Puma Exploration Inc. (PUMA-V) Puma intersects up to 20.67 g/t Au over 5.5 m within 32.15m of 3.8 g/t Au at the Lynx Gold Zone.
Puma intersects up to 20.67 g/t Au over 5.5 m within 32.15m of 3.8 g/t Au at the Lynx Gold Zone, Williams Brook Gold Project, New Brunswick, Canada
On November 16, 2023, Puma reported final drill assay results for its 2023 drilling program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Phase 1 drilling focused on the Lynx and Moose areas of the Lynx Gold Zone (“LGZ”) and Puma completed 24 drill holes for >3,475m. On July 6, 2023, Puma had announced the commencement of the Phase 2023 drilling program that focused on the LGZ and was designed with the objectives: of extending the continuity of the LGZ and its high-grade gold vein sets at depth and along strike (see: https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-gold-puma-activity-7082828997729890304-oJEt/?utm_source=share&utm_medium=member_desktop). The phase 1 drill program targeted the favourable contact and specific veins previously mapped at the surface with different drilling orientations to better define the veins’ geometry and update Puma’s structural model.
Good intercepts, open at depth and along rake: The results of the last 6 holes successfully intersected the targeted favourable contact and a series of quartz veins and stockwork with gold mineralization. Drilling also extended the width and length of the high-grade gold shoots identified previously at Lynx and demonstrated the continuity of mineralization over long intervals. Additional high-grade gold shoots were intercepted underneath the high-grade gold veins sampled at surface, confirming Puma’s model of multiple stacked veins extending at depth with a rake towards the NNE. The gold shoots have now been confirmed to extend downhole to at least 250 m and over a strike length of at least 400 m. Puma’s understanding of the mineralized gold system is improving and shall likely be used to extend the LGZ and extensions to the NE towards the Tiger Zone.
The gold mineralization at Lynx extends both laterally and at depth over impressive lengths, such as 100.90 m of 1.25 g/t Au in DDH WB23-142 and 98.05 m of 1.24 g/t Au in DDH WB23-145. These long intervals emphasize the continuity of the mineralization and indicate that gold is present outside the core of the high-grade gold shoots. This is likely positive for potential open pit mining scenarios and should positively impact the mineral resource estimation of the LGZ deposit. Of particular interest, a group of high-grade gold veins assayed 20.67 g/t Au over 5.5 m (at ~60m down hole) within a large section of 32.15 m grading 3.8 g/t Au in DDH WB23-142. Also, in DDH WB23-145 where a section of 5.65 m returned 10.81 g/t Au (at ~84m down hole) and another graded 9.91 g/t Au over 5.1 m (at ~172m down hole). We estimate the average grade x thickness of the reported drill intercepts in Phase 1 (holes #122 to #145) at 16 g/t Au x m. Overall, we estimate the average grade x thickness metric at 11.84 g/t Au x m (previously 11.44 g/t Au x m) for our compilation of all disclosed drill results.
Lynx Gold Zone depositional model evolving: We understand that samples of drill core with very high-grade gold veins were sent to an external consultant for petrographic (thin section) analysis to help characterize the gold system at the LGZ. Most of the drill holes drilled show pervasive sericitization with pyrite, tetrahedrite, sphalerite, galena, minor chalcopyrite, and malachite. Visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration with elevated silver, bismuth, and base metals values (Cu-Pb-Zn). The favourable contact at the LGZ appears to have acted as a major plumbing zone between sediment (turbidite) and felsic volcanic (rhyolite), with gold veins developing within the turbidite itself in contrast to the surrounding rock. A detailed mapping study in collaboration with Terrane Geoscience’s structural experts also indicates that the gold mineralization at the LGZ is associated with and controlled by extensional veins and breccias arranged in a ladder pattern. Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, has reviewed the geology and classified rock and core samples of the LGZ for their texture, mineralogy, and multi-element geochemistry. He states: “I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek in Australia and Valentine Lake in Newfoundland. These other deposits are known for their structure-controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre scale depth extent. The similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in the Lynx Zone and continued exploration around the feeder structures in the Williams Brook District’’.
Puma’s President and CEO Marcel Robillard stated: “This latest set of results adds considerable scale and volume to the Lynx Gold Zone, which remains open along strike and at depth. Drilling shows impressive continuity downhole and between drill holes. We see similar geology, alteration, structural characteristics, geochemistry, and stacking of high-grade gold veins in all drill holes. Our recent fieldwork shows that some of the same attributes characterize the Tiger Gold Zone, located 350 m away. The potential for a sizeable kilometre-wide and deep system, similar to Fosterville, is possible here, and we’ll continue to expand the zone with our ongoing exploration program”.
