Extended Research
Extended Research
- Trending
- Comments
- Latest
Puma Exploration (TSX-V: PUMA – OTC: PUMXF) is a Canadian-based mineral exploration company with precious metals projects located near the famous Bathurst Mining Camp (“BMC”) in New Brunswick, Canada. The Williams Brook Gold Project is comprised of 5 main claim blocks (Williams Brook, Williams Brook South, Portage, Jonpol and the newly acquired TIMM Property) covering more than 49,000 ha in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby. The land package is located near the Rocky Brook Millstream Fault, a major regional structure formed during the Appalachian Orogeny and is a significant control for gold deposition in the region. To date, a large orogenic/epithermal gold system has been identified at Williams Brook through detailed surface trenching, sampling and drilling, the company has now identified 5 individual gold structures 3 of which are along the Lynx Gold Trend (“LGT”), respectively called Lynx (“LGZ”) Tiger (“TGZ”) and Panthera (“PGZ”) Gold Zones, while the other two, Cougar (“CGZ”) and Jaguar (“JGZ”) are to the north of LGT on separate fault structures.
Since the discovery hole of 5.55g/t over 50 metres in the second hole ever drilled on the property, using the “DEAR” (Development, Exploration, Acquisition and Royalties) strategy, Puma continues to identify opportunities to increase landholdings in Northern New Brunswick. During 2023 the Company staked another 105 claims (2,300 ha) contiguous to its Williams Brook South property and acquired the TIMM property just outside of St. Quentin. Both additions are strategically located along the same highway that allows access to the rest of the Williams Brook Property Claims and can potentially add to the project’s growing gold inventory.
In addition to building out the land package, 2023 was another extraordinary year for Puma on many fronts. Not only was the team able to identify several shoots at the LGZ but also proved that mineralization at the LGZ continued at depth which validated and refined the exploration discovery model. Using this information, the team will be able to extrapolate the data to better manage target generation on different parts of the land package currently being developed along the contact zone to the North, North-East. Also received, were the results from the metallurgical work initiated in 2022 which highlighted up to 92% recoveries in a gravity circuit alone and gave confirmation that the rocks are non acid generating, which bodes extremely well for the projects development and overall CAPEX.
Three discoveries were made along the LGZ in 2023. The first and most developed was the Tiger Zone, which is 350m away from Lynx along trend to the north-east. This discovery extended the LGZ mineralized trend to 1.5 km. The second discovery was the Cheetah Gold Zone (“CHGZ”) which was another 3 km from the TGZ and also along trend with the LGZ, thus extending the LGZ to 4.5 kms and the third was the Panthera Gold Zone, which again is along the same LGZ trend, but 12 kms to the Northwest. Having discovered these three zones, the team will be focused on growing the volume, scale and grade of the resource in preparation for the company’s maiden 43-101 and resource estimate.
For a full and comprehensive overview of all the exploration that’s gone into this property complete with drill hole location and results, continue reading.
The first gold discovery at Williams Brook was made in 2005 by prospector David O’Neil, who was following up on anomalous gold reported in stream sediments and soil samples collected by Northgate Exploration in the early 1990’s, however, up until Mr. O’Neil’s discovery, no other work had been done on the property. In 2005/2006, Mr. O’Neil began prospecting the area and focused his efforts to the south of where Northgate had conducted their exploration work. The most significant discovery he made was an angular quartz float that assayed 33 g/t Au, 54 g/t Ag, and 0.98% Pb. Additional samples from the same area tested 3.5 g/t Au, 122 g/t Ag and 1.14% Pb and 0.56 g/t Au, 5.4 g/t Ag and 0.05% Pb.
In July of 2007/08, Vickers Geophysics Inc. carried out a gradient array survey and induced polarization survey over the gold anomalous area that outlined chargeability and resistivity anomalies. A dipole-dipole induced polarization survey was also carried out and there was a good correlation between some of the IP chargeability anomalies and anomalous values of gold in soil, float, and outcrop samples.
By 2009, Blue Note Mining optioned the claims from Mr. O’Neil and carried out a detailed soil sampling program in the vicinity of the gold discoveries as well as local reconnaissance rock, soil and till sampling, which identified up to 508 gold grains in a till sample. This would lead to a drill program shortly thereafter. The company was successful in making a new discovery when they cut felsic volcanic rocks with shallow intersections of 0.72 g/t Au over 38.0 meters (core length) in hole WB-08-03 and 0.91 g/t Au over 28.0 meters (core length) in WB-08-04. Higher grade mineralization was intersected in quartz veins and quartz veined felsic volcanic rock with up to 11.2 g/t Au over 2.8 meters (core length) in WB-08-11.
Between 2009 and 2012, several small-scale soil sampling campaigns were done over various areas of the claims until GeoVanCap Inc. acquired the property in January of 2012. After reviewing the data, the company carried out a work program that included geological mapping, prospecting, geochemical surveys and trenching. The 2013 mapping and prospecting program led to the discovery of an outcrop of a quartz vein. Grab samples from this outcrop returned values of 1.02 and 6.69 g/t Au by fire assay. This was followed up by collection of a larger, more representative sample that ran 50.8 g/t Au by metallic screen analysis. Geophysical surveys were carried out to follow up anomalous gold identified in earlier soil geochemical surveys; however, there was generally no significant correlation between geophysical anomalies and gold soil geochemical anomalies.
In May 2014, Hinterland Metals did some follow up testing and reconnaissance of the initial gold discovery. Prospecting was carried out that returned 11.8 g/t Au from a quartz vein outcrop that had been previously sampled with assays up to 50.8 g/t Au. An angular quartz float sample located roughly 150 meters northeast of the quartz vein outcrop returned values of 244 ppb Au, 57.8 ppm Ag, 236 ppm Cu and 500 ppm Sb and 5000 ppm Pb.
Between 2014 and 2020, the project sat idle until Puma Exploration acquired the project from Mr. O’Neil.
In April of 2020, Puma Exploration signed an option agreement to acquire a 100% interest in the Williams Brook Gold property. Immediately the company launched a ground truthing exploration campaign aimed at verifying the extent of the current gold mineralization found by the previous operators and prospectors. At the time, most anomalies were still open in all directions and follow-up work had never been carried out for drilling target generation. The first round of the exploration incorporated large areas of detailed prospecting and mapping over the entire William Brook Property with a main focus on the southern part on the Williams Brook property that included the main gold bearing zones shown on the map in figure 1.
In the Fall of 2020, the company sent a team into the field with the prospector who owned the claims to do a grab sample program. This ultimately lead to the discovery of what is now a district scale high-grade gold system. The first discovery zone for Puma came on the site now called the lynx zone which is within the “O’Neil Gold Trend” or (‘OGT”). This is the southern most showing of the OGT. It was found on the side of a steep embankment high above a small creek in an outcrop that was an exposed at surface with multiple quartz veins running throughout the rock.
Below, Head of Investor relations, Mia Boiridy highlights the discovery made by the team at the Williams Brook Gold Project.
