release031921st Sector Newswire - ST.C

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Sector:  Mining, Precious Metals  :

 

News Release -  December 17, 2021 6:33 PM ET    - Editorial Release

 

 

Puma Exploration Closes C$5,000,000 Brokered Private Placement, Dr. Quinton Hennigh provides insight as 10,000 m Drill Program to Start in January 2022

 

NEW YORK, NY, December 17, 2021 /Sector Newswire/ -- Puma Exploration Inc. (TSX-V: PUMA) (US Listing: PUXPF) (Frankfurt: 4P8A) announced that it has completed its previously announced brokered private placement. Pursuant to the Offering, a total of 10,000,000 flow-through common shares of the Company were sold at a price of C$0.50 per Flow-Through Share for total gross proceeds of C$5,000,000. Desjardins Capital Markets acted as sole bookrunner and agent.

 

Last week Puma announced two news items;

 

1) that it has discovered a series of thick quartz veins that contain visible gold ("VG") between the Chubby and Moose Gold zones of its Williams Brook Gold property in New Brunswick, Atlantic-Canada (click here for related December 8, 2021 news release copy).

 

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2) that it has completed a 2,185 line-km airborne radiometric survey that covers the entirety of its 20,000 ha Williams Brook Property in New Brunswick, Atlantic-Canada. The radiometric survey will help identify potassic alteration and potential associated gold mineralisation across the property (click here for related December 6, 2021 news release copy).

 

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Puma Exploration Subject of Noteworthy Endorsement from Dr. Quinton Hennigh as Puma Continues to Identify More Large Quartz Veins at Surface with Visible Gold, and Continues to Encounter High-Grades on an Extensive Patchworks of Veins to be Drilled Starting in January-2022 on Its Williams Brook Gold Property, Atlantic Canada

 

QUOTE "…it’s an interesting system because it reminds me of a certain deposit in Australia called Stawell that ended up being I think about ~5 million ounce gold deposit, but it was really subtle, everyone had to be patient –- figure out the geometry. But I think this thing is going to prove to be a significant discovery over the course of the next year or two. So put that on the list."

- Dr. Hennigh Dec. 10, 2021

 
Quinton Hennigh, PhD: Dr. Hennigh is an exploration geologist that has identified many of the best next generation mining assets on the planet that are still in hands of junior exploration companies today and is an advisor to Crescat Capital LLC, which took a position in PUMA.V in August-2021 after his recommendation.

 
Click here to go to the 1:10:28 mark of December 10, 2021 video where Dr. Hennigh discusses the exciting progress Puma Exploration is making:

 

 

The following image is from drone photography showing the current excavation program at the Chubby-Moose Area:

 

 

In the video Dr. Hennigh humorously notes how it appears the entire deposit will be entirely ready for mining when it comes time because Puma has pre-stripped everything off the top. He notes how every time Puma opens up new trenches they find new veins and very high-grade samples. In every news release you see a steady progression.

 

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Below is copy of Puma's December 17, 2021 news release regarding the C$5,000,000 Private Placement, followed by the December 8, 2021 news release of new discovery, followed by excerpt copy of a recent Mining Journal article.

 

Excerpt copy of December 17, 2021 news release:

 

PUMA EXPLORATION CLOSES C$5,000,000 BROKERED PRIVATE PLACEMENT

 

Rimouski, December 17, 2021 – Puma Exploration Inc. (TSXV: PUMA) (the “Company” or “Puma”) announces that it has completed its previously announced brokered private placement. Pursuant to the Offering, a total of 10,000,000 flow-through common shares (the “Flow-Through Shares”) of the Company were sold at a price of C$0.50 per Flow-Through Share (the “Offer Price”) for total gross proceeds of C$5,000,000 (the “Offering”). Desjardins Capital Markets acted as sole bookrunner and agent (the “Agent”).
 

I am so proud of Puma’s excellent and dedicated work on the Williams Brook property this year. Our discovery hole at the Lynx gold zone of the O’Neil Gold Trend was outstanding. I expect to continue to provide positive results in 2022 following this successful C$5.0 million raise where proceeds will be allocated to pursuing further exploratory work. With a robust exploration budget, Puma is set to advance the Williams Brook Project in 2022 with the launch of a 10,000-meter drilling campaign early in the new year,notes Marcel Robillard, President and CEO of Puma Exploration.I want to personally thank Desjardins Capital Markets for their support and assistance in successfully closing our private placement. Their commitment to Puma has been exceptional, added Marcel Robillard.

