Puma Exploration Inc. (PUMA-V) Williams Brook Project – Advancing on several fronts – Site visit 2.0
Event: Site visit anew on September 6, 2023 on Puma’s Williams Brook Project in northern New Brunswick. Overview of the Lynx Gold Zone area and the renamed étienne Showing, now called Tiger 1, as well as the Cougar and Jaguar zones. Review of summer 2023 works and recently completed drilling.
Impact: Again positive. Geological understanding of certain elements of the project improving and lateral strike length of the Lynx Gold Trend is increasing as well as likely the depth potential.
Analysis
??????? On September 5th and 6th, 2023, we attended a site visit of the Williams Brook gold project in northern New Brunswick. ?The 100%-owned Williams Brook Project is located to the east of the Saint Quentin village where Puma has established a field office.? Our visit permitted to revisit the Lynx Gold Zone (“LGZ”) in particular the Lynx, Chubby, Moose areas where 3,545 m of diamond drilling (24 holes) were recently completed as well as the étienne Showing (renamed the Tiger 1 Showing), ~400m to the NE, the Tiger 2 Showing and the Far East Showing as well as the Cougar and Jaguar Gold Zones. The Williams Brook Project covers ~45,000 ha. within a mining-friendly jurisdiction with skilled labour force and likely favorable social acceptability. Recall on June 29, 2023, we had visited the site with emphasis on the Moose area of Lynx Gold Trend and in particular the extensions to the NE (étienne Showing) as well as the Jaguar Gold Zone (see: https://www.dhirubhai.net/pulse/puma-exploration-inc-puma-v-williams-brook-project-several-lemieux/).
??????? Drilling to continue: Recall on August 23, 2023, Puma reported that it had successfully demonstrated that gold mineralization extends beyond 100 m depth at the LGZ following the 24 holes drilled in Phase 1 of the 2023 drilling program (see: ??https://www.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-drilling-activity-7100675050676084736-qIfD?utm_source=share&utm_medium=member_desktop). This first phase of drilling in 2023 aimed to confirm and extend the high-grade gold mineralization at depth and along strike on the Lynx and Moose areas of the LGZ. Our site visit permitted to observe certain of the new drill casings and some drill core. The 3,545m drill program, with different drilling orientations, was centred on specific veins sets previously mapped at surface along the favourable contact. We also noted that the structural model is improving with observations of certain potential lithological markers. The recent additional trenching, mapping, and sampling completed at the Lynx Gold Zone and beyond have help refine the geological modelling of the favourable contact between tuffaceous to massive rhyolite volcanic flows (‘rhyolite’) and fine-to medium grain siliciclastic meta-sedimentary rocks (‘sediments’) of Late Silurian to Early Devonian age.
A newly observed marker may be ‘black rhyolite’ a discrete horizon found associated with gold bearing quartz veins and proximal to an altered sediment package ‘green sediments’. Since 2021, Puma has drilled 15,800 m at the LGZ to target gold-bearing quartz veins at the contact between the altered sediment and the rhyolite.
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Vein sets along the Lynx Gold Zone show dominant orientations of ~N260, ~N020 and ~N340 that define a corridor of ~750 m strike length, ~50 m wide and to a depth of now >200 m which remains open. Open we believe at depth as the emergence of a mesothermal gold system may be advancing leading to the potential of deeper-seated mineralization. The association of quartz vein Au + sulphides + carbonate (dolomite) is emerging. Recent drill data also appears to confirm the high-grade gold shoots that plunge 25 degrees NE. The ideal drill direction may be N260 and further interpretation is on-going.
??????? Additional work set to make and define more discoveries: Following an active trenching and sampling program planned this Fall 2023, additional drilling shall target the lateral extension of the Lynx Gold Zone (LGZ) for ~3 km along strike towards the NE. The site visit permitted to observe again the étienne (now known as Tiger 1) Showing, ~450 m to the NE of the Moose Area (https://www.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-activity-7069052598699356160-z7cC?utm_source=share&utm_medium=member_desktop) and saliently observe the Tiger 2 Showing, ~100 m to the SW.