The O’Neil showing (outcrop) consists of an altered and brecciated rhyolite injected with quartz veins and quartz stockworks. The main vein is rusty and contains disseminated sulphides such as sphalerite, galena, and chalcopyrite (see figure 3). Following the hand and shovel cleaning of the main vein, surrounding quartz stockworks and veinlets within the rhyolite were found, sampled, and reported respectively high-grade gold of 8.24 g/t Au, 6.14 g/t Au, 3.57 g/t Au and 1.14 g/t Au Prior to Puma’s 2020 Exploration campaign.
The highest grade gold sample taken at O’Neil was 128.0 g/t Au from a quartz vein which was followed and sampled over a length of 10 meters. Additional samples included 109.5 g/t Au, 38.8 g/t Au, 21.0 g/t Au, 7.38 g/t Au, 6.63 g/t Au, 5.55 g/t Au, and 2.94 g/t Au. The average gold grade of this quartz vein was 30.86 g/t Au over 10 meters which was estimated by chip and grab samples collected continuously every 1.5 meters along the main vein as seen in figure 2.
Once results were received, Puma finalized a deal with the prospector and began a very detailed trenching and sampling program which overlapped into 2021. However, the trenching program quickly became a stripping program as the team immediately had success in uncovering several large vein sets just a few meters below the surface.
In 2021,The company began doing a range of geophysical surveys starting with a district-scale Airborne VTEM survey (3,900km) over the Williams Brook Gold Project. The results of the test highlighted a major geophysical signature which correlated with a contact between a Rhyolite rock package and country rock sediments which was discovered during the stripping program. This survey extended the O’Neil Gold Trend to 7 kms of strike potential ( See Figures 5 & 6) and highlighted new target areas.
Through 4,500 meters of trenching and stripping, over a 700m by 200m area and surface sampling approximately 200 grab samples, the company identified 4 more Gold Zones at surface along the OGT. The total of all 5 zones were named from southwest to northeast: O’Neil, Pepitos, Lynx, Chubby, and Moose. The names have changed, but for now we will go with the old names to avoid confusion.
The sampling program was extremely successful, as can be seen below and led to the addition of 507 claims, increasing the size of the property from 12,700 ha to 23,770 ha. Then later in the same month the company executed two more property transactions which when combined, added 60 more claims to the total land package, again increasing the size of the property from 23,770 ha to 25,140 ha (See Figure 5).
Highlights from the 2020/2021 sampling program (See Figures 5 & 6)
In June 2021, Puma launched the first drill campaign on the Williams Brook Property targeting gold. The initial program was modest with a planned 2,000 m of drilling, targeting the Lynx Zone where the highest grade grab sample to date of 241 g/t Au was collected. It didn’t take long for the team to start getting excited as they were finding visible gold in cores almost right away and hitting broad intercepts of alteration. With early drilling success and mounting interest, Puma immediately got to work and signed a Memorandum of Understanding (MOU) with Pabineau First Nation – Oinpegitjoig L’Noeigati (PFN) to collaborate on mutually beneficial initiatives in mining exploration in the traditional territory of Pabineau.
See here for more details – https://insidexploration.com/puma-exploration-signs-memorandum-of-understanding-mou-with-pabineau-first-nation-new-brunswick-canada/
One of the first institutions or groups to take notice of the Williams Brook Project was Crescat Capital when they participated in a financing of $1.6 million. This money would see the company through the first drill phase of drilling and continued exploration of the broader land package.
See here for more details about the financing – https://insidexploration.com/puma-exploration-closes-1-6-million-financing-led-by-a-strategic-investment-by-crescat-capital-for-960000/
If you’re interested, Crescat, featuring Quentin Hennigh, does a weekly roundup called “Crescat Gets Activist on Gold” which covers projects they are invested in. Quinton is a well known and respected geologist and gives great insights and geological break downs that are simplified and easy to understand.
To https://www.youtube.com/@crescatcapital3641
The first results from the maiden drill program did not disappoint! Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface. The mineralized and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. (See Figure 7) But the best part was that all the six (6) of the first holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralized rhyolite.
In this video, President & CEO, Marcel Robillard discusses the discovery that was made in the first round of drilling. This is just the preview version. Full length version can be found at the end of this video.
For more details and images of the discovery hole click here https://insidexploration.com/major-gold-discovery-in-new-brunswick-puma-exploration-drills-5-55-g-t-au-over-50-15-meters-on-initial-drilling-at-williams-brook-gold-property/
Following the receipt of assays, PUMA accelerated the exploration plan with a second phase drilling campaign with a goal of completing 10,000m . Three excavators, two trucks and one bulldozer were brought in to keep extending the kilometric altered and gold-mineralised corridor along the O’Neil Gold Trend in preparation for the drill program.
By November the initial drill program at Lynx was complete and all assays had been recieved. Here is the summary of drilling and results.
Complete Summary of the Inaugural
Interestingly, the grab sampling program was starting to show a correlation with drilling and the first 380 surface grab samples illustrated perfectly the very high-grade gold enrichment contact between the sediments and the rhyolite. The overall average of the 380 samples collected was 3.14 g/t Au, which includes all the results from below detection limit to a maximum value of 199 g/t Au.
Below is a fly over of the O’Neil Gold Trend taken in late October 2021.
The year started off with new results from the grab sampling conducted in the fall from the newly stripped areas north east of Lynx (See highlight reel above). The results from the 50 grab samples received included 51.70 g/t Au, 28.70 g/t Au, 27.20 g/t Au, 23.10 g/t Au, 18.50 g/t Au* and really started to show that high-grade gold mineralization is both significant and continuous along the OGT.
Drilling started on January 17th just north of the Lynx Zone as the company continued to roll out impressive grab sample grades. Only, this time the results came from north east of Chubby where VG was discovered on surface and assayed 371 g/t gold, making it the highest grade gold sample recovered to date. (Figure 9)
Additional Selected grab sample gold results above 10 g/t Au from 2021 sampling program
| Sample ID | Au-GRA22 | Sample ID | Au-GRA22 | Sample ID | Au-GRA22 | Sample ID | Au-GRA22 |
| Au g/t | Au g/t | Au g/t | Au g/t | ||||
| D248399 | 12.35 | D248468 | 18.15 | D248210 | 24.50 | D279887 | 106.50 |
| D249004 | 15.40 | D248469 | 35.20 | D248215 | 13.70 | D279897 | 57.30 |
| D249049 | 25.60 | D248483 | 20.10 | D248217 | 38.00 | D279898 | 102.50 |
| D248458 | 51.80 | D248490 | 13.35 | D248243 | 19.00 | D279899 | 121.50 |
| D248460 | 52.20 | D248491 | 58.30 | D248404 | 21.40 | D279900 | 101.50 |
| D248467 | 77.70 |
On March 1st Puma adds more land. More details can be found here https://insidexploration.com/puma-exploration-signs-strategic-land-package-agreement-to-extend-its-williams-brook-gold-property/
On April 28th, Puma Reported the results from 19 holes of the almost 40 holes drilled. Highlights include 34.93 g/t Au over 3.00 metres within a wider zone assaying 6.47 g/t Au over 16.90 metres in hole WB22-25, 22.28 g/t Au over 3.20 metres within a wider gold intercept of 3.97 g/t Au over 22.10 metres in hole WB22-36 and 1.00 g/t Au over 33.35 metres in hole WB22-26.