 

The gross proceeds of the Flow-Through shares sold under the Offering will be used to explore Puma’s Williams Brook Gold project located in New Brunswick. The Company agrees that an amount equal to the gross proceeds received by the Company will be used to incur Canadian Exploration Expenses (CEE), which will qualify as “flow-through mining expenditures”, (each as defined in the Income Tax Act (Canada) (the “Tax Act”) and referred to as a “Qualifying Expenditures”) related to the exploration program of the Company. The Company will renounce such Qualifying Expenditures with an effective date of no later than December 31st, 2021. The Flow-Through Shares sold under the Offering will be subject to a statutory hold period lasting four months and one day following December 17th, 2021.

 

One insider of the Company acquired 40,000 Flow-Through Shares pursuant to the Offering. Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”).

 

The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details of the Offering were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons and in a timeframe consistent with usual market practices for transactions of this nature.

 

As consideration for its services in connection with the Offering, the Company has paid the Agent a cash commission of 7.0% of the gross proceeds of the Offering and issued to the Agent broker warrants (“Broker Warrants”) equal to 5.0% of the number of Flow-Through Shares sold under the Offering. Each Broker Warrant will entitle the holder thereof to acquire one common share of the Company at the Offer Price for a period of 24 months from the Closing Date.

 

The TSX Venture Exchange has conditionally approved the issuance of securities in the Offering, but the issuance remains subject to their final approval.

 

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction where such offer, sale or solicitation is not permitted.

ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based gold exploration company with early-stage precious metals projects in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share-dilution.

Connect with us
on Facebook / Twitter / LinkedIn
Visit www.explorationpuma.com for more information or contact:

Marcel Robillard,
President, (418) 750-8510;
president@explorationpuma.com

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305;
mboiridy@explorationpuma.com

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.

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.
.

CLICK HERE for full copy from source

 

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 Excerpt copy of December 8, 2021 news release:

 

Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold on Its Williams Brook Gold Property

 

Rimouski, December 8, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to report that it has discovered a series of thick quartz veins that contain visible gold ("VG") between the Chubby and Moose Gold zones of its Williams Brook Gold property in New Brunswick, Atlantic-Canada.

The discoveries were made during the Company's ongoing stripping program that targets the favourable rhyolite/sediment contact along the O'Neil Gold Trend (OGT) and is designed to confirm continuous gold mineralization at surface over the trend's 700-meters strike length (Figure 1).

Figure 1: Quartz Veins Discovered at the O'Neil Gold Trend Between the Chubby and Moose Areas is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9b9cec3-154e-44df-bbb5-54cf91bd8d9a

 

 

Quartz Veins Discovered at the O'Neil Gold Trend Between the Chubby and Moose Areas

Rejean Gosselin, geologist and Chairman of the Board, noted: "We are excited about this discovery at the Chubby-Moose gold area (Figure 2). The mineralization of these near-surface, highly altered and large thick quartz veins is similar to what we observed at O'Neil, Lynx, and Pepitos.

 

This discovery further supports the potential for a large gold deposit that could extend over a strike length of 700 meters at Williams Brook. Building on the success of our inaugural drilling program in other areas of the property, we will test this new target in early 2022 to show that the gold mineralization observed here at surface also extends at depth.
"


RECENT EXPLORATION HIGHLIGHTS

  • Discovery of a pervasive network of altered and thick quartz veins;
     

  • Discovery of three (3) additional areas with visible gold, over 25 meters, in quartz vein;
     

  • Discovery of several N340 structures in the rhyolite that could represent important conduits to the formation of the quartz veins and associated high-grade gold mineralization;
     

  • The entire OGT belt is heavily oxidized and mineralized;
     

  • Over 750 samples sent for assays (results pending);
     

  • Compilation of a robust geological model in collaboration with Terrane Geosciences and Mira Geoscience underway;
     

  • Launch of a 10,000-meters drilling campaign in January 2022.

Figure 2: Drone Photography Showing the Current Excavation Program at the Chubby-Moose Area is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d85f27a7-0cf7-4b10-a324-59c5cb416862

 

Drone Photography Showing the Current Excavation Program at the Chubby-Moose Area

 

ONGOING EXPLORATION PROGRAM
Puma's ongoing surface exploration and stripping program, launched in June 2021, is focused on testing and extending the O'Neil Gold Trend at its Williams Brook property. Building on the Company's success, the aggressive mechanized stripping program continues to uncover prospective areas for high-grade gold mineralization along the OGT. The entire 300-meters strike length contact between the Lynx Zone up to the Moose Zone was stripped at a width varying between 25 to 100 meters (Figure 3). The pervasive altered rock package that hosts networks of quartz veins with high-grade gold mineralization seen at O'Neil, Lynx, and Pepitos is also present here. This significant discovery shows that gold mineralization extends over 700 meters along strike from the O'Neil area all the way to the Lynx area and that a large gold deposit is possible at Williams Brook.

