Building
Gold Ounces in New Brunswick --
Puma
Exploration 2022 10,000 m Drill Program Continues to Intersect
Near-Surface High-Grade
Building
off last year's 5.55 g/t Gold over 50 m discovery hole and other
successes, assay results from the first 43 holes of 2022 drilling
continue to extend the deposit strike length at shallow depth.
Valuation Commentary: Puma Exploration Inc. (TSX-V: PUMA) (OTCQB: PUMXF) (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 New Found 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 750 m long patchwork of gold laden rhyolitic bedrock
(named the O'Neil Gold Trend) proximal a contact zone that runs even
much longer (many kilometres) within its claim boundaries. This
H1-2022 Puma went about spring-boarding off of last year's
discovery drill hole of 5.55 g/t Gold over 50 m, among several
other successes.
Puma recently completed its winter 2022 10,000 m drill program
in an area where quartz veining surface samples have yielded
high-grades, primarilytargeting the contact between the sediments and the rhyolite;
Ninety-seven (97) short holes were drilled for a total of 10,348
metres. Results for the first 43 holes totalling 5,203 metres have
been reported to date (see April 28, 2022 news "Puma
Exploration Drills a New High-Grade Zone of 34.93 g/t Gold Over
3.00m Within a 16.90m Intercept Grading 6.47 g/t Gold at Williams
Brook" and June 8, 2022 News Release "Puma
Exploration Discovers Several New High-grade Gold Zones at Williams
Brook, Including 51.73 G/t Gold Over 1.85 m"). The remaining 54
holes have been logged (assays pending), and visible gold was
identified in five (5) holes.
Puma's exploration team is now focused on its
fully-funded $2M summer program which is devised to identify new
areas of high-grade gold mineralization at surface on Puma’s
extensive 40,000 ha land package and prepare for a 2022-2023
drilling program (see related
June 28, 2022 release that outlines the Summer exploration program).
PUMA.V currently has a nominal market cap of ~C$26M (~106 million
shares trading near ~C$0.24 -- Puma is fully financed to accomplish
all key objectives for 2022).
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.
Figure 1a. (above) Drilling results at the OGT -- Image source:
June 8, 2022 news release. High-grade hits appear to be clustered along the favorable contact. The targeted horizon appears to dip 30 to 40
degrees which is suitable for a potential open-pit operation. As
Puma's technical team continues to truth-the-ground
along the gold trend, there is growing belief by many
watching this story unfold that they are upon
multi-million ounce gold potential; e.g. Independent
exploration geologist Quinton Hennigh of Crescat Capital
has made a comparison of Puma's Williams Brook Gold
Project to nearby New Found Gold, emphasizing 'high-grade',
and 'near surface'.
A new high-grade gold
intersection (34,93 g/t Au over 3.0 m within
a wider zone assaying 6.47 g/t Au over 16.90 m);
A 25 metres step-out from hole
WB22-25 intersected 22.28 g/t Au over 3.20 m
within a wider gold intercept of 3.97 g/t Au over
22.10 m in hole WB22-36;
Several other high-grade gold
samples occur within a large lower-grade envelope :
183 g/t over 0.50 m, 59.60g/t Au over 0.65 m, 30.50
g/t Au over 0.30 m, 23.70 g/t Au over 0.80 m, 16.50
g/t Au over 0.70 m, 14.65 g/t Au over 0.60 m, 9.12
g/t over 0.30 m;
Gold mineralization appears to
be associated with widespread limonitisation (Py) +
sericitization, and all holes intersected the
favourable OGT mineralized and altered horizon.
HIGHLIGHTS from reported high-grade intersections (holes 20 - 43 of
2022
reported June 8, 2022):
WB22-39: 11.71 g/t Au over 2.50 m (1.23 g/t
Au over 24.70 m)
WB22-57: 35.09 g/t Au over 1.45 m (4.30 g/t
Au over 12.30 m)
WB22-58: 16.85 g/t Au over 1.20 m (1.15 g/t
Au over 23.00 m)
WB22-60: 21.00 g/t Au over 0.60 m (2.38 g/t
Au over 6.20 m)
WB22-66: 51.73 g/t Au over 1.85 m (13.49 g/t
Au over 7.15 m)
WB22-66: 10.70 g/t Au over 2.00 m (5.01 g/t
Au over 4.40 m)
Figure 1b. (above) More than 30 specks of VG in hole
WB22-66 (51.73 g/t Au over 1.85 m). The high-grade
gold discovery in hole WB22-66 is of particular
interest. It was drilled in an area (gap) between the
Lynx and the Pepitos Gold zones where the thickness of
the overburden prevented stripping and trenching before
drilling. More than 30 specks of visible gold (“VG’’)
were identified in hole WB-22-66 in an area that had not
been sampled, indicating that the potential of the OGT,
especially in this area, may be even higher than
initially anticipated.
