Puma Exploration launches Preliminary Economic Assessment on Murray Brook ZINC Deposit, New Brunswick, Canada
Puma Exploration launches Preliminary Economic Assessment on Murray Brook ZINC Deposit, New Brunswick, Canada
Momentum Public Relations
Press Release: April 11, 2017
RIMOUSKI, QUEBEC–(Marketwired – April 11, 2017) – Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) (the “Company” or “PUMA”) has launched a Preliminary Economic Assessment (“PEA”) on its high-grade Zinc Murray Brook Deposit (the “Deposit”) located in the Bathurst Mining Camp, New Brunswick. PUMA has appointed P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario to lead the study and prepare an NI 43-101 technical report on the project by year end. P&E has previously completed an initial Mineral Resource Estimate and a positive PEA in 2013 on the high tonnage (17 M tonnes) lower grade open pit scenario of the Deposit and prepared an National Instrument 43-101 (“NI 43-101”) Mineral Resource Estimate on the underground high-grade Zinc portion of the deposit in December 2016.
Preliminary Economic Assessment (PEA)
The updated PEA will assess the best means of extracting the mineralization and examine whether, owing to the current prices of metals, the project should commence as an open pit whith later transition to underground operations or only as an underground scenario. The capital expenditures and operating costs will be evaluated as well as the different options to monetize the oxide Mineral Resource located on the top of the Deposit. Different mining scenarios are possible at Murray Brook, since the Deposit starts at surface to 300 metres in depth with the higher grade zone is located between 200-300 metres. The Deposit remains open at depth.
“The completion of the PEA will be a truly defining milestone for PUMA with the Murray Brook project. The potential to grow the Mineral Resource is significant according to the drill ready targets located along strike and toward the Caribou Mine” notes Marcel Robillard, PUMA’s President.
Open Pit Mineral Resource Estimates
The Deposit contains sulphide historical resources of 1.078 Blbs of zinc (“Zn”), 183 Mlbs of Copper (“Cu”), 390 Mlbs of Lead (“Pb”), 23.9 Moz of Silver (“Ag”) and 338 Koz of Gold (“Au”) within historical measured and indicated resources of 17,884,000 tons at 2.73 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0.47 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.99 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb, 41.7 g/t Ag and 0.59 g/t Au.
The historical Mineral Resource Estimate was prepared for Votorantim Metals Canada in accordance with 43-101 in 2012 from 132 drillholes and used terminology compliant with the current reporting standards. PUMA has not made any attempt to reclassify the Mineral Resource Estimates according to current standards of disclosure, and is not treating the estimate as a current Mineral Resource. Investors are cautioned that historical Mineral Resources are considered conceptual in nature, and there is no guarantee that historic potential Mineral Resources will be able to be converted into current NI 43-101 Mineral Resource categories or demonstrate economic viability. A qualified person has not done sufficient work to classify the historical estimate as current Mineral Resource.
Underground Mineral Resource Estimate
The underground Sulphide Mineral Resource Estimate is comprised of Measured and Indicated Mineral Resources totaling 5.28 million tonnes averaging 5.24{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 1.80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb, 0.46{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 68.9 g /t Ag and 0.65 g /t Au. It contains 610 Mlbs of Zn, 209 Mlbs of Pb, 54 Mlbs of Cu, 11.7 Moz of Ag and 111 Koz of Au at a C$85 per tonne net smelter return (” NSR”) cut-off in the Sulphide Measured and Indicated categories.
The National Instrument 43-101 Mineral Resource Estimate for sulphide and oxide mineralization at an $85/t NSR cut-off was used. The drilling database of the Deposit contains 10,045 samples, all of which were analyzed for Zn, Pb, Cu, Ag and Au. A total of 7,964 assays from 141 drill holes have been utilized for the Mineral Resource Estimate. The drilling was carried on between 2010 to 2013.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the 67.9-per-cent beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project, the Nicholas-Denys Project in New Brunswick and an equity interest in Black Widow Resources with the Little Stull Lake Gold Project in Manitoba. In 2017, PUMA will direct all of its efforts on the Company’s three (3) main base metals projects in New Brunswick which are the Murray Brook, Turgeon and Nicholas-Denys projects with special emphasis on the Murray Brook Property.
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Learn more by consulting www.pumaexploration.com for further information on Puma Exploration Inc.
The contents of this press release were prepared by Marcel Robillard, P.Geo., a Qualified Person as defined in NI 43-101. 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.
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 Exploration Inc. 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 Exploration 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.
CONTACT INFORMATION
-
Puma Exploration Inc.