Full drill tables can be found here
Over the course of the summer, the Company raised another 1.75 million through the excersizing of warrants and spun out their copper assets into a new company called Canadian Copper. To learn more, please visit – https://insidexploration.com/puma-exploration-announces-record-date-in-connection-with-a-distribution-of-common-shares-of-canadian-copper-a-strategically-focused-company-with-copper-exploration-projects-in-canada/
By September all the remaining assays had been received. Highlights included, 14.90 g/t Au over 3.60 m in hole WB22-96 and 10.96 g/t Au over 3.75 m in hole WB22-91. Important to note, the high-grade intersections are typically included within a wider gold intersection such as 2.17 g/t Au over 25.10 m in WB22-96 and 2.00 g/t over 21.95 m in WB22-94
Full table of results can be found here – https://insidexploration.com/puma-exploration-hits-multiple-high-grade-gold-intercepts-at-williams-brook/
It was at this point in the project that the team had enough data to produce the first 3d block model highlighting the open pit potential of the project.
October 17th, Puma adds more land – https://insidexploration.com/puma-exploration-secures-more-prospective-ground-at-its-williams-brook-gold-project/
With all the focus on drilling and sampling at the OGT (Now called The Lynx Zone), the company set out to explore two new areas of interest in the Jaguar and Cougar zones, which are on separate fault structures and separated by a few kilometers. This excersize led to the discovery of two new gold zones requiring follow up drilling.
On October 20th, the Company announced a new discovery and named it the Jaguar Gold Zone (JGZ). The JGZ is located on a separate trend, 7 kms away and due north of the Lynx Zone (See Figure 14). The initial discovery of this area actually came back in 2007/2008 but hadn’t seen any follow up until this year 2022. As the ground was excavated the team uncovered a contact similar to the Lynx Zone area. However, there was something noticeably different about the mineralization. High-grade gold mineralization at the JGZ is found in altered rhyolite associated with pervasive pyrite mineralization (Figure 16) Unlike the gold hosted in Quartz veining at Lynx. So far, the JGZ hosts a gold-enrichment zone that spans 80 m by 50 m and remains open in all directions (Figure 15).
Highlights from the grab sampling at Jaguar include 18.30 g/t Au, 16.85, 16.30 g/t Au, 16.25 g/t Au, and 12.90 g/t Au respectively. Here are the highlights.
Following the high-grade gold results from the initial stripping at the JGZ, additional and systematic sampling was conducted over the fall. A total of 98 additional samples were collected during this second phase of sampling which targeted the rhyolite/sediment contact with pervasive potassic-pyrite alteration and close to a major fault or its subsidiaries. The entire 98 additional new samples show an average grade of 1.91 g/t Au. and to date, a total of three hundred six samples have been collected at the JGZ with an average grade of 1.72 g/t Au. Ninety-five (95) samples assayed above 1.00 g/t Au (31%).
The gold-enrichment zone at the JGZ currently spans 80 m by 50 m and remains open in all directions. It is coincident with a large IP anomaly and holes drilled in 2008 by a previous operator (WB-08-03: 0.52 g/t Au over 55.00 metres, WB-08-04: 0.68 g/t Au over 41.00 metres and WB-08-05: 0.21 g/t Au over 64.00 metres) indicate that gold mineralization could be widespread and continue at depth.
In addition and not far away, looking towards Lynx, another discovery was made and named the Cougar Gold Zone.
On November 2nd, a new discovery of a “Lynx Gold Zone” type of mineralization with gold in quartz veining was made about 4 km northeast of Lynx and 1 km southeast of the newly discovered Jaguar Gold Zone. The first round of assays returned highlight grades of up to 60.10 g/t Au and 25.20 g/t Au, 5.76 g/t Au, and 3.17 g/t Au respectively (See Figure 18). This area was sampled following up on a drill intercept of 54.20 g/t Au over 2.8 metres conducted by previous operators in 2008.
Simultaneously, while expanding the search efforts across what is becoming a district scale gold discovery, the Company began drilling larger diameter core with a second drill rig at the Lynx Zone to allow for an expanded met work program. This work was done as a follow up to the met work previously announced on November 17th, 2021 which highlighted recoveries of up to 99.7% gold. The Research & Productivity Council (“RPC”) of Fredericton, New Brunswick, an accredited laboratory, was contracted to conduct the preliminary recovery program on pulps and rejects from 3,000 selected high-grade and low-grade drill core samples collected during its 2021 drilling campaign.
A centrifugal gravity concentration test was conducted on the homogenised low-grade reject samples and at a grind size of 100% passing 1.0 mm, a concentrate grading 35.0 g/t Au was produced in 3.9% of the mass to give a recovery of 92% Au. Also, the test head grade was calculated at 1.49 g/t Au whereas the material measured 0.46 g/t Au, indicating that the material is subject to the nugget effect. And finally, a standard cyanidation extraction was completed on high-grade rejects, low-grade pulps and low-grade rejects and gold recoveries were 99.7%, 98.7% and 99.2%, respectively.
Eight (8) HQ holes, for a total of 102 m, were drilled on three (3) main quartz veins in the Lynx Zone. Half of the core was sent to RPC for the recovery tests, and the other half was split and sent to the ALS Chemex lab for gold assaying. The core that was sent to RPC gets blended to make a representative sample for each hole which vary in length from 6 metres to 18 metres (See Figure 19).
The expanded metallurgical program is designed to better define the quality of gold mineralisation at the Lynx Gold Zone, identify opportunities and potential challenges and further optimize recoveries. The study will also provide Puma with a flowsheet for the processing a future bulk sample.
The Panthera Gold Zone (“PGZ”) is located about 12 kilometres northeast of the Lynx Gold Zone (“LGZ”) along strike of the O’Neil Gold Trend. The discovery has the same geological characteristics as the other gold zones on the Williams Brook property: altered rhyolite containing mineralized quartz veins. The exploration work at this location actually began in the fall of 2022 with three (3) trenches totaling 310 metres. The trenches exposed gold in quartz veins at surface that graded 9.87 g/t Au, 8.67 g/t Au, 7.45 g/t, 6.18 /gt Au, 5.92 g/t Au, 5.15 g/t Au, 4.05 g/t gold and 3.27 g/t Au.
This new gold discovery, similar to the Lynx Gold Zone, is located at the contact of a low/high magnetic anomaly and coincides with significant gold enrichment in soil samples collected during the campaign (See figure 21) . Puma’s soil survey was conducted over 3.8 km x 1.5 km and identified six (6) distinct gold anomalies over a 2.5 km trend. The success of the preliminary sampling on the newly identified Panthera Gold Zone is very encouraging, and follow-up work is planned for 2023.
The Panthera Gold Zone would mark the 4th major discovery containing high grade gold in grab samples on the Williams brook property opening the potential for an emerging gold camp.