This stripping showed again the relationship of mineralized quartz veins proximal to the contact of rhyolites/sediments. The Tiger 2 Showing exposed the same favourable contact between the altered sediment and rhyolite is observed which bolds well for more discovery and potential expansion of mineralized envelops. Forestry work has been approved to clear cut the area between Tiger 1 and Tiger 2 as well as the LGZ to the SW. This should enable to expose a ~500 m stretch a favorable rock package that shall be more extensively trenched later this fall. The Tiger Gold Zone (‘TGZ”) lies within a large magnetic anomaly and the area remains intriguing as it has some of the same ‘carte d’adresse’ (characteristics) as the Lynx Gold Zone.?? ?
Final stop within the Lyne Gold Trend was the Far East Showing, located >3km to the NE of the LGZ, more prospecting is warranted along the trend. Overall, one highlights the easy access and room to operate.
??????? Applying the knowledge to other areas: Finally, we visited the Cougar and Jaguar Gold Zones that have been retrenched and resampled and present a more homogenous and pyritic rock package https://www.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-jaguar-activity-7008604269394165760-bmQ1?utm_source=share&utm_medium=member_desktop). Initially discovered by Blue Note Mining in December 2008, with drill results up to 11.2 g/t Au over 2.8 m (DDH WB-08-11) and 0.74 g/t Au over 23.3 m (DDH WB-08-04). Historical drilling had intersected broad zones of alteration and mineralization with trenching exposing perhaps the edifice of a volcanic dome with the rhyolite and sediment interface. Potential appears to be more large tonnage and low-grade gold mineralization within a ~3km footprint.
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Potential for a true string of pearls of gold deposits continues to emerge:? Again, the knowledge gained on the Lynx Gold Zone, both geologically and metallurgically, permits Puma to advance its portfolio of other gold zones such as Cougar (“CGZ”) Jaguar (“JGZ”), and Panthera (“PGZ) assuring a pipeline of gold endowment. Overall, we believe that Puma is advancing diligently and we expect favorable results from the summer 2023 exploration programs. Within the larger Appalachian construct, we note that the Appalachians orogeny rocks sit on both sides of the Atlantic, so beyond the likely gold deposits of Newfoundland, we note the Haile mine in South Carolina and the Cononish deposit in Scotland. The underlying geology that includes the Appalachian Gold Belt stretches from Alabama to Great Britain (and beyond to Finland), with in North America the Appalachian Mountains extending ~3,200 km from central Alabama in the south, through the provinces of Québec, New Brunswick, Nova Scotia, and Newfoundland. The Appalachian Mountain Range was formed by the collision of continents that took place over ~250 million years ago. The geologic (tectonic) forces that caused the Earth to buckle, fold, and be uplifted resulted in faults allowing mineral-bearing fluids to ascend towards the earth’s surface. The majority of gold deposits and showings largely occur along boundaries between tectonic zones. Similar processes have also basically occurred in Australia, Lynx has a potential similar model to Sunday Creek, Costerfield Australia according to recent scientific analysis, showing that there is much yet to discover.
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Please see also: https://www.dhirubhai.net/pulse/puma-exploration-inc-puma-v-williams-brook-project-several-lemieux/
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December 8, 2021:
Site visit 2021:
Important Disclosures
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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 and in June 29, 2023. ?
R???????????? This issuer has indirectly paid the Mining Analyst.
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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: October 19, 2023
Puma drills series of stacked high-grade gold quartz veins at Williams Brook Gold Project in New Brunswick, Canada
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On October 19, 2023, Puma reported the drill assay results for the first 11 holes of 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. Recall on July 6, 2023, Puma had announced the commencement of a Phase 1 of a 2023 drilling program (>2,000 m) 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.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-puma-activity-7082828997729890304-oJEt/?utm_source=share&utm_medium=member_desktop).?