Marcel Robillard, President
(418) 724-0901
president@explorationpuma.com
- Published in Mining, News Home, Puma Exploration
Puma Exploration and Votorantim Metals Canada amend the terms of the Murray Brook Property Agreement
Momentum Public Relations
Press Release: January 25, 2017
Puma Exploration inc. (the “Company” or “Puma”) (TSX VENTURE:PUM)(SSE:PUMA) is pleased to announce that by mutual agreement, Votorantim Metals Canada Inc. (“Votorantim”) and Puma have agreed to modify the terms of the amended and restated Asset Purchase Agreement signed October 5th, 2016 to facilitate and accelerate the final closing of the acquisition of the Murray Brook Property which include the transfer of the mining claims to Puma.
To satisfy the new requirements as set in the amended agreement signed November 27th 2017, Puma will proceed with the $2M cash consideration on February 28th, 2018 as previously agreed. The date at which the Environmental Bond will be assumed by Puma has been postponed to December 31st, 2018, the date of the final cash consideration payment. Once the final cash consideration payment is done and that Puma has assumed the Environmental bond, the mining claims will be transferred to Puma.
“We are very pleased with this new mutual agreement that provides Puma with more flexibility in achieving our shared objective in finalizing the acquisition of the Murray Brook Property. The delay of the release of the Environmental Bond will let us focus on exploring and developing the Murray Brook Deposit” notes Marcel Robillard, President of Puma.
Except as specifically modified pursuant to the present release, no other changes or modifications to the Asset Purchase Agreement are intended or implied or have otherwise been agreed between the Parties. The present modifications have to be reviewed by the usual regulatory agencies.
Current Exploration Program
The second phase of the 2017 exploration program has begun on prospective new areas on both sides of the Murray Brook Deposit and initially consists of trenching. Puma’s geologists have defined several new high priority targets based on their stratigraphic location, their proximity to the Deposit and along the best geophysical anomalies.
So far, 11 trenches have been completed for a total of 803 meters. Along the Western side of the Murray Brook Deposit, altered black shales units were discovered and contain disseminated sulphides and also small veinlets of sulphide. The mineralized rocks, visually similar to the Murray Brook Deposit footwall sediments, were found over a strong chargeability and gravity anomalies. This trenching program was also aimed at defining several high priority targets that will be tested in the coming drilling program.
Corporate Matter
An insider of the Company has participated in the recent September 15th, 2017 flow through private placement for an amount of $1,000.00 (representing 1% of the total placement). This insider subscribed to the units on the same terms as the other investors. The participation of an insider is exempt of the standard regulatory acceptance as well as of the approval of the shareholders of the Company according to sections 5.5 (a) and 5.7 (a) of the Regulation 61-101 « Regulation 61-101 » concerning the protection of minor shareholders in a special transaction. This exemption is based on the fact that the market value of the placement or the amount paid by each of the total insiders does not represent more than 25% of the market value of the Company.
Qualified Persons and QC/AC
The content of this press release was prepared by Marcel Robillard, P.Geo., President and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons as defined by NI 43-101, who supervised the preparation and technical information that forms the basis for 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. Robillard and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof. The samples were prepared, sent, processed at ALS Val D’Or, Québec and ALS Sudbury, Ontario. All samples were assayed by ME-ICP41 method and gold was assayed by AU-AA26 method. QA/QC are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one (1) of each per 30 samples.
About the Murray Brook Project
The Murray Brook Project consists of three (3) distinct contiguous areas that cover more than 18 kilometers of the favorable rocks that host the operating Caribou Mine (Trevali Mining Corp.), the Murray Brook Deposit and the past operating Restigouche Mine (Trevali Mining Corp.). From east to west, the project comprises the Murray Brook East Property (4925), the Murray Brook Mining Lease (# 252) and the Murray Brook West Property (7846) (refer to website).
The Murray Brook East and Murray Brook West Properties have been subject to various degrees of exploration and share the same potential of increasing the mineral resources defined at the Murray Brook Deposit. The Company has defined several future priority targets on these properties.
The Murray Brook deposit has a currently defined measured and indicated mineral resources of 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold. The core of the mineral resource occurs in the West Zone which is 200 meters wide, extending from surface to 300 meters vertical and the true thickness of the massive sulphide body varies from 75 meters to 100 meters. The East Zone (Copper-Gold) is 100 meters wide, also extending from surface to 300 vertical meters and is mainly mineralized with gold and copper. On February 20th 2017, a NI 43-101 report was accepted and filed on SEDAR.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project and the Nicholas-Denys Project located in New Brunswick as well as an equity interest in BWR Resources, Manitoba. Puma’s objective for the coming year is to focus its exploration efforts in New Brunswick.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com for further information on Puma Exploration Inc.
