Puma trenches visible gold at Williams Brook

Nov 12, 2020

2020-11-12 12:52 ET – News Release

Mr. Marcel Robillard reports

PUMA EXPLORATION ANNOUNCES DISCOVERY OF VISIBLE GOLD (VG) AND EXPANDS THE OA NEIL GOLD TREND OVER 5 KM AT WILLIAMS BROOK GOLD PROPERTY

Puma Exploration Inc. has discovered visible gold (VG) in quartz veining stockwork similar to the O’Neil showing signature grading up to 109.5 grams per tonne gold (press release dated Sept. 1, 2020) at its Williams Brook property near Bathurst, N.B., Atlantic province of Canada. The discovery, located 35 metres northeast of the O’Neil showing, was made during phase 2 of the current trenching program (T20-21 to T20-29) conducted on the O’Neil gold trend (OGT).

Phase 1 of the exploration program successfully expands the OGT over five km from the high-grade O’Neil showing toward the northeast. Of particular interest is the discovery of a significant zone (50 metre by 25 m) of a large altered and mineralized system composed of quartz veins and quartz stockwork within the 40 zone located 2.5 km NE of the high-grade gold O’Neil showing. The assays from this zone are pending.

Highlights

Visible gold (VG) discovered 35 metres northeast of the O’Neil high-grade gold showing;
29 trenches for 4,000 metres executed mainly in the O’Neil gold trend (OGT);
The favourable unit (altered rhyolite) hosting the O’Neil showing expanded over five km at OGT;
Discovery of significant altered rhyolite, quartz veins and quartz stockwork within the 40 zone at OGT;
Channel sampling and detailed mapping in progress at the O’Neil zone (R20-01 and R20-02);
Stripped area of 75 m by 150 m (wood cutting and stripping) in progress the O’Neil zone;
Over 500 samples from the current work are currently at the lab (assays pending).

Marcel Robillard, Puma’s president and chief executive officer, stated: “We are very excited to announce the first visible gold (VG) found by Puma’s technical team at the Williams Brook property. Since the beginning of the exploration in July, 2020, tremendous knowledges and discoveries were made which accentuated the similarities between Williams Brook and the other majors gold plays in Atlantic Canada.

“The key to success is to define the favourable horizon for more than five km, in order to increase the potential to find a large gold deposit. Puma controls more than 41,500 hectares in an emerging gold-district in northern New Brunswick, Canada.”

Phase 1 of the exploration program was directed to delineate the favourable altered rhyolite horizon as documented from the previous work and the regional mapping. The technical team was able, with mapping and trenching, to expand the altered rhyolite over five km at the O’Neil gold trend (OGT), over one km at the Williams Brook gold trend (1) (W1GT) and 350 m at the Williams Brook gold trend (2) (W2GT).

Following the recent discoveries and data collected during the first phase, the phase 2 of the exploration program is directed on the altered rhyolites/sediments contacts delineated which seems to represent an important control on the gold mineralization in association with regional structures trending northwest. The current trenching program focuses on the interpreted potential ore shoot system (Riedel type) composed of extension veins (290 degrees to 320 degrees) with the rhyolite/sediment contacts.

Puma’s main objective of the initial exploration program conducted at the Williams Brook was to prove the potential of the property to host a major gold deposit. It included property-scale prospecting, geological mapping followed by two phases of aggressive trenching program.

O’Neil gold trend (OGT)

The first phase of the 2020 summer exploration program led to the discovery of the gold O’Neil showing with the presence of a significant and pervasive potential gold trend over 5.0 km along the O’Neil gold trend (OGT). The O’Neil showing consists of an altered and brecciated rhyolite injected with quartz veins and quartz stockworks. The altered and brecciated rhyolite is open in all directions.

The highest gold sample, grading 128.0 g/t Au, is part of the main quartz vein (ranging from 30 to 50 centimetres) followed and sampled, so far, over 10 metres in length. The average gold grade samples of the vein of 30.86 g/t Au over 10 metres (128.0 g/t Au, 35.2 g/t Au, 18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t Au),* was estimated from chip and grab samples collected continuously every 1.5 metres on the main vein.

Following the hand and shovel cleaning of the main vein, surrounding quartz stockworks and veinlets within the rhyolite were found, sampled and reported respectively high grade gold of 16.90 g/t Au, 8.24 g/t Au, 6.14 g/t Au, 3.57 g/t Au, 2.2 g/t Au and 1.14 g/t Au.

Triple Fault gold project

The Triple Fault gold project includes three properties named Williams Brook, Jonpol Gold and Portage Lake, covering more than 41,500 hectares of favorable gold exploration land package. The project is located about 60 km west of Bathurst with the paved road crosscutting the property.

Puma is currently focusing its fieldwork on its first priority, the Williams Brook property. The Williams Brook property includes selected drill results of 11.2 g/t over 2.8 m, 2.1 g/t Au over 9.0 m and 1.0 g/t over 23 m, gold occurrences grading up to 109.0 g/t Au, 50.8 g/t Au, 38.9 g/t Au in bedrock, numerous gold soil anomalies and extremely anomalous till samples with up to 508 gold grains that occur over an area approximately 12 by three kilometres.

There has been very limited drilling and exploration in the area mapped to be part of the Dunnage zone hosting major gold deposits and gold occurrences in siluro-devonian rocks and considered as an emerging gold exploration and development district.

Qualified persons

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

Quality assurance/quality control (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample is dried, crushed and pulped. The samples were crushed to 70 per cent less than two millimetres, riffle split off one kg, pulverize split to better than 85 per cent passing 75 microns (prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Rock sample ICP results with gold over one g/t were subjected to a metallic screening (Au-SCR24) one-kilogram pulp screened to 100 microns. Other screen sizes available. Duplicate 50 g assay on screen undersize. Assay of entire oversize fraction.

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) in New Brunswick, Canada. 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 with low share dilution.

We seek Safe Harbor.

http://explorationpuma.com/en/