Results suggest certain continuity and depth extension of the gold mineralization at the Lynx Gold Zone: All 11 holes intersected the targeted quartz veins, with assay results returning anomalous gold (0.1 g/t Au to 42.6 g/t Au). These drill holes were first reported visually on August 2, 2023, (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-drilling-activity-7092670331504451584-xCcg?utm_source=share&utm_medium=member_desktop) and returned significant gold, with 4 holes intersecting multiple mineralized high-grade gold quartz veins. Hole DDH WB23-125 intersected up to 15 separate quartz veins and returned 0.7 g/t Au over 90 m from surface, including 4.50 m @ 6.46 g/t Au at 75 m depth. The phase 1 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. Puma has successfully intercepted the depth extensions of the high-grade shoots defined by previous drilling programs and intersected at depth along the newly identified orientation, the bonanza-grade quartz veins sampled at surface. Assay results for the remaining 13 holes of the 2023 drilling are pending and shall be released when received.
Require more drilling and expansion: Potential additional gold chutes may exist with mineralized zones encountered in previously untested areas such as in DDH WB23-128 with 0.5 m @ 16.1 g/t Au, DDH WB23-129 with 10.10 m @ 3.3 g/t Au and DDH WB23-131 with 19.35 m @ 0.54 g/t Au as well as DDH WB23-132 with 4.15 m @ 3.18 g/t Au. The estimated grade x thickness for the 7 drill hole results presented is 13.73 g/t Au x m, somewhat below our expectations. Most of the holes drilled show pervasive sericitization, but visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide assemblages that occur as disseminated massive sulphides or as semi-massive veinlets within the quartz veins. Overall, we estimate a grade x thickness metric of 11.38 g/t Au x m for our compilation of all drill results.
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Puma’s President and CEO Marcel Robillard stated: “The first holes of our Phase 1 2023 campaign were drilled to map and test the newly identified veins discovered at surface at Lynx earlier this year and the depth continuity of the interpreted high-grade shoots at Lynx. Many holes hit multiple quartz veins downhole, often starting at surface. Hole 125 was drilled to 170 m depth, and we saw VG in 4 veins from 55 to 79 m depth. Those returned grades of 11.20 to 42.60 g/t gold over 0.35 to 0.80 m width. What’s most impressive is we intersected 15 veins, and they all contributed gold, regardless of whether they contained VG. That’s significant because it highlights the continuity of mineralization at Lynx and the potential for a large mineable system that remains open along strike and depth. Assay results for the remaining holes drilled deeper that returned numerous VG specks should be in soon. We expect they will extend the width and depth of the gold chutes and continue to build volume at Lynx”.
https://www.dhirubhai.net/pulse/puma-exploration-inc-puma-v-discovers-several-new-gold-eric-lemieux/
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UPDATE: October 27, 2023
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Puma Exploration adds more acreage in northern New Brunswick
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On October 25, 2023, Puma announced that it has entered into a property agreement to add acreage to its current precious metals’ assets in northern New Brunswick, an established and mining-friendly jurisdiction. Puma added the strategic TIMM Gold Property located along national road, only 10km from St-Quentin and 25km west of Williams Brook Flagship property. Recall the Williams Brook Gold Project comprises 6 claims blocks covering over 44,650 ha. located proximal to the Rocky Brook Millstream Fault, a major regional structure formed during the Appalachian Orogeny. Since 2021, Puma has made multiple orogenic/epithermal gold discoveries at the Williams Brook with less than $10M of exploration investment.
Puma has now strategically increased its substantial gold landholdings in the Williams Brook Gold Project area confirming Puma’s intention to develop of a major gold camp district in Northern New Brunswick. The TIMM Property is located <10km east of St-Quentin, where Puma’s has its exploration office.? The property is composed of 223 claims covering 4,840 ha and hosts generally the same geology as Williams Brook. The option agreement for a 70% interest in the TIMM Property, sees Puma issue 250,000 shares to the vendor, Tim Lavoie a successful local prospector, and complete $0.1M work expenditures in 2 years. Puma shall enter into a JV with the vendor once the 70% interest is earned and the carry the vendor for the first $1M of work expenditure. Thereafter, the vendor may retain its 30% by contributing its share of the exploration expenses. Should the vendor’s interest fall below 10%, its interest shall be converted to a 10% return on net profits from Mine Production (NPI). Additional performance payments are also provided, such as Puma shall make i) a $25,000 cash payment to the seller upon a positive PEA (preliminary economic assessment); ii) a $50,000 cash payment to upon a positive FS (feasibility study (FS); iii) a cash payment of $100,000 upon commercial production. Finally, a 2% NSR (net smelter return) royalty is allocated to the vendor where Puma may purchase 50% of the NSR royalty for $1M at any time and retains the right of first refusal on the remaining 1% NSR royalty.
