RIMOUSKI, Quebec, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is pleased to share his future exploration and development strategy for 2019-20 and beyond. While the priority remains to secure and finalise the acquisition of the Murray Brook Project, the emphasis will be directed to the exploration of the new targets identified around the existing deposits at Murray Brook and Chester but also within underexplored targets located on both favourable horizons within the properties.
To achieve the main objectives, Puma has proposed a restructuration (see news 25-07-2019) which would give Puma more optionality on the acquisition, exploration and development of the Murray Brook Project. Puma continues discussion for potential partners for the Murray Brook Project and is investigating scenarios to create value to shareholders through the sell-off of non-core assets to third parties. With the current optimism for gold projects, precious metals project such as Ann’s Creek with drill results as shown in hole F07-15 with 3.8 g/t Au and 720 g/t Ag over 8.4 meters, becomes more attractive to gold exploration companies.
‘’The current strategy represents an important opportunity to continue to explore and develop Puma’s current advanced projects in the famous Bathurst Mining Camp (‘’BMC’’) in New Brunswick’’, notes Marcel Robillard, President and CEO of Puma Exploration. He adds ‘’Puma will be focused on the BMC where the company has invested over $20M in exploration work since 2005 and collected a significant database of the BMC and used it to advance new geological and targeting models for new discoveries’’.
MURRAY BROOK VMS PROJECT
At Murray Brook, the priority is to secure and finalise the acquisition of the assets. Puma has announced the extension of the purchase agreement with the vendors until June 30, 2020 to proceed with the acquisition, which provides for more options and time to work towards a positive conclusion (press release 03/07/2019 and 09/07/2019).
On the development side, the surface zones and the gossan zone will be investigated in terms of the economics and the metallurgical recovery work with the goal of converting the surface and the gossan zones material that was categorized as waste to potential mineable ore. Samples collected from the holes drilled in the massive sulphide for the geotechnical study will be assayed and released. On the exploration side, new geological and targeting models for new discoveries are currently being defined from our work programs combined with the collaboration of Mira Geosciences, who provides some of the most advanced 3D geological modelling available today. The goal is the define the best 10 drilling targets at Murray Brook.
CHESTER VMS PROJECT
Puma previously announced the signing of an option agreement to acquire 100% of the Chester VMS Deposit located within the Bathurst Mining Camp (BMC) of New Brunswick (press release 12/02/2019). The Chester Property is comprised of 164 claims covering a total of 3,600 hectares strategically located approximately 25 kilometers South West of three major VMS deposits: Halfmile Lake, Stratmat and Heath Steele all held by Trevali Mining Corporation.
The Chester property is known to contain a copper deposit. There are 3 zones included in the main Deposit; the Central Zone, the East Zone and the West Zone (Copper Stringer) located at surface. Only the West Zone has been included in the NI 43-101 resources calculation conducted in 2008 and updated in 2014 to reflect changes in metal prices and mining scenarios. The copper deposit has historical measured & indicated resources of 1,400,000 tonnes grading 1.38% Cu and 3.5 g/t Ag and inferred resources of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only) as reported in the NI 43-101 Technical Report entitled “Technical Report - Chester Copper Property New Brunswick Canada” (effective March 07, 2014) prepared by Robert C. Sim, P. Geo., for Explor Resources and filed on www.sedar.com. Puma is not treating the “historical resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified person from Puma or by an independent third party.
Currently, the Puma’s team is on site for initial reconnaissance and overview of the Chester Property.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President, and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101. 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. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
ABOUT THE MURRAY BROOK PROJECT
The Murray Brook Project consists of three (3) distinct contiguous areas that covers 8,800 hectares and more than 18 kilometers of the favorable rocks that host the operating Caribou Mine (Trevali Mining Corp.), on the east side, the Murray Brook Deposit and the past operating Restigouche Mine (Trevali Mining Corp.). From east to west, the Murray Brook Project comprises the Murray Brook East Property (4925), the Murray Brook Mining Lease (# 252) and the Murray Brook West Property (7846).
The Murray Brook East and Murray Brook West Properties have been subject to various degrees of exploration and share the same potential of increasing the mineral resources defined at the Murray Brook Deposit and several future priority targets have been defined on these properties.
ABOUT THE MURRAY BROOK DEPOSIT
The Murray Brook Deposit (Mining Lease #252) covers an area of 484 hectares with a currently defined measured and indicated mineral resources of 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold. The core of this mineral resource occurs in the West Zone which is 200 meters wide, extending from surface to 300 meters vertical and the true thickness of the massive sulphide body varies from 75 meters to 100 meters. The East Zone (Copper-Gold) is 100 meters wide, also extending from surface to 300 vertical meters and is mainly mineralized with gold and copper. On February 20th, 2017, a NI 43-101 report was accepted and filed on SEDAR.
Puma is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property and the exploration of the Chester VMS Deposit all located in the Bathurst Mining Camp of New Brunswick. As well as an equity interest in BWR Resources, exploring in Manitoba. Puma’s objective for the coming year is to focus the targeting and testing new greenfield explorations and around existing deposits.
Marcel Robillard, President
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.