The O’Neil Gold Trend is one of
these multi-kilometric systems that are highly
prospective for gold discoveries; several holes have returned
significant gold intersections (see Table 1 below).
These high-grade gold intercepts appear to be the
surface expression of a large and pervasive supergene
gold enrichment from a low sulphidation epithermal
quartz sulphide system.
Table1 (below): Highlights of high-grade gold
intersections at the OGT since 2021*
Hole
ID
From
(m)
To
(m)
Length (m)
Au
(g/t)
WB21-01
4.00
6.10
2.10
12.71
WB21-02
7.20
10.20
3.00
8.33
WB21-02
13.70
15.80
2.10
28.52
WB21-02
45.60
49.45
3.85
46.94
WB21-03
55.90
58.10
2.20
7.81
WB21-05
26.00
28.00
2.00
12.64
WB21-06
46.80
49.70
2.90
16.92
WB21-09
16.30
18.00
1.70
15.52
WB21-12
28.60
32.40
3.80
6.93
WB21-16
80.00
88.35
8.35
5.11
WB21-17
107.00
111.65
4.65
4.85
WB22-25
2.00
5.00
3.00
34.93
WB22-26
25.50
27.10
1.60
14.06
WB22-35
14.90
17.50
2.60
5.83
WB22-36
3.80
7.00
3.20
22.28
WB22-39
26.50
29.00
2.50
11.71
WB22-57
12.40
13.85
1.45
35.09
WB22-58
11.70
12.90
1.20
16.85
WB22-60
40.00
40.60
0.60
21.00
WB22-66
32.00
34.00
2.00
10.70
WB22-66
66.50
68.35
1.85
51.73
*Stated lengths in
metres are downhole core lengths and not true
widths. True widths will becalculated once more drilling
confirms the geometry of the quartz-sulphide system.
Puma’s exploration team is
currently concentrating efforts on the 750 m area
length of the OGT where there is understood to be a
high-grade gold vein system right at the contact of
the rhyolite & the sediments.
The beauty of doing work in New
Brunswick is that there is very little overburden,
this allows Puma to do stripping and trenching over
large areas prior to drilling. This keeps discovery
costs low.
Last year Puma discovered
spectacular high-grade veins within a lower–grade envelope in
Lynx Zone.
The 10,000 m program for
2022 is to apply the drilling over the entire 750 m
OGT, and the goal of the program is to highlight
some potential higher-grade shoots that will be
continuous.
The large-scale
geological survey shows the potential for gold runs
~7 kilometres. The strategy is thus to focus on
where gold is known now, figure out where the shoots
are (which Puma is doing now), and then apply the
findings over the entire 7 km.
The 10,000 m drilling on
OGT should be completed ~ the end of June, it will
take ~2 – 3 months to wait for assays, and during
these 2 – 3 months Puma will be stripping and
trenching parts of the larger 7 – 10 km to define high-grade
drill targets for the Fall, at which time Puma will
be looking at 5,000 – 10,000 m (depending on what
will be left in the treasury from flow-thru). Puma
is fully capitalized to accomplish everything it has
planned over the coming months.
The
April 28, 2022 news
release was the first announcement from the 2022
program; Puma has found good high-grade intercepts
over 200 m away from what was drilled in 2021 – so
now it’s not just one discovery, it appears
continuous, and now the rest of the 750 m will be
tested for shoots.
Geologists are working
hard on compilation, 3D modeling, and 3D inversion –
Puma is also working with experts in modeling and
structural geology.