By the end of 2022, the Company successfully executed on advancing various aspects of operations on a very modest budget. Applying the DEAR strategy to exploration has been extremely effective in this area as the over burden is minimal and it keeps expenditures low while still proving out the deposit.
Puma’s Key Accomplishments
Heading into 2023, the Company decided to focus it’s attention on defining the Lynx Gold Zone along strike and at depth. Despite having discovered several other highly prospective areas on the property, it was important to understand the Lynx Gold Zone so that the information gathered could then be re-applied to other areas within the property. To start the year, the Company announced plans for a 3,000 metre drill campaign which would drill down to approximately 200 metres aimed at confirming the higher-grade mineralized intercepts identified in 2022 (See figure 22).
The second phase of drilling would consist of 3,000 m of step-out drilling focused on the expansion of the LGZ to the northeast along a 3 km corridor. Grab samples collected during the 2022 exploration program (see results below) confirmed the NE extension of the favourable contact and identified drilling targets for this program.
In addition to the exploration drilling, an application for a 4,000 Tonnes bulk sample was submitted early in the year in order to test the average grade of the mineralization and define a flow sheet for gold recovery in preparation for a resource estimation.
Drilling at the lynx zone didn’t get started until July as the winter brought more snow than an average year making it difficult and more expensive to drill and therefore Puma opted to drill in the spring/summer. However, during the winter months the company’s Head of Investor Relations, Mia Boiridy and CEO, Marcel Robillard, hit the road to do several investor presentations and raised over 4 million CAD. Thus allowing the company to push forward with drilling and the expanded exploration plans.
Almost immediately, drilling successfully demonstrated that gold mineralization extends beyond 100 m depth along the Lynx Gold Zone. Twenty-four (24) holes for a total of 3,475 m were drilled as part of the Phase 1 2023 drill program. More than 100 specks of visible gold were observed in 37 separate areas (Figures 26 & 27), with 16 occurrences located between 100 m and 211 m downhole depth. Gold mineralization appears to be constrained at the favourable rhyolite/sediment contact, and potential bonanza-grade veins are typically associated with carbonate alteration (dolomite) and sulphides.
Drilling successfully confirmed the extension of the mineralization beyond 150 m in depth and revealed that the supergene alteration observed in the core, transitions to ‘’fresh sulphides’’ at 100 m vertical depth. Most of the holes 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 (Figure 26). Of note, the same sulphides were intersected 255 m downhole (180 m vertical depth) in hole WB22-145.
While assays were pending the exploration team made another discovery while actively following the geophysical trend of the contact between the ryholite and sediments 400 metres north, north-east of the LGZ. All the same characteristics were observed as the LGZ and follow the trail of surface samples collected by the company over the years, all but confirming continuity of the contact and mineralization within the geophysical trend.
Over the course of the summer excavation of the Tiger zone began and by the end of the fall the team had uncovered a vein set 40m long and 3m wide. See video below for more information.
The results from drilling were released on October 19th and October 31st. All holes intersected the targeted quartz veins, with assay results returning anomalous gold (0.1 g/t) to 63.40 g/t. Results indicate substantial continuity and depth extension of the gold mineralization at the Lynx Gold Zone. Also, broad mineralized zones in previously untested areas – 0.5 m of 16.1 g/t gold in WB23-128, 10.10 m of 3.30 g/t gold in WB23-129, 19.35 m of 0.54 g/t gold in WB23-131, 4.15 m of 3.18 g/t gold in WB23-132 indicate that additional gold chutes exist.
Hole WB23-139 intersected two (2) high-grade gold intervals of 37.40 g/t gold over 2.50 m and 21.66 g/t gold over 2.55 m within a 63.05 m intercept grading 2.49 g/t gold from 89.95 to 153.00 m. The same hole intersected another gold intersection of 2.06 g/t gold over 5.20 m at 215 m downhole depth. With these new gold intersections, the Lynx Gold Zone (“LGZ”) has been extended to approximately 150 m vertical depth, further highlighting the potential for significant depth extension.
Table 1. Assay results for holes WB23-123 – 132
| DDH # | From (m) | To (m) | Length* (m) | Au (g/t) |
| WB23-123 | 7.60 | 8.00 | 0.40 | 1.03 |
| WB23-125 | 2.90 | 93.55 | 90.65 | 0.70 |
| Incl. | 42.05 | 92.90 | 50.85 | 1.05 |
| Incl. | 66.25 | 92.90 | 26.65 | 1.70 |
| Incl. | 75.40 | 92.90 | 17.50 | 2.32 |
| Incl. | 78.65 | 92.90 | 14.25 | 2.67 |
| and | 75.40 | 79.90 | 4.50 | 6.46 |
| Individual samples | ||||
| 2.90 | 3.95 | 1.05 | 4.60 | |
| 11.00 | 11.30 | 0.30 | 9.87 | |
| 37.30 | 37.60 | 0.30 | 4.30 | |
| 42.05 | 42.40 | 0.35 | 2.85 | |
| 55.50 | 55.90 | 0.40 | 16.60 | |
| 66.25 | 66.60 | 0.35 | 13.30 | |
| 75.40 | 75.80 | 0.40 | 4.45 | |
| 76.05 | 76.25 | 0.20 | 1.71 | |
| 78.65 | 79.50 | 0.85 | 11.20 | |
| 79.50 | 79.90 | 0.40 | 42.60 | |
| 87.15 | 87.45 | 0.30 | 3.67 | |
| 88.00 | 88.40 | 0.40 | 11.05 | |
| 90.45 | 90.80 | 0.35 | 2.44 | |
| 91.75 | 92.35 | 0.60 | 5.32 | |
| 92.35 | 92.90 | 0.55 | 1.46 | |
| WB23-127 | 85.90 | 86.40 | 0.50 | 1.50 |
| WB23-128 | 95.15 | 95.65 | 0.50 | 16.10 |
| WB23-129 | 42.90 | 53.00 | 10.10 | 3.30 |
| Incl. | 45.25 | 48.45 | 3.20 | 10.36 |
| Incl. | 48.07 | 48.42 | 0.35 | 29.20 |
| WB23-131 | 46.25 | 65.60 | 19.35 | 0.54 |
| Incl. | 47.00 | 48.05 | 1.05 | 1.06 |
| and | 53.80 | 59.75 | 5.95 | 1.39 |
| Incl. | 57.60 | 58.10 | 0.50 | 12.35 |
| WB23-132 | 85.50 | 89.65 | 4.15 | 3.18 |
| Incl. | 86.15 | 89.07 | 2.92 | 4.43 |
