RIMOUSKI, Quebec, June 30, 2020 (GLOBE NEWSWIRE) — Puma Exploration Inc., PUMA-TSXV, (“Puma”) and El Nino Ventures, ELN-TSXV, (‘’El Nino’’) have mutually agreed to a 30-day extension period in regards of the amended and restated asset purchase agreement signed on October 5th, 2016, as amended thereafter. Pursuant to the last amendment signed by Puma and El Nino, Puma had until June 30th, 2020, to proceed with the final $1 million cash consideration. The 30-day extension granted will be used to review different potential methods to deal with the acquisition of the Murray Brook Project and its future development that would be beneficial for both companies. Further announcements will be forthcoming.
Marcel Robillard, president and CEO said: “I’m please to have kept, over the years, a good relationship between Puma and El Nino which might contribute to a positive outcome for the acquisition of the minority interest of the Murray Brook Deposit, and that both shareholders benefit from it for many years to come.”
TRIPLE FAULT GOLD AREA
Puma is currently focusing its field work on its flagship TRIPLE FAULT GOLD PROJECT in New Brunswick. The initial phase of the program incorporates large detailed prospecting, mapping, trenching, and stripping focused over the entire Williams Brook property of the Triple Fault Gold Project. The Williams Brook property includes selected drill results of 11.2 g/t over 2.8m, 1.0 g/t over 23 m, gold occurrences grading up to 50.8 g/t Au in bedrock, numerous gold soil anomalies and extremely anomalous till samples with up to 508 gold grains that occur over an area approximately 12 by 3 kilometres. Puma has received all the necessary authorizations from the New Brunswick government in light of the pandemic, and field work is authorized to begin, but was delayed because of the Forest Fire warnings and security.
The Triple Fault Gold Project includes four (4) properties named Williams Brook, Jonpol Gold, Rocky Brook, and Portage Lake and controls more than 25,000ha of favorable gold exploration. There are many gold occurrences up to 50.8 g/t Au, 40 g/t Au, 28 g/t Au, 17 g/t Au with previous holes intersected 11.2 g/t over 2.8m, 8.02 g/t Au over 1.0m, 1.0 g/t over 23.0m, 3.46 g/t Au over 2.0m. There has been very limited drilling and exploration in the area with excellent access by the paved Route 180 close to the mining camp infrastructure. The Dunnage Zone hosts major gold deposits and gold occurrences in siluro-devonian host rocks with the emergence of many companies in Eastern Canada for gold exploration and development.
QUALIFIED PERSONS
Marcel Robillard, PGeo, qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.
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Marcel Robillard, President
(418) 724-0901
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.