The TIMM Property was acquired from local prospector Tim Lavoie who has made gold discoveries in this area. Different junior exploration companies have optioned the project previously and completed surface exploration work such as trenches, soil sampling, till and stream sampling as well as 4 diamond drill holes that returned several anomalous gold zones. The area has historically been divided into 3 gold zones: i) Bonanza, ii) Dome, and iii) South zone that show a strike length of ~625 m with samples ranging from anomalous (0.1 g/t Au) up to >100 g/t Au. The Dome and Bonanza vein system is hosted in strongly foliated sericite schist with the gold mineralization typically associated with goethite/limonite, similar to the Lynx Gold Zone. Puma disclosed samples up to 362 g/t Au at the TIMM Gold Property within a high-grade gold structure that hosts mineralization in quartz veins within a sedimentary package with a similar depositional gold environment as Williams Brook Gold Property. Since the beginning of September, Puma’s technical team has continued to prospect, trench and strip along the Lynx Gold Trend over its favourable 4 km extension. Over 500 grab samples have been collected, with assays pending. The aim of works is to prioritize drill targets for the second phase of the 2023 drilling program.
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Marcel Robillard, President and CEO, stated: “Puma has an established relationship with local prospectors who frequently approach us with interesting properties. We saw an opportunity with the TIMM property. It is only 10 km from our St-Quentin facility, hosts the same rocks as Williams Brook, and work done by previous operators highlighted its potential. While waiting for the assay results of our 2023 drilling at Lynx, we completed our due diligence on the property with a preliminary surface exploration program. We are excited about the samples’ exceptional gold grades similar to the ones discovered at Lynx in 2021. This acquisition is part of our strategy to build a gold camp in the region, and we look forward to applying our successful discovery model at TIMM in the near future”.
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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 29, 2023 and September 2023.
R???????????? This issuer has indirectly paid the Mining Analyst.
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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.
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UPDATE: November 1, 2023
Williams Brook Gold Project, New Brunswick - Puma increases the high-grade gold footprint and depth of the Lynx Gold Zone.
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On October 31, 2023, Puma announced drill assay results from another 7 holes of its 2023 drilling program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Recall Puma had reported on October 19, 2023 the drill assay results for the first 11 holes of its 2023 drilling program that totaled 24 holes on the Lynx and Moose areas of the Lynx Gold Zone (“LGZ). The results indicate high grade gold intercepts and long mineralized sections. The LGZ has been extended to ~150 m vertical depth suggesting the potential for important depth extension.
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Lynx (depth) and Moose (surface) area intercepts confirm lower-grade gold envelop surrounding high-grade gold shoots: Holes targeted the depth continuity of the high-grade gold shoots of the LGZ and intersected mineralized quartz veins at surface. Salient results of lower-grade envelopes emphasize the continuity of the mineralization and may build volume at Lynx and Moose. These include:
0.59 g/t Au over 30.85 m (from 30.85 to 61.80 m downhole) (WB23-133), including: 1.36 g/t Au over 5.9 m (from 32.10 to 38.00 m downhole) (WB23-133);
1.1 g/t Au over 30 m f(rom 8.30 to 39.20 m downhole) (WB23-136);
0.67 g/t Au over 30.95 m (from 2.71 to 33.66 m downhole) (WB23-137);
1.63 g/t Au over 3.7 m (from 32.10 to 35.80 downhole) (WB23-138) and
0.49 g/t Au over 22.8 m (from 124.20 to 147.00 m downhole) (WB23-138);
1.1 g/t Au over 150.5 m from (6.5 to 157.00 m downhole) (WB23-139), including: 2.01 g/t Au over 3 m (from 7.35 to 10.35 m downhole) (WB23-139) and 2.49 g/t Au over 63.05 m (from 89.95 to 153.00 m downhole) (WB23-139) as well as another gold intersection of 2.06 g/t Au over 5.2 m at a depth of 215 m downhole (WB23-139). ?
