Puma samples up to 1.87% Cu, 1.06 g/t Au at Chester

Jan 9, 2020

2020-01-08 12:20 ET – News Release

Mr. Marcel Robillard reports

PUMA SAMPLES 1.87% CU AND 1.06 G/T AU IN THE EAST ZONE OF CHESTER PROPERTY

During the initial exploration work conducted on the Chester property in November and December, 2019, Puma Exploration Inc. sampled 1.87 per cent copper, 1.36 per cent copper and 1.03 per cent copper in trench T19-04, located in the east zone. Furthermore, Puma is pleased to report values of up to 1.06 grams per tonne gold in the gossan zone overlying the east zone, which was recently trenched by the technical team. Very limited gold analysis has been performed in the past and will be systematically evaluated in the upcoming exploration programs.

The trenching program also identified a large hydrothermal system characterized by geochemical anomalies (selenium/sulphur, arsenic, copper plus lead plus zinc, magnesium plus iron, barium and silicon) located to the northeast of the east zone. The Se/S ratio can be used as an indicator of a probable magnetic component for high-temperature sulphurs (hydrothermal alteration). Adding to the alteration signature, the area coincides with a major gravity anomaly and a low magnetic boundary. Only one hole was drilled by Noranda and was then deepened by Teck in 1994 (hole CN-12) in the area. Hole CN-12 intersected the favourable horizon, consisting of strongly altered and variably mineralized felsic volcanics grading 0.19 per cent lead plus zinc over 118 metres, without any further follow-up program.

The east zone and central zone represent the most prospective areas of the property to find significant new deposits, as the previous operators and the recent work concentrated their efforts on the west zone (feeder zone). No mineral resource estimates have been calculated under National Instrument 43-101 guidelines for the central and the east zones, and most of the holes drilled were completed before the 1980s.

The massive sulphide zones are exposed at the surface as a gossan mineralization. The previous operators at the Chester deposit reported historical resources totalling 16.8 million tonnes at 0.76 per cent copper divided in three zones:

East zone — 500,000 tonnes of massive and disseminated sulphide grading 0.78 per cent copper, 0.36 per cent lead and 1.14 per cent zinc;
Central zone — 1.1 million tonnes of massive sulphide grading 0.47 per cent copper, 0.9 per cent lead and 2.22 per cent zinc;
West zone — 15.2 million tonnes of copper stringers grading 0.78 per cent copper.

Puma is not treating the historical resource estimate as a current resource estimate, as it has not taken steps to identify what work needs to be done to verify, upgrade or reclassify the historical resource estimate using a qualified person from Puma or an independent third party.

Recently, Puma has continued to consolidate its position in the Bathurst mining camp to double in size the Chester area, and the area is now composed of 303 claims covering a total of 6,654 hectares (see news release dated Nov. 13, 2019). Puma now controls two major areas, Murray Brook and Chester, which represent the best two base metal assets undeveloped in the famous Bathurst mining camp in New Brunswick.

About the Chester property

The Chester property is known to contain a copper deposit containing three 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 resource calculation in 2008 and updated in 2014 to reflect changes in metal prices and mining scenarios. The copper deposit has historical measured and indicated resources of 1.4 million tonnes grading 1.38 per cent copper and 3.5 grams per tonne silver, and inferred resources of 2,089,000 tonnes grading 1.26 per cent copper (assayed for copper only), as reported in the NI 43-101 technical report entitled, “Technical Report — Chester Copper Property New Brunswick Canada,” (effective March 7, 2014) and prepared by Robert C. Sim, PGeo, for Explor Resources and filed on SEDAR. Puma is not treating the historical resource estimate as a current resource estimate or mineral reserves, as it has not taken steps to identify what work needs to be done to verify, upgrade or reclassify the historical resources estimate using a qualified person from Puma or independent third party.

Qualified person

Dominique Gagne, PGeo, an independent qualified person as defined by NI 43-101 standards, has reviewed and approved the geological information reported in this news release. Mr. Gagne is independent of the company.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious and base metal projects in early to advanced stages.

We seek Safe Harbor.

http://explorationpuma.com/en/