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 Exploration Inc. 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 Exploration 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.
Puma Exploration Inc.
Marcel Robillard
President
(418) 724-0901
president@explorationpuma.com
www.pumaexploration.com
- Published in Puma Exploration
Puma Exploration (PUM:tsxv) Releases NI 43-101 Murray Brook Resource Estimate
Puma Exploration Releases NI 43-101 Measured and Indicated Sulphide Mineral Resource Estimate at Murray Brook Deposit Containing 610Mlbs of Zinc @ 5.24{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn
– Momentum Public Relations –
Press Release: December 21, 2016
In its ongoing plan of action to acquire the Murray Brook Property, Puma Exploration Inc. (TSX VENTURE:PUM)(SSE:PUMA) is pleased to announce completion of a Mineral Resource Estimate on the Murray Brook Deposit located in the Bathurst Mining Camp (BMC) in Northern New Brunswick, Canada. A technical report will be filed on SEDAR within 45 days of this news release.
Highlights:
- The underground Sulphide Mineral Resource Estimate is comprised of Measured and Indicated Mineral Resources totaling 5.28 million tonnes averaging 5.24{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 1.80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb, 0.46{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 68.9 g/t Ag and 0.65 g/t Au.
- The Murray Brook Deposit (“MBD”) contains 610 Mlbs of Zinc, 209 Mlbs of Lead, 54 Mlbs of copper, 11.7 Moz of silver and 111 Koz of gold at a C$85 per tonne NSR cut-off in the Sulphide Measured and Indicated categories.
- Oct 31/16 two year trailing average metal prices for Zn (US$0.90/lb), for Pb (US$0.82/lb), for Cu (US$2.39/lb) with a $US/$C Exchange Rate $0.78 were used for calculating the Mineral Resource Estimate.
- The Measured and Indicated Mineral resource categories represent respectively 68{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the total Sulphide Mineral Resource Estimate and will be used to launch a PEA for underground mining operation in the first half of 2017.
- Metal recoveries to concentrate of Zn (89{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}), Pb (37{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}), Cu (51{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) Ag (55{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) and Au (0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) were used for calculating the Mineral Resource Estimate.
- The deposit starts at surface and continues, so far, to a depth of 300 meters and is open at depth and along strike with drill ready UTEM geophysical targets.
The Murray Brook Property (jointly the Mining Lease 252 and the contiguous 245 mineral Claim Block 4925/ the Camel Back Property) is located 4 km west of the producing Caribou Mine owned and operated by Trevali Mining Corporation.
The Murray Brook Deposit is hosted by sedimentary rocks of the Charlotte Brook Member in the lower part of the Mount Brittain Formation. The upper felsic volcanic member of the Mount Brittain Formation is host to the Restigouche deposit, some 10 km to the west. The Mount Brittain Formation is believed to be equivalent of the Spruce Lake Formation which hosts the Caribou Mine, 10 kilometres to the east. Many drill ready geophysical and geochemical targets will be tested during the second half of 2017.
2016 Mineral Resource Estimate
The Technical Report incorporates P&E’s NI 43-101 Mineral Resource Estimate for sulphide and oxide mineralization at a C$85/t Net Smelter Return (“NSR”) cut-off that is summarized in Table 1.
Table 1 Murray Brook Underground Mineral Resource Estimate at C$85/t NSR Cut-Off(1-4) |
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Zone | Category | Tonnes (‘000’s) |
Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Cu M lb |
Pb {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb M lb |
Zn {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn M lb |
Au g/t |
Au K oz |
Ag g/t |
Ag M oz |
Oxide | Measured | 434 | 1.13 | 10.8 | 1.44 | 13.8 | 4.51 | 43.2 | 0.31 | 4.3 | 60.5 | 0.8 |
Indicated | 105 | 1.94 | 4.5 | 0.82 | 1.9 | 2.84 | 6.6 | 0.46 | 1.6 | 45.3 | 0.2 | |
M+I | 539 | 1.29 | 15.3 | 1.32 | 15.7 | 4.19 | 49.8 | 0.34 | 5.9 | 57.5 | 1.0 | |
Inferred | 4 | 3.94 | 0.3 | 0.19 | 0.0 | 0.62 | 0.0 | 0.46 | 0.1 | 26.6 | 0.0 | |
Sulphide | Measured | 3,681 | 0.36 | 29.0 | 1.87 | 151.9 | 5.57 | 451.7 | 0.56 | 65.8 | 70.5 | 8.3 |
Indicated | 1,603 | 0.70 | 24.8 | 1.63 | 57.4 | 4.48 | 158.4 | 0.88 | 45.1 | 65.3 | 3.4 | |
M+I | 5,284 | 0.46 | 53.8 | 1.80 | 209.3 | 5.24 | 610.1 | 0.65 | 110.9 | 68.9 | 11.7 | |
Inferred | 125 | 2.16 | 5.9 | 0.92 | 2.5 | 2.58 | 7.1 | 0.54 | 2.2 | 47.3 | 0.2 |
(1) | Mineral Resources which are not mineral reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. |
(2) | The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category. |
(3) | The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. |
(4) | “M” means millions; “K” means thousands. |
The Mineral Resource Estimate classification was determined with the Zn grade interpolation since Zn generated the highest proportionate NSR value in the block model. The zinc price used in the Mineral Resource Estimate was US$0.90/lb. The Mineral Resource Estimate is primarily sensitive to zinc price. The NSR underground cut-off Mineral Resource Estimate sensitivity to the November 30th-2016 spot metal prices are tabulated in Table 2.
