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Puma Exploration Completes Preliminary Channeling Program at Red Brook Skarn Property

Puma Exploration has completed its preliminary channeling program on the Red Brook Skarn property located in New Brunswick. The high grade zinc skarn discovered during the stripping has been confirmed with 2 channels sampled in Zone A with respectively 6.04% Zn over 3.0 meters and 5.2% Zn over 1.5 meters. All the samples collected show significant copper background content with an average copper grade of 0.20% Cu for the entire 119 channel samples. A gold and copper association has been observed in channels particularly in zone A with 0.10 g/t Au and 0.23% Cu over 15.8 meters.

Following the grab results of the first phase of exploration, grading up to 15,05% Zn, 0,55% Cu and 2,62 g/t Au (Press release 2016/09/20), Puma's technical team has been performing channel sampling on the four (4) mineralized excavated zones of the Red Brook property. Seven (7) channels have been collected on both Zones (A and B) for a total of 64.3 meters of channel distributed in 119 individual samples.

The channels were selected to confirm the high grade grab samples results and to study the metal zonation of the Zinc and Gold within the Copper mineralization.

Table 1: Channel samples results on the Zones A and B

Channel Zone From To Length Au Ag Cu Zn
# (m) (m) (m) g/t g/t % %
RRB16-01 A 2.0 8.0 6.0 0.17 1.85 0.25 0.02
RRB16-02 A 1.5 17.3 15.8 0.10 1.34 0.23 0.55
inclus 5.5 8.5 3.0 0.01 1.43 0.12 2.91
inclus 6.0 7.5 1.5 0.00 1.56 0.11 5.20
inclus 8.5 17.3 8.8 0.14 1.37 0.28 0.01
RRB16-03 A 0.0 11.0 11.0 0.07 1.93 0.23 1.68
inclus 0.0 1.5 1.5 0.29 2.56 0.26 0.01
inclus 6.5 10.5 4.0 0.01 1.91 0.19 4.59
inclus 6.5 9.5 3.0 0.00 1.90 0.20 6.04
RRB16-04 B 0.5 3.0 2.5 0.10 3.06 0.27 0.00
RRB16-05 B 0.0 6.0 6.0 0.04 1.07 0.11 0.00
RRB16-06 B 0.0 6.5 6.5 0.05 0.96 0.23 0.00
RRB16-07 B 0.0 6.6 6.6 0.00 0.84 0.16 0.01

In the light of the first channel results obtained, Zone A shows a higher grade Zn-Au-Cu. Zone B, located 300 meters south of the Zone A, shows the same background of copper in the skarn but with limited gold and zinc enrichment.

More stripping operations will be conducted on Zone B to verify any gold and zinc rich areas of the mineralization which is open in all directions. Currently, more channels sampling is ongoing on the Zone A to extend the known massive sulphide high grade gold and zinc areas.

Puma's geologists have finalized the compilation of previous work done on the Red Brook property and the surrounding Popelogan area. It appears that the Popelogan Deposit is located on the southern edge of Zone B within Puma's claims. The newly discovered Zone B could be the extension of the Popelogan Deposit reported to have an historical resources of 3.1 M tons at 0.3 % Cu. The historical resources as been defined by Noranda in 1960 by 20 drillholes and were prepared prior to the implementation of NI43-101 and use 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 property covers an area underlain by Ordovician volcanic and Silurian sediments intruded by Devonian intrusions, similar in age and composition of the Gaspe intrusive.

About Red Brook Property

The Red Brook project comprises 23 claims totaling 500 hectares located 50 km west of Nicholas-Denys Project. The property has been acquired from a local prospector in 2016 following the discovery of a high grade Zinc zone contained in massive sulfides. This mineralized zone is located at the contact of an intrusive body in a folded limestone horizon which is part of the Popelogan terrane. The Popelogan deposit is located within the Reb Brook Property.


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