 

With surface gold mineralization extending at depth, as shown by Puma's inaugural drilling program, the technical team is aggressively sampling the uncovered quartz veins to identify potential high-grade gold targets and improve the outcomes of its upcoming drilling program (Figure 4). Over 750 samples have been collected to date, with assays pending. Mapping and analysis of structural data are also underway to further optimize the upcoming drilling program. Terrane Geosciences mapped the favourable rhyolite/sediment contact in the area, and the structural features and the quartz veins orientation are currently being analyzed to improve targeting. As long as field conditions allow, Puma will continue to advance its surface stripping and sampling work aggressively.

Figure 3: Mapping by Terrane Geoscience with the Localization of High-Grade Gold Samples (VG) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d36c62d-a726-4580-bad0-ba44435e936b

 

Mapping by Terrane Geoscience with the Localization of High-Grade Gold Samples (VG)

 
Figure 4: Brecciated Host Rocks with Visible Gold (VG) from the Chubby-Moose area is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95bbf96c-deb5-4bea-a5ea-66039f172239

 

Brecciated Host Rocks with Visible Gold (VG) from the Chubby-Moose area


QUALIFIED PERSON
Dominique Gagné, 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. 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. Gagné is independent of the Company.

ABOUT PUMA EXPLORATION
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. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share- dilution.

Connect with us
on Facebook / Twitter / LinkedIn

Visit www.explorationpuma.com for more information or contact:

Marcel Robillard,
President, (418) 750-8510;
president@explorationpuma.com

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305;
mboiridy@explorationpuma.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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.
.

CLICK HERE for full copy from source

 

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Puma Exploration is also the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at https://miningmarketwatch.net/puma.htm online in an article entitled "Puma Exploration Presents Opportunity; 5.55 g/t Gold over 50 m Discovery Hole -- Building Ounces in New Brunswick".
 

Excerpt copy of recent Mining MarketWatch Journal:

 

Puma Exploration Presents Opportunity; 5.55 g/t Gold over 50 m Discovery Hole -- Building Ounces in New Brunswick

 

Puma Exploration Inc. (TSX-V: PUMA) (US Listing: PUXPF) (Frankfurt: 4P8A) is a Canadian-based mineral exploration company focused on advancing its Williams Brook Gold Property in New Brunswick, located in the same prolific geological setting as major Atlantic success stories such as Marathon Gold and Newfound Gold. Since acquiring the project in March-2020, Puma has quickly gone from virgin/grassroots ground (finding anomalous sampling in the woods) to clearing, trenching and stripping clean to expose large swaths of a 700 m long patchwork of gold laden rhyolitic bedrock (named the O'Neil Gold Trend) proximal a contact zone that runs even much longer within its claim boundaries. Puma will be resuming a 10,000 m drill program in January 2022 where quartz veining surface samples have yielded high-grades. To date Puma has drilled 2,360 meters (18 holes). Discovery hole WB21-02, announced this September 2021, cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The first drill holes reported show there is solid correlation between surface samples and core, presenting tremendous opportunity for investors looking to be part of a story in its early days. Puma's structural model at O'Neil Gold Trend is that of a ~N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. The continued discovery of high-grade gold veins at surface bodes well for Puma's future prospects at the Williams Brook Gold Property; e.g. see Dec. 8, 2021 Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold, & Nov. 17, 2021 Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au (discovering 9 new gold bearing quartz veins, described as a "swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone"), & see Nov. 4, 2021 New Visible Gold-Bearing Zone, & see Oct. 14, 2021 More High-Grade Gold Veins with up to 199 g/t* Au from Surface Sampling. The second round of drill results (holes 6 - 12 announced October 21, 2021) extended the gold mineralised zone beyond the rhyolite into the sediments. The third round of drill results (holes 13 - 18 announced November 11, 2021) yielded 5.11 g/t Au over 8.35 Meters within a Broader Zone Grading 0.82 g/t Au over 78.75 Meters. The prevalence of high-grade surface sampling on the O'Neil Gold Trend identified to date, coupled with the results from the first 18 drill holes, outlines what independent outside observers such as Dr. Quinton Hennigh are describing now as "almost the size of an opencast mine at this point". Dr. Hennigh believes Williams Brook is going to prove to be a significant discovery over the course of the next year or two and sees similarities to other highly successful deposits he has encountered in his career that have gone on to be many millions of ounces.