Table 2 Murray Brook Underground Spot Metal Price (Nov 30/16) Sensitivity to Resource Estimate at C$85/t NSR Cut-Off |
||||||||||||
Zone | Category | Tonnes (‘000’s) |
Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Cu M lb |
Pb {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb M lb |
Zn {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn M lb |
Au g/t |
Au K oz |
Ag g/t |
Ag M oz |
Oxide | Measured | 595 | 1.05 | 13.7 | 1.24 | 16.3 | 3.88 | 50.9 | 0.33 | 6.2 | 52.7 | 1.0 |
Indicated | 172 | 1.43 | 5.4 | 0.82 | 3.1 | 2.62 | 10.0 | 0.53 | 2.9 | 42.2 | 0.2 | |
M+I | 767 | 1.13 | 19.2 | 1.14 | 19.4 | 3.60 | 60.9 | 0.37 | 9.2 | 50.3 | 1.2 | |
Inferred | 4 | 3.84 | 0.3 | 0.18 | 0.0 | 0.59 | 0.1 | 0.44 | 0.1 | 26.0 | 0.0 | |
Sulphide | Measured | 6,157 | 0.36 | 48.5 | 1.50 | 202.9 | 4.38 | 593.8 | 0.55 | 108.3 | 58.0 | 11.5 |
Indicated | 3,512 | 0.61 | 47.3 | 1.26 | 97.7 | 3.28 | 254.1 | 0.88 | 98.8 | 53.2 | 6.0 | |
M+I | 9,669 | 0.45 | 95.7 | 1.41 | 300.6 | 3.98 | 847.9 | 0.67 | 207.0 | 56.3 | 17.5 | |
Inferred | 188 | 1.85 | 7.6 | 0.81 | 3.4 | 2.24 | 9.3 | 0.56 | 3.4 | 42.7 | 0.3 |
Puma’s projections for 2017 in view of the purchase of the Murray Brook Deposit are as follows:
- Produce a new PEA (Preliminary Economic Assessment) during the first half of 2017 for HIGH GRADE ZINC zones of the sulphide portion of the deposit contained in the current Mineral Resource Estimate.
- Proceed with additional advanced recovery (metallurgical) tests on the Deposit’s mineralization, focusing on GOLD and SILVER recovery with the objective of establishing the economic value of the deposit.
- Proceed with a drilling exploration program to delineating the size of the deposit and potentially add more deposits along strike in the direction of the Caribou Mine.
Mineral Resource Estimate Methodology
The NI 43-101 Mineral Resource Estimate for sulphide and oxide mineralization at a C$85/t Net Smelter Return (“NSR”) cut-off is summarized in table 1. The drilling database of the Murray Brook Project contains 10,045 samples, all of which were analyzed for copper (“Cu”){92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, lead (“Pb”){92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, zinc (“Zn”){92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, gold (“Au”) g/t and silver (“Ag”) g/t. A total of 7,964 assays from 141 drill holes have been utilized for the Mineral Resource Estimate. The drilling was carried on between 2010 to 2013.
The Murray Brook resource block model was constructed using Gemcom modeling software. The block model is oriented with X axis at 110° azimuth with 3m x 3m x 3m blocks. Inverse Distance Squared (1/d²) grade interpolation was utilized for the Cu, Pb and Zn grade interpolation on capped composites while Inverse Distance Cubed (1/d3) was used for the Au and Ag grade interpolation on uncapped composites. The average block-model mineralized bulk density was calculated to be 4.08 tonnes per cubic metre.
