INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK GOLD PROJECT
The core-oriented maiden drill campaign was completed on
MAIN EXPLORATION WORK COMPLETED OR IN PROGRESS
- Aggressive grab sampling program completed over 400 meters along the OGT between the O’Neil and Chubby Gold Zones.
- Wood cutting and stripping in progress over the contact sediment-rhyolite to continue the aggressive grab sampling program for an additional 300 meters beyond Chubby along the OGT.
- Prospection, exploration trenching, and grab sampling in progress over the entire 7km NE extension of the OGT.
- Trenching and sampling of quartz veins discovered at the lower (southeast) contact of the rhyolite.
- Metallurgical tests in preparation on different mineralised gold zones.
- A geophysical ground IP test survey in progress over the drilled area (6 lines for 3.3km).
- The completion of the heliborne VTEM and new radiometric surveys in progress to cover the entire Williams Brook Gold Property.
- Work in progress to establish a 3D structural model with the new data of the recent drilling campaign in collaboration with Terrane Geosciences.
STOCK OPTION PLAN
The company further announces that it has increased its fixed less than 10-per-cent stock option plan from 7.4 million shares to 8.3 million shares, which remains less than 10 per cent of the company's current issued and outstanding share capital. The amended plan is subject to receipt of acceptance from the
O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.
These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.
Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface. The mineralised and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. All the six (6) first holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralised rhyolite.
High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*: | |
O’Neil Gold Zone: | 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au |
52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au | |
241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au | |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au | |
2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au | |
* Selected rock grab samples are selective by nature and may not represent the true grade or style |
QUALIFIED PERSONS
QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)
Rock samples were bagged, sealed and sent to the facility of
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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 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. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
Figures 1 and 2 accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/912d0c11-5fae-49b4-a929-9b387bc1c8c6
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2edefde-9f14-43c0-b40b-18ab7d1c77c0
Figure 1
Williams Brook Gold Location and Infrastructures
Figure 2
Current Work in Progress at the O’Neil Gold Trend
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