Puma Exploration Inc., PUMA-TSXV, is pleased to report progress on the transaction with Melius Metals Corp. . As was stated in the press release of July 6, 2021, the main objective of the transaction is to unlock value from its copper property portfolio through Melius’ option to acquire all Puma’s copper exploration and development projects. TRANSACTION SUMMARY Puma granted to Melius the option to acquire 100% ...

Puma Exploration Inc., PUMA-TSXV, (the "Company" or "Puma") is pleased to report progress on the transaction with Melius Metals Corp. ("Melius"). As was stated in the press release of July 6, 2021, the main objective of the transaction is to unlock value from its copper property portfolio through Melius' option to acquire all Puma's copper exploration and development projects.

TRANSACTION SUMMARY
Puma granted to Melius the option to acquire 100% in its Copper Projects in consideration of $3.5M payable by the issuance of an initial 12M Melius shares of which up-to 6M will be distributed to Puma's shareholders in Q1-2022 . The remaining $2.3M is payable in cash or in Melius shares over a period of 3 years. Puma's commitments for the Chester Property was also assumed by Melius ( see PR 2021-07-06 ). As of November 24 th ,2021, the Chester option has been executed and the mining claims have been transferred to Puma.

PROGRESS ACHIEVED TO DATE

  • Melius appointed Mr. Simon Quick as Chief Executive Officer (CEO).
  • Melius completed Qualifying Technical Reports (NI 43-101) on Chester and Turgeon as required for public listing purposes.
  • Melius closed private placement financings for a total of $1,500,000.
  • Launch of a 2,000 meters drilling program on Chester, execution of a final $100,000 cash payment and acquisition by Puma of a 100% interest on Chester.
  • At Puma's Annual and Special Meeting of Shareholders, approval of resolutions approving the sale of the copper assets reduction of stated capital.

Considering all the achievements that Melius has made so far, and highlighted above, Puma has agreed to extend the Satisfaction Date from October 31, 2021 to January 31, 2022 to file a preliminary prospectus and the current deadline to be listed on a Canadian Exchange to be extended to April 30, 2022 from March 1, 2022.
Currently, Melius is finalizing the audited financial statement to be included in the preliminary prospectus and is proceeding with an additional round of financing which is expected to close in the next few weeks. Melius is currently preparing its preliminary prospectus with the intention of listing shares on the Canadian Stock Exchange ("CSE").

As a result of this additional round of financing by Melius, Puma intends to hold a Special Meeting of Shareholders in January 2022 to seek shareholders' approval for an increase in reduction of stated capital already approved at the previously held Annual and Special Meeting, from $600,000 to a maximum of $2,100,000.

The objective is to reduce any potential fiscal impact on Puma's shareholders considering anticipated changes to the listing price of Melius shares. More details about the date of the Special Meeting and the record date will be provided shortly.

APPOINTMENT OF MR. SIMON QUICK AS CHIEF EXECUTIVE OFFICER OF MELIUS

Mr. Quick has more than 12 years as a well-regarded mining leader, with a track record spanning the USA, Mexico, Argentina, and Canada. His specific experience includes early stage permitting, project development through to design engineering, and construction. Mr. Quick joins Melius from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop's University and an Executive MBA from the Kellogg School of Management at Northwestern University.

EXPLORATION UPDATE AT CHESTER COPPER DEPOSIT

The new drilling program at Chester has commenced and consists of approximately 40 drillholes totaling approximately 2,000 meters (see Figure 1). The Chester copper deposit contains three known zones; the Central Zone, the East Zone, and the West Zone (Copper Stringer) which are all located near surface.

There are three strategic objectives for this drilling campaign:
1) Validate historical resource and geological model for the three primary zones, Central, East, and West (Copper Stringer), all located near surface.
2) Test resource gaps between the Central and East Zone.
3) Each hole will also test for presence of gold and silver mineralization given historical drilling did not assay for these minerals.

Significant previous drill results at Chester:

West Zone (Surface to 50m) Central Zone (Surface to 50m)
4.8% Cu over 20.3 meters 10.8% Zn + 4.5% Pb over 5.6 meters
3.4% Cu over 25.0 meters 7.4% Zn + 2.3% Pb over 6.1 meters
6.0% Cu over 13.1 meters 8.0% Zn + 3.9% Pb over 7.0 meters
8.0% Cu over 5.2 meters 8.5% Zn + 4.0% Pb over 7.9 meters
4.9% Cu over 14.2 meters 7.0% Zn + 2.6% Pb over 15.6 meters

Figure 1: Current Drilling Operation at Chester Copper Deposit is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc9b03ad-9d44-4e3b-b1a3-7437f3415f42

QUALIFIED PERSON
Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in 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. Gagné is independent of the Company.

ABOUT MELIUS METALS CORP.

Melius Metals Corp. ("Melius" or "the Company"), a new Copper exploration and development story focused on well-known and past-producing Bathurst Mining Camp in New Brunswick.

For further information on Melius, please contact Simon Quick, (905) 220 6661; simon@meliusmetals.com .

ABOUT Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn
Learn more by consulting www.explorationpuma.com for further information on Puma.
Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com
Simon Quick, CEO, (905) 220-6661; simon@meliusmetals.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 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.



Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Kalgold’s First Drill Program Hits Gold At Bulong Taurus

Kalgold’s First Drill Program Hits Gold At Bulong Taurus

Kalgoorlie Gold Mining (ASX:KAL) ('KalGold' or 'the Company') is pleased to advise that the Company's first drill program has intersected gold at its lead project, Bulong Taurus, 35km to the east of Kalgoorlie- Boulder. Two targets were tested, La Mascotte and Great Ophir, with shallow oxide gold confirmed at both.

Keep reading... Show less
Sir Laurence Gold Discovery Grows To Over 1km Strike Length: AC Drilling Completed And Diamond Core Drilling Underway

Sir Laurence Gold Discovery Grows To Over 1km Strike Length: AC Drilling Completed And Diamond Core Drilling Underway

Kingwest Resources Limited (ASX:KWR) CEO, Ed Turner commented:

To get significant gold intersections, including bedrock mineralisation, on every line drilled to date at Sir Laurence is exceptional. To date these cover a strike length of 1km and mineralisation is open in all directions. Some of our best results, such as 2m @ 1.6 g/t Au from 76m in KGA067O, have been at the end of drill lines and therefore there remains a lot of additional drilling required before the limits of mineralisation are defined. We now look forward to seeing what the diamond core drilling intersects and anticipate initial results before Christmas. We also look forward to the assay results from the remainder of the Sir Laurence holes and the regional holes."

Keep reading... Show less
Progress Report for Buccaneer Diamond Drilling

Progress Report for Buccaneer Diamond Drilling

Prodigy Gold NL (ASX: PRX) ('Prodigy Gold' or the 'Company')'Company') is pleased to announce progress results from diamond drilling on its projects in the Northern Territory.

Keep reading... Show less
Ellis Martin Report: Tocvan Ventures'  Brodie Sutherland Provides an Update on the Pilar and El Picacho Gold Projects in Sonora State Mexico

Ellis Martin Report: Tocvan Ventures' Brodie Sutherland Provides an Update on the Pilar and El Picacho Gold Projects in Sonora State Mexico

Alberta, Canada (ABN Newswire) - Join Ellis Martin for a conversation with Brodie Sutherland, the Vice President of Exploration for TOCVAN Ventures Corp (CNSX:TOC) (FRA:TV3) trading in on the CSE as TOC, in the US as TCVNF and in Frankfurt as TV3.

TOCVAN Ventures is an early-stage natural resource company formed to acquire, explore and, for economic and shareholder interests, develop mineral properties. The company has three projects under development: the Pilar Gold Project and the El Picacho Gold Property in the gold-producing Sonora Region of Mexico, and the Rogers Creek Property in the Lillooet Mining District of Southwestern British Columbia. In this interview, Mr. Sutherland updates our audience on both the Pilar and El Picacho Projects.

To listen to the Interview, please visit:
https://www.abnnewswire.net/press/en/108242/toc



About TOCVAN Ventures Corp.:

TOCVAN Ventures Corp. (CNSX:TOC) (FRA:TV3) was created to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success.

TOCVAN Ventures currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora State of Mexico and the Rogers Creek project in Southern British Columbia, which Management feels both projects represent tremendous opportunity.



Source:
TOCVAN Ventures Corp.

Keep reading... Show less
Whitehorse Gold Appoints Gordon Neal as CEO and Director

Whitehorse Gold Appoints Gordon Neal as CEO and Director

Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") has appointed Gordon Neal as the CEO and a director of the Company.

Mr. Neal has extensive experience in the metals and mining sector, capital markets, and government communications. He was most recently the president of New Pacific Metals Corp., and was the former vice-president corporate development at Silvercorp Metals Inc. Prior to that, he held the vice-president corporate development position at Mag Silver Corp. Mr. Neal's career also saw him working in the office of the Prime Minister of Canada as a senior communications adviser.

Keep reading... Show less
Whitehorse Gold Announces Resignation of Director and CEO

Whitehorse Gold Announces Resignation of Director and CEO

Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") announces that Kevin Weston has resigned as CEO and a director of Whitehorse Gold. However, Mr. Weston will continue with the Company as a consultant.

"I would like to thank Kevin for his contribution to the Company," stated Dr. Mark Cruise, Chairman of Whitehorse Gold. "Kevin has been a key member of the Company since inception and was a part of the team that successfully completed the 2021 exploration and drill campaign at the Skukum Gold Project in southern Yukon. We look forward to his continued contribution to Whitehorse Gold and wish him success in his new endeavours."

Keep reading... Show less

Top News

Related News