- Strategic gold property located along national road, only 10km from
St-Quentin and 25km west of Williams Brook Flagship property. - High-grade gold structure, with initial surface sampling up to 362 g/t gold*.
- Mineralization hosted in similar quartz veins within sedimentary package.
- Similar depositional gold environment as
Williams Brook Gold property.
Figure 1: Puma’s assets and landholdings in
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.
Overview of the TIMM gold property
The property is located only 10km 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
Figure 2: Pictures of sample from
Figure 3: Typical high-grade veins from Bonanza and Dome - similar mineralization to Lynx
Option Agreement
To acquire a 70% interest in the TIMM property, PUMA will issue 250,000 shares to the vendor and complete
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 seller will retain a 2% NSR (net smelter return) royalty on any commercial production from the property. Puma may purchase 50% of the NSR royalty (or 1%) for
$1 million at any time. Puma retains the right of first refusal on the seller’s remaining 1% NSR royalty.
The transaction is subject to the
Ongoing Work at the
Since the beginning of September, Puma’s technical team has continued to prospect, trench and strip along the Lynx Gold Trend over its favourable 4 km extension. More than 500 grab samples have been collected (assays pending) to prioritize drill targets for the second phase of the 2023 drilling program.
Upcoming Gold Investor Events
Puma invites shareholders and interested parties to schedule a meeting at the upcoming conferences to discuss the Company's recent news and proposed developments. Click on the links to register.
- EMP New Brunswick,
Fredericton, NB Oct. 29 -31, 2023 Marcel Robillard will present onOct. 30 at3:30 p.m.
- Explor 2023,
Montreal, QC Oct. 30 –Nov. 2, 2023 Marcel Robillard will present onNov. 1 at3:40 p.m. Click here for details.
Precious Metals Summit ,Zurich , CHNov. 13-15, 2023 Marcel Robillard will present onNov. 14 at12 p.m. Click here for details.
- 121
Mining Investment ,London, UK November 20-21, 2023
About the
Puma's flagship
Since 2021, and with less than
Figure 4. 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
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.
Connect with us on Facebook / X/ LinkedIn.
Visit www.explorationpuma.com for more information or contact:
president@explorationpuma.com
mboiridy@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/be56754e-c9a8-4d1c-959d-e4205f1faa98
https://www.globenewswire.com/NewsRoom/AttachmentNg/424dee9a-7dc5-4098-a8b9-c9715ccbc2bb
https://www.globenewswire.com/NewsRoom/AttachmentNg/e8474e03-7e9e-4845-b6fa-ac9c85126772
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ce5eb3b-2498-4e19-9ba1-021c24bb23ea
![](https://ml.globenewswire.com/media/NjE3Yzk2Y2UtYTVhNS00OTMyLWFjODgtM2JkODk0ZjZjNDk2LTEwOTg0MzE=/tiny/Puma-Exploration-Inc-.png)
Figure 1: Puma’s assets and landholdings in Northern New Brunswick
![](https://ml.globenewswire.com/media/be56754e-c9a8-4d1c-959d-e4205f1faa98/medium/figure-1-pumas-assets-and-landholdings-in-northern-new-bruns.jpg)
Puma’s assets and landholdings in Northern New Brunswick
Figure 2: Pictures of sample from Bonanza Gold Zone (362 g/t Au)
![](https://ml.globenewswire.com/media/424dee9a-7dc5-4098-a8b9-c9715ccbc2bb/medium/figure-2-pictures-of-sample-from-bonanza-gold-zone-362-g-t-a.jpg)
Pictures of sample from Bonanza Gold Zone (362 g/t Au)
Figure 3: Typical high-grade veins from Bonanza and Dome - similar mineralization to Lynx
![](https://ml.globenewswire.com/media/e8474e03-7e9e-4845-b6fa-ac9c85126772/medium/figure-3-typical-high-grade-veins-from-bonanza-and-dome-simi.jpg)
Typical high-grade veins from Bonanza and Dome - similar mineralization to Lynx
Figure 4: Main gold showings and occurrences at the Williams Brook Gold Project
![](https://ml.globenewswire.com/media/4ce5eb3b-2498-4e19-9ba1-021c24bb23ea/medium/figure-4-main-gold-showings-and-occurrences-at-the-williams.jpg)
Main gold showings and occurrences at the Williams Brook Gold Project
2023 GlobeNewswire, Inc., source