Puma Exploration Inc. has raised its land package at the Triple fault gold project in New Brunswick, Atlantic Province of Canada.
Through staking, Puma acquired six additional claim blocks consisting of 180 new claim units measuring 3,590 hectares in total, all situated adjacent to the initial Williams Brook Gold property boundary.
The claims were chosen after a newly discovered cluster of rusty quartz boulders identified as part of the initial reconnaissance program in progress. Modified felsic volcanic floats were also intersected in this region. The Williams Brook Gold property also covers an area of over 26,000 hectares, and Puma is the highest landholder in the region.
It is very encouraging to see the abundance of rusty quartz boulders occurring along an inferred mineralized trend over a length now of approximately 3.8 km. Open ground approximately 1 km northeast along the mineralized trend from the cluster of the rusty quartz boulders found were staked and we decided to increase the property to secure the highly prospective trend, but also over the entire land package.
Marcel Robillard, President and CEO, Puma Exploration
Puma Exploration Arranges $450,000 Private Placement
A non-brokered private placement of units is being undertaken by Puma, for a maximum of $450,000. As per the placement, Puma will provide a maximum of 4.5 million units at 10 cents for each unit.
Each unit consists of one flow-through common share and one-half common share purchase warrant, where each whole warrant permits the holder to buy an extra common share (or a “Warrant Share”) at an exercise cost of $0.15 per Warrant Share for 24 months after the closing date.
The proceeds of the offering will be used by the company for the ongoing exploration program at the Triple Fault Gold Project. The warrants and shares provided as part of the offering will be liable to a holding period of four months and one day after the closing date.
Triple Fault Gold Area
At present, the focus of Puma’s fieldwork is on its flagship Tripe Fault Gold Project in New Brunswick. The program’s primary phase includes huge detailed prospecting, mapping, trenching, and stripping, with a focus on the complete Williams Brook Gold property of the Triple Fault Gold Project.
The Triple Fault Gold Project incorporates four properties called Portage Lake, Rocky Brook, Jonpol Gold, and Williams Brook Gold, manipulating over 25,000 hectares of favorable gold exploration.
The Project includes several gold occurrences and float with up to 17 g/t Au, 28 g/t Au, 40 g/t Au, and 50.8 g/t Au, and earlier holes were sectioned 1.0 g/t over 23.0 m, 3.46 g/t Au over 2.0 m, 8.02 g/t Au over 1.0 m, and 11.2 g/t over 2.8 m
Exploration and drilling have been highly restricted in the area, with fine access by the paved Route 180 adjacent to the mining camp infrastructure. The Dunnage Zone presents significant gold occurrences and gold deposits in siluro-devonian host rocks with the advent of several gold exploration and development companies in Eastern Canada.