| Incl. | 86.15 | 86.70 | 0.55 | 15.70 |
| and | 87.64 | 88.56 | 0.92 | 4.04 |
Table 2. Assay results for holes WB23-133 to -139
| DDH # | From (m) | To (m) | Length* (m) | Au (g/t) |
| WB23-133 | 30.95 | 61.80 | 30.85 | 0.59 |
| 32.10 | 50.70 | 18.60 | 0.74 | |
| 32.10 | 38.00 | 5.90 | 1.36 | |
| INDIVIDUAL SAMPLES IN WB23-133 | ||||
| 32.10 | 32.65 | 0.55 | 10.65 | |
| 37.40 | 38.00 | 0.60 | 3.24 | |
| 49.00 | 49.35 | 0.35 | 4.33 | |
| 50.20 | 50.70 | 0.50 | 8.25 | |
| 60.15 | 60.90 | 0.75 | 5.18 | |
| WB23-136 | 8.30 | 39.20 | 30.90 | 1.10 |
| Incl. | 8.30 | 11.40 | 3.10 | 3.93 |
| and | 37.15 | 41.00 | 3.85 | 5.55 |
| Incl. | 37.15 | 39.20 | 2.05 | 10.38 |
| and | 37.55 | 37.85 | 0.30 | 63.40 |
| WB23-137 | 2.71 | 33.66 | 30.95 | 0.67 |
| Incl. | 2.71 | 5.50 | 2.79 | 5.00 |
| Incl. | 2.71 | 3.50 | 0.79 | 16.85 |
| and | 33.30 | 38.90 | 5.60 | 0.96 |
| Incl. | 33.30 | 33.66 | 0.36 | 14.25 |
| WB23-138 | 32.10 | 35.80 | 3.70 | 1.63 |
| and | 124.20 | 147.00 | 22.80 | 0.49 |
| INDIVIDUAL SAMPLESS IN WB23-138 | ||||
| 107.08 | 107.65 | 0.57 | 1.28 | |
| 124.20 | 124.70 | 0.50 | 2.63 | |
| 133.65 | 136.80 | 3.15 | 1.02 | |
| 139.30 | 141.95 | 2.65 | 1.53 | |
| 144.70 | 145.50 | 0.80 | 1.20 | |
| 146.00 | 147.00 | 1.00 | 1.05 | |
| 175.75 | 176.10 | 0.35 | 7.42 | |
| WB23-139 | 6.50 | 157.00 | 150.50 | 1.10 |
| incl. | 7.35 | 10.35 | 3.00 | 2.01 |
| and | 89.95 | 153.00 | 63.05 | 2.49 |
| incl. | 89.95 | 92.50 | 2.55 | 21.66 |
| and | 134.60 | 153.00 | 18.40 | 5.51 |
| incl. | 149.50 | 153.00 | 3.50 | 27.33 |
| and | 210.40 | 215.60 | 5.20 | 2.06 |
All seven (7) holes reported in the second batch 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. These lower-grade envelopes emphasize the continuity of the mineralization at Lynx. They will be targeted for future drilling as they indicate that this round of drilling may have missed the higher-grade core. Nevertheless, their presence is significant as it builds volume and will positively impact the mineral resource estimation of the deposit.
Highlights include:
Moose area surface intercepts
Holes originating at the Moose area targeted the depth continuity of the high-grade gold shoots and also intersected mineralized quartz veins at surface (0-40 m).
Highlights include:
The final 6 holes were announced on November 16th highlighting additional high-grade gold shoots intercepted underneath the high-grade gold veins sampled at surface, confirming the model of multiple stacked veins extending at depth. The gold shoots have now been confirmed to extend downhole to at least 250 m and over a strike length of at least 400 m. Of particular interest, a group of high-grade gold veins assayed 20.67 g/t gold over 5.50 m within a large section of 32.15 m grading 3.80 g/t gold in WB23-142, and also in WB23-145 where a section of 5.65 m returned 10.81 g/t gold and another graded 9.91 g/t gold over 5.10 m, within a broad intersection of 98.05 m at 1.24 g/t gold.
Highlights
Hole WB23-140 intersected 6.70 m of 2.44 g/t gold starting at surface, followed by several high-grade intervals such as 3.95 m of 5.44 g/t gold and 3.25 m of 4.06 g/t gold at depth. Hole WB23-144 returned 6.60 g/t gold over 3.25 m from 158 m, and WB23-145 returned 1.01 g/t gold over 3.00 m from 246 m. Gold mineralization was still present at 249 m downhole depth, indicating that the system remains open.
Table 3. Assay results for holes WB23-140 to 145
| DDH # | From (m) | To (m) | Length (m) | Au (g/t) |
| WB23-140 | 3.30 | 159.15 | 155.85 | 0.42 |
| incl, | 3.30 | 10.00 | 6.70 | 2.44 |
| incl, | 4.00 | 7.00 | 3.00 | 5.21 |
| and | 49.25 | 53.40 | 4.15 | 0.44 |
| and | 85.90 | 86.50 | 0.60 | 1.76 |
| and | 115.00 | 158.70 | 43.70 | 0.92 |
| incl, | 115.00 | 133.30 | 18.30 | 1.43 |
| incl, | 129.35 | 133.30 | 3.95 | 5.44 |
| incl, | 129.35 | 130.25 | 0.90 | 21.50 |
| and | 155.45 | 158.70 | 3.25 | 4.06 |
| incl, | 155.45 | 156.45 | 1.00 | 10.75 |
| and | 180.00 | 181.40 | 1.40 | 1.20 |
| WB23-141 | 79.70 | 84.30 | 4.60 | 0.30 |
| WB23-142 | 36.10 | 137.00 | 100.90 | 1.25 |
| incl, | 58.85 | 91.00 | 32.15 | 3.80 |
| incl, | 58.85 | 82.00 | 23.15 | 5.15 |
| incl, | 58.85 | 69.30 | 10.45 | 11.21 |
| incl, | 58.85 | 64.35 | 5.50 | 20.67 |
| and | 67.50 | 69.30 | 1.80 | 1.86 |
| and | 80.25 | 82.00 | 1.75 | 0.93 |
| and | 90.70 | 91.00 | 0.30 | 9.61 |
| and | 136.45 | 137.00 | 0.55 | 1.24 |
| WB23-143 | INDIVIDUAL SAMPLE IN WB23-143 | |||
| 48.40 | 49.30 | 0.90 | 1.22 | |
| 77.00 | 77.85 | 0.85 | 2.44 | |
| 94.45 | 95.00 | 0.55 | 16.05 | |
| WB23-144 | 72.85 | 178.60 | 105.75 | 0.32 |
| incl, | 72.85 | 76.85 | 4.00 | 2.32 |
| and | 72.85 | 73.65 | 0.80 | 6.88 |
| and | 76.25 | 76.85 | 0.60 | 6.16 |
| and | 153.00 | 178.60 | 25.60 | 0.95 |
| incl, | 153.00 | 162.05 | 9.05 | 2.55 |
| incl, | 158.80 | 162.05 | 3.25 | 6.60 |
| incl, | 161.50 | 162.05 | 0.55 | 38.10 |
| and | 177.65 | 178.60 | 0.95 | 1.12 |
| WB23-145 | 79.85 | 251.00 | 171.15 | 0.74 |
| incl, | 79.85 | 177.90 | 98.05 | 1.24 |
| incl, | 80.35 | 109.25 | 28.90 | 2.26 |
| incl, | 79.85 | 88.85 | 9.00 | 6.87 |
| incl, | 80.35 | 86.00 | 5.65 | 10.81 |
| incl, | 80.75 | 83.00 | 2.25 | 25.23 |
| and | 105.30 | 107.80 | 2.50 | 1.41 |
| and | 158.45 | 178.60 | 20.15 | 2.73 |
| incl, | 169.65 | 174.75 | 5.10 | 9.91 |
| incl, | 171.85 | 174.75 | 2.90 | 16.38 |
| and | 246.00 | 249.00 | 3.00 | 1.01 |
While results came in the company was approached by a local prospector with an opportunity dubbed the TIMM Property. The project is located only 10km east of St-Quentin, where Puma has its exploration office and is comprised of 223 claims covering 4,840 ha (see figure 29). Local prospector Tim Lavoie made a gold discovery on the property in 2014 and subsequently optioned it to different junior exploration companies over the years. Those companies completed some surface exploration work in the form of trenches, soil sampling, till and stream sampling and four (4) diamond drill holes that returned several anomalous gold zones and highlighted the potential for more discoveries.
