- Strategic gold property located along national road, only 10 km from
St-Quentin and 25 km west of Williams Brook Flagship property.- High-grade gold structure, with initial surface sampling up to 362 g/t gold*.
- Mineralization hosted in quartz veins within the sedimentary package.
- Similar depositional gold environment as
Williams Brook Gold property.
Figure 1: Puma’s assets and landholdings in
During the due diligence work period, Puma only did minimum exploration work which included trenching to study the structural pattern of the high-grade gold system present and identify similarities between the Bonanza and Dome gold showings where very high-grade veins were collected by Puma’s team and previous operators (Table 1).
Table 1: Grab sample collected from the TIMM gold property
Area/Target | Sample | UTM Nad83_X | UTM Nad83_Y | Lithology | Au (g/t) |
Bonanza | J026525 | 630753 | 5265348 | Quartz vein | 362.00 |
Bonanza | J026503 | 630754 | 5265343 | Quartz vein | 267.00 |
Dome | J026519 | 630708 | 5265231 | Quartz vein | 2.72 |
Dome | J026523 | 630708 | 5265231 | Quartz vein | 4.76 |
Dome | J026526 | 630708 | 5265231 | Quartz vein | 24.70 |
Dome | J026801 | 630708 | 5265231 | Quartz vein | 9.47 |
Dome | J026803 | 630708 | 5265231 | Quartz vein | 1.19 |
Dome | J026805 | 630708 | 5265231 | Quartz vein | 1.57 |
Dome | J026806 | 630708 | 5265231 | Quartz vein | 2.33 |
Dome | J026809 | 630708 | 5265231 | Quartz vein | 0.17 |
T23-07 | J026501 | 630682 | 5265099 | Quartz vein | 0.31 |
T23-07 | J026502 | 630682 | 5267097 | Quartz vein | 0.69 |
T23-08 | J026505 | 630707 | 5265195 | Siltstone/fault | 0.50 |
T23-09 | J026506 | 630689 | 5265123 | Quartz vein | 0.16 |
T23-09 | J026510 | 630691 | 5265122 | Quartz vein | 0.35 |
T23-11 | J026511 | 630674 | 5265072 | Quartz vein | 0.64 |
T23-11 | J026513 | 630676 | 5265071 | Sandstone | 0.22 |
T23-11 | J026514 | 630694 | 5265066 | Quartz vein | 1.10 |
T23-12 | J026518 | 630668 | 5265050 | Shale/fault | 0.90 |
*Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
Current work on TIMM property includes compiling the entire data set available to initiate a property scale exploration program for the summer of 2024 using our low-cost exploration model. A detailed field program will be announced when available.
Overview of the TIMM gold property
The property is located only 10 km east of
The property hosts the same geology as Williams Brook and has historically been divided into three (3) gold zones: the Bonanza, Dome, and South zone. The Dome and Bonanza vein system is hosted in strongly foliated sericite schist with the gold mineralization typically associated with goethite/limonite as at the
Picture 1: Visible gold from a grab sample from the
Option and Joint Venture Agreement for TIMM Property
To acquire a 70% interest in the TIMM property, PUMA will issue 250,000 shares to the vendor (
Period Ending | Expenditures | Share Issuances |
Effective Date | - | 50,000 |
100,000 | ||
100,000 | ||
Total | $100,000 | 250,000 |
Having earned a 70% interest in the TIMM Property, Puma will enter into a JV with the vendor (
The TIMM Property is subject to an underlying agreement between
Additional performance payments:
- Puma will make a
$25,000 cash payment to the seller upon a positive preliminary economic assessment (PEA to be defined in the definitive agreement); - Puma will make a
$50,000 cash payment to the seller upon a positive feasibility study (FS to be defined in the definitive agreement); - Puma will make a one-time cash payment of
$100,000 to the seller upon commercial production (commercial production to be defined in the definitive agreement).
The transaction is subject to the
Ongoing Work at the
Since mid-December, Puma’s technical team has been finalizing 2023 fieldwork assessment reports to renew the entire land package. Also, data compilation is underway to define 2024 drilling targets.
Upcoming Gold Investor Events
Puma invites shareholders and interested parties to stop by the booth, attend a presentation, or schedule a meeting at the upcoming conferences to discuss the Company's recent news and proposed developments:
VRIC 2024,
Booth 409
Booth IE2152
Convention (pdac.ca)
About the
Puma's flagship
Since 2021 and with less than
Dr.
Figure 2. Main gold showings and occurrences at the
Qualified Person
The technical information of this release was reviewed and approved by
On-Site Quality Assurance/Quality Control (“QA/QC”) Measures
Surface samples are bagged, sealed and sent to the facility of
As part of its QA/QC program, the Company inserts external gold standards (low to high grade) and blanks every 20 samples in addition to standards, blanks, and duplicates. All samples over 10 g/t gold or with abundant visible gold are analyzed with a gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.
About
The Company is also committed to deploying its DEAR strategy (Development, Exploration, Acquisition, and Royalties) to generate maximum value for shareholders with low share dilution.
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Visit www.explorationpuma.com for more information or contact:
president@explorationpuma.com
Neither the
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve several known and unknown risks, uncertainties, and other factors that 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. The quarterly and annual reports and the documents submitted to the securities administration describe these risks and uncertainties.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/88441ce3-11c3-44db-a04d-828ef678fadb
https://www.globenewswire.com/NewsRoom/AttachmentNg/b6853226-4fc2-4f64-b297-261da4c81792
https://www.globenewswire.com/NewsRoom/AttachmentNg/b8e57a10-3022-4660-9b31-960e6b8a51a1
Figure 1. Puma’s assets and landholdings in Northern New Brunswick
Puma’s assets and landholdings in Northern New Brunswick
Picture 1. Visible gold from a grab sample from the Bonanza Gold Zone (362 g/t Au)
Visible gold from a grab sample from the Bonanza Gold Zone (362 g/t Au)
Figure 2. Main gold showings and occurrences at the Williams Brook Gold Project
Main gold showings and occurrences at the Williams Brook Gold Project
2024 GlobeNewswire, Inc., source