These gold intercepts shall be targeted for future drilling as they may indicate that current drilling may have missed the higher-grade ore shoots. Overall, we now estimate a grade x thickness metric of 11.44 g/t Au x m (previously 11.38 g/t Au x m) for our compilation of all drill results.
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All 7 holes (5 assay results actually reported - holes 134 and 135 did not provide assay results to our knowledge) were drilled to intersect the previously identified high-grade gold shoots starting from surface. The gold in the high-grade quartz veins generally occurs as free gold with associated sulphides in altered rock. Many drill holes intersected lower-grade mineralized envelopes adjacent to and between the higher-grade gold veins. The remaining 6 holes of the 2023 drilling program tested the NE extension of the mineralized corridor at depth and intersected visible gold. Assay results are pending and shall be released once received and compiled.
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Puma’s President and CEO Marcel Robillard stated: “Our 2023 drilling continues to deliver robust gold results and highlights the potential scale and calibre of the Williams Brook Gold Project. All drill holes reported in this release successfully intersected the quartz-bearing structures and new gold mineralization. Hole WB23-139 returned the second longest high-grade gold interval of all the holes drilled with 165.55 gram-metres gold. That same hole also hit gold at 215 m depth in a previously untested area, indicating there is significant depth and lateral expansion potential here, and we will continue to apply our proven exploration model to build the gold inventory and volume at Lynx”.
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UPDATE - March 6, 2024:
Puma announces a creative deal to unlock value of its assets in New Brunswick
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Puma announced on March 4, 2024 the execution of definitive sale agreements dated March 1, 2024 with Raptor Resources Limited. In 2021, Puma’s non-core base metals assets were optioned out in accordance with it’s “DEAR” (Development, Exploration, Acquisition and Royalties) business strategy to generate value for its shareholders by minimizing share dilution, Recall on July 6, 2021, Puma had announced the monetization of its copper projects held in Murray Brook Minerals Inc. into a new arms-length company by optioning the base metals assets (Turgeon, Chester, Murray Brook West and Legacy sub projects) to originally Melius Capital 3 Corp that became Canadian Copper Inc. (CCI-CSE) (see: https://www.dhirubhai.net/pulse/puma-exploration-inc-puma-v-discovers-more-quartz-veins-eric-lemieux/.? Pursuant to the option agreement dated June 30, 2021 and as amended, all conditions this transaction was closed on June 2, 2022. Canadian Copper’s right to earn a 100% interest in the base metals assets was contingent on 2 remaining payments of $1M each payable to Puma at the latest on the 2nd and 3rd anniversary of the option closing date. Pursuant to the original option agreement dated June 30th, 2021 Puma was to receive, in consideration for the copper assets, a total value of $3.5M in shares and/or cash payments. Puma distributed the 6 M shares (at a deemed price of $0.10 per share ($600,000) to Puma shareholders).
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Canadian Copper has identified an opportunity to sell its interests in the Chester and Turgeon Projects following its recent acquisition of the Murray Brook deposit (see https://canadiancopper.com/canadian-copper-completes-acquisition-of-murray-brook-deposit/) and has the objective of focusing on developing the Murray Brook deposit and surrounding property where it controls over 15km of the favourable Caribou Mine horizon. The sale of the Chester and Turgeon Projects to Raptor shall allow Puma to further monetize its copper assets by unlocking value. To earn a 100% interest in the Chester and Turgeon Projects, Raptor shall make non-dilutive cash payments and issue common shares to Puma over the 2 years in place and in lieu of the payments initially payable by Canadian Copper. With large equity positions in both Canadian Copper and Raptor, Puma should benefit from both companies’ valuation growth as it continues to focus on developing the Williams Brook Gold Project (see: https://www.dhirubhai.net/pulse/puma-exploration-inc-puma-v-intersects-up-2067-gt-au-over-lemieux-qpzte/?trackingId=AyvmC55tRrqdrvEktincmA%3D%3D).