What stood out, were the similarities in geology to Williams Brook and so the TIMM property was optioned by the company on October 25th.
The property was historically divided into three (3) gold zones: the Bonanza, the Dome, and the South zone. The Dome and Bonanza vein system is hosted in strongly foliated sericite schist with the gold mineralization typically associated with goethite/limonite as at the LGZ. So far, the three (3) zones show a strike length of 625 m with samples varying from anomalous (0.1 g/t gold) up to 362 g/t gold (see table 4).
Table 4: Grab sample collected from the TIMM gold property
| Area/Target | Sample | UTM Nad83_X | UTM Nad83_Y | Lithology | Au (g/t) |
| Bonanza | J026525 | 630753 | 5265348 | Quartz vein | 362.00 |
| Bonanza | J026503 | 630754 | 5265343 | Quartz vein | 267.00 |
| Dome | J026519 | 630708 | 5265231 | Quartz vein | 2.72 |
| Dome | J026523 | 630708 | 5265231 | Quartz vein | 4.76 |
| Dome | J026526 | 630708 | 5265231 | Quartz vein | 24.70 |
| Dome | J026801 | 630708 | 5265231 | Quartz vein | 9.47 |
| Dome | J026803 | 630708 | 5265231 | Quartz vein | 1.19 |
| Dome | J026805 | 630708 | 5265231 | Quartz vein | 1.57 |
| Dome | J026806 | 630708 | 5265231 | Quartz vein | 2.33 |
| Dome | J026809 | 630708 | 5265231 | Quartz vein | 0.17 |
| T23-07 | J026501 | 630682 | 5265099 | Quartz vein | 0.31 |
| T23-07 | J026502 | 630682 | 5267097 | Quartz vein | 0.69 |
| T23-08 | J026505 | 630707 | 5265195 | Siltstone/fault | 0.50 |
| T23-09 | J026506 | 630689 | 5265123 | Quartz vein | 0.16 |
| T23-09 | J026510 | 630691 | 5265122 | Quartz vein | 0.35 |
| T23-11 | J026511 | 630674 | 5265072 | Quartz vein | 0.64 |
| T23-11 | J026513 | 630676 | 5265071 | Sandstone | 0.22 |
| T23-11 | J026514 | 630694 | 5265066 | Quartz vein | 1.10 |
| T23-12 | J026518 | 630668 | 5265050 | Shale/fault | 0.90 |
Option Agreement
To acquire a 70% interest in the TIMM property, PUMA will issue 250,000 shares to the vendor and complete $100K worth of work over two (2) years. Having earned a 70% interest in the TIMM Property, Puma will enter into a JV with the seller, carrying the seller for the first $1M of work expenditure. Afterwards, the seller can retain its 30% by contributing its share of the exploration expenses. Should the seller’s interest in the property fall below 10%, its interest will be converted to a 10% return on net profits from Mine Production.
For more information about the option agreement see here
https://insidexploration.com/puma-exploration-samples-362-g-t-gold-at-newly-optioned-timm-gold-property/
To round out the year, Puma announced sampling results confirming that the Lynx Gold Trend extends over 4km.
Highlights
Figure 32: Gold zones along the Lynx Gold Trend (LGT)
(Figure 32)
Surface exploration work over the summer, along the Lynx Gold Trend, expanded the Tiger Gold Zone (TGZ), a gold showing identified last year located 350 m away from the LGZ, for continuous gold mineralization of more than 1.5km. A total of 1,135 samples were collected within 54 new trenches along the NE trending mineralized Gold Corridor. Four (4) sizeable, mineralized quartz veins oriented WNW were discovered and returned significant High-Grade Gold results.
Drill results were announced on November 16th, 2023 demonstrating the continuity of gold mineralization at Lynx.
New high-grade gold veins were intercepted with 20.67 g/t gold over 5.50 m, within 32.15 m of 3.80 g/t gold in WB23-142, and 10.81 g/t gold over 5.65 m and 9.91 g/t gold over 5.10 m within 98.05 m of 1.24 g/t gold in WB23-145.
Holes WB23-140, -142, -144 and -145 demonstrate the continuity of gold mineralization at Lynx, with mineralized envelopes extending over impressive lengths grading respectively 0.92 g/t gold over 43.70 m, 1.25 g/t gold over 100.90 m, 0.95 g/t gold over 25.60 m and 1.24 g/t gold over 98.05 m.
Hole WB23-140 returned 4.06 g/t gold over 3.25 m from 155 m, WB23-144 returned 6.60 g/t gold over 3.25 m from 158 m, and WB23-145 returned 1.01 g/t gold over 3.00 m from 246 m expanding the known mineralization at depth and opening another area of gold mineralization.
The additional high-grade gold shoots were intercepted underneath the high-grade gold veins sampled at surface, confirming the model of multiple stacked veins extending at depth. The gold shoots have now been confirmed to extend downhole to at least 250 m and over a strike length of at least 400 m. Of particular interest, a group of high-grade gold veins assayed 20.67 g/t gold over 5.50 m within a large section of 32.15 m grading 3.80 g/t gold in WB23-142, and also in WB23-145 where a section of 5.65 m returned 10.81 g/t gold and another graded 9.91 g/t gold over 5.10 m, within a broad intersection of 98.05 m at 1.24 g/t gold.
The drilling confirmed that the gold mineralization at Lynx extends both laterally and at depth over impressive lengths, such as 100.90 m of 1.25 g/t gold in WB23-142 and 98.05 m 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.
Figure 33. Cross-section of Lynx gold area with today’s reported results
Figure 34. Pictures of Bonanza gold-grade core samples
To Close out the year Puma raised 1.34 million in financing and started planning for 2024 heading into the holidays.
Mid January, 2024 Puma announced the complete 2023 results and exploration plans for the year. Focused on growing the volume, scale and grade at the Williams Brook Gold Project. The 2024 plans included:
After executing a definitive agreement for the Timm Property in late January, Puma launched the 2024 drill campaign on February 27th, 2024. The first phase consisted of 15 shallow holes ranging from 25 – 150m in depth targeting the Tiger Zone for a total of 875 m (See Figure 35).
