May 11 2017
Puma Exploration Inc. is to begin its initial Exploration Program on the Murray Brook Project located in the famous Bathurst mining camp of northern New Brunswick, Canada. Puma has received all necessary permits to proceed with the projected work program which includes a first phase reconnaissance operation followed by trenching, stripping and drilling operations.
The Murray Brook Project consists of three (3) distinct contiguous areas that cover more than 18 kilometers of the favorable rock hosting the operating Caribou Mine (Trevali Mining Corporation), the Murray Brook Deposit and the past operating Restigouche Mine. From east to west, they are the Murray Brook East Property (4925), The Murray Brook Mining Lease (# 252) and the newly acquired Murray Brook West Property (7846). These areas have been subject to various degrees of exploration work but share the same potential to increase the mineral resources defined at the Murray Brook Deposit.
Murray Brook East (4925)
The Murray Brook East Property (4925) consists of 245 claims (5326 Hectares). Its eastern boundary is contiguous to the Caribou Mining Lease (# 246) and is located only four kilometres west of the producing Caribou mine owned and operated by Trevali Mining Corp. The previous operators of the Murray Brook Property conducted extensive preliminary exploration work from 2012 to 2015 which included geophysical surveys (Magnetic-Electromagnetic-Gravity) and geochemical surveys (soils) to bring the property to drill-ready targets. The surveys identified 5 first priority targets to be explored. The previous drilling operation along the 7 km long favorable horizon was conducted in 1956 and included only 10 short holes.
Murray Brook Mining Lease (# 252)
The Murray Brook Mining Lease is located in the center of the area of interest and hosts the Murray Brook Deposit. The underground sulphide mineral resource estimate of the Murray Brook Deposit comprises measured and indicated mineral resources totalling 5.28 million tonnes averaging 5.24 per cent zinc, 1.80 per cent lead, 0.46 per cent copper, 68.9 grams per tonne silver and 0.65 g/t gold. It contains 610 million pounds of zinc, 209 million pounds of lead, 54 million pounds of copper, 11.7 million ounces of silver and 111,000 ounces of gold at an $85 per-tonne net-smelter-return cut-off in the sulphide measured and indicated categories. On February 20th 2017, the NI 43-101 report was accepted and filed on SEDAR.
After reviewing the current drill hole database, Puma's geologists have defined first priority targets to verify the extension of the deposit along strike and also at depth. An EM survey defined 2 geophysical anomalies to be tested as well. On the south-west side of the deposit, a previous hole drilled in 2012 intersected 5.26% cu over 9.75 meters at the outer edge of the deposit and is open to the south.
Murray Brook West (7846)
The Murray Brook West Property recently acquired by map staking contains 86 claims (1,870 Hectares). It is located west and contiguous to the Murray Brook Deposit Mining lease toward the past operating Restigouche Mine over a strike length of six (6) kilometers. It covers drill-ready targets contained within a similar geological setting as the one of the Murray Brook Deposit. Puma's geologists are currently compiling the data to prioritize those surface targets.
Preliminary Economic Assessment (PEA)
Concurrent with the field work program, Puma is working on an updated preliminary economic assessment (PEA) on its Murray Brook Deposit. The updated PEA will assess the best means of extracting mineralization and will place a capital expenditure figure on the project. Different mining scenarios are possible at Murray Brook, as the deposit starts at surface and goes at depth to 300 meters, and the higher grade sulphide zone is located between 200-300 meters deep.
Puma's engineer is proceeding with the review and the evaluation of different metallurgy reports previously done on the Murray Brook Deposit to define the best flowsheet to be applied at the Murray Brook Deposit in order to enhance the recovery of polymetallic sulphide mineralization but also to evaluate the potential Cu-Rich oxide zone located at the top of the deposit which should improve the economics of the entire in situ mineralization.