Puma Exploration Inc. has struck an option agreement deal with a local prospector to purchase 100% interest of the Fe Bloom project situated along the northern boundary of the Bathurst Mining Camp of New Brunswick. The Fe Bloom project had exploration work carried out between 1950 and 1970, targeting a prospective manganese deposit.
The Fe Bloom Project
The Fe Bloom property comprises of 69 claims totaling 643 hectares and is situated in a promising horizon along the Brunswick Belt where only moderate exploration programs were carried out in the past. Most of the main exploration work was carried out in the southern part of the Camp in the neighborhood of the Brunswick Mines 12 and 6. The project is aided partly by a grant of $20,000 received from the New Brunswick Junior Mining Assistance Program. Puma thanks the Province once more for their support for mining exploration in New Brunswick.
The option agreement includes the Fe Bloom Project (Claim Block 8765) situated in Northern New Brunswick. All the claims hold good until May 2019. Puma is indebted to keep the claims in good standing.
Puma will obtain a 100% interest in the Fe Bloom claims by:
- issuing 1,000,000 shares to the vendors; and
- by conducting the following work commitment:
- $25,000 on or before the 1st anniversary,
- $75,000 on or before the 2nd anniversary,
- $150,000 on or before the 3rd anniversary,
The vendor holds onto a net smelter royalty (NSR) of 1% for all other minerals. Puma keeps the right to purchase 0.5% NSRs for $1,000,000 with the vendor retaining 0.5%.