Rimouski, Quebec, March 1, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (“Company” or “Puma”) has signed a final agreement to obtain 100. I am happy to report that.Another percentage of interest 341 claims (“claim”), In nine separate claims blocks adjacent to its flagship Williams Brooknorth Property. The claim adds an additional 7,443 hectares to the land package for a total of 29,522 hectares. Williams Brookgold’s assets are the ongoing focus of our 2022 exploration program. The new claims have been placed in line with the gold trend strikes previously identified in Williams Brook (see Figure 1). So far, limited investigations have been conducted on the claims, but trenching in 2021 has returned up to gold results. 8.67 g / t Au.. PUMA will edit and analyze the data available this winter in preparation for next summer’s comprehensive surface exploration program.
For the past 15 months, Puma has integrated a patchwork of mining claims with little or no modern exploration work. Our successful 2021 exploration program, combined with the first visual observations from the current 10,000-meter drilling program at the O’Neill Gold Trend (“OGT”), is a similar possibility adjacent to existing land ownership. It was a catalyst to secure more ground by sex.
In 2020, a new logging road exposed potassium rhyolite containing quartz veins. Trenching in the summer of 2021 led to the discovery of gold.Seven of the nine samples from the first trench (trench 1) returned Au above 1 g / t, with notable grades 5.92 g / t Au, 5.15 g / t Au, 4.05 g / t Gold When 3.09 g / t Au..Following this success, a second trench, 30 meters south, exposed the same mineralization and returned. 8.67 g / t Au, 6.18 g / t Au, 2.10 g / t Au, 1.18 g / t Au When 1.0 g / t Au..
This discovery of gold seems to be in line with the massive magnomary. Puma will make detailed edits to trench results and geophysical data this winter in preparation for next summer’s grassroots exploration program across the property. The claim has never been drilled. Surface exploration work in the summer of 2022 will enable us to identify future drilling targets.
To acquire a 100% stake in claims (341 claims), PUMA agrees to issue a vendor at the time of closing.
|a)||Cash payment of 250,000 shares of our common stock and CAD 40,000.|
|b)||Cash payment of 250,000 shares of our common stock and C $ 40,000 prior to the first anniversary of the signing of the agreement.|
|c)||Cash payment of 250,000 shares of our common stock and C $ 50,000 on or before the second anniversary of the contract.|
|d)||Cash payment of 250,000 shares of our common stock and C $ 50,000 prior to the third anniversary of the contract.|
Additional performance payments to vendors:
|1)||Cash payment of C $ 25,000 based on a positive preliminary economic assessment.|
|2)||Cash payment of C $ 50,000 based on a positive feasibility study.|
|3)||One-time cash payment of C $ 100,000 during commercial production.|
The vendor retains a 2% net smelter revenue (“NSR”) royalty for commercial production from the property. 50%, or 1%, of NSR could be purchased by Puma for $ 1 million. Puma reserves the right to initially deny the remaining 1% of NSR royalties held by the vendor. This agreement requires approval from the TSX Venture Exchange.
Dominique Gagne, PGeo, a qualified person as defined in the Canadian National Instrument 43-101 Standard, has reviewed and approved the geological information reported in this news release.
Puma has developed and implemented precautions and procedures in accordance with the health guidelines of Quebec and New Brunswick. Strict protocols have been introduced to ensure the safety of all staff, which reduces the chances of contact with the community and the spread of the virus.
About PUMA EXPLORATION
Puma Exploration is a Canada-based mineral exploration company with precious metal projects near the famous Bathurst Mining Camp (BMC) in New Brunswick, Canada.We are Dear Strategies (development, exploration, acquisitions, royalties) to create maximum value for shareholders who are less diluted.
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Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements may indicate that Puma’s actual results, performance, or outcomes are significantly different from the actual future results and outcomes expressed or implied by such forward-looking statements. It contains many known and unknown risks, uncertainties, and other factors that can be.
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Puma Exploration Signs Strategic Land Package Agreement to Expand Williams Brook Gold’s Assets, Canadian Business Journal
Source link Puma Exploration Signs Strategic Land Package Agreement to Expand Williams Brook Gold’s Assets, Canadian Business Journal