The resource model classification was determined from the Zn interpolation due to Zn generating the highest proportionate contribution to the NSR value in the block model. Based on the semi-variogram performance and density of the drilling data, the Measured Mineral Resource category was justified for blocks interpolated by the first pass using at least seven composites from a minimum of four drill holes within a spacing of 25 m along strike, 40 m down dip and 15 m on the across dip direction. Indicated Resources were classified to the blocks interpolated with the second pass; wheras Inferred Resources were categorized for all remaining unclassified blocks. The classifications of some blocks have been manually adjusted to represent the resource classification more reasonably.
The underground NSR block values were based on two year trailing average metal prices as of October 31, 2016, including Cu at US$2.39/lb, Pb at US$0.82/lb, Zn at US$0.90/lb, Au at US$1,200/oz, Ag at US$16.33/oz, and a $US/$CDN Exchange Rate of $0.78. Taking into consideration concentrate recoveries, refining charges, smelter payables, concentration ratio, smelter treatment charges, humidity factors and concentrate freight charges. The NSR value of the mineralized blocks was calculated using the following formula:
NSR = [(Cu{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} x 24.65) + (Pb{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} x 7.49) + (Zn{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} x 14.98) + (Au x 0.0) + (Ag x 0.24)) – 9.02]/0.78
The projected process recovery, smelter payable, concentrate, transportation and other parameters used in the NSR calculation are as follows:
Cu Concentrate Recovery | 51{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn Concentrate Recovery | 89{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb Concentrate Recovery | 37{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Ag Concentrate Recovery | 55{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Au Concentrate Recovery | 0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Concentrate Ratio | 54:1 |
Cu Smelter Payable | 95{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb Smelter Payable | 95{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn Smelter Payable | 85{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Ag Smelter Payable | 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Au Smelter Payable | 0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Trucking/Storage/Ship Loading | US$30/t per WMT |
Zn Smelter Treatment Charge | US$150/t per DMT |
Cu Smelter Treatment Charge | US$100/t per DMT |
Pb Smelter Treatment Charge | US$140/t per DMT |
Concentrate Humidity Factor | 8.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
These data were derived from the metallurgical reports and other underground mining operations similar to that anticipated at Murray Brook.
The C$85/tonne NSR Mineral Resource Estimate cut-off was derived as follows:
C$57/tonne Mining cost |
C$24/tonne Process cost |
C$4/tonne G&A cost |
The NSR cut-off sensitivities to the Underground Mineral Resource Estimate are tabulated in Table 3.
Table 3 Sensitivity to Underground Mineral Resource Estimate of the Murray Brook Project |
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Zone | Category | Cut-Off | Tonnage | Cu | Cu | Pb | Pb | Zn | Zn | Au | Au | Ag | Ag |