Puma’s Executive Chairman Réjean Gosselin stated: “The first phase of our 2023 drilling campaign was a huge success, with many intersections showing metal factors exceeding 10 and up to 165, proving the robustness of the gold system. The drill rig is now being mobilized, and our technical team is excited to test new targets at Lynx, at depth and along strike with the second phase of our 2023 drilling program”.
Important Disclosures
Puma Exploration Inc
B The Mining Analyst, in his own account or in a family related account, owns securities in excess of 10,000 shares of the issued and outstanding equity securities of this issuer.
V The Mining Analyst has visited material operations of this issuer, namely company headquarters in Rimouski and the Williams Brook project in September 2021, June 2023 and September 2023.
R This issuer has indirectly paid the Mining Analyst.
Mining Analyst Certification
I, Éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
UPDATE - December 12, 2023:
Puma extends Lynx Gold Trend to over 4km at the Williams Brook Gold Project, New Brunswick, Canada.
On December 12, 2023, Puma reported the surface results from its 2023 field exploration program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Puma's flagship Williams Brook Gold Project comprises 4 properties (TIMM, Williams Brook, Portage and Jonpol) covering > 49,000 ha within a mining-friendly jurisdiction with excellent infrastructure.
A total of 1,135 samples were collected within 54 new trenches along the NE trending mineralized gold corridor that extends now for >4 km from the Lynx Gold Zone to the new Cheetah Gold Zone (“CHGZ”) (previously Zone Far East), which includes the growing Tiger Gold Zone (“TGZ”) (previously Étienne). Recall on November 16, 2023, Puma reported final drill assay results for its 2023 drilling program (24 drill holes for >3,475m) focused on the Lynx and Moose areas of the Lynx Gold Zone (“LGZ”). This phase 1, 2023 drill program, targeted the favourable contact and specific veins previously mapped at the surface with different drilling orientations to better define the veins’ geometry and update Puma’s structural model (see: https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-gold-puma-activity-7082828997729890304-oJEt/?utm_source=share&utm_medium=member_desktop). Additional surface sampling on the LGZ has confirmed the gold endowment with grab samples up to 288 g/t Au and 35.2 g/t Au and a calculated average of 11.05 g/t Au (cut at 100 g/t Au).
Tiger Gold Zone Growing: Surface exploration work in summer 2023, along the Lynx Gold Trend, expanded the Tiger Gold Zone (TGZ), a gold showing identified in 2022 and located 350 m to the NE of the LGZ. Up to 4 sizeable, mineralized quartz veins-oriented WNW were discovered and returned significant high-grade gold results (up to 19.9 g/t Au) averaging 5.53 g/t Au. The Tiger Gold Zone area now spans 400 m by 180 m and remains open in all directions. Gold mineralization occurs in quartz veins with limonite alteration and disseminated chalcopyrite, sphalerite, galena, and malachite typical of the high-grade veins discovered at the Lynx Gold Zone. Also, as at the Lynx Gold zone, the veins occur to the contact between rocks of different competencies - volcanic and sediment units.
A new prospective area to NE: The Cheetah Gold Zone (“CHGZ”), discovered 3km along strike from the Tiger Gold Zone, returned 6.69 g/t Au in initial trenching. Saliently, the hydrothermal system with gold mineralization remains open to the NE with evidence of pervasive alteration at surface.
Dominique Gagné, Puma’s Chief Geologist stated: “Gold mineralization at the Williams Brook Project is hosted in quartz veins that occur in broad zones at the contact margin between different rock types and competencies. The higher-grade gold mineralization is structurally controlled and generally occurs near this contact. As with many gold systems, the source of the gold mineralization is a large, underlying magmatic system. The extensive limonite alteration that extends to over 100 metres in depth and 4 km in strike length shows evidence of a large system here. As we’ve successfully shown in the past, our first round of drilling at Tiger will target the bedding contact to intersect the high-grade quartz veins at depth and confirm the presence of additional gold chutes in the extension of the Lynx Gold Zone”.
Marcel Robillard, president and CEO, stated: “Our work at the Lynx Gold Zone since 2021 has returned impressive results with high-grade gold mineralization extending 750 m along strike to a depth of 200 m. We know that the system is open both laterally and at depth. We have always suspected a very large gold system at Williams Brook. These preliminary surface results from Tiger and now the new Cheetah zone confirm the potential to define other significant gold deposits along this 4 km corridor and beyond. We’ll launch an inaugural drilling program at Tiger in early 2024, and we’re excited to test this new cluster of gold-rich quartz veins. We expect the drill results of this campaign will increase our already significant gold inventory”.