In 2021 the first round
of drilling was on an extensional vein, the drilling now in 2022 is at the
contact. There are a lot of cross-cuts in the rhyolite. We are still in early days, Puma is still
developing its own model. In the current drilling;
Puma still does not know what kind of veins it hit
in the April 28, 2022 news release, they are all
located at the 25 – 75 m alteration zone along the
contact. In the fall, after the 10,000 m, and once
all inputs, including pathfinder elements have been
inputted, Puma will have a much better
model/explanation. Right now Puma knows it has gold
at the contact, it knows the size of the rhyolite in
places and the potential rhyolite elsewhere. If Puma
goes out to the western side, that contact is at the
bottom of the rhyolite; fluids may have come up to
the contact and perhaps the shoots are all linked
together and there may in-fact be deeper bonanza
grades -- Puma will be drilling deeper (300 – 400 m
holes) at some time to test this, but the strategy
right now (in these early days) is best to gather
information closer to surface – holes under 100 m
are showing Puma is getting gold at the contact
(e.g. 2 m, 4 m, up to 20 m).
Puma is drilling a few
deeper (~250 m) stratigraphic holes in the current
round for its modelling purposes to test the
sediment at top, the rhyolite, then again another
layer of sediment at the bottom, also this will give
Puma mafic volcanics that will help target potential
high-grade source feeder zone(s). From what is known
from Puma’s parallel structures WB1 and WB2 (~5 km
north of OGT), the 3D models show an anticline with
mafic and felsic signatures, OGT may be similar --
this could be a big camp in the making.
Puma has already sent a
couple samples off for metallurgical testing; one-low grade envelope sample and one high-grade sample.
Puma is mulling over the idea of conducting
bulk-samples on different veins from surface.
Excitement runs high for continued discovery
of significance:
In 2021 Puma drilled 2,360
meters (18 holes);
discovery hole WB21-02, announced on 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 2022
prospects at the Williams Brook Gold Property; e.g. see...
Figure 1c. (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.
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;
Record Date of June 17,
2022. The Distribution and Cash Payment are scheduled to occur on or
about June 30, 2022. 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 16 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 June 9, 2022
news "Puma
Exploration Announces Record Date in Connection With a Distribution
of Common Shares of Canadian Copper, a Strategically-Focused Company
With Copper Exploration Projects in Canada". The
Chester Property will be the flagship with an established
resource from 2014 that appears ready for sizeable upgrade.
A) The newly discovered quartz veins system with visible gold (VG)
located between the Chubby and Moose gold zones (see December 8,
2021, News Release);
B) The area west of holes WB21-16 and WB21-17 where grab samples
with VG were collected this fall;
C) The western extent of hole WB21-02 where 5.50 g/t Au over 50.15 m
was intersected; and
D) the Petitos-O’Neil gold zones located at the southern end of the
OGT
Figure 1.e (above) - 2022 Exploration
strategy and planned programs; The 2022 exploration program will
strategically target three (3) project areas, each with specific
tasks and objectives.
Puma continuously
refines its exploration model and discovery
tools. In 2020, the Company discovered the
O’Neil Gold Trend from one initial 50 g/t Au
grab sample. Puma then further defined the
OGT along a 750 metres strike length. This
summer, the Company’s exploration program
will be guided by Mira Geoscience’s
Mineral Potential Index (“MPI”) map
generated by compiling and analyzing all the
data gathered by Puma since 2019 (see Figure
2). The data set includes results from more
than 5,000 metres of trenching, 5,000 grab
samples, 7,500 metres of drilling,
property-wide heliborne VTEM and radiometric
surveys, structural data analysis from
Terrane Geoscience and previous geochemical
soil and till surveys.
Figure 1: Map of
prospective targets (credit: Mira Geoscience)
The MPI map
shows that the OGT may extend more than 15
km and that other similar, highly
prospective areas are present on Puma’s
large land package. Work will concentrate on
the SW and NE extensions of the currently
defined OGT, the WB1 and WB2 gold
occurrences (see the black circles in Figure
2), and other areas of the Williams Brook
property that have not been previously
explored.
Following the Company’s demonstrated
success, Puma will employ the same approach
to identify potential targets: prospecting,
soil sampling, trenching and stripping. This
proven discovery method will identify new
drilling targets for the fall and winter of
2022-2023. Puma has already begun stripping
the WB2 Gold Trend (see Figure 3) to extend
and confirm the mineralization found by a
previous operator. Historical results, from
Blue Note Mining’s work in 2008, include
grab samples grading up to 5.4 g/t Au
and drilling intersections of 23 metres
of 1.05 g/t Au within a lower grade
envelope of 0.52 g/t Au over 55 metres
(WB08-03), 0.67g/t Au over 41 metres
(WB08-04) and 0.21g/t Au over 64 metres
(WB08-05). With only limited exploration
work conducted on the WB2 to date, Puma will
employ its systematic discovery tool to
extend this gold zone.
