Puma Exploration (TSX-V:PUM) has increased its strategic land holdings in northern New Brunswick with the acquisition of 5,552 hectares of prospective porphyry system targets. The claims were selected following the discovery of highly mineralized zones of molybdenum, copper and silver found during drilling on its flagship Nicholas-Denys property near Bathurst (see press release 21/05/2014). The acquisitions are grouped in three distinct projects namely Benjamin, Pabineau and Green River.
Marcel Robillard, President of Puma Exploration, said: “Our recent exploration success at the 4km diameter Nicholas-Denys porphyry and related skarn systems led us to the logical conclusion that nearby porphyries should be investigated for future acquisitions. Our review of northern New Brunswick porphyries has resulted in the acquisition of these three excellent new properties including one with promising copper-molybdenum and silver drill results. The acquisitions could potentially provide additional copper-molybdenum-silver resources in the same geological setting (Devonian age intrusion) close to existing infrastructure and the flagship Nicholas-Denys property”.
The objective of the acquisition is to secure land with prospective porphyry targets in northern New Brunswick and apply the discovery model defined at Nicholas-Denys with a minimum of investment required for the next two years as we continue to conduct intensive exploration on the Nicholas-Denys porphyry system. The works planned will include mainly data compilation and field reconnaissance program to define the most promising projects within the Puma’s project portfolio. Detailed project description and program will be provided following the data compilation and preliminary field reconnaissance.
The first priority for Puma is to continue exploring the Nicholas-Denys Porphyry by drilling the remaining IP targets currently being refined through the final interpretation of the new downhole IP survey conducted in drillhole FND14-02 and FND14-03.
The Benjamin project comprises two contiguous claim blocks totaling 2,269 hectares located 35km northwest of the Nicholas-Denys Project. The first block (Connors block; 21 claims for 454 ha.) was optioned from a local prospector. The second block (84 claims for 1,815 ha.) was staked subsequently by Puma to secure prospective land located north of the porphyry deposit.
The Benjamin River copper-molybdenum-silver deposit contains a historical resource of 21M tons @ 0.21% Cu as defined by Soquem in 1968 from 22 drilholes. The historical resource estimate was prepared prior to the implementation of NI43-101 and includes terminology not compliant with current reporting standards. Puma has not made any attempt to re-classify the estimates according to current standards of disclosure and is not treating the estimate as current mineral resources or mineral reserves. Historical estimates should not be relied upon.
The molybdenum and silver content were never considered in the resources estimate and the deposit is open in all direction and at depth. Of the 22 holes drilled by Soquem in 1968 some returned significant copper-molybdenum-silver mineralization such as hole 7008 with 0.37% Cu, 0.011% Mo and 1.7g/t Ag over 70.1 meters.
The Pabineau project consists of two contiguous claim blocks totaling 1,110 hectares located 25km southeast of the Nicholas-Denys Project. These two claim blocks where optioned from the same prospector as the Benjamin Project (South Pabineau Lake; 46 claims for 1,001 ha. and Pabineau; 5 claims for 109 ha.). Little exploration work has been conducted on the property but shows promising molybdenum results from collected grab samples and short pack sack drill holes such as 0.65% MoS2 over 2.3 meters in hole ddh#95. No copper and silver assays were completed on the samples.
Green River Project
The Green River project consists of one claim block totaling 2,173 hectares (100 claims) located 170km west of the Nicholas-Denys Project in Northern New Brunswick. The property was staked by Puma to covers a potential porphyry system with no work done in the area.
Terms of the option agreement
The option agreement covers the combined Pabineau and Benjamin Projects located in Northern New-Brunswick. The properties included in the agreement comprise 72 claims. All the claims are in good standing until 2015. No work commitment is required over the option period but Puma should keep the claims in good standing. To acquire 100% of the properties, Puma has to:
Upon signing: $10,000 of field work and issue 50,000 shares.
1st Anniversary: $10,000 of field work and issue 50,000 shares.
2nd Anniversary: $10,000 of field work and issue 75,000 shares.
3rd Anniversary: $10,000 of field work and issue 100,000 shares.
4th Anniversary: $10,000 of field work and issue 100,000 shares.
As of the 5th Anniversary to the 10th anniversary, an annual pre royalty payment of $10,000 will be made to the vendor. A net smelter return (NSR) of 2% for all minerals remains with the claims owner and Puma keeps the right to purchase 1% of the NSRs for $1,000,000 and the second 1% of the NSRs for $2,000,000.
Nicholas-Denys is located in mining friendly New Brunswick, near sea level in the established Bathurst mining camp which welcomes employment opportunities. The property is located 15 kms from the city of Bathurst and 20 kms from a deep-water Atlantic port and the nearby Glencore Xstrata smelter at Belledune. The project consists of three genetically and spatially related plays: the large 4 km diameter ND porphyry intrusion, the adjacent 10 km long Main Fault zone including the skarn horizon and, about 1 km to the southeast, the parallel 10 km long Rocky Brook mineralized Ag-Au-Pb-Zn fault corridor.
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 focusing now its exploration efforts in New Brunswick, Canada.
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