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Raptor Agreements:
Chester Project: Subject to completion of due diligence and satisfaction of certain other conditions, including a capital raising by Raptor by way of prospectus of at least AUD$10M and receipt of a conditional approval to list its securities on the Australian Securities Exchange (“ASX”) on or before June 30, 2024, Raptor has agreed to acquire a 100% interest in the Chester Project. The consideration payable to Puma for the acquisition of the Chester Project shall be:
AUD$500,000 in cash and 4,000,000 shares of Raptor at a deemed value of at least AUD$0.20 per share (AUD$800,000).
In addition, upon acquisition by Raptor of a 100% interest in the Chester Project, Puma shall be granted a 2% NSR royalty on all saleable production, half of which (1%) can be bought back for $1M on Big Sevogle River Property (7045).
If the closing conditions are not satisfied or waived on or before June 30, 2024, Raptor may elect, by paying an extension fee of $20,000, to extend the period during which the closing conditions must be satisfied by a further period of 2 months.
A separate consideration shall be payable by Raptor to Canadian Copper as follows: a non-refundable fee of $100,000, 4M shares of Raptor and a cash amount capped at a maximum of $750,000 by way of reimbursement of exploration expenditures incurred by Canadian Copper on the Chester Project.
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Turgeon Project: Subject to completion of due diligence and satisfaction of certain other conditions by March 1, 2025, at the latest, Raptor has agreed to acquire a 100% interest in the Turgeon Project. The consideration payable to Puma for the acquisition of the Turgeon Project shall be as follows:
AUD$375,000 in cash and AUD$375,000 worth in shares of Raptor.
A separate consideration of AUD$750,000 shall be payable by Raptor to Canadian Copper in cash or Raptor shares.
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Amendment to Option Agreement between Canadian Copper and Puma: Concurrently with the execution of the Raptor Agreements, to accommodate the new structured deal with Raptor, Puma and Canadian Copper have agreed to amend the option agreement to allow Canadian Copper to (a) sell to Raptor its interests in the Chester and Turgeon Projects and (b) maintain its option to acquire a 100% interest on the Murray Brook West Project. In addition, the Legacy Project shall no longer be subject to the option agreement and hence revert 100% to Puma.
Canadian Copper has agreed to compensate Puma for any difference in value resulting from the exchange rate between Canadian and Australian dollars in cash or the issuance of additional shares of Canadian Copper. The objective for Puma is to receive from Raptor the same consideration value as the one that it negotiated in its initial option deal with Canadian Copper, of which $2M remains receivable. In addition, if Raptor does not proceed with any of the payments for the acquisition of the Chester and the Turgeon Project, Canadian Copper shall have to satisfy the aggregate consideration payable to Puma under the terms of the option agreement as amended, to acquire a 100% interest thereto or abandon its option rights thereunder.
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Puma’s President and CEO Marcel Robillard stated, “I’m delighted to welcome Raptor to the Bathurst Mining Camp! Having a new player actively exploring in the region is great news. An Australian explorer also brings exposure to new exploration methodologies, connections to other explorers down under, and increased visibility. That could translate into potential new investors and funding partners for Puma. We’re always looking to increase shareholder value and creative ways to finance and control share dilution. The new agreements with Raptor bring in cash in the coffers at a time when markets are down and gives shareholders significant upside - with a stake in two other companies, we’re multiplying the odds for success and share appreciation”.
