Puma Exploration Discovers a New Copper Zone at Murray Brook

Puma Exploration Inc. (PUMA-TSXV) (the “Company” or “Puma”) is pleased to announce the discovery of a new zone containing Copper Stringers extending from surface and outside of the current resource model at the Murray Brook Deposit located in the famous Bathurst Mining Camp in New Brunswick (see figure 1). The new discovery is a new horizon adjacent to the massive sulphide mineralization and corresponds to a strong Megatem anomaly at depth, in the same area where hole MB18-10 intersected significant sulphide mineralization over 100 meters (see figure 2). This new Copper Stringers Zone has been followed over a distance of 180 meters at surface by four (4) holes of the January 2019 drilling program and by previous drillhole MB17-03 (see figure 3).

Hole MB19-01 returned 26.4 meters grading 1.35% Cu, 19 g/t Ag and 0.18 g/t Au, including a 4.0 meters section of 2.24% Cu and 0.25 g/t Au. In addition, a number of other significant sulphide intercepts have been recorded along the western boundary with grades greater than 1% Cu over more than 20 meters (see table 1).

Table 1. Significant Copper Results at Murray Brook Deposit

Note: the true thickness is ranging from 75%-95% of the core intercepts.

“Puma is extremely pleased with the progress achieved to date which culminated with the 2019 drilling program. Since the involvement of Puma in the Murray Brook area, about $2.4M have been invested in exploration work, metallurgical work, geological model interpretation and mine potential design reviews. The results and the data collected continue to provide strong support for defining further extensions to the known Deposit, defined by the 2017 NI43-101 report, along with improving the discovery potential for new lenses along the Caribou horizon and an overall de-risking of the project”, notes Dominique Gagné, VP Exploration at Puma Exploration.

Copper Stringer Zone

The geologists are currently working on the review of the available core from the 2011-2013 drill results and lithologies. The interpretation of this previous drilling program suggests that this Copper Stringers Zone extends from surface to at least a depth of 170 meters with an apparent thickness varying from 1.6 meters to 26.6 meters (see table 2 and figure 4). These types of Copper Stringers adjacent to a massive sulphide deposit are common and to be expected. This leads to confidence in our understanding and potential for the Murray Brook Deposit and setting of drill targets.

Table 2. Previous drillholes interpreted to be part of the Copper Stringers Zone

Note: the true thickness is ranging from 70%-90% of the core intercepts.

Marcel Robillard, President and CEO, stated “We are very pleased with the discovery of a new Copper Stringers Zone located just adjacent to the Murray Brook Deposit. It shows that the Murray Brook property is still underexplored and the potential for new finds are possible on the entire 8,800 hectares land package. The technical team is currently planning follow-up drilling on the new discovery to outline its shape and true width and also on additional targets located within less than 250 meters of the know Deposit as shown on figure 5.

Gossan Zone

Additionally, during the January 2019 drilling program, the gossan zone defined and mined by Novagold in the 90’s was also intersected with similar Gold, Silver and Lead grade found. Between 1989 and 1992, Novagold mined 2.7 Mt of the gold-enriched gossan cap overlying the sulphide deposit at Murray Brook and recovered 45,000 ounces of Gold and 315,000 ounces of Silver (source NB Government). Drill hole MB17-03 returned 0.96 g/t Au, 255 g/t Ag and 5.95% Pb over 6.0 meters (see table 3).

Table 3. Drill results of the Gossan Zone

At the end of the operation, Novagold reported resources left in the Pit, at 1 g/t Au cut-off grade of about 18,911 ounces of Gold and 582,369 ounces of Silver (Novagold internal memo). Puma has not taken steps to identify what work needs to be undertaken to upgrade or verify the Novagold’s historical resource estimate to current mineral resources or mineral reserves. A qualified person from Puma or independent third party has not done sufficient work to classify the historical resource estimate as a current resource estimate or current mineral reserves. Puma is not treating the historical resource estimate as a current resource estimate or mineral reserves. There is no certainty that additional work will replicate the initial results.

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.), 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).

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 20 2017, a NI 43-101 report was accepted and filed on SEDAR.

About Puma Exploration Inc.

Puma Exploration 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, the wholly owned Turgeon Zinc-Copper Project and the Nicholas-Denys Project 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 its exploration efforts in New Brunswick and advance the Murray Brook Deposit.

Qualified Persons and QC/AC

The content of this press release was prepared 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, who supervised the preparation and technical information that forms the basis for this news release. 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.

All sampling, drilling, testing and analysis are conducted using rigorous quality assurance/quality control procedures to ensure reliability and validity of results beyond basic regulatory guidelines. The driller is responsible for insuring that the core placed in boxes is in correct order and marking the length tags for each rod length of core as well as the inside of the core boxes where the tag is located. This step is examined by the technician and supervised by the on-duty project geologist. The driller picks up core boxes from the drill site and takes them to the drill core logging facilities in Bathurst.

Boxes are then laid out on logging tables and checked to make sure that the core is continuous and in the right order in each box. Geological logging of core is conducted, and sample positions are marked to conform to lithological/alteration changes. Sample numbers are written inside of the core boxes corresponding to preprinted sample tags. Chalk lines are marked down to identify the axis of core and boxes for sampling are moved to cutting area. Diamond saw blade cutters are used to cut the core in half.

Core boxes are returned to their places in order on the logging tables. Strong plastic rock sample bags are labelled with sample’s number on the outside and the sample tags are inserted inside. Then, one-half of the core is placed in its respective sample bag. The second half is kept at the Alliance warehouse for future reference.

The samples were prepared, sent to and processed at ALS Val d’Or in Quebec and ALS Sudbury in Ontario. All samples were assayed by ME-ICP41 method and gold was assayed by AU-AA26 method. Quality assurance and quality control are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one of each per 30 samples. For quality assurance/quality control, there are typically eight standards runs for each batch of 25. A duplicate is done at least once every 50 samples and no blanks are run. Pulps are currently stored in the lab in labelled brown sealed bags, which in turn are stored in organized labelled boxes. Coarse rejects are stored in labelled 18-litre pails on pallets inside the warehouse.

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Marcel Robillard. President
(418) 724-0901
president@explorationpuma.com

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 Exploration Inc. 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 Exploration 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.

Five figures accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/cbf6aeed-53fd-4d4a-8e77-6da622e4b126

https://www.globenewswire.com/NewsRoom/AttachmentNg/e56802cb-b7af-44de-ab83-8cfd2335c640

https://www.globenewswire.com/NewsRoom/AttachmentNg/29538ae1-8d52-455f-a6bc-71c331479c21

https://www.globenewswire.com/NewsRoom/AttachmentNg/e351ce96-92de-4f0c-a7cc-d4f5fb66e992

https://www.globenewswire.com/NewsRoom/AttachmentNg/2b612590-b14e-4c3c-816f-5667b48201dc

Source: www.globenewswire.com