 

  

PUMA.V currently has a nominal market cap of ~C$38M (~97 million shares trading near ~C$0.39 -- this figure includes the new $5M private placement). The share price of PUMA.V is apt to appreciate from the current trading price as continued news flow occurs, and as the significance of what Puma Exploration possesses is better appreciated by the market.

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Figure 1. (above) -- Lynx Zone Discovery Hole on O'Neil Gold Trend at Williams Brook Gold Project (5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters.); on the right is a trench photo with clean bedrock and the drill positioned, the drill hole path (subsurface) is annotated in yellow. The grab samples on the left correspond to what was found on surface and next to that image is the drill core that was unearthed below -- there is an excellent correlation which bodes well for the exploration model going forward.

 

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Aside -- Additionally important time-sensitive note:

 

Investors in PUMA.V now will be the beneficiary of a dividend spin-off of the company's copper assets; Puma was recently able to acquire some of the most prospective gold exploration ground in New Brunswick due in-part to its unique insight from having a 15 year history in the Bathurst camp of New Brunswick as a base metal exploration company. With the focus now on gold, the company will be spinning-off its copper assets, see related July 6, 2021 news "Creation of a New Active Player for Copper Exploration and Development in New Brunswick, Canada"; essentially PUMA.V is selling all its base metal projects for $3.5 million into a new shell (Melius Capital 3 Corp.). Puma's technical team will continue to do the work, have representation on the BOD, and also shareholders of record of PUMA (date still to be set, but expected imminently) will receive a dividend of the new spin-off. The $3.5M is payable by the issuance of an initial 12M Melius shares of which up-to 6M will be distributed to Puma's shareholders in Q1-2022 . The remaining $2.3M is payable in cash or in Melius shares over a period of 3 years. See related November 25, 2021 copper spin-out news "Puma Exploration Updates on Copper Transaction With Melius Metals". The Chester Property will be the flagship with an established resource from 2014 that appears ready for sizeable upgrade.

 

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Williams Brook Gold Property, New Brunswick, Canada -- PUMA.V (100% interest to earn)

 

Current work underway:

Figure 1b. (above) Latest activity on Puma's O'Neil Gold Trend - source: Exploration update - Oct. 21, 2021]:

 

MAIN EXPLORATION WORK COMPLETED OR IN PROGRESS
 

■ Aggressive grab sampling program completed over 400 meters along the OGT between the O’Neil and Chubby Gold Zones (See related October 14, 2021 exploration update: Puma Exploration Identifies More High-Grade Gold Veins with up to 199 g/t* Au from Surface Sampling on Its Williams Brook Gold Property, Atlantic Canada).

 

■ Wood cutting and stripping in progress over the contact sediment-rhyolite to continue the aggressive grab sampling program for an additional 300 meters beyond Chubby along the OGT.

 

See related November 4, 2021 exploration update: Puma Exploration Discovers New Visible Gold-Bearing Zone at Williams Brook Gold Property, and see Nov. 17, 2021 Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au (discovering 9 new gold bearing quartz veins, described as a "swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone"), and see Dec. 8, 2021 Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold.
 

■ Prospection, exploration trenching, and grab sampling in progress over the entire 7km NE extension of the OGT.

 

■ Trenching and sampling of quartz veins discovered at the lower (southeast) contact of the rhyolite.

 

■ Metallurgical tests in preparation on different mineralised gold zones.

 

■ A geophysical ground IP test survey in progress over the drilled area (6 lines for 3.3km).

 

■ The completion of the heliborne VTEM and new radiometric surveys in progress to cover the entire Williams Brook Gold Property; see favourable results in news release entitled "Puma Exploration Completes Property-Scale Airborne Radiometric Survey".

 

■ Work in progress to establish a 3D structural model with the new data of the recent drilling campaign in collaboration with Terrane Geosciences. ##

 

 

 

NEW: Figure 1.c (above) from November 17, 2021 news release "Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au, Increasing Gold Potential at the Williams Brook Gold Property". The ongoing systematical stripping, mapping and sampling program along the OGT permitted to identify a swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone; On November 17, 2021 Puma announce the discovery of nine (9) new gold-bearing quartz veins along the O’Neil Gold Trend and reports surface samples grading up to 46.8 g/t Au, extending the gold mineralised corridor over a continuous distance of 275 meters.