Picture 2: Current
stripping operation at the WB2 Gold trend
HIGH
POTENTIAL EXPLORATION MODEL
Puma’s surface and near-surface drilling
results indicate that a large epithermal/orogenic
system is possible at Williams Brook. Gold
mineralization at the O’Neil Gold Trend is
characterized by significant high-grade gold
intercepts within a lower-grade envelope.
This gold mineralization is interpreted to
be the surface expression of a large and
pervasive supergene gold enrichment in a low
to mid sulphidation epithermal quartz
sulphide system (Figure 4). The O’Neil Gold
Trend could host one of these
multi-kilometric systems that are highly
prospective for gold discoveries.
Figure 2: Potential large gold system at
Williams Brook Gold Project
Below is additional insight into the
Williams Brook property as to why excitement runs high:
Figure 1.e (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 750 m of mineralized rhyolite flow identified to explore on the O'Neil Gold Trend alone
to start.
Puma's Discovery Model:
Prospectors look for indicators at surface of new zones to be
discovered, once prospective zones are identified trenches are 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).
Figure 6. (above) -- Claims map of Williams
Brook Gold Project; 20,662 ha shown above (total has recently
increased to 29, 522 ha). The O'Neil Gold Trend (annotated in red) is
where winter-2022 exploration efforts were underway. There are two other
parallel gold trends (WB1GT & WB2GT) that are set to be explored. Puma announced on March 1, 2022 that it had added another
7,443 ha to the land package for a total of 29,522 ha, see the
related news release "Puma
Exploration Signs Strategic Land Package Agreement to Extend Its
Williams Brook Gold Property".
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
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).
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.
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.
Significant positive observations from the
initial drilling results in 2021:
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
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 2. (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 3. (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
* 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.
Table 1: Assay result highlights from reported holes
Hole ID
From (m)
To (m)
Length* (m)
Au (g/t)
WB22-19
7.00
31.00
24.00
0.20
incl.
7.00
22.35
15.35
0.30
incl.
7.00
11.50
4.50
0.90
incl.
7.25
7.60
0.35
8.27
WB22-20
8.80
47.00
38.20
0.15
incl.
8.80
14.60
5.80
0.32
incl.
8.80
9.10
0.30
3.77
incl.
14.00
14.60
0.60
1.18
and
34.85
47.00
12.15
0.32
incl.
34.85
35.15
0.30
5.10
incl.
46.75
47.00
0.25
4.80
WB22-21
9.70
26.35
16.65
0.30
incl.
15.50
26.35
10.85
0.42
incl.
15.50
16.50
1.00
2.92
incl.
22.10
22.50
0.40
1.12
WB22-22
0.70
25.00
24.30
0.47
incl.
6.10
25.00
18.90
0.60
incl.
6.10
7.10
1.00
1.95
incl.
21.30
25.00
3.70
2.40
incl.
21.30
22.05
0.75
3.02
incl.
22.05
23.00
0.95
4.37
incl.
24.00
25.00
1.00
2.13
WB22-23
10.00
28.00
18.00
0.33
incl.
10.00
11.00
1.00
1.34
incl.
27.45
28.00
0.55
7.83
WB22-24
6.50
35.00
28.50
0.44
incl.
6.50
11.85
5.35
1.12
incl.
6.50
7.50
1.00
5.55
incl.
11.40
11.85
0.45
0.93
and
18.80
27.40
8.60
0.73
incl.
21.35
27.40
6.05
1.00
incl.
20.80
23.50
2.70
2.07
incl.
21.35
21.65
0.30
1.95
and
21.65
22.00
0.35
4.77
and
22.40
22.80
0.40
5.73
and
22.80
23.50
0.70
0.93
and
27.10
27.40
0.30
0.96
Table 1. Assay result highlights from reported holes (continued)
Hole ID
From (m)
To (m)
Length* (m)
Au (g/t)
WB22-25
1.40
36.75
35.35
3.12
incl.
1.40
18.30
16.90
6.47
incl.
2.00
5.00
3.00
34.93
incl.