More to discover: Since 2021 and with less than $12M of exploration investment, Puma has made multiple gold discoveries at its Williams Brook property proximal to Canada's famous Bathurst Mining Camp. Puma has diligently and strategically accumulated an impressive portfolio of prospective gold landholdings in the area. The Williams Brook Gold Project hosts an extensive orogenic gold system that remains open for discovery. Puma has developed a maintained low-cost exploration methodology to discover gold at shallow depths and maximize drilling results.
Puma Exploration closes $290,000 Charity Flow-Through Private Placement.
On December 22 2023, Puma announced that it has closed a non-brokered placement of $290,000, consisting of 2,000,000 Charity flow-through units (‘CFT’) at $0.145 per CFT Unit. Each CFT Unit is comprised of one CFT share and one common share purchase warrant. Each whole warrant is exercisable to purchase one common share of Puma at $0.20 per share until December 22, 2025. The warrants are subject to an acceleration clause that entitles Puma to provide notice to holders that they shall expire 30 days from the date it delivers the acceleration notice. Puma can only provide the acceleration notice if the closing price of the Common Shares on the TSXV is equal to or greater than $0.45 for 30 consecutive trading days. The net proceeds of the CFT Units shall be used to incur eligible Canadian Exploration Expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), in order to advance exploration at the Williams Brook Gold Project and other assets in Northern New Brunswick. In connection with the closing of the Private Placement offerings, the Puma paid neither cash finder's fees nor finder warrants.
Also, on December 15, 2023, Puma closed a non-brokered placement consisting of 8,400,000 flow-through units at $0.125 per FT Unit for gross proceeds of $1,050,000. Each FT Unit is comprised of one flow-through share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the Company at $0.20 per share until December 15, 2025. The warrants are also subject to an acceleration clause. Puma paid aggregate cash finder's fees of $50,693 and issued 405,540 non-transferable finder warrants.
UPDATE - January 17, 2024:
Puma reviews 2023 accomplishments and outlines plans for 2024 at the Williams Brook Gold Project, New Brunswick, Canada.
On January 17, 2024, Puma reported its main accomplishments and discoveries in 2023 and the proposed 2024 exploration program at its 100% owned Williams Brook Gold Project located in New Brunswick. Key 2023 highlights at Williams Brook were on several fronts following the 2023 drilling program.
Successful drilling at Lynx: The 24 holes (3,475 m) drilled in 2023 successfully extended the width and length of the high-grade gold shoots identified previously at the Lynx Gold Zone (“LGZ”). The LGZ now spans 750 m along strike, 100 m wide and 175 m deep. Diamond drilling demonstrated the continuity of mineralization over long intervals with gold intercepted at deeper depths. Half of the holes intersected visible gold between 100 m and 211 m downhole depth. Highlights included up to 137 g/t Au over 0.60 m (WB23-139), 96 g/t Au over 0.45 m (WB23-139), 63.6 g/t Au over 0.30 m (WB23-136) and 16.85 g/t Au over 0.79 m (WB23-137). The high-grade gold shoots are being shown to consist of multiple stacked veins extending to depth. High-grade shoots have now been traced to at least 250 m depth and 400 m strike length: Drilling also indicates that thick lower-grade gold envelopes surround the higher-grade gold shoots (0.49 g/t to 0.67 g/t Au over 22.8 to 30.95 m), resulting robust lengths of continuous gold mineralization, such as 100.90 m of 1.25 g/t Au in WB23-142 and 98.05 m of 1.24 g/t Au in WB23-145. These long intervals favour open pit mining scenarios and shall likely have positive impact on any mineral resource estimation of the deposit.
Positive metallurgy: Initial metallurgical testing revealed the rock at the LGZ is non-acid-generating and that 92% of the gold can be recovered by gravity alone. Puma has received a permit for 4,000t bulk sampling at the LGZ. We note that Puma strengthened its technical and advisory committee with the nomination in February 2023 of Dr. Simon Dominy. Dr. Dominy is a mining professional and an expert in the design and implementation of bulk sampling programs, should supervise Puma’s upcoming bulk sampling program (https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-gold-bulksample-activity-7036493503090028544-p7l_?utm_source=share&utm_medium=member_desktop).