 

 

 

 

Figure 2. (above) -- Lynx Zone stripped, on O'Neil Gold Trend at Williams Brook Gold Property. The property is on Crown land. Big trenches were dug to expose bedrock, and the area was washed clean in order to decipher what was going on. Spectacular samples are being gathered at surface along the O'Neil Gold Trend in various zones. The first drilling concentrated on the Lynx Zone in a 100 m x 200 m area in order to establish a structural understanding of veins and direction. The geological team needed to do close spacing holes at first to understand the system and then apply it to the entire trend. Many of the techniques and much of the know-how applicable at Williams Brook is taken from what has already been proven for other Atlantic success stories in the same geological setting -- the ultimate goal is to replicate what Marathon Gold managed to do on its property with several open pits and having the option to go underground later. Puma has 700 m of mineralized rhyolite flow identified to explore on the O'Neil Gold Trend alone to start.

 

Puma's Discovery Model: Right now Puma has a team of prospectors looking for indicators at surface of new zones to be discovered, once prospective zones are identified trenches will be used to locate the rhyolite, then if rhyolite sampling confirms gold the localized area is stripped and drilled for discovery.

 

 

Location

 

 

Figure 3. (above) Location Map of Puma Exploration's main assets in New Brunswick -- Excellent infrastructure in a mining-friendly jurisdiction. The properties have quality land accessibility through ground, air and rail; the road intersecting Williams Brook is a provincial highway that runs ~5 km from where Puma is currently drilling. No need for expensive remote camps; exploration crews can stay in a hotel in nearby Saint Quentin, a 20 minute drive away. Mining infrastructure is already in place with full seaport access, and there is an accommodative and reliable government whose policies reflect a mining-friendly focus. There is a local skilled labour force who understand the trade. Puma Exploration has a MOU signed with local First Nations, whom are pro-mining and currently in business running ore transport on contract for the nearby Chester Mine.

 

Geological setting

 

 

Figure 4. (above) -- Geological setting in the Canadian Appalachians. The Dunnage and Gander Zones are a group of ancient rocks that were squeezed up during coalitional events eons ago when North America, Europe, and Africa were all forced together. This belt of rocks has yielded other noteworthy gold discoveries; e.g. Marathon Gold (Valentine Lake), Newfound Gold (Queensway), Galway Metals (Clarence Stream), First Mining (Hope Brook), Anaconda Mining (Pine Cove), Atlantic Gold (Moose River Mine).

 

The geological model sets the stage for discovery -- Quinton Hennigh, PhD describes the geological setting as a hybrid gold system, stating "there is evidence of an early epithermal enrichment that has been overprinted by orogenic processes." Dr. Hennigh is an exploration geologist that has identified many of the best next generation mining assets on the planet that are still in hands of junior exploration companies today and is an advisor to Crescat Capital LLC, which took a position in PUMA.V in August-2021 after his recommendation.

 

Click here to go to the 29 minute mark of related video where Dr. Hennigh discusses the geological setting at Puma and how Puma's geological team is able to 'create windows into the geology' by exposing bedrock.

 

Additionally on Dr. Quinton Hennigh & Puma: Click here to go to the 28 minute mark of new October 15, 2021 video where Dr. Hennigh discusses his passion for staying on top of the latest exploration efforts of junior miners with exceptional projects. Crescat Capital has investments in quite a few companies, on the order of 90 companies, it will thus have on the order of 103-odd drills operating in the coming year to monitor results on, many of those drills have been operating over the past few months, and this day Dr. Hennigh talks about some of the results that are starting to come in -- the first he discusses is Puma Exploration Inc. Below is transcribed copy of the related video along with the two related images he references:

 

Quinton Hennigh: "These are rock chip samples from Puma, I talked about Puma for the first time just a few weeks ago... and it happened to coincide with a very impressive drill hole; a bit over 50 m, a bit over 5 g/t [September 15, 2021: Puma Exploration Drills 5.55 g/t Au over 50.15 meters* on Initial Drilling at Williams Brook Gold Property] in a new discovery in New Brunswick, this is basically a virgin goldfield that is just in the process of discovery. What struck me when I first looked at Puma was the exceptionally high-grades that they were finding in rock chip samples as well as seeing locally in the drill core. Here is another suite of samples that were collected in this Lynx/Chubby area which again .... look at the grades here; we are seeing many many samples in the multi-ounce range, ounce +, and tens of grams, these are fantastic numbers. But what really gets me stoked is where these samples are coming from. So let's go to the next slide..."