2.00
2.90
0.90
2.61
and
2.90
3.50
0.60
14.65
and
3.50
4.00
0.50
183.00
and
4.00
4.45
0.45
4.00
and
4.45
5.00
0.55
0.63
and
11.00
18.30
7.30
0.60
incl.
11.00
12.20
1.20
1.92
and
14.90
15.30
0.40
2.34
incl.
17.25
18.30
1.05
1.05
and
35.70
36.75
1.05
0.61
WB22-26
20.20
58.00
37.80
0.92
incl.
20.20
53.55
33.35
1.00
incl.
20.20
34.50
14.30
2.18
incl.
20.20
27.10
6.90
4.41
incl.
20.20
21.45
1.25
5.70
incl.
25.50
26.50
1.00
22.00
incl.
53.15
53.55
0.40
4.31
incl.
57.00
58.00
1.00
1.22
WB22-27
29.70
32.20
2.50
0.59
incl.
29.70
30.65
0.95
0.92
WB22-28
27.70
28.95
1.25
2.89
incl.
27.70
28.15
0.45
6.61
28.15
28.95
0.80
0.79
WB22-29
17.00
79.15
62.15
0.16
incl.
17.00
24.70
7.70
0.49
incl.
17.00
17.70
0.70
4.21
and
21.00
22.00
1.00
0.56
40.00
41.00
1.00
0.50
and
57.10
79.15
22.05
0.25
incl.
57.10
58.00
0.90
0.87
incl.
63.00
64.00
1.00
1.10
incl.
78.50
79.15
0.65
2.97
Table 1. Assay result highlights from reported holes (continued)
Hole ID
From (m)
To (m)
Length* (m)
Au (g/t)
WB22-30
90.50
92.55
2.05
1.75
incl.
90.50
91.00
0.50
4.79
and
91.00
92.00
1.00
0.96
111.30
111.75
0.45
0.85
WB22-31
NIL
WB22-32
3.70
49.00
45.30
0.40
incl.
3.70
46.35
42.65
0.42
incl.
3.70
19.95
16.25
0.97
incl.
3.70
10.00
6.30
2.46
incl.
3.70
7.00
3.30
3.25
and
27.25
27.70
0.45
1.30
and
46.00
46.35
0.35
1.23
WB22-33
7.80
48.00
40.20
0.29
incl.
7.80
31.30
23.50
0.46
incl.
16.05
31.30
15.25
0.66
incl.
29.90
31.30
1.40
6.77
incl.
30.35
30.65
0.30
30.50
WB22-34
12.90
31.00
18.10
0.22
incl.
12.90
13.15
0.25
0.59
and
25.45
28.95
3.50
0.64
incl.
26.45
28.45
2.00
0.89
incl.
26.45
26.95
0.50
2.72
and
28.00
28.45
0.45
0.91
WB22-35
14.00
22.85
8.85
1.78
incl.
14.90
17.50
2.60
5.83
incl.
14.90
16.50
1.60
7.86
and
22.20
22.85
0.65
0.62
WB22-36
3.80
25.90
22.10
3.97
incl.
3.80
18.00
14.20
5.79
incl.
3.80
8.35
4.55
15.72
incl.
3.80
7.00
3.20
22.28
incl.
3.80
4.50
0.70
16.50
and
4.50
5.15
0.65
59.60
and
5.15
7.00
1.85
11.35
incl.
16.40
18.00
1.60
6.70
and
24.65
25.90
1.25
3.90
WB22-37
2.15
22.90
20.75
0.11
incl.
11.00
14.70
3.70
0.50
incl.
12.00
13.00
1.00
0.95
incl.
13.45
13.85
0.40
0.79
*Stated lengths in
metres are downhole core lengths and not true widths. True widths will be
calculated once more drilling confirms the geometry of
the quartz-sulphide system.
Table 2: Coordinates and length of reported drill holes
*Stated lengths in
metres are downhole core lengths and not true
widths. True widths will be calculated once more
drilling confirms the geometry of the quartz-sulphide
system.
