Mar 31 2017
Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the "Company" or "PUMA") is pleased to report on New Brunswick Operations. In 2017, Puma will direct all of its efforts on the Company's three (3) main base metals projects in New Brunswick which consist of the Murray Brook, Turgeon and Nicholas-Denys projects with emphasis given to the Murray Brook Property.
Murray Brook Property
On February 24th, 2017, Puma Exploration closed the asset purchase agreement with Votorantim Metals Canada Inc. ("VMC") and acquired approximately 67.9% beneficial interest in the Murray Brook zinc-lead-copper-silver volcanogenic massive sulphide ("VMS") deposit. Currently, PUMA is looking at different scenarios and evaluating quotes to initiate additional metallurgical work on the high grade zinc zone of the deposit to focus on methods to improve lead, gold and silver recoveries. Also, Puma's geologists are seeking to identify first priority targets on the claims portion of the property in an effort to identify the potential to expand the resource inventory in addition to those resources which comprise the Murray Brook deposit. Previous work by VMC identified four (4) potential targets in between the Murray Brook deposit and the nearby Caribou Minesite.
Additionally, El Nino Ventures Inc. ("ELN") and PUMA have agreed to extend the closing date for the acquisition of ELN's interest in the Murray Brook Property to, on or before, April 30st, 2017. Because Puma is confident that the deal will be closed, the Company is providing ELN with an additional deposit of $90,000 to be credited against the closing cash consideration for the acquisition of ELN's beneficial interest in the Murray Brook Property. In the event that the transaction contemplated in the Asset Purchase Agreement with ELN does not close on, or before, April 30th, 2017 the total $150,000 deposit will be retained by ELN.
Turgeon Project
The Turgeon property is located only 5 km south of the deep water port of Belledune in northern New Brunswick. In 2010, the Company has fulfilled all the requirements for this agreement and holds a 100% interest on the property. The Turgeon property is currently composed of two main deposits with four copper-zinc mineralized massive sulphide lenses over a 450 meters strike length. Two of the mineralized lenses subcrop and mineralization can be observed at surface.
Drill programs conducted in 1983 by Esso Minerals allowed to evaluate a historical resource of 1.5 to 2.0 million tons grading 1.5% Cu and 4% Zn. These mineral resources estimates were achieved before the establishment of the NI 43-101 standards and as such are historical resources and not to be relied upon. PUMA has not done sufficient work to reclassify the resource as NI 43-101 compliant. Since 1958, about 100 holes have been drilled on the deposit for more than 25,000 meters of drilling. Impressive drilling results were obtained by previous workers and are recorded in the public record. For example: 3.5% Cu over 11.5m, 7.9% Cu over 7.5m, 4.4% Cu over 17.2m and 10% Cu over 7.5m. In the massive sulphide: 1.0% Cu + 2.7% Zn over 72.2m, 1.1% Cu + 4.7% Zn over 25.1m, 0.8% Cu + 12.4% Zn over 8.7m and 1.9% Cu + 5.0% Zn over 12.3m. PUMA plans to complete NI 43-101 compliant resource estimates on the Turgeon Deposits during 2017.
Nicholas-Denys Project
The Ann's Creek property is located 23 kilometers northwest of the city of Bathurst in New Brunswick. The Company owns 100% of the mineral rights constituting 117 claims covering an area of 25.44 km2. In 2008, an indicated mineral resource (1,11M ounces) and inferred (0.78M oz) of of silver was calculated by Puma from 36 drill holes on the central part of the Haché lens which is approximately 100 m long and 50 m wide and extends from surface to 150 m in depth. The aforementioned resources are historical resources and are not NI 43-101 compliant and not to be relied upon.
Since this estimate, 84 additional drill holes, totaling 20,000 meters, were completed on the Haché and Shaft lenses over a strike length of 700 meters that represents only about 10% of the favorable structure. This work discovered five new mineralized zones to a vertical depth of 450 meters.
The Haché lens, which was the subject of earlier drilling campaigns, can be used as an exploration model for the entire property. The massive sulphide lenses contain silver and gold bearing quartz veins which range from 0.20 to 1.0 m thick define the heart of the Haché lens portions of which grade 225 g/t Ag and 1.2 g/t Au over 29.1 meters and 130 g/t Ag and 0.9 g/t Au over 31.0 meters. PUMA plans to initiate an updated resource estimate on the Ann's Creek Property during 2017.
Other Properties
All the current and active properties held by Puma Exploration are located in Northern New Brunswick within or at the edge of the Bathurst Camp. These properties range from grassroots (early stage) to advanced projects. PUMA is seeking to divest all or some of the Company's interest in these other properties in order to focus its efforts on the Murray Brook, Turgeon and Nicholas-Denys projects