NSR C$/t | tonnes | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | M lb | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | M lb | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | M lb | g/t | K oz | g/t | M oz | ||
Oxide | Measured | 150 | 162,150 | 1.16 | 4.2 | 2.07 | 7.4 | 6.37 | 22.8 | 0.28 | 1.5 | 82.5 | 0.4 |
125 | 246,915 | 1.16 | 6.3 | 1.81 | 9.9 | 5.65 | 30.7 | 0.29 | 2.3 | 73.4 | 0.6 | ||
100 | 353,004 | 1.15 | 9.0 | 1.58 | 12.3 | 4.94 | 38.5 | 0.30 | 3.4 | 65.4 | 0.7 | ||
85 | 434,447 | 1.13 | 10.8 | 1.44 | 13.8 | 4.51 | 43.2 | 0.31 | 4.3 | 60.5 | 0.8 | ||
70 | 529,563 | 1.09 | 12.7 | 1.31 | 15.3 | 4.11 | 47.9 | 0.32 | 5.4 | 55.6 | 0.9 | ||
60 | 608,171 | 1.06 | 14.2 | 1.22 | 16.3 | 3.81 | 51.1 | 0.33 | 6.4 | 52.2 | 1.0 | ||
Indicated | 150 | 23,945 | 3.09 | 1.6 | 0.91 | 0.5 | 3.41 | 1.8 | 0.36 | 0.3 | 49.9 | 0.0 | |
125 | 47,425 | 2.74 | 2.9 | 0.82 | 0.9 | 3.07 | 3.2 | 0.37 | 0.6 | 46.7 | 0.1 | ||
100 | 76,518 | 2.29 | 3.9 | 0.81 | 1.4 | 2.93 | 4.9 | 0.41 | 1.0 | 46.0 | 0.1 | ||
85 | 105,137 | 1.94 | 4.5 | 0.82 | 1.9 | 2.84 | 6.6 | 0.46 | 1.6 | 45.3 | 0.2 | ||
70 | 141,525 | 1.64 | 5.1 | 0.83 | 2.6 | 2.71 | 8.5 | 0.51 | 2.3 | 43.6 | 0.2 | ||
60 | 173,484 | 1.45 | 5.6 | 0.81 | 3.1 | 2.58 | 9.9 | 0.53 | 2.9 | 42.0 | 0.2 | ||
Inferred | 150 | 1,503 | 4.49 | 0.1 | 0.19 | 0.0 | 0.86 | 0.0 | 0.51 | 0.0 | 29.4 | 0.0 | |
125 | 2,271 | 4.34 | 0.2 | 0.19 | 0.0 | 0.76 | 0.0 | 0.50 | 0.0 | 28.7 | 0.0 | ||
100 | 3,215 | 4.08 | 0.3 | 0.18 | 0.0 | 0.63 | 0.0 | 0.47 | 0.0 | 26.7 | 0.0 | ||
85 | 3,595 | 3.94 | 0.3 | 0.19 | 0.0 | 0.62 | 0.0 | 0.46 | 0.1 | 26.6 | 0.0 | ||
70 | 3,917 | 3.82 | 0.3 | 0.18 | 0.0 | 0.59 | 0.1 | 0.44 | 0.1 | 25.9 | 0.0 | ||
60 | 3,917 | 3.82 | 0.3 | 0.18 | 0.0 | 0.59 | 0.1 | 0.44 | 0.1 | 25.9 | 0.0 | ||
Sulphide | Measured | 150 | 1,318,497 | 0.33 | 9.7 | 2.71 | 78.8 | 8.05 | 234.0 | 0.63 | 26.5 | 99.3 | 4.2 |
125 | 1,910,405 | 0.34 | 14.1 | 2.41 | 101.3 | 7.19 | 302.8 | 0.59 | 36.3 | 88.5 | 5.4 | ||
100 | 2,819,661 | 0.35 | 21.5 | 2.08 | 129.5 | 6.23 | 387.4 | 0.56 | 51.1 | 77.4 | 7.0 | ||
85 | 3,680,679 | 0.36 | 29.0 | 1.87 | 151.9 | 5.57 | 451.7 | 0.56 | 65.8 | 70.5 | 8.3 | ||
70 | 4,953,664 | 0.37 | 40.5 | 1.65 | 180.0 | 4.85 | 529.2 | 0.55 | 88.2 | 63.4 | 10.1 | ||
60 | 6,072,003 | 0.38 | 51.0 | 1.50 | 200.5 | 4.37 | 585.3 | 0.55 | 107.4 | 58.5 | 11.4 | ||
Indicated | 150 | 368,910 | 0.45 | 3.6 | 2.97 | 24.2 | 8.10 | 65.9 | 1.00 | 11.9 | 105.7 | 1.3 | |
125 | 585,896 | 0.60 | 7.7 | 2.42 | 31.2 | 6.80 | 87.9 | 0.89 | 16.7 | 88.4 | 1.7 | ||
100 | 1,032,294 | 0.69 | 15.7 | 1.90 | 43.3 | 5.40 | 123.0 | 0.85 | 28.3 | 73.2 | 2.4 | ||
85 | 1,602,774 | 0.70 | 24.8 | 1.63 | 57.4 | 4.48 | 158.4 | 0.88 | 45.1 | 65.3 | 3.4 | ||
70 | 2,669,331 | 0.66 | 38.8 | 1.38 | 81.3 | 3.64 | 214.1 | 0.89 | 76.6 | 57.7 | 5.0 | ||
60 | 3,548,682 | 0.64 | 50.0 | 1.25 | 97.9 | 3.23 | 252.5 | 0.88 | 100.5 | 53.2 | 6.1 | ||
Inferred | 150 | 31,661 | 2.14 | 1.5 | 1.67 | 1.2 | 4.66 | 3.2 | 0.63 | 0.6 | 70.6 | 0.1 | |
125 | 53,133 | 2.33 | 2.7 | 1.31 | 1.5 | 3.74 | 4.4 | 0.58 | 1.0 | 59.4 | 0.1 | ||
100 | 92,588 | 2.29 | 4.7 | 1.02 | 2.1 | 2.92 | 6.0 | 0.55 | 1.6 | 50.7 | 0.2 | ||
85 | 124,834 | 2.16 | 5.9 | 0.92 | 2.5 | 2.58 | 7.1 | 0.54 | 2.2 | 47.3 | 0.2 | ||
70 | 167,127 | 1.98 | 7.3 | 0.82 | 3.0 | 2.28 | 8.4 | 0.55 | 2.9 | 43.8 | 0.2 | ||
60 | 201,151 | 1.84 | 8.2 | 0.77 | 3.4 | 2.13 | 9.4 | 0.55 | 3.6 | 41.4 | 0.3 |
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and an equity interest in Black Widow Resources related to the Little Stull Lake Gold Project in Manitoba. Puma’s objective for the coming year is to focus its exploration efforts in New Brunswick. Canada.
