Puma Exploration Inc. takes great pleasure in announcing its future exploration and development plan for 2019–2020 and beyond.
Although the priority remains to obtain and finalize the attainment of the Murray Brook Project, the importance will be given to the exploration of the new targets located around the current deposits at Murray Brook and Chester and also within underexplored targets situated on both favorable horizons within the properties.
At Murray Brook Deposit, the upside potential of the surface zones and the gossan zone will be assessed with reference to economic studies and metallurgical recovery work. On the exploration side, the goal is to find out new satellite and contiguous deposits using new data gathered during the 2017–2019 extensive work program which ended with the finding of a new copper stringer zone with hole MB19-01: 1.35% Cu, 19 g/t Ag, and 0.18 g/t Au over 26.4 m.
To realize the key goals, Puma has put forward a restructuration, which would offer Puma more optionality on the acquisition, exploration, and development of the Murray Brook Project. Puma is continuing a discussion with prospective collaborators for the Murray Brook Project and is studying scenarios to generate value to shareholders through the sell-off of non-core assets to third parties.
With the present buoyancy for gold projects, precious metals project like Ann’s Creek, with drill results as demonstrated in hole F07-15 with 3.8 g/t Au and 720 g/t Ag over 8.4 m, becomes more appealing to gold exploration companies.
The current strategy represents an important opportunity to continue to explore and develop Puma’s current advanced projects in the famous Bathurst Mining Camp (‘’BMC’’) in New Brunswick.
Marcel Robillard, President and CEO, Puma Exploration Inc.
He continues, “Puma will be focused on the BMC where the company has invested over $20M in exploration work since 2005 and collected a significant database of the BMC and used it to advance new geological and targeting models for new discoveries.”
The major target of 2020 is to make the next new significant discovery in the BMC by aiming at 10 key zones of interest in each of the Murray Brook and of the Chester properties
Murray Brook VMS Project
At the Murray Brook Deposit, the focus is to obtain and finalize asset acquisition. Puma has declared the extension of the agreement of purchase with the vendors until June 30th, 2020, to move forward with the acquisition, which offers more time and options to work toward a positive outcome.
From the development perspective, the gossan and surface zones will be analyzed with respect to the metallurgical recovery work and the economics, the aim of which is to convert the material from the gossan and surface zones, which was categorized as waste, into potential mineable ore. Samples gathered from the holes bored in the tremendous sulfide for the geotechnical investigation will be assayed before being released.
From the exploration perspective, new targeting and geological models for new discoveries are now being defined from Puma’s work programs in partnership with Mira Geosciences, the company that offers some of the most sophisticated 3D geological modeling available at present. The aim is to define the 10 best drilling targets at Murray Brook.
Chester VMS Project
Previously, Puma declared that it had signed an option agreement to completely obtain the Chester VMS Deposit situated inside the Bathurst Mining Camp (BMC) of New Brunswick. The Chester Property includes 164 claims that cover 3,600 ha in total, strategically situated roughly 25 km southwest of three major VMS deposits: Stratmat, Heath Steele, and Halfmile Lake. All three deposits are owned by Trevali Mining Corporation.
The Chester property has been found to include a copper deposit. The main deposit includes three zones—the East Zone, the West Zone (Copper Stringer) located at surface, and the Central Zone. The NI 43-101 resources calculation, performed in 2008 and updated in 2014 to speculate changes in mining scenarios and metal prices, includes only the West Zone.
The NI 43-101 Technical Report, titled “Technical Report—Chester Copper Property New Brunswick Canada” (effective March 07, 2014) prepared by Robert C. Sim, P. Geo., for Explor Resources, reports that the copper deposit consists of historical measured and indicated resources of 1,400,000 tons grading 1.38% Cu and 3.5 g/t Ag and presumed resources of 2,089,000 tons grading 1.26% Cu (assayed for Cu only).
Puma does not consider the “historical resources estimate” as a “current resources estimate” or “mineral reserves” since it has not taken measures to recognize the work that must be done to verify, upgrade, or re-classify the “historical resources estimate” with the help of a qualified person from Puma or by an independent third party.
At present, Puma’s team is on-site to carry out initial reconnaissance and survey of the Chester Property.