Over the past 15 months, Puma has consolidated a patchwork of mining claims that had seen little to no modern exploration work. The Company's successful 2021 exploration program, combined with the initial visual observations from the current 10,000 metres drilling program at The O'Neil Gold Trend ("OGT"), were catalysts to secure more ground with similar potential contiguous to the existing landholding.
MORE ABOUT THE CLAIMS
In 2020, a new logging road exposed potassic rhyolite rocks containing quartz veins. Trenching in the summer of 2021 led to a gold discovery. Seven (7) out of 9 samples from an initial trench (Trench 1) returned more than 1g/t Au with notable grades of 5.92 g/t Au, 5.15 g/t Au, 4.05 g/t gold and 3.09 g/t Au. Following this success, 30 metres to the south, a second trench exposed the same mineralization and returned 8.67 g/t Au, 6.18 g/t Au, 2.10 g/t Au, 1.18 g/t Au and 1.0 g/t Au.
This gold discovery appears to coincide with a large-scale mag anomaly. Puma will undertake a detailed compilation of trenching results and geophysical data this winter in preparation for next summer's grassroots exploration program over the entirety of the property. The Claims have never been drilled before. The summer 2022 surface exploration work will enable the Company to identify targets for future drilling.
ACQUISITION TERMS
To acquire a 100% interest in the Claims (341 claims), Puma agrees to issue the Vendor on closing:
a) | 250,000 common shares of the Company and a | ||
b) | 250,000 common shares of the Company and a | ||
c) | 250,000 common shares of the Company and a | ||
d) | 250,000 common shares of the Company and a |
Additional performance payments to the Vendor:
1) | Cash payment of | ||
2) | Cash payment of | ||
3) | One-time cash payment of |
The Vendor will retain a 2% net smelter return ("NSR") royalty on any commercial production from the property. Fifty percent of the NSR, or 1%, may be purchased by Puma for
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President, (418) 750-8510;
president@explorationpuma.com
Head of Investor Relations and Corporate Development, (250) 575-3305; mboiridy@explorationpuma.com
Neither the
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d4c8cde-ba00-4a42-9628-b26251de5798
Figure 1: Williams Brook Gold Property claims map
Williams Brook Gold Property claims map
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