Sep 18 2015
Puma Exploration has secured its strategic land holding at the 100% owned Little Stull Lake Gold Project in Manitoba by renewing the 20 claims (2,900 ha) that cover its gold zones for an additional 5 years, until 2025. Following the current 10 year secured, Puma has exploration work credits sufficient to keep the claims in good standing for an additional 55 years, until 2080.
The most recent corporate activity in the area is the Yamana Gold (YRI-TSX) takeover of Mega Precious Metals (MGP-TSXV) which holds the Monument Bay Gold Deposit (see MGP news release 2015-06-22) located 15km southwest of the Little Stull Lake Gold Deposit. Puma holds a 100% interest in 42 continuous kilometers of strike length (37,925 hectares) along a gold-bearing greenstone belt. The land holding is composed of the adjoining Little Stull Lake claims (2,900ha) and the Kistigan (14,715 ha) and Edmund Lake (20,310 ha) Mineral Exploration Licenses (MEL).
The Little Stull Lake gold zones lies in a similar geological environment to that of the nearby Monument Bay deposit being developed by Mega Precious Metals (now Yamana Gold). Monument Bay contains 3.1 million ounces of gold (MGP news release 2014-11-21). Puma drilling carried out on its Little Stull Lake property resulted in the discovery of high-grade gold mineralization in an Archean greenstone belt The gold mineralization is mainly confined to quartz veins in brecciated basalt 25 to 50 metres thick. This unit has so far been traced on surface at Little Stull Lake Property for more than 5 km and coincides with a major regional fault striking more than 60 km in length.
On the basis of drilling during the 1980's and early 1990's (202 holes for 30 515 metres), Westmin estimated potential resources of 750,000 tonnes @ 10.3 g/t Au: a total of slightly more than 250,000 ounces of gold over a small section of the greenstone belt (1.5km). The historical resource estimates were prepared prior to the implementation of NI43-101 and use terminology not compliant with current reporting standards. Puma has not made any attempt to re-classify the estimates according to current standards of disclosure and is not treating the estimate as current mineral resources or mineral reserves. Historical estimates should not be relied upon. Investors are cautioned that "potential resources" are considered conceptual in nature and there is no guarantee that historic "potential resources" will be able to be converted into NI43-101 compliant resource categories or demonstrate economic viability.
Puma completed ten (10) drill holes totalling 1,500 metres in the Little Stull Lake gold property's 11W Zone in 2007. This zone carries the highest gold grades intersected in drilling of the basalt during previous work, with 330 g/t Au, 202 g/t Au, and 125 g/t Au over one metre of core which are included in longer intercepts of 7.4 g/t Au over 47.0m and 4.5 g/t Au over 45.2m. All of Puma's holes intersected the mineralized basalt, which contains an average of three core intersections one metre in length with gold values ranging from 1 to 46 g/t Au. Moreover, the drilling intersected some high-grade layers one metre long containing 46.0 g/t Au, 15.6 g/t Au, 8.4 g/t Au, and 7.2 g/t Au (PUM news release 2008-09-01).
Puma is currently finalizing the 3D modelization of the latest successful drilling program at Turgeon VMS. The next drilling program will target higher-grade areas within the Dragon Zone and will begin shortly following the new model develop with the latest data.
Puma would also like to announce its new Mobile App is now available on Android and Apple smartphone's. You can download the App by searching for Puma Exploration.