Identifying expansion opportunities: New gold bearing zones have been highlighted to the NE of the LGZ. A gold showing, the Tiger Gold Zone (aka Étienne), was confirmed 350 m from the LGZ along the Lynx Gold Trend and returned 19.9 g/t Au and 14.5 g/t Au, confirming continuous high-grade gold mineralization over 1.5 km. Further NE, a new prospective area, the Cheetah Gold Zone (“CHGZ”), was discovered 3km along strike from the Tiger Gold Zone, returning 6.69 g/t Au in initial trenching operations (https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-gold-puma-activity-7140454522925047809-Mtlf?utm_source=share&utm_medium=member_desktop).
Saliently, the hydrothermal system with gold mineralization remains open to the NE with evidence of pervasive alteration at surface. Finally, the Panthera Gold Zone (“PGZ”) was discovered about 12 km northeast of the LGZ by 3 trenches exposing gold in quartz veins at surface that graded 9.87 g/t Au, 8.67 g/t Au, 7.45 g/t, 6.18 g/t Au, 5.92 g/t Au, 5.15 g/t Au, 4.05 g/t gold and 3.27 g/t Au (https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-gold-puma-activity-7021963649678221312-HJQi?utm_source=share&utm_medium=member_desktop.).
Puma further increased its landholdings in northern New Brunswick by staking an additional 105 claims (2,300 ha) contiguous to its Williams Brook South property and signed an LOI to acquire the TIMM property. Both additions are strategically located and could potentially add eventually to the project’s total gold inventory.
Puma’s 2024 work plans include:
Expand regional exploration to new areas of the property and on the newly acquired land package.
Exploration along the 1.5km strike extension of the Lynx Gold Trend to commence in February 2024 with drilling on the Tiger Gold Zone. Drilling is expected to follow at the Lynx Gold Zone with objective to expand to depth the high-grade mineralized intercepts drilled in 2023.
Continue to improve and demonstrate the gold recoveries at Williams Brook with conventional processing techniques.
Rejean Gosselin, Puma’s Executive Chairman, stated: “Our 2023 drilling delivered high-grade gold results, with many intersections showing robust metal factors - up to 165! This continues to highlight the potential scale and calibre of the Williams Brook Gold Project. A sizeable orogenic kilometre-wide and deep gold system, similar to Fosterville, is possible here, and we’ll continue to diligently apply our discovery model to build the resource. Pay attention to Puma; we have lots in store for 2024!”.
Marcel Robillard, President and CEO of Puma, stated: “2023 was another extraordinary year for Puma. We successfully fulfilled our objectives: we proved that mineralization at the Lynx Gold Zone (“LGZ”) extends to depth; we validated and refined our exploration discovery model and demonstrated that the LGZ extends at least 3 km northeast. We managed this under very difficult market conditions. I want to thank Puma’s technical team for its ongoing adaptability and our supportive shareholders who recognize the value of our low-cost, high-return exploration method. On the heels of a successful raise at the end of 2023, our team is excited to launch our 2024 exploration program and continue to build volume and scale at Williams Brook”.
Forza Puma!
UPDATE - February 27, 2024:
Puma Exploration launches its 2024 drilling program at Williams Brook Project, New Brunswick
Puma Exploration announced on February 27, 2024, the commencement of its 2024 drilling program at its 100% owned Williams Brook Gold Project located in Northern New Brunswick. The 2024 program includes an initial 2,000 m of diamond drilling at the Tiger Gold Zone (“TGZ”). In 2023, surface exploration work along the Lynx Gold Trend expanded the TGZ (also known as Étienne), a gold showing located ~350 m NE away from the LGZ and confirming the presence of gold mineralization at surface over more than 1.5 km along strike (see: May 25, 2023 in https://www.linkedin.com/pulse/puma-exploration-inc-puma-v-outlines-its-2023-plans-williams-lemieux/ and https://www.linkedin.com/pulse/puma-exploration-inc-puma-v-williams-brook-project-several-lemieux/). Up to 4 sizeable mineralized quartz veins-oriented WNW were discovered and returned significant high-grade gold results, including 19.90 g/t Au and 14.50 g/t Au, confirming that high-grade gold mineralization is continuous within the pervasive hydrothermal alteration seen at the surface. The TGZ area now spans 400 m by 180 m and gold mineralization occurs in quartz veins (typically drusy to massive) with minor carbonate and sulphides such as chalcopyrite, sphalerite, galena, and malachite typical of the high-grade veins discovered at the Lynx Gold Zone. Pervasive oxidation is observed within the quartz veins. As seen at the Lynx Gold Zone, the quartz veins occur at the contact between rocks of different competencies – volcanic and sediment units and a large mafic intrusive.