Coordinates of
reported drill holes
DDH
#
Easting UTM Nad83
Northing UTM Nad83
Elevation (m)
Az
(°)
Dip
(°)
Length (m)
WB22-38
660 351
5 259 553
387
160
65
137
WB22-39
660 346
5 259 540
387
155
65
128
WB22-40
660 341
5 259 527
388
155
65
152
WB22-41
660 332
5 259 522
387
155
65
137
WB22-42
660 332
5 259 501
388
155
65
146
WB22-43
660 322
5 259 497
388
155
65
140
WB22-44
660 332
5 259 479
386
155
45
118
WB22-45
660 332
5 259 479
386
155
65
92
WB22-46
660 327
5 259 466
388
155
45
79
WB22-47
660 327
5 259 466
388
155
65
97
WB22-50
660 321
5 259 452
388
155
65
65
WB22-51
660 323
5 259 425
388
155
45
116.5
WB22-52
660 323
5 259 425
388
155
65
89
WB22-53
660 323
5 259 425
388
65
45
86
WB22-54
660 323
5 259 425
388
65
65
65
WB22-55
660 303
5 259 405
390
155
45
104.5
WB22-56
660 294
5 259 423
390
155
65
163
WB22-57
660 294
5 259 386
390
155
45
86
WB22-58
660 294
5 259 386
390
155
65
100
WB22-59
660 285
5 259 404
390
155
65
117
WB22-60
660 213
5 259 317
389
115
65
230
WB22-61
660 190
5 259 328
388
115
65
138
WB22-62
660 192
5 259 327
388
155
45
100
24
Holes
2,814 Metres
------ ------ ------
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.
Puma
Exploration's Management, and Governance Skip to top
The current management team and board of directors has a
well rounded combination of people that each contribute
expertise in disciplines necessary for a successful
mining entity:
Marcel Robillard – President, CEO
Marcel Robillard is a geologist and a 1993 graduate of
Université du Québec in Montreal. He also earned a
master’s degree in earth sciences in 1995. Since
September 2010, he is president and CEO of Puma
Exploration (PUM-TSX-V). He is Director of PEZM Gold
Inc.(PEZM-H). From 1998 to 2007, he was project
geologist and project manager for Géominex, a geology
and exploration consulting company where he was
president from 2007 to 2015.
Richard Thibault – Director
Richard Thibault holds a B.Sc. (Mining Engineering) from
Queen's University of Canada. He is a Professional
Engineer (P.Eng.) with over 42 years of mining
experience in engineering, operations, management and
consulting in North and South America and Southeast
Asia. He is currently the President and Principal at
Avot Consulting Inc. Recently, he was the vice-president
and director of mines at Muzo Columbia, and prior the
Group Chief Operating Officer, Mining of Malaysia
Smelting Company Bhd. and Senior General Manager of its
subsidiary Rahman Hydraulic Tin Sdn. Bhd. From 2008 to
2013 he was Chief Executive Officer and Director of
Antioquia Gold Inc. (AGD-V) a publicly traded company
with mining interests in Colombia. Mr. Thibault HAS
worked in Argentina, Australia, Bolivia, Canada, Chile,
Colombia, Ecuador, Malaysia, Mexico, Panama, Peru,
United States and Venezuela.
Michel Fontaine – Director
Michel Fontaine is a private investor, entrepreneur, and
independent board member of Puma Exploration Inc. with
more than two decades of experience working in the
mining sector. He is currently the founder and Sales
Manager of Windfall Geotek, a public software firms (TSXV-WIN)
leveraging Artificial Intelligence (AI) and Machine
Learning since 2005 to optimize and significantly
improve outcomes in the exploration, development,
operations, and financing in the mining sector. Mr.
Fontaine currently serves on the Board of Directors of
Puma Exploration (TSXV-PUMA). Michel also served in the
past on the Boards of Directors of Metanor, Majescor,
Everton and AEMQ. From 1997-2004, Michel worked at
Merrill Lynch and BMO Nesbitt Burns as a financial
advisor.