CLICK HERE to open as PDF

 

Quinton Hennigh: "Okay, the map on the left shows you the footprint, that brown line shows you the footprint of areas that they recently opened up through trenching. The kind of darker colour areas, those were the previous trench areas, the company has been very aggressive about opening up and exploring this target more and more. The drill holes that we talked about a few weeks ago came out of that Lynx Zone, which is kind of the southern blob of the two here -- but what is really really cool is as they open up the ground between these two areas they are seeing high-grade occur throughout and this is just absolutely one of them, this is the kind of stuff that leads to a major gold discovery. You can see the photograph over on the right here, you can see the footprint of the trench here, my gosh that is almost the size of an opencast mine at this point -- its phenomenal. They are seeing quartz visible gold in many places. This is the kind of gold system, it is a high level orogenic system, episomal [? audio transcription] likely, but it also might have aspects of an earlier epithermal style of mineralization. I talked about this in the original presentation, it's really intriguing. The other thing to keep in context here is that this system is part of the same belt, if you will, that extends up into Newfoundland in which companies like New Found are finding very high-grade discoveries. So I am very very intrigued with what these guys are seeing, the high-grades tell me, and the textures tell me, they are in a high level part of the system. I think it is ripe for the discovery of a substantial high-grade deposit. So stay tuned. I think they have a lot of drill holes in the works right now and the labs are getting assays, they have many more samples -- you can see the little black X's on this map. Usually when there is a high density of sampling, a clustering of samples, it's for good reasons -- because the geologists are seeing rock in that area that's worthy of sampling. I anticipate a lot more high-grade results to come from this new exciting discovery." ##
 

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Figure 6. (above) -- Claims map of Williams Brook Gold Project. The O'Neil Gold Trend (annotated in red) is where current exploration efforts are underway. There are two other parallel gold trends (WB1GT & WB2GT) that have yet to be explored by Puma.

 

O'Neil Gold Trend

 

 

Figure 7. (above) -- O'Neil Gold Trend (OGT). Image from September 2021 Corporate Presentation (lots has occurred since) --  Seen above are the zones of the OGT; O'Neil, Pepitos, Chubby, & Moose.

 

Spectacular samples taken along the O'Neil Gold Trend

 

 

Figure 8a. (above) -- Select mineralization surface samples from various zones of the O'Neil Gold Trend.

 

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT):
 

O’Neil Gold Zone (VG**): 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au

 

Pepitos Gold Zone (VG**): 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au

 

Lynx Gold Zone (VG**): 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au

 

Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au

 

Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

------ ------ ------      ------ ------ ------      ------ ------ ------

 

New Visible Gold-Bearing Zone discovered between Chubby and Moose

 

The area between Chubby and Moose was cleared this Summer and Fall 2021 revealing numerous gold-bearing quartz veins coincides with a sudden change in the direction of the rhyolite/sediment contact (as predicted by the geological team's structural model).

 

See related November 4, 2021 news release Puma Exploration Discovers New Visible Gold-Bearing Zone at Williams Brook Gold Property;

 

Figure 8b. (above) -- New gold zone highlighted

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Figure 9. (above) --Vein sets found on O'Neil Gold Trend -- Basically Puma has 3 sets of veins; some steep ones, some horizontal ones, and some parallel. Puma now has an improved understanding of what sections to avoid and how to orientate drills to maximize intercepts. The analysis of Puma's rock seen in the image above is from Terrane Geoscience Inc. which has done a lot of work for Marathon Gold.

  

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SUMMARY OF THE INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK:
 
■ The holes intersected continuous pervasive alteration and mineralisation from surface:

■ WB21-01 grades 1.30 g/t Au over 25.6m including 5.50g/t Au over 6.4m

■ WB21-02 grades 5.50 g/t Au over 50.5m including 46.94 g/t Au over 3.9m

■ WB21-03 grades 0.55 g/t Au over 37.6m including 7.81 g/t Au over 2.2m

■ WB21-05 grades 1.00 g/t Au over 26.4m including 12.64 g/t Au over 2.0m

■ WB21-06 grades 1.16 g/t Au over 48.7m including 16.92 g/t Au over 2.9m

■ WB21-07 grades 0.46 g/t Au over 25.6m including 5.40 g/t Au over 0.9m

■ WB21-08 grades 0.46 g/t Au over 25.5m including 8.96 g/t Au over 1.1m

■ WB21-09 grades 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m

■ WB21-10 grades 1.07 g/t Au over 14.4m including 4.17 g/t Au over 2.0m

■ WB21-12 grades 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m

■ WB21-13 grades 0.30 g/t Au over 49.4m including 7.53 g/t Au over 0.6m

■ WB21-14 grades 0.70 g/t Au over 28.4m including 16.7 g/t Au over 1.1m

■ WB21-16 grades 0.82 g/t Au over 78.8m including 5.11 g/t Au over 8.4m

■ WB21-17 grades 0.35 g/t Au over 110.5m including 4.85 g/t Au over 4.7m

■ Very high-grade samples collected at depth are representative of surface grab samples:

■ WB21-02 grades 69.9 g/t Au over 1.0m at 46.5m down the hole

■ WB21-03 grades 23.1 g/t Au over 0.65m at 56.85m down the hole

■ WB21-06 grades 72.1 g/t Au over 0.30m at 47.6m down the hole

■ WB21-14 grades 89.1 g/t Au over 0.20m at 33.6m down the hole

■ WB21-16 grades 48.1 g/t Au over 0.60m at 80.0m down the hole

■ WB21-17 grades 30.1 g/t Au over 0.60m at 107.0m down the hole

■ Significant gold mineralisation is extending in the deeper holes:

■ WB21-04 grades 2.84 g/t Au over 1.0m at 140.5m

■ WB21-07 grades 3.42 g/t Au over 0.35m at 149.65m

■ WB21-16 grades 25.3 g/t Au over 0.35m at 88.0m

■ WB21-17 grades 30.1 g/t Au over 0.6m at 107.0m

■ Significant high-grade gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential size of the favourable corridor. These drill intercepts are listed here: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

 

 

Figure 10. (above) -- Close-up of O'Neil Gold Trend - and some noteworthy drill hole intercepts annotated.

 

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A closer look at each hole to date:

 

The first 6 holes (announced September 15, 2021):

 

 

Figure 11. (above) -- Highlights ; see related press release here.

 

Significant positive observations from the initial drilling results:
 
  The gold mineralisation starts at surface:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters from 4.00 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface (0m)
     ● WB21-05 intersected 1.16 g/t Au over 48.70 meters from 1.50 meters

 
  The high-grade samples collected at surface are representative of the mineralization at depth:
     ● WB21-01 intersected 50.0 g/t Au over 0.50 meters
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters
     ● WB21-05 intersected 16.07 g/t Au over 1.10 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters
 

  Significant mineralized and altered thickness intersected:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters
     ● WB21-03 intersected 1.47 g/t Au over 12.10 meters
     ● WB21-05 intersected 1.00 g/t Au over 26.40 meters
     ● WB21-06 intersected 1.16 g/t Au over 48.70 meters
 

  The high-grade surface mineralization is extending at depth:
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters from 47.60 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters from 56.85 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.10 meters from 140.50 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters from 47.60 meters
 

  The gold mineralisation is extending in the sediments:
     ● WB21-04 intersected 1.92 g/t Au over 0.70 meters from 16.80 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.00 meters from 140.50 meters

 

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The following is a synopsis of the second round of drill holes released on October 21, 2021 (holes 7 - 12):

 

HIGHLIGHTS
■ All six (6) holes intersected continuous pervasive alteration and mineralisation:

 

WB21-12 grade 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m
WB21-09 grade 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m
WB21-10 grade 1.07 g/t Au over 14.4m including 2.24 g/t Au over 6.0m
■ Gold contained in quartz veins networks intersected at depth duplicates very well the surface grab samples assays.

 

■ Significant gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential siz eof the favourable corridor.

 

■ High grade gold veins extending in the sediments such as: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

 

Marcel Robillard, President and CEO, stated: We are pleased to confirm that the significant high grade gold intercepts are not limited to the altered rhyolite but also extend into the sediments. It is in line with our structural model of a N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. So far, results are impressive for a first initial 2,300 meters drilling campaign and needless to say that we can’t wait to launch the planned 10,000m soon!

 

Table 1. (below) Significant Drill Results for WB21-06 to WB21-12*

Hole ID

From (m)

To (m)

Lenght (m)

Au (g/t)

WB21-07

8.40

34.00

25.60

0.46

Incl.

8.40

9.85

1.45

2.18

and

25.00

33.00

8.00

0.95

Incl.

25.00

25.90

0.90

5.40

Incl.

32.00

33.00

1.00

1.22

 

 

 

 

 

 

146.75

150.00

3.25

0.49

Incl.

149.40

150.00

0.60

2.14

WB21-08

8.00

33.50

25.50

0.46

Incl.

8.50

10.10

1.60

5.93

and

9.05

10.10

1.05

8.96

         

 

25.80

27.90

2.10

0.62

         

 

65.30

65.75

0.45

1.17

WB21-09

15.00

51.00

36.00

1.07

Incl.

15.00

18.40

3.40

8.04

 Incl.

16.30

18.00

1.70

15.52

 and

38.00

39.00

1.00

10.24

 Incl.