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UPDATE - May 8, 2024:
Puma launches 2024 exploration program at Jonpol Gold, New Brunswick
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Puma announced on May 8, 2024 the launching of its 2024 exploration program at its 100%-owned Jonpol Gold property located ~8km east of the Williams Brook property in Northern New Brunswick. Puma has increased the acreage in the area by acquiring 54 units (1,173 ha) thru low-cost staking (minimal investment of $3,240) and the Jonpol Gold Project now totals 4,736 ha. The Jonpol Gold property is located <5 km NW from the Murray Brook base metal deposit, an advanced-stage polymetallic asset in New Brunswick recently acquired by Canadian Copper (CSE: CCI).
Regional outlook: Puma is expanding its regional exploration fieldwork to prospective areas of the Williams Brook Project to identify additional priority targets and add to the Williams Brook gold inventory (see:? https://www.dhirubhai.net/posts/eric-lemieux-9468715_newbrunswick-gold-exploration-activity-7153571492893532160-dzgE?utm_source=share&utm_medium=member_desktop). A focused exploration program shall be deployed this summer at the Jonpol Gold property and its new expansion to advance the Puma’s understanding of the sizeable potential orogenic gold system at play in the region and identify additional potential gold deposits. The 2024 summer program at Jonpol aims to investigate and revisit gold showings found by previous explorers using Puma's recent successful exploration strategy. These gold occurrences are associated with mafic intrusions along and parallel to structures closely related to the Rocky Brook Millstream Fault ("RBMF"), a major orogenic structure trending ENE and known to host numerous gold occurrences and deposits. Grab samples reported from historical trenches, dug 36 years ago (1985-88) at Jonpol, graded up to 17.1 g/t Au, 14.8 g/t Au, 10.6 g/t Au, 6.8 g/t Au, 5.1 g/t Au, and 3.4 g/t Au. Puma has done limited field work on those gold showings since the acquisition of the property in 2019.
Potential at Jonpol Gold: Jonpol has seen little exploration work in the past. Puma flew a VTEM heliborne survey over the property in 2021 and completed a short prospection program that same year. Limited diamond drilling by previous operators returned 1.13 g/t Au over 12m, 1.37 g/t Au over 6m, 1.37 g/t Au over 1.4 m, 3.89 g/t Au over 1m and 2.78 g/t Au over 1.5 m. The property is underlain by sedimentary rocks and intruded by mafic to intermediate intrusions. Recent data compilation of work conducted by previous operators on the property has highlighted a 4 km-long gold trend parallel to a major fault and along a contact between intrusive and sedimentary rocks. The trend appears similar in size and nature to the Lynx Gold Trend and shall be Puma’s top priority for its upcoming work program.
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Puma 2024 Outlook: Puma is focused on growing the volume, scale, and grade of the Williams Brook Gold Project. Its 2024 plans include:
i) Prove the continuity of the high-grade gold mineralization sampled at surface at the Tiger Gold Zone along the 4km strike extension of the Lynx Gold Trend. Drilling along the Tiger and Cheetah gold zones has been completed, and assay results are pending. A detailed drone magnetic survey was flown over 6km of the Lynx Gold Trend, including the recently drilled 3.5 km extension (see:?? ). Once interpreted, the new data should help direct Puma’s summer trenching and stripping program and help identify targets for its upcoming 2024 Summer/Fall drilling program.
ii) Expand to depth the high-grade mineralized intercepts drilled in 2023 at the Lynx Gold Zone. The 3D model of the Lynx Gold Zone mineralization, incorporating the results of the 2023 drilling at depth and along strike at the LGZ, is almost finalized. The updated model should provide Puma with additional high-grade drilling targets at the LGZ for future drilling.
iii) Expand regional exploration to new areas of the property and newly acquired land packages to identify additional priority targets and add to the project’s gold inventory. Demonstrate and continue to improve the gold recoveries at Williams Brook with conventional processing techniques (prospection, mapping and trenching); and
iv) Metallurgically, Puma continues to develop and derisk the Williams Brook Gold Project. Metallurgical work was undertaken in 2023 to understand and mitigate any issues with gold recoveries. This past winter, a small-scale simulation was conducted on a 3-tonne bulk sample. Results are encouraging, and a comprehensive review of the completed work shall be announced shortly.
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