The inaugural drilling program at Tiger shall begin in early March and aims to grow the volume, scale and gold grade of the Williams Brook Gold Project. Drilling shall target the 1.5 km NE strike extension of the Lynx Gold Zone to prove the continuity of the high-grade gold mineralization along the Lynx Gold Trend. The planned shallow drilling shall investigate gold mineralization below the gold veins identified by trenching and mapping last year at the TGZ. Drilling should follow a fan pattern to understand what controls gold mineralization at the TGZ and how this zone fits within the 4 km-long gold corridor. Puma’s successful exploration model has returned previously on the Lynx Gold Zone up to 5.50 g/t Au over 50.15 m in hole WB21-02; 2.77 g/t Au over 42.80 m in hole WB 22-66; 2.49 g/t Au over 63.05 m in WB23-139; 5.15 g/t Au over 23.15 m in WB23-142 and 1.24 g/t Au over 98.05 m in hole WB23-145, amongst others. Building on this success and following the same methodology, the 2024 drilling program shall target the areas that returned high-grade gold in surface sampling and trenching at the TGZ.
The Lynx Gold Zone and the NE extensions such as TGZ and the Cheetah Gold Zone further NE remain Puma’s main focus: Since 2021, and with an ~$12.6M of exploration investment, Puma has made 4 significant gold discoveries at the >49,000 ha Williams Brook property – the Lynx, Cougar, Jaguar, and Panthera Gold Zones, with gold mineralization hosted in quartz veins at surface. We believe expansion with regional exploration to new areas of the property and along the 1.5km strike extension of the Lynx Gold Trend shall likely expand gold endowment. Deeper drilling is expected to follow at the Lynx Gold Zone with objective to expand to depth the high-grade mineralized intercepts drilled in 2023.
Puma’s President and CEO Marcel Robillard stated, “We are very excited to launch our 2024 exploration program and begin drilling at Tiger. In 2023, we identified several high-grade gold targets along the northeast extension of the Lynx Gold Trend, and we expect drilling results to mirror what we’ve seen at Lynx. We’ve always said that Williams Brook hosts a very large system. Confirming, by drilling, the continuity of mineralization along a possible 4 km extension will be a huge step toward demonstrating the potential of the Williams Brook Gold Project. With our low-cost exploration model, we are committed to continuing to demonstrate scale, volume, and grade in 2024 despite challenging market conditions”.
Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, has stated: “I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek in Australia and Valentine Lake in Newfoundland. These other deposits are known for their structure-controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre scale depth extent. The similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in the Lynx Zone and continued exploration around the feeder structures in the Williams Brook District’’.
See also:
UPDATE - April 25, 2024:
Puma launches drone high-resolution magnetic survey at Williams Brook
Puma on April 25, 2024, reported that it has launched a high-resolution magnetic survey at its 100%-owned Williams Brook property in Northern New Brunswick. Recall on April 18, 2024, Puma reported that had confirmed and extended the mineralized corridor at its 100%-owned Williams Brook Gold Project following its scout drilling program. The drone survey shall be flown over 6 km of the Lynx Gold Trend and a width of 2 km. This is in the general area where the recent drilling confirmed the presence of a favourable prospective gold corridor (see: https://www.linkedin.com/posts/eric-lemieux-9468715_newbrunswick-lynx-tiger-activity-7186822232298434561-8l4i?utm_source=share&utm_medium=member_desktop).
Detailed Mag survey: Vision 4k Inc. (https://www.vision4k.ca/magnetic-surveys) has been contracted to fly a 372-line-km survey at 35- spacing, covering an area of about 1,200ha. The survey shall help map the lithology and structural features that control gold mineralization at the Lynx Gold Zone and translate that data to its extension along the Lynx Gold Trend. The detailed overprint of lithological contacts and additional structural features along the Lynx Gold Trend may identify additional exploration and drilling targets.
Marcel Robillard, President and CEO of Puma stated: “Our 2024 exploration strategy is to focus on the Lynx Gold Trend. Our work at the Lynx Gold Zone has shown that high-grade gold occurs at the contact between two rock types. The survey will help us identify this contact along the newly identified extension of the Lynx Gold Trend, where very little work has been done so far but where our percent drilling has shown promise. This very low-cost exploration tool will help direct our summer trenching and stripping program in preparation for our next round of drilling”.