38.50

39.00

0.50

20.00

WB21-10

17.20

31.60

14.40

1.07

Incl.

17.20

23.20

6.00

2.24

 Incl.

19.20

21.20

2.00

4.17

WB21-11

21.50

45.85

24.35

0.23

Incl.

21.50

23.50

2.00

1.00

 and

45.40

46.50

1.10

1.97

WB21-12

28.40

69.00

40.60

1.00

 Incl.

28.40

54.00

25.60

1.58

Incl.

28.60

35.00

6.40

4.83

 Incl.

28.60

32.40

3.80

6.93

 

     

 

 Incl.

28.60

29.00

0.40

48.20

 and

32.00

32.40

0.40

12.75

 and

34.50

35.00

0.50

5.02

 and

53.00

54.00

1.00

8.54

 

Table 2. (below) Technical Informations About the Drill Holes Released

Hole ID

Utm X

Utm Y

Orientation

Angle

Lenght (m)

WB21-07

660253

5259313

N155º

-45 º

210

WB21-08

660253

5259314

N155º

-65 º

139

WB21-09

660236

5259306

N155º

-45 º

99

WB21-10

660236

5259306

N155º

-65 º

98

WB21-11

660219

5259296

N155º

-45 º

58

WB21-12

660219

5259297

N155º

-65 º

150

WB21-13

660235

5259260

N155º

-45 º

110

* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

 

Figure 11b. (above) Map of the Lynx Zone Drill Results from  October 21, 2021 news release

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The following is a synopsis of the third round of drill holes released on November 11, 2021 (holes 13 - 18):

Hole ID

From (m)

To (m)

Lenght (m)

Au (g/t)

WB21-13

23.65

73.00

49.35

0.30

incl.

24.65

35.00

10.35

1.27

incl.

25.25

33.00

7.75

1.49

incl.

25.25

27.25

2.00

3.34

incl.

26.70

27.25

0.55

7.53

and

32.00

33.00

1.00

4.06

 

69.00

69.30

0.30

2.71

WB21-14

8.00

36.40

28.40

0.70

incl.

23.70

33.80

10.10

1.86

incl.

32.70

33.80

1.10

16.70

 

118.00

118.55

0.55

0.67

WB21-15

5.95

14.40

8.45

0.10

incl.

9.50

10.10

0.60

0.84

WB21-16

2.30

109.40

107.10

0.62

incl.

9.60

88.35

78.75

0.82

incl.

9.60

24.50

14.90

1.34

incl.

9.60

11.70

2.10

8.42

 

10.15

10.55

0.40

25.10

and

42.95

88.35

45.40

1.00

incl.

70.50

88.35

17.85

2.40

incl.

80.00

88.35

8.35

5.11

incl.

80.00

80.60

0.60

48.00

and

86.85

87.30

0.45

10.60

and

88.00

88.35

0.35

25.30

WB21-17

4.00

114.50

110.50

0.35

incl.

4.00

40.00

36.00

0.43

incl.

4.00

11.50

7.50

2.00

incl.

4.00

7.25

3.25

4.50

incl.

5.15

6.00

0.85

15.15

and

103.70

114.50

10.80

2.13

incl.

107.00

111.65

4.65

4.85

incl.

107.00

107.60

0.60

30.10

WB21-18

24.50

67.00

42.50

0.11

incl.

24.50

36.00

11.50

0.34

incl.

24.50

26.80

2.30

1.61

incl.

24.85

26.00

1.15

2.31

and

35.60

36.00

0.40

0.40

and

62.00

63.00

1.00

0.41

and

87.70

88.80

1.10

0.56

* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.
------ ------ ------ ------ ------ ------ ------ ------ ------
 

Looking at the bigger potential. VTEM shows there is lots of unexplored ground:

 

 

Figure 12. (above) -- Detailed VTEM Airborne Survey Showing Distinct Magnetic Signature. The geophysics show the low mag./high mag. contact; Puma has only explored a small piece of a large belt.

 

 

Figure 13. (above) -- The other two gold trends at Willams Brook are yet to be explored by Puma; Williams Brook 1 Gold Trend  (WB1GT) and Williams Brook 2 Gold Trend (WB2GT). Back in 2008 a past operator drilled 54 g/t over 2.8 m and they encountered some excellent trenching values. All the gold trends are parallel structures, there are likely more to be found. The only question is how big is this going to get.

 

 

Figure 14. (above) -- Numerous gold occurrences throughout Puma's claim blocks.

 

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The full Mining MarketWatch Journal review may be viewed at https://miningmarketwatch.net/puma.htm online.

 

 # #

 

 

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL(s).

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

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