Press
Release
Puma begins drilling on molybdenum property in New Brunswick
Rimouski, May
24, 2007 – Exploration Puma (PUM-TSXV) is starting a drill program on its
NB Moly mining property, located at the north end of the Nicholas Denys
property in New Brunswick.
The NB Moly property contains seven molybdenum
showings located within a circular granite stock about 12 km2 in area. Between
1965 and 1968, 16 shallow holes were drilled on the granite by NB Molybdenum
Mines Ltd. 12 of the 16 holes intersected significant molybdenum
mineralization. The mineralized zones are open in all directions, and exhibit thicknesses
of up to 41 metres
grading 0.08% MoS2.
The best
results were obtained from six holes located at the northern contact of the
intrusion. These holes were used by C.T. Ritchie, in 1967, to estimate an
historical resource of about 500,000 tonnes at a grade of 0.33% MoS2. This resource estimate does
not comply with the 43-101 Standards. Within the next few days Puma will begin
a three-hole campaign in this area to confirm the previous results and to
assess the potential of the granite as a whole.
Mineralized intersections from the 1968 drilling on the NB
Moly Property
458-12������������� 0.14% MoS2 over 18.3 metres�������������������������
����������������������� Including 0.62% MoS2 over 1.52 metres
458-13������������� 0.12% MoS2 over 5.8 metres
����������������������� Including 0.26% MoS2 over 2.13 metres
458-16������������� 0.14% MoS2 over 3.05 metres
458-10
0.20% MoS2 over 3.66 metres
458-15
0.45% MoS2 over 1.83 metres
458-11������������� 0.38% MoS2 over 2.44 metres
Molybdenum is
the principal product in only one of Canada's four molybdenum-producing
mines. This is the Endako Mine, with mineral reserves of some 125 Mt at a grade
of 0.07% Mo.
By way of example, other deposits have grades similar to those found on Puma's NB Moly
property. These include the Red Bird deposit, with 34 Mt @ 0.11% Mo, Trout Lake
with 50 Mt @ 0.14% Mo, and East Kourad with reserves of 30 Mt @ 0.15% Mo.
"The
presence of mineralized showings distributed over the whole intrusion, whose
area is comparable to that of current world-class deposits, as well as the
grades obtained from the earlier drilling, enhance the importance of a project
like this for Puma, especially when you consider the current price of
molybdenum: between US$28 and US$30/lb, or about ten times the price of
copper," notes Andr�
Proulx, the President of Exploration Puma.
The results of
this drill campaign will be published as soon as they become available.
Visit
our new website: www.explorationpuma.com
The contents of
this press release were prepared by Marcel Robillard, Geologist and NI-43-101 Qualified
Person. The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
-30-
Contact information :
Andr� Proulx
President
Phone : 418-724-0901
|
|
Christian Guilbaud
Investor Relations
Phone : (514) 813-7862
|
|
info@explorationpuma.com
|
|