Réjean Gosselin – Director, Executive Chairman
of the Board
Réjean Gosselin graduated from Laval University in 1979
with a Master’s Degree in Geology. He is fluent in
French, English and Spanish. Immediately after
graduating and until 1983, Réjean began his career in
mining exploration with Jean Descarreaux and Associates
Limited (JDAL) of Val d’Or, Quebec. As part of the
projects executed with JDAL, Mr. Gosselin’s tasks
consisted of supervising an uranium exploration program
in Saskatchewan (1979-1980), implementing and conducting
a gold exploration program for UN (United Nations
Revolving Fund for Natural Resources Exploration) in
Guyana (1980-1981), and elaborating and executing
different exploration programs for gold and base metals
in Canada and USA. In 1980, he also co-founded with Jean
Descarreaux Claude Resources acquired by Silver Standard
for 450M$ in 2016. In 1983 he listed Oasis Resources
(now Gleneagle Resources) and later in 1990 Oxford
Resources (now Midland Exploration). For more than 30
years, Mr. Gosselin worked in mining exploration and
served as director and Chief Executive Officer for
various Canadian junior mining companies. More recently,
from 2003 to 2007, he was President and CEO of Diabras
Exploration (now Sierra Metals). During this period, he
was responsible for the reopening of two mines in the
state of Chihuahua, Mexico, namely the Bolivar Zn-Cu
mine and the Cusi silver mine. Under his guidance, his
team made the discovery of the Cu-Au-Fe skarn-hosted
deposit adjacent to the Bolivar Mine in the Sierra
Madre. The three mines are still in operation today. In
2007 he formed Maya Gold & Silver and served as
President and CEO until 2009 when he became Chairman of
the Board until 2017. Under the helm of Mr Gosselin,
Maya purchased and reopened the Zgounder Millenium
Silver Mine in Morocco. Maya is now Aya Gold & Silver, a
1-Billion market cap company, mining, developing, and
exploring in Morocco and Mauritania. Mr. Gosselin got
involved with Rio Moche Exploration as President & CEO
in 2015. Rio became public after the RTO of OneCap in
2017 on Colombian exploration projects, and later
changed its name for Origin Gold Corporation. Origin
became O2Gold in 2020 when Mr. Gosselin left. The
company is still exploring in Colombia. Mr. Gosselin
joined Puma Exploration Inc. one year ago. The company,
at that time, was finally rewarded for its decade-long
effort in New Brunswick by a gold discovery at Williams
Brook. Mr. Gosselin helped the company secure financing
in 2020.
Dr. Laura Araneda – Director
Dr. Laura Araneda lives in New Brunswick where she
graduated from the University of New Brunswick with a
Bachelor of Business Administration, the Entrepreneurial
Leadership Program and was awarded a Doctorate of
Letters from the University of New Brunswick in 2014.
Laura was President of Vic Progressive Drilling for 20
years where she started as a clerk in 1987. Dr. Araneda
has been awarded Canada's 100 Top Female Entrepreneur
for four consecutive years. Laura also assists many
institutes active in education, business and mining. Dr.
Araneda possesses an enviable network in the Maritimes
and in Canada.
Jacques Dion – Director
Mr. Jacques Dion has been appointed to Puma's Board of
Directors effective immediately. Mr. Dion has more than
30 years of experience in environmental assessment, the
management and transportation of hazardous materials, as
well as emergency spill response planning. Following the
Lac-Mégantic rail disaster, he was Project Director for
recovering and treating petroleum hydrocarbon impacted
water. He was involved in 4 major northern military site
clean-up projects: Resolution Island, FOX-C, Cape
Christian, and Cape Dyer. Mr. Dion also designed a solid
waste management plan for the City of Iqaluit. He is a
Board member and founder of Avataani Environmental
Services with a local Nunavik partner. He also acted as
Vice-President and Board member for 14 years with
Qikiqtaaluk Environmental Services, an Inuit firm
located in Iqaluit.
Note: This article is not intended to be a complete overview of
Puma Exploration Inc. or a complete listing of Puma Exploration's
projects. Mining MarketWatch urges the reader to contact the subject company and has
identified the following sources for information:
For more
information contact Puma Exploration's head office at:
PH
(418) 724-0901
We provide insight into resource
companies, many which are so often overlooked gems and can provide
exceptional potential to richly reward investors. The
companies we select offer outstanding properties, management and
experience in the mining/exploration industry.
Sector NewswireTM
*Content found herein is not investment advice
see Terms of Use, Disclosure & Disclaimer.
This is a journalistic article and the author is not a registered securities
advisor, and opinions expressed should not be considered as investment
advice to buy or sell securities, but rather journalistic opinion only.
Technical mining terms used by the writer may be used/expressed in simplified layman
terms and should not be relied upon as appropriate for making investment
decisions unless the reader contacts the company directly for independent
verification. *Estimates of potential made by the mining analyst and
journal(s) are non 43-101 and not from the Company.
PUMA.V currently has a nominal market cap of ~C$26M (~106 million
shares trading near ~C$0.24 -- Puma is fully financed to accomplish
all key objectives for 2022).
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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