Puma Exploration Inc. and El Nino Ventures have jointly agreed to an extended duration of 30 days in accordance with the revised and restated asset purchase agreement, which was signed on October 5th, 2016, as amended later.
According to the last amendment signed by Puma and El Nino, Puma had time till June 30th, 2020, to continue with the final $1 million cash consideration.
The extension that has been granted for 30 days will be utilized to examine various possible techniques to handle the acquisition of the Murray Brook Project and its future growth that would be profitable for both companies. Additional announcements will be made in the future.
I’m pleased to have kept, over the years, a good relationship between Puma and El Nino which might contribute to a positive outcome for the acquisition of the minority interest of the Murray Brook Deposit, and that both shareholders benefit from it for many years to come.
Marcel Robillard, President and CEO, Puma Exploration
Triple Fault Gold Area
At present, Puma is concentrating its fieldwork on its flagship Triple Fault Gold Project located in New Brunswick. The first phase of the program includes huge detailed prospecting, mapping, trenching, and stripping over the complete Williams Brook property of the Triple Fault Gold Project.
The Williams Brook property incorporates chosen drill outcomes of 1.0 g/t over 23 m,11.2 g/t over 2.8m, gold occurrences grading up to 50.8 g/t Au in bedrock, several gold soil anomalies, and highly anomalous till samples with up to 508 gold grains that are found over an area around 12 by 3 kilometers.
Puma has obtained all the essential authorizations from the New Brunswick government in the wake of the pandemic, and fieldwork has been authorized to start but delayed due to the Forest Fire warnings and security.
The Triple Fault Gold Project contains four properties called Portage Lake, Rocky Brook, Jonpol Gold, and Williams Brook and manages over 25,000 ha of favorable gold exploration.
There are several gold occurrences up to 40 g/t Au, 28 g/t Au, 50.8 g/t Au, 17 g/t Au with earlier holes sectioned 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m, 8.02 g/t Au over 1.0m, and 11.2 g/t over 2.8m.
The area had highly restricted drilling and exploration with brilliant access by the paved Route 180 near to the mining camp infrastructure. The Dunnage Zone includes major gold occurrences and gold deposits in siluro-devonian host rocks with the rise of several companies in Eastern Canada for exploration and development of gold.