NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
RIMOUSKI, Quebec, Aug. 05, 2021 (GLOBE NEWSWIRE) — Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) announces a non-brokered private placement of $1,600,000. The Company plans to issue up to 5,000,000 units at a price of $0.32 per unit (“Unit”) for gross proceeds of up to $1,600,000 (the “Offering”). Crescat Portfolio Management LLC (for itself and/or for accounts managed by Crescat Portfolio Management LLC (collectively, “Crescat”)), has agreed to be the lead order by making a strategic investment of $960,000 or representing 60% of the proposed financing. In addition, Crescat requested and secured participation rights that provide for an option to participate in future financings.
Proceeds from this Offering will be used to increase the current ongoing 2,000-meter diamond drill program to 10,000-meter at the Williams Brook Gold Project, located in New Brunswick, Canada and for general working capital purposes. “We are encouraged by the near-surface, high-grade gold that Puma is encountering in New Brunswick. We are excited to infuse capital to help the company with its goal of quintupling the planned meters of drilling this season,” commented Kevin Smith, Crescat’s Chief Investment Officer.
Marcel Robillard, President & CEO of Puma, added “We are extremely pleased to welcome Crescat, as a significant strategic shareholder of the Company as we continue to unlock the mineral potential of the Williams Brook Gold Project. The confidence Crescat and its world-renowned technical advisor, Dr. Quinton Hennigh, have shown in Puma is a vindication of our belief of the potential of the Williams Brook Gold Project. This financing will allow us to advance exploration more aggressively at our flagship project which covers 27,000 hectares of favourable geological setting.”
“Puma’s Triple Fault Gold Project is a grass roots success in a prolific gold belt,” commented Dr. Quinton Hennigh, technical advisor to Crescat Capital. “Newfoundland has become a hot bed of exploration over the past year, but the same geology continues into New Brunswick to the southwest. Puma has identified similar high-grade gold mineralization to that seen in Newfoundland and has already identified multiple high-grade targets. Further prospecting is expected to generate more. We are very happy to join Puma as a shareholder at a time when they are beginning to drill test these exciting targets.”
Each Unit will be comprised of one common share of the Company and one common share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.50 for a period of 24 months. The Company may pay finders’ fees in relation to a portion of this Offering. The Offering and payment of finders’ fees are subject to acceptance of the TSX Venture Exchange. The Offering is fully subscribed and it is expected that the closing will occur on or about August 13, 2021 (the “Closing Date”). All securities issued pursuant to this Offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the Closing Date.
ABOUT CRESCAT CAPITAL LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat’s goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat’s investment process involves a mix of asset classes and strategies to assist with each client’s unique needs and objectives and includes Global Macro, Long/Short, Large Cap and Precious Metals funds.
Crescat is advised by its technical consultant Dr. Quinton Hennigh on gold and silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. He has more than 30 years of exploration experience with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp and currently serves as Chairman. Among his notable project involvements are First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project on Fiji, among many others.
O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT)
is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching over a strike length of
700 meters.
The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones with selected drill results of
11.2 g/t over 2.8m, 2.1 g/t Au over 9.0m, and 1.0 g/t over 23m
.
These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the altered horizon varies from 5 to 250 meters with an average apparent thickness of 150 meters.
Numerous quartz veins, quartz veinlets, stockworks and breccias were observed mostly perpendicular to the major trend and contain the gold mineralization. The OGT has never been drilled and many gold zones were discovered during the summer 2020 exploration campaign.
High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:
|
O’Neil Gold Zone (VG**): |
128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au |
|
Pepitos Gold Zone (VG**): |
52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au |
|
Lynx Gold Zone (VG**): |
241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au |
|
Chubby Zone Area: |
3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au |
|
Moose Gold Zone: |
2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au |
| * | Selected rock grab samples are selective by nature and may not represent the true grade or style |
| ** | VG: Visible Gold |
QUALIFIED PERSONS
Dominique Gagné, PGeo, independent 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. Mr. Gagné is independent of the Company.
QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)
Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.
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.
The securities described herein have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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for further information on Puma.
Marcel Robillard, President, (418) 750-8510;
[email protected]
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.