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com for further information on Puma Exploration Inc.
Qualified Persons Statement
Eugene Puritch, P.Eng. and Yungang Wu, P.Geo. are the Independent Qualified Persons responsible for the Murray Brook Deposit underground Mineral Resource Estimate disclosed in this press release.
Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc. has. reviewed and approved the technical contents of this press release. The contents of this press release were prepared by Marcel Robillard, P.Geo., a Qualified Person as defined in NI 43-101. 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.
- Published in Mining, News Home, Puma Exploration
Puma Exploration to Acquire 100 of Murray Brook Deposit and Significant Land Package
Puma Exploration to Acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of Murray Brook Deposit and Significant Land Package in the Brunswick Belt in New Brunswick
– Momentum Public Relations –
Press Release: October 13, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) is pleased to announce that it has executed an asset purchase agreement with Votorantim Metals Canada Inc. and signed a letter of intent with El Nino Ventures (ELN-V) to acquire, respectively, approximatively 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interest in the Murray Brook Zn-Pb-Cu-Ag Volcanogenic Massive Sulphide (“VMS”) deposit located in the famous Bathurst Mining Camp (“BMC”) of northern New Brunswick. The Murray Brook property consists of Mining Lease 252 and contiguous Mineral Claim Block 4925 (245 claims) located 4 km west of the producing Caribou Mine, which is owned and operated by Trevali Mining Corporation. Both of the aforementioned transactions are expected to close on or about November 15th, 2016.
HIGHLIGHTS:
• The Murray Brook deposit contains historical resources of 1 billion pounds (lbs) of zinc, 183 million lbs of copper, 390 million lbs of lead, 23.9 million ounces (“oz”) silver and 338,000 oz. of gold within historical Measured and indicated Resources of 17,884,000 tons @ 2.73{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0.47{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.99{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb, 41.7 grams per ton (“g/t Ag”) and 0.59 g/T Au. The historical resource estimates were prepared for Votorantim Metals Canada Inc in accordance with NI43-101. in 2012 from 132 holes and use terminology compliant with current reporting standards. Puma has not made any attempt to re-classify the estimates according to current standards of disclosure and is not treating the estimate as current mineral resources or mineral reserves. Investors are cautioned that “historical resources” are considered conceptual in nature and there is no guarantee that historic “potential resources” will be able to be converted into current NI43-101 resource categories or demonstrate economic viability. A qualified person has no done sufficient work to classify the historical estimate as current mineral resources.
• Preliminary metallurgical tests indicated recoveries of up to 88{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} zinc.
• Gravity and soil geochemical targets exist along strike from the Murray Brook deposit and there are high priority drill-ready targets in favorable stratigraphy and along strike from the nearby Caribou Mine within Mineral Claim Block 4925.
Marcel Robillard, president of Puma, said “I am very pleased that we have been able to reach agreement with Votorantim Metals Canada Inc. and El Nino Ventures Inc. to acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Murray Brook deposit and look forward to completing the definite transactions by November 15th, 2016. The next step will be to update the historical Resources Estimate done in 2012 and the PEA released in 2013 to show the actual metal prices. This acquisition is another step to become a leader in Zinc Exploration in New Brunswick and it is a substantial addition to our portfolio of base metals projects in New Brunswick, which include the Turgeon, Nicholas-Denys and the newly acquired Red Brook projects.”
The Murray Brook VMS deposit is hosted within a sheath fold; enveloped by a halo of chlorite-sericite alteration. There are 2 distinct lenses to the deposit; a western lens, which is deeper and zinc-rich, and an eastern lens that is shallower and copper-rich with some zinc. The bottom of the deposit is approximately 350 meters below surface.