Figure 35. Gold zones along the Lynx Gold Trend (LGT)
All holes intersected the targeted favourable gold-bearing horizon of quartz veins / stockwork in altered sediment and gabbro units just like the Lynx gold zone (See Figure 36). This significant finding prompted Puma to immediately initiate step-out drilling over an additional 2.5 km along strike to map the extent of this favourable corridor further.
Figure 36. Visual comparison of core from the Lynx and Tiger Gold Zones
Thirty (30) short holes (See Figure 37) for 2,270 metres were drilled as part of the 2024 Winter/Spring program. Of these, twenty-two (22) holes were drilled at the centre of the Tiger Gold Zone, and 3 were drilled along string towards Cheetah (See Figure 37).
Figure 37. Location of the 2024 Winter Program drilling pads and typical core intersected
Puma’s scout drilling at the Cheetah Gold Zone, a previously unexplored area 3.5 km from the LGZ, yielded significant findings. This area, which had never been drilled and only received limited surface exploration work, had been confirmed to host the same stratigraphy and structures shown to host gold (Figure 38). In addition, drilling confirmed that quartz veins, discreet quartz injections (stockwork, etc.), and hydrothermal alteration extend to at least 100 metres in depth.
Figure 38. Core from the Cheetah Gold Zone located 3.25 km northeast of the Lynx Gold Zone
Results came
The first drill holes at Tiger on July 11th, 2024 but only had anomalous gold results, however, parallels could be drawn between these first drill holes at Tiger and the initial drilling at the Lynx Gold Zone when Puma started drilling there. The Chubby gold zone, drilled in 2021, returned lower-grade intercepts but was found to be adjacent to a very high-grade gold zone. The current results at Tiger, with the observation of similar quartz veins and the same alteration and structures as those at Chubby, suggest that Tiger could also be proximal to a higher grade zone. Notably, The ratios of Pb-Ab at Tiger 2 are similar to those in the Chubby zone, where the gold levels were low, but proximal to a very high-grade zone. The recent mag survey identified several areas of interest at Tiger 2 that will be further investigated.
At Tiger 1 and 3, the presence of a large gabbro sill, altered at its margins, suggests a major intrusion that strikes parallel to the primary gold trend-oriented NE.The recent magnetic drone survey has outlined a long positive anomaly that could indicate the presence of several mafic dikes within the favourable corridor, which could be positive according to expert advisor, Dr. Gregg Morrison “The genetic model is a mesozonal part of an orogenic system with mantle magma derived metals—the mineralization formed in the transition from Early Devonian transpression to relaxation and emplacement of mafic dikes. The ore control is the extensional veins and cavities formed in the ENE veins with higher grade at the intersection with the NNE shears and veins. The structure model is the best guide to ore location, and the metal zoning, especially concentrations of Cu-Zn-Pb-Te-Bi beneath the surface As-Sb, is the best guide to high-grade discovery”.
Results Below:
Figure 39. Location of scouting drilling over 2024 drone magnetic survey map
Table 1. Drilling highlights of 2024 scouting drilling
| DDH # | From (m) | To (m) | Length (m) | Au (g/t) | ZONE |
| WB24-146 | 7.80 | 10.65 | 2.85 | 0.13 | Tiger 1 |
| WB24-147 | 15.65 | 24.30 | 8.65 | 0.12 | Tiger 1 |
| 21.00 | 24.30 | 3.30 | 0.28 | ||
| 23.55 | 24.30 | 0.75 | 0.86 | ||
| WB24-148 | 25.90 | 26.45 | 0.55 | 0.32 | Tiger 1 |
| WB24-149 | 16.40 | 25.65 | 9.25 | 0.11 | Tiger 1 |
| 18.25 | 25.30 | 7.05 | 0.14 | ||
| 18.80 | 24.40 | 5.60 | 0.16 | ||
| 18.80 | 19.40 | 0.60 | 0.77 | ||
| WB24-150 | 34.00 | 35.00 | 1.00 | 0.10 | Tiger 1 |
| WB24-151 | 13.00 | 15.00 | 2.00 | 0.74 | Tiger 3 |
| 13.60 | 14.40 | 0.80 | 1.44 | ||
| 13.60 | 14.00 | 0.40 | 2.06 | ||
| WB24-152 | 34.70 | 42.85 | 8.15 | 0.14 | Tiger 3 |
| 37.05 | 37.70 | 0.65 | 0.34 | ||
| 42.50 | 42.85 | 0.35 | 0.42 | ||
| WB24-153 | 4.50 | 6.00 | 1.50 | 0.44 | Tiger 3 |
| 4.50 | 4.90 | 0.40 | 1.28 | ||
| WB24-156 | 13.55 | 14.00 | 0.45 | 0.18 | Tiger 3 |
| WB24-160 | 9.75 | 13.80 | 4.05 | 0.42 | Tiger 3 |
| 9.75 | 10.25 | 0.50 | 0.88 | ||
| 12.60 | 13.80 | 1.20 | 0.95 | ||
| 13.30 | 13.80 | 0.50 | 1.55 | ||
| WB24-167 | 15.60 | 16.05 | 0.45 | 1.33 | Tiger 3 |
| WB24-170 | 159.55 | 159.95 | 0.40 | 0.87 | Cheetah |
| WB24-174 | 34.60 | 35.05 | 0.45 | 0.34 | Tiger 3 |
| 39.80 | 40.20 | 0.40 | 0.62 |
The main objective of short scouting drill holes at Cheetah was to prove that the favourable contact with supergene alteration and gold mineralization extends to 4 km away from the LGZ. An intercept of 0.87 g/t gold over 0.40 m was intersected (See Figure 40) where a grab sample had graded up to 6.69 g/t gold. Initial grab sampling at Cheetah had only returned 0.20 g/t gold. However, It’s important to note that since 2020, more than 5,000 samples have been collected at the Lynx Gold Zone, which led to the discovery of high-grade gold zones at depth.
Figure 40. Core from the Cheetah Gold Zone located 3.25 km northeast of the Lynx Gold Zone
With results in hand the team began follow-up trenching and mapping to understand the different styles of gold mineralization within the large gold trend (high-grade quartz veins vs disseminated ) and further enhance the geological model. Additionally, the recent drone magnetic survey identified several targets within an area of 2 km X 6 km which the team began stripped, mapped, trenched and sampled to identify priorities for future drilling.
On July 24th, Puma announced the discovery of the Lion Zone which yielded a 72 g/t grab sample from an expanded exploration campaign located 10 km NE from the Lynx Gold Zone along a potential trend that includes the Jaguar and Cougar gold zones. This quartz-rhyolite-limonite-sericite subcrop returned the highest gold assay from surface sampling outside the LGZ.
Figure 41. 2024 Exploration Program – Discovery of the Lion Gold Zone
The surface exploration program in 2024 uncovered several large quartz outcrops and subcrops in an area that was never explored before, 4 km along strike away from the Jaguar Gold Zone. This gold trend-oriented NE parallels the Lynx Gold Trend, which extends more than 10 km between the Lynx and Panthera gold zones.
The new gold zone is closely associated with a major fault, the McCormack Brook Fault. Prospection uncovered altered sediment and rhyolite with mineralized quartz veins similar to the mineralization found at the LGZ. An initial ten (10) samples were collected with assay highlights of 72 g/t Au, 2.61 g/t Au, 0.13 g/t Au and 0.07 g/t Au. The 72 g/t gold sample is composed of quartz, oxidized sulphides and fragments of altered rhyolite
Figure 42. The 72 g/t gold sample
Over the course of the summer, Puma focused on surface exploration and land acquisitions to fill out the already robust land package ahead of making a deal with a very prominent name in the industry.
On October 24th, Puma announced that the company executed a definitive option agreement with KG Exploration (Canada) Inc., a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K, NYSE: KGC) with respect to the Williams Brook, Portage and Jonpol properties (collectively, the “Williams Brook Project”).
Figure 43. Puma’s land holdings in Northern New Brunswick
Under the terms of the Option Agreement, Kinross will have, subject to certain conditions, the option to earn a 65% interest in the Project by funding a minimum of $16,750,000 in exploration expenditures during a period of five (5) years (including a firm commitment of $2,000,000 with at least 5,000 metres of drilling during the first 18 months).
In connection with the Option Agreement, Kinross has also agreed to subscribe under a concurrent private placement for treasury common shares of the Company, representing approximately 9.9% of its issued and outstanding shares.
The deal with Kinross was finalized on December 23rd 2024.
In December, Puma announced the execution of definitive agreement with NB Gold Inc., a private company, and Comet Lithium Corporation (TSXV: CLIC) to secure and gain control over the Mckenzie Gold Project, a highly prospective mining exploration project where several high-grade gold occurrences grading as high as 1,315 g/t Au were identified. Encompassing over 33,660 hectares, the new McKenzie Gold Project straddles the McKenzie Fault, a major structural feature associated with numerous high-grade gold quartz veins, stockworks and breccias discovered by the previous owners’ limited prospecting, trenching and sampling programs. These gold occurrences exhibit remarkable similarities with the orogenic gold mineralization identified on the Williams Brook Project.
The Mackenzie Gold Project is located only 7 km west of the Williams Brook Project and 10 km East of St-Quentin, where the Company maintains its exploration office, core shack and other facilities. The property is easily accessible by paved highway and gravel roads.
Figure 43. Puma’s assets in Northern New Brunswick
A limited trenching and sampling program by Puma in late 2023 on the southern tip of the claim block confirmed the presence of three (3) different mineralized zones extending over 650 metres within strongly foliated altered sediments. The best gold values (362 g/t, 267 g/t, 24.7 g/t, 9.47 g/t and 4.67 g/t gold)* were found in quartz veins associated with limonite/goethite similar to the ones observed at the Lynx Gold Zone at Williams Brook.
Figure 44. Main gold occurrences on the McKenzie Gold Project
The Mackenzie Gold Project was built gradually through staking and different purchase and option agreements, as described below. Puma took one year to consolidate this large, well-located, high-potential claim block.
The non-binding letters of intent with NB Gold and Comet specify that the TIMM Claims, Staked Claims and NB Gold/Comet Claims fall under a joint venture between Puma and NB Gold to form the McKenzie Gold Project. The initial interest for the McKenzie Gold Project will be 70% Puma Exploration and 30% NB Gold.
Historically, more than $1.5 million has been invested in exploration work by previous owners, including regional geophysical surveys, geochemical soil surveys, trenching, and stripping; however, drilling has been limited. The claims carry over $225,000 in assessment work credits, allowing them to remain in good standing with minimal required expenditures from Puma.
In 2025, Puma lead off with announcing the results from the inaugural surface exploration and trenching program at the McKenzie Gold Project in Mid January. The program was very succesful and uncovered the RIM gold vein that yielded very high-grade gold samples with standout results of 601.33 g/t, 251.61 g/t, 110.62 g/t, 103.23 g/t, 103.44 g/t, 62.44 g/t, and 56.68 g/t gold* over a distance of 25 metres (Figure 45).
Figure 45. Sampling of the RIM gold vein at the McKenzie Gold Project
Coupled with the results from 2023, three kilometres south of the high-grade discovery at the RIM vein that returned gold values of 362 g/t, 267 g/t, 24.7 g/t, 9.47 g/t and 4.67 g/t gold* (see October 25, 2023, News Release). The gold veins sampled are similar to those found at the Lynx Gold Zone at the Williams Brook Gold Project, highlighting the potential of finding a second large gold system at McKenzie.
Figure 46. The main gold occurrences on the McKenzie Gold Project
With the gold occurrences exhibiting remarkable similarities with the same orogenic gold mineralization identified at Williams Brook, Puma is eager to discover additional gold zones and extend the known ones at the McKenzie Gold Project. Part of the allure being that previous owners invested more than $1M on exploration work on the property, including airborne surveys, ground geophysics, soil geochemistry, but with minimal focus on drilling. Soon after this announcement, the company closed the deal for the Mackenzie Gold Project
2025 WILLIAMS BROOK PROGRAM
Work in 2025 will focus primarily on the Williams Brook Project, following the signing of Kinross Gold Corp’s Option Agreement last fall (see October 24, 2024 News Release). The joint technical committee met in March to finalize the details of this year’s C$2M committed exploration program. Four (4) full-time teams, comprising one geologist and one technician each, will execute the fieldwork across the entire 40,225-hectare land package. The 9-month program has been strategically designed to include, but is not limited to, 5,000 metres of drilling, more than 95 days of trenching, three (3) drone geophysical magnetic surveys and general mapping and prospecting over the entire land package.
Puma also intends to advance exploration on its McKenzie Gold project in the second half of 2025. Once the current targeting and planning operations are finalized, a more detailed work program will be shared.
Highlights
Figure 1. Planned work for 2025 on the main gold zones of the Williams Brook Project
Several areas that were prospected, mapped, trenched and drilled previously will be revisited during the 2025 field program. Trenching and stripping are proven low-cost activities that have successfully discovered new gold zones, extended previously discovered gold zones and provided a better understanding of the gold control system before initiating drilling operations. In 2024, Puma collected more than 1,100 samples, including 388 samples from prospecting and 708 trench samples on various gold occurrences on the large property package that will inform the upcoming field work.
For more information please visit https://explorationpuma.com and be sure to check out their profile at Insidexploration.com/puma
Disclosure
At the time of creation, Puma Exploration is a client of Insidexploration Analytics Inc.
Disclaimer
Project Reports are under the Issuers editorial control and published on Insidexploration. Information contained in Project Reports may change over time and may differ from other sources. For more information, please reference www.explorationpuma.ca for Corporate, Technical Information and Project Specifications for the latest public disclosures.
Further;
The information herein is meant for informational and entertainment purposes only and does not constitute a recommendation to buy or sell securities. While every effort is taken to ensure the accuracy of everything contained on this website, no warranty of same is expressed or implied. While we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. While every caution has been taken to provide readers with most accurate information, we recommend that you consult a registered investment professional in your jurisdiction before undertaking any investment in any asset whatsoever.
All Issuer content within this space is considered authored by the Company as an extension of their digital presence. All copyrights are retained by each respective creator(s).
