less than two km from the Restigouche mine and 10 km from the Murray Brook deposit.

A total of 17 exploration targets have been defined from the recent trenching program and detailed data compilation. A field crew will be testing each target by prospecting and trenching in the spring. A ground geophysical survey (IP) is planned on the new mineralized zones discovered and a major TDEM survey is also planned over the Murray Brook area, which will be covering the Murray Brook West, the Jonpol and the Portage Lake properties, all of which are 100 per cent held by Puma.

“This is another exciting step for Puma,” commented Marcel Robillard, president and chief executive officer. “The forecast of potential increased in demand of copper in the coming years due to its applications in infrastructure and green energy applications. With the combination of our Chester, Portage, Turgeon, and Legacy and Jonpol projects, our portfolio of copper and gold assets is well positioned for 2020 and beyond, using our 15 years of experience and knowledge of the Bathurst mining camp,” added Mr. Robillard.

The Portage Lake project

The Portage Lake (Cu-Ni-Co-Au) project contains several showings with the most promising discovered in the recent 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, gold and cobalt. A grab sample was collected at the site and graded 1.03 per cent Co and 0.63 g/t Au, being the highest cobalt and gold results obtained so far on the property. Very limited work has been conducted on the property, which offers huge potential for new discoveries.

Qualified persons

Dominique Gagne, professional geoscientist, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the famous Bathurst mining camp (BMC).

We seek Safe Harbor.

http://explorationpuma.com/en/