Puma Exploration drills 20.67 g/t gold over 5.5 metres at Williams Brook, New Brunswick

Puma Exploration Inc. [TSXV-PUMA; OTC-PUXPF] reported results of the last six holes of its 2023 phase 1 drilling program at its 100%-owned Williams Brook gold project, New Brunswick. All holes reported today 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. The gold shoots have now been confirmed to extend downhole to at least 250 metres and over a strike length of at least 400 metres. Of particular interest, a group of high-grade gold veins assayed 20.67 g/t gold (Au) over 5.50 metres within a large section of 32.15 metres grading 3.80 g/t gold in WB23-142, and also in WB23-145, where a section of 5.65 metres returned 10.81 g/t gold and another graded 9.91 g/t gold over 5.10 metres, within a broad intersection of 98.05 m at 1.24 g/t gold.

Gold mineralization at Lynx extends both laterally and at depth over impressive lengths, such as 100.90 metres of 1.25 g/t gold in WB23-142 and 98.05 metres of 1.24 g/t gold in 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 good news for potential open-pit mining scenarios and will positively impact the mineral resource estimation of the deposit.

Hole WB23-140 intersected 6.70 metres of 2.44 g/t gold starting at surface, followed by several high-grade intervals such as 3.95 metres of 5.44 g/t gold and 3.25 metres of 4.06 g/t gold at depth. Hole WB23-144 returned 6.60 g/t gold over 3.25 metres from 158 metres, and WB23-145 returned 1.01 g/t gold over 3.00 metres from 246 metres. Gold mineralization was still present at 249 metres downhole depth, indicating that the system remains open. Today’s results expand the already wide distribution of the high-grade gold shoots, with mineralized intervals beginning at or near surface.

Puma’s President and CEO Marcel Robillard commented, “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.”

“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.” added Rejean Gosselin, Puma’s Executive Chairman.

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 Lynx Gold Zone for their texture, mineralogy, and multi-element geochemistry. He 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.”

Puma’s flagship Williams Brook Gold Project comprises four properties covering more than 60,000 ha in Northern New Brunswick-an established and mining-friendly jurisdiction near paved roads and with excellent infrastructure nearby.

Since 2021 and with less than C$12M of exploration investment, Puma has made multiple gold discoveries at the Williams Brook property and believes that the property hosts an extensive orogenic gold system. Puma’s ongoing exploration programs are focused on building a gold camp in Northern New Brunswick, Canada.