Table 2. Selected drill-hole intersections at Murray Brook Deposit
Hole ID | From (m) |
To (m) |
Interval (m) |
Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Au (g/t) |
Ag (g/t) |
MB-2012-138 | 182.00 | 226.00 | 44.00 | 0.19 | 4.90 | 9.16 | 0.68 | 164 |
MB-2011-52 | 181.00 | 224.00 | 43.00 | 0.29 | 3.64 | 8.51 | 0.99 | 118 |
MB-2012-132 | 165.00 | 200.00 | 35.00 | 0.14 | 3.48 | 10.35 | 1.36 | 121 |
MB-2012-110 | 108.00 | 154.00 | 46.00 | 0.08 | 1.46 | 6.96 | 0.23 | 57 |
MB-2011-49 | 118.00 | 157.00 | 39.00 | 0.32 | 3.22 | 7.67 | 1.39 | 120 |
MB-2012-107 | 60.00 | 93.00 | 33.00 | 0.10 | 2.63 | 8.66 | 0.33 | 109 |
MB-2012-70 | 211.00 | 234.00 | 23.00 | 0.41 | 4.74 | 11.94 | 1.56 | 153 |
MB-2012-90 | 165.00 | 189.00 | 24.00 | 0.13 | 4.22 | 11.10 | 0.74 | 160 |
MB-10-16 | 44.00 | 71.00 | 27.00 | 0.47 | 3.39 | 9.56 | 0.12 | 122 |
MB-2011-39 | 190.00 | 210.00 | 20.00 | 0.18 | 3.82 | 10.90 | 1.34 | 115 |
MB-2011-30 | 55.00 | 78.00 | 23.00 | 0.14 | 3.03 | 8.93 | 0.46 | 131 |
The Murray Brook VMS deposit is hosted within sedimentary rocks of the Mount Brittain formation. Recent geological mapping has identified exposures of the same rocks to the east of the deposit (on Mineral Claim Block 4925), that have not been recognized in the past. Notably, several gravity anomalies defined by a recent ground survey as well as a number of lead-zinc in-soil anomalies are coincident with the mapped exposures of the Mount Brittain formation and provide excellent targets for diamond drilling in efforts to find additional mineralization. Of note, the Murray Brook VMS deposit shows up prominently as a strong gravity anomaly coincident with strong lead and zinc in-soil values. Additionally, large-loop electromagnetic surveys (Pulse EM) are warranted in the immediate locale of the deposit itself and along strike from it, to assist in finding satellite deposits to the known mineralization.
Terms of the transactions:
Puma will acquire Votorantim Metals Canada Inc.’s 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interest and El Nino Ventures Inc.’s 32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interests in the Murray Brook property by concluding two (2) distinct transactions.
To acquire Votorantim Metals Canada interest (67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce})
a. C$1.0 million upon closing (no later than November 15th, 2016)
b. C$2.0 million payable 12 months from closing
c. C$3.0 million upon the earliest of commercial production or September 30th, 2019,
plus a laddered NSR starting at 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} at a zinc price of US$1.04/lb and increasing, in increments of 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, to a maximum of 1.75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} above US$1.50/lb Zn in relation to 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the production from the Murray Brook Property, which includes the Mining Lease and the Camel Back claims, for actual Murray Brook deposit and any new discovery for their respective life of mine.
Additionally, Puma will assume and fund Votorantim Metals Canada Inc.’s liability for the C$2 million Environmental Bond Letter of Credit with the New Brunswick government and assume the C$3 million + 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR or the 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR, December 2017 option payment obligation to Murray Brook Minerals.
To acquire El Nino Ventures’s interest (32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce})
a. C$50,000 non-refundable deposit to be paid 10 days following the waiver of the ROFR from El Nino. This deposit becomes binding on receipt of the waiver of the ROFR from El Nino.
b. C$0.6 million upon closing of this transaction (no later than Nov.15th, 2016)
c. C$0.4 million payable six (6) months after the closing (no later than May.15th, 2017)
d. C$1.0 million payable twelve (12) months from closing (no later than Nov.15th, 2017)
e. C$1.0 million payable twelve (24) months from closing (no later than Nov.15th, 2018)
f. 2,000,000 warrants given the right to buy 2,000,000 Puma’s ordinary shares expiring 3 year after the closing of the transaction based on the following exercise prices:
1) 0 to Year 1 (Nov 15, 2017): Equal to the price of the acquisition equity financing;
2) Year 1 to Year 2 (Nov 15, 2018): a 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} premium to the price indicated in 1) above;
3) Year 2 to Year 3: a 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} premium to the price indicated in 2) above,
plus a laddered NSR starting at 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} at a zinc price of US$1.04/lb and increasing, in increments of 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, to a maximum of 1.75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} above US$1.50/lb Zn in relation to 32{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the production from the Murray Brook Property, which includes the Mining Lease and the Camel Back claims, for actual Murray Brook deposit and any new discovery for their respectively LOM.
Votorantim Metals Canada Inc. will retain title to the project as security until the assumption of the