RIMOUSKI, QUEBEC--(Marketwired - Oct 16, 2014) - Puma Exploration (TSX VENTURE:PUM) has acquired a 650 hectare project containing a newly discovered Volcanogenic Massive Sulphide ("VMS") zone located just 6km north of Glencore Canada's Brunswick #12 Mine which was initially operated by Noranda as the largest underground zinc mine in the world between 1963 and 2013. Notwithstanding its proximity to Brunswick #12 and its similar geology, Puma's new "Brunswick North" project, has only recently been prospected and never drill tested.
Brunswick North was acquired from a local prospector's following his discovery of high grade massive sulphide boulders grading up to 3.8 g/t Au, 158 g/t Ag, 17.3% Pb and 8.5% Zn within 6 km of the Brunswick #12 Mine. The samples were collected along the contact of a strong, positive magnetic anomaly that measures 2.5 kilometers in length and is 500 meters wide. Two of the boulders collected from a trench that was testing a VLF geophysical conductor and a third boulder was found 300 meters to the east. Additional VLF targets remain to be tested throughout the project area.
Table 1. Boulders Collected at Brunswick North Project
| Sample |
Au |
Ag |
Cu |
Pb |
Zn |
| # |
g/t |
g/t |
% |
% |
% |
| 48513 |
2.4 |
174.1 |
0.3 |
23.0 |
3.8 |
| 48514 |
3.8 |
157.8 |
0.3 |
17.3 |
8.5 |
| 54839 |
1.8 |
225.1 |
0.0 |
11.5 |
5.4 |
Following the Brunswick North project acquisition, Puma conducted a one-day reconnaissance-trenching program to search for the source of the boulders. Four trenches were excavated in the area of the initial boulder discovery, and disseminated to semi-massive banded sulphides were uncovered in trench TB14-01 over a length of 7 meters. In another trench named TB14-04, a disseminated to massive sulphide horizon was uncovered over a length of 15 meters.
These two new discoveries are located 150 meters apart, and the massive sulphide mineralization is mainly composed of banded massive pyrite and arsenopyrite with an anomalous zinc content that appears to be related to the contact between mafic volcanic rocks and the deep-water clastic sediments of the Boucher Brook Formation.
Approximately 50 meters away from the sulphide rich horizon in trench TB14-04, a 3-meter zone of quartz breccia containing pyrite and arsenopyrite was also discovered. Puma collected three breccia samples that assayed 2.7 g/t Au, 1.7 g/t Au and 0.85 g/t Au, respectively.
Except for prospecting, no previous exploration work was conducted on the project and the nearest historical drill hole is located approximately 2.5 km from the initial boulder discovery zone. Brunswick North's initial exploration program will consist of compiling previous work to define additional trenching and Diamond drilling targets. Currently, a follow up prospecting and trenching program is underway to increase the size of the discovery zone. The results of this program will be used to formulate a comprehensive late-2014 and early-2015 exploration program.
Brunswick North Project
The Brunswick North project comprises 30 claims totaling 650 hectares located 16 km south of Nicholas-Denys Project and 6 km north of the world class Brunswick #12 Mine site now owned by Glencore Canada Corporation. Puma's Brunswick North Project claim group is adjacent to the north of the Brunswick #12 mining lease.
Option Agreement
The option agreement covers the Brunswick North Project (Claim Block 6777) located in Northern New-Brunswick. All the claims are in good standing until April 2015. Puma is obligated to keep the claims in good standing and will do so by filing assessment work associated with current and future exploration.
Puma will acquire a 100% interest in the Brunswick North claims by:
- performing $20,000 of exploration following the signing of the agreement and issue 50,000 shares,
- performing $25,000 of exploration and issue 50,000 shares on or before the 1st anniversary,
- performing $25,000 of exploration and issue 50,000 shares on or before the 2nd anniversary,
- performing $50,000 of exploration and issue 50,000 shares on or before the 3rd anniversary,
Following the completion of a positive PEA, an annual pre-royalty payment of $50,000 will be made to the vendor. A net smelter return (NSR) of 2.5% for all minerals remains with the claims owner and Puma keeps the right to purchase half of the NSR or 1.25% for $1,000,000 and the second half of the NSR or the remaining 1.25% for $1,000,000. In connection with this acquisition, the Company has issued 25,000 shares as intermediary fees.
To view the presentation about Brunswick North New Acquisition, please visit the following link: http://media3.marketwire.com/docs/BrunswickNorthNEWS.pdf
About Brunswick #12 Mine
During its 50 year mine life the Brunswick #12 mine produced 134 million tonnes of ore grading 7.82% zinc, 3.05% lead, 0.45% copper, 91.5 g/t silver and 0.67 g/t Au until its closure in 2013. The Brunswick #12 orebody is classified as a World Class Volcanogenic Massive Sulphide ("VMS") deposit type that was formed by volcanic processes on the sea floor. These deposits tend to be multi-metallic with good base metal grades and of significant size.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. 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.