Precious Metals

Puma Exploration Inc. is pleased to announce that it has completed a 2,185 line-km airborne radiometric survey that covers the entirety of its 20,000 ha Williams Brook Property in New Brunswick, Atlantic-Canada. The radiometric survey will help identify potassic alteration and potential associated gold mineralisation across the property. Figure 1: Heliborne Radiometric Survey in Progress at Williams Brook ...

Puma Exploration Inc. (TSXV: PUMA) (the "Company" or "Puma") is pleased to announce that it has completed a 2,185 line-km airborne radiometric survey that covers the entirety of its 20,000 ha Williams Brook Property in New Brunswick, Atlantic-Canada. The radiometric survey will help identify potassic alteration and potential associated gold mineralisation across the property.

Figure 1: Heliborne Radiometric Survey in Progress at Williams Brook accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bba7c7a-1639-43e7-86d4-0f4e407f965f

In addition, building on the success of its inaugural drilling program, Puma extended its 2021 VTEM and magnetic survey to cover an additional 1,015 line-km over the new claims staked and optioned in 2021. The geophysical signature of Puma's major discovery of 5.55 g/t Au over 50.15 m along the O'Neil Gold Trend ("OGT") ( see Sept. 15, 2021 press release ) will be applied to the new VTEM data set to identify new prospective anomalies.

The compilation and analysis of the new VTEM data along with the radiometric survey, the latest assay results, and structural and surface mapping data will identify new drilling targets for Puma's upcoming 10,000 m drilling program.

PAIRING GEOPHYSICS WITH THE LATEST DRILL RESULTS TO INFORM THE NEXT ROUND OF DRILLING
This summer, Puma successfully drilled 2,300 m at Williams Brook and made a major discovery with 5.55 g/t Au over 50.15 m along the O'Neil Gold Trend ("OGT") within the inaugural drilling program which include continuous and extensive gold mineralisation from surface as 1.16g/t Au over 48.70 meters. High-grade gold mineralisation was found to occur along the prominent geophysical anomaly identified by the Winter 2021 survey, at the contact between rhyolite and sediments, in networks of brecciated quartz veins. 3D structural analysis of the quartz veins is being carried out to determine the orientation and dip of the high-grade gold-bearing veins to optimize future drilling operations.

The 2021 VTEM survey indicated that the OGT extends for over 7 km. The newly expanded survey will map the rhyolite and sediment contact across the 20,000 ha property. The geophysical signature of Puma's latest discovery will also be applied to the new data set to identify additional prospective targets across the land package.

HIGH-RESOLUTION AIRBORNE RADIOMETRIC SURVEY
Epithermal gold deposits range from thin quartz veins to large disseminated deposits located in various geological environments. They exhibit a wide range of geophysical signatures. Hydrothermal alteration in these deposits causes pronounced changes in the physical properties of rocks. Magnetic susceptibility and remanence decrease; potassium content commonly increases, causing an increase in radioactivity; electrical resistivity changes by up to two orders of magnitude; and density increases or decreases depending on the nature of the host rock and alteration processes.

Airborne radiometric surveys determine the natural radioactivity of near-surface rocks and soils using a gamma-ray spectrometer installed in a helicopter. They are useful in mapping the large potassic-alteration haloes of low sulphidation epithermal Au-Ag deposits that often extend over several square kilometres.

Figure 2: Detailed Flight Path for the Entire Williams Brook Heliborne Geophysical Survey accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a073cff7-5591-4e65-9fc8-039db3e68e47

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 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. The Company is committed to 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:

Marcel Robillard,
President, (418) 750-8510;
president@explorationpuma.com

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305; mboiridy@explorationpuma.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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.


News Provided by GlobeNewswire via QuoteMedia

Puma Exploration

Puma Exploration


Overview

As mineral exploration companies across Canada seek new mining locations, one location stands out every year as a top contender. New Brunswick is a province rich in natural resources with mining-friendly policies, substantial infrastructure, a comprehensive regulatory regime and a competitive tax regime. Each year, New Brunswick ranks among the top places in the world for mineral exploration in the Fraser Institute’s Annual Survey of Mining Companies.

New Brunswick is home to the Bathurst Mining Camp (BMC) which is one of the most prolific mining camps for base metals in Canada. The BMC hosts 46 mineral deposits of which 25 comprise reserves of 1 million tonnes or more. The BMC also hosted the Brunswick #12 mine, one of the largest underground zinc mines in the world. As a result, companies with mineral projects in New Brunswick’s Bathurst Mining Camp will likely be of particular interest to investors seeking upside potential.

Puma Exploration Inc. (TSXV:PUMA,OTC:PUXPF) is a Canadian mineral exploration company focused on developing a portfolio of high-grade precious metals projects, in an up and coming gold Camp, located near the prolific Bathurst Mining Camp in New Brunswick, Canada. The company is led by a highly experienced management team with decades of experience in mining exploration and development. In 2014, the company received the Prospector of the Year award from The New Brunswick Prospectors and Developers Association.

Puma Exploration New Emerging Gold Camp
Puma Exploration

Puma Exploration’s controls more than 30,000 ha of land, made up of three highly-prospective properties, approximately 60 kilometres west of the Bathurst Mining Camp. The Company’s exploration program is currently focused on its flagship Williams Brook Gold Project.

William Brook Property

“We have found the best hole ever, it’s a dream come true,” said CEO of Puma Exploration Marcel Robillard.

In September 2021, the company announced impressive initial drill results of 5.55 gpt of gold over 50.15 metres from the surface of its 20,000-hectare Williams Brook Gold property. The notable property is a major discovery for Puma Exploration and is fully controlled by the company. In October 2021, the company announced high-grade gold assays recovered from its 2021 field exploration surface sampling program on its Williams Brook Gold property. The results include 199 g/t Au, 192 g/t Au, and 170.5 g/t Au. The company also drilled 1.00 g/t Au over 40.6 metres extending the gold mineralized zone into the sediments.

The company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low shares dilution and follows robust ESG initiatives that ensure a sustainable approach to all its activities.

The company launched its fully-funded $5M 2022 exploration program in January 2022. It is currently awaiting assay results from more than 700 grab samples from its 2021 surface sampling program at the Williams Brook property. This, compiled with geophysics, structural and geological data will inform the company’s upcoming drilling targets to maximize success.

Company Highlights

  • Excellent Access - paved road, airport, rail and seaport
  • Aggressive 2022 Exploration Program - >10,000 metres of drilling
  • Underexplored Gold Land Package - > 30,000 ha
  • Strong Financial Position - $6M cash in treasury
  • Major Gold Discovery in 2021- 5.55 g/t Au over 50.15 m
  • Mining Infrastructure Nearby - famous Bathurst Mining Camp
  • Blue Sky Drill-Ready Targets - kilometre-long gold trends
  • Proven Management - experienced and diversified team

Key Projects

Williams Brook

The Williams Brook property is located on the western edge of the Bathurst Mining Camp. It covers more than 20,000 ha of prime exploration land and benefits from excellent access, water, electricity and the availability of an experienced workforce.

Exploration work to date has identified at least four (4) different kilometre-long gold trends on the Williams Brook Gold Project. Puma is currently focused on the newly discovered O'Neil Gold Trend, a pervasive altered and brecciated rhyolite unit. The rhyolite is in contact with sediments and is characterized by quartz veins and veinlets, stockworks and breccias. Visible gold is present, and grab samples have returned high-grade gold up to 241 g/t Au.

The first-ever drilling campaign on the O'Neil Gold Trend was completed in August 2021. The 2,360 metres drilling program was devised to intersect the down-dip projection of the high-grade gold veins exposed at surface. It was also designed to help better understand the spatial geometry of the mineralized envelope. The oriented NQ drilling was planned with the support of Terrane Geoscience Inc. after a detailed structural analysis.

The drilling returned exceptional results with an intersection of 50.15 metres grading 5.55 g/t Au in WB21-02. The holes were characterized by pervasive sericite and iron alteration over large sections. The presence of abundant quartz veins and veinlets with disseminated sulphides and oxides was also observed. Often, visible gold ("VG") was present.

Williams Brook

An induced polarization (IP) geophysical survey and an aggressive grab sampling program have yielded excellent results. A follow-up 10,000-metres drilling campaign is underway in 2022.

Williams Brook

Jonpol and Portage

Puma's contiguous Jonpol and Portage properties are located approximately 10 kilometres east of Williams Brook and are underlain by the same geology. They cover an area of approximately 6,000 ha. Several gold occurrences grading up to 17.1 g/t Au are reported on both properties. While the Company is currently focused on advancing exploration on its flagship Williams Brook property, work on Jonpol and Portage will resume in the future.

Management Team 

Marcel Robillard, P.Geo. - President & Chief Executive Officer, Director

Mr. Robillard became President and CEO of Puma in 2010. He is currently a Director of PEZM Gold Inc. (PEZM-H) and reviewing potential strategic acquisition opportunities in the green energy sector. From 1998 to 2007, Marcel held the position of Project Geologist and Project Manager at Géominex, a geology and exploration consulting Company, before taking on the role of President from 2007 to 2015. Marcel has a B.Sc. in Geology and an M.Sc. in Earth Sciences from the Université du Québec à Montreal, Canada.

Ginette Gosselin Brisson - Chief Financial Officer

Mrs. Brisson is a Chartered Professional Accountant (CPA) with more than 40 years of experience working with and auditing public companies listed on the TSX-V. Ginette joined Puma in 2014. She was previously Chief Financial Officer of Appalaches Resources, Inc. and an auditor at Mallette LLP. Ginette is a graduate of the University of Quebec at Rimouski (UQAR), Canada.

Dr. Laura Araneda - Director

Dr. Araneda has been President of Vic Progressive Drilling for over 20 years, starting as a clerk in 1987. Laura is very active in her home province of New Brunswick. She guides and mentors education, business, and mining organizations and possesses an enviable professional network of contacts in Atlantic Canada and across the country. Laura graduated from the University of New Brunswick with a Bachelor of Business Administration, completed an Entrepreneurial Leadership Program and was awarded a Doctorate in 2014. She's been named Canada's 100 Top Female Entrepreneur for four consecutive years.

Michel Fontaine - Director

Mr. Fontaine is a private investor, entrepreneur, and independent board member with over two decades of experience working in the mining sector. Michel worked at Merrill Lynch and BMO Nesbitt Burns as a financial advisor before founding Windfall Geotek (TSXV: WIN), a public software firm, in 2005. Windfall Geotek leverages artificial intelligence (AI) and machine learning to optimize and significantly improve exploration, development, operations, and financing outcomes in the mining sector. Michel was previously a director of Metanor, Majescor, Everton and AEMQ.

Réjean Gosselin - Director & Executive Chairman Of The Board

Mr. Gosselin has worked in the mining sector for over 42 years serving as CEO and Director for various Canadian junior mining companies. In 1980, he co-founded with Jean Descarreaux Claude Resources that Silver Standard acquired for $450M in 2016. Réjean was President & CEO of Diabras Exploration (now Sierra Metals) that reopened the Bolivar Zn-Cu mine and the Cusi Silver mine in Chihuahua, Mexico and discovered a Cu-Au-Fe skarn-hosted deposit adjacent to the Bolivar mine. The three mines are still in operation today. In 2007, Réjean formed Maya Gold & Silver and served as its President and CEO before becoming Chairman of the Board until 2017. Now Aya Gold & Silver, Maya is a 1-Billion market cap company with projects in Morocco and Mauritania. He also formed and led Origin Gold Corporation (now O2Gold) with projects in Colombia from 2015 to 2019. Réjean became a Director at Puma in 2020 and was recently appointed Executive Chairman. Réjean holds a Master's Degree in Geology from Laval University, Canada.

Richard Thibault, P.Eng. - Director

Mr. Thibault is a professional engineer with over 42 years of mining experience in engineering, operations, management and consulting in North and South America and Southeast Asia. He is currently the President and Principal at Avot Consulting Inc., a private company that provides mine engineering services to clients in South America. He has worked in Argentina, Australia, Bolivia, Canada, Chile, Colombia, Ecuador, Malaysia, Mexico, Panama, Peru, the United States and Venezuela. Richard was previously the Vice-President and Director of Mines at Muzo Columbia; the Chief Operating Officer, Mining at Malaysia Smelting Company Bhd., Senior General Manager of its subsidiary Rahman Hydraulic Tin Sdn. Bhd.; and Chief Executive Officer and Director of Antioquia Gold Inc. He currently serves as a director of Argentex Mining Corporation (TSX-V: ATX) and the private companies XACT Contracting Services Ltd. and The AVOT Group. He holds a B.Sc. in Mining Engineering from Queen's University, Canada.

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