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RIMOUSKI, QUEBEC--(Marketwired - Jan 19, 2016) - Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) has signed an option to acquire a 500 hectares project containing a newly discovered high grade Zinc showing. Puma's new "Red Brook" project has only been prospected and never drill tested.
Red Brook option was acquired from a local prospector's following his recent discovery of high grade Zinc Massive Sulphide outcrop grading up to 13% Zn, 0.23% Cu and 2.5g/t Ag. The initial excavated, 40 meters by 15 meters area, also contains a Gold and Copper zone grading up-to 1.3 g/t Au and 0.53% Cu.
Table 1. Grab Samples Collected at Red Brook Project
ZINC
| Sample |
Zn |
Au |
Cu |
Ag |
| # |
% |
g/t |
% |
g/t |
| 43157 |
7,1 |
0,01 |
0,15 |
1,7 |
| 43158 |
13,1 |
0,02 |
0,27 |
2,5 |
| 43159 |
7,9 |
0,01 |
0,23 |
2,4 |
| 43160 |
8,9 |
0,01 |
0,26 |
2,5 |
| 43161 |
13,3 |
0,01 |
0,19 |
2,7 |
| 43162 |
7,7 |
0,06 |
0,24 |
2,1 |
| 43163 |
7,3 |
0,01 |
0,19 |
1,8 |
GOLD-COPPER
| Sample |
Au |
Cu |
Ag |
| # |
g/t |
% |
g/t |
| 43152 |
0,57 |
0,22 |
2,1 |
| 44765 |
0,24 |
0,40 |
1,7 |
| 44767 |
0,05 |
0,70 |
2,2 |
| 44770 |
0,36 |
0,51 |
1,9 |
| 44772 |
0,24 |
0,12 |
0,8 |
| 44779 |
0,82 |
0,28 |
1,3 |
| 44780 |
1,38 |
0,53 |
2,1 |
| 44781 |
0,32 |
0,45 |
2,2 |
| 44782 |
0,55 |
0,38 |
1,8 |
During the field due diligence for the acquisition of the Red Brook project, Puma conducted a one-day reconnaissance trenching program to investigate the newly high grade zone. Three different areas were stripped on the high grade massive sulphide zones and more rock samples were collected. The results of the samples collected will be released shortly.
The mineralization is open in all directions. Currently, the planned work will consist of compiling previous work to define additional trenching and Diamond drilling targets. The compilation will be used to plan the 2016 summer program.
Red Brook Project
The Red Brook project comprises 23 claims totaling 500 hectares located 20 km west of Puma's Benjamin Project and 50 km west of Nicholas-Denys Project.
Option Agreement
The option agreement covers the Red Brook Project (Claim Block 7221) located in Northern New-Brunswick. All the claims are in good standing until August 2016. Puma is obligated to keep the claims in good standing.
Puma will acquire a 100% interest in the Red Brook claims by:
- $10,000 at the signing of the agreement and issue 50,000 shares,
- $15,000 cash payment and issue 100,000 shares on or before the 1st anniversary,
- $20,000 cash payment and issue 100,000 shares on or before the 2nd anniversary,
- $25,000 cash payment and issue 150,000 shares on or before the 3rd anniversary,
- $55,000 cash payment on or before the 4rd anniversary,
And by performing the following the work commitment:
- $50,000 on or before the 1st anniversary,
- $150,000 on or before the 2nd anniversary,
- $200,000 on or before the 3rd anniversary,
A net smelter return (NSR) of 3% for all other minerals. Puma keeps the right to purchase 2% NSRs for $2,000,000 and the vendor keep 1%.
Also, Puma Exploration decided to not proceed with the second tranche of the private placement announced on December 11th, 2015.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. Its principal projects are located in the famous Bathurst Mining Camp area. Puma's Strategic Vision is to be the leading exploration company and resource developer in Northern New Brunswick. The Company's major assets are the Nicholas-Denys Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is now more focused on its exploration projects in New Brunswick, Canada.
Learn more by clicking here: www.pumaexploration.com
The contents of this press release were prepared by Dominique Gagné a Qualified Person as defined in NI 43-101. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone. 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.
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.
A map is available at the following link: http://media3.marketwire.com/docs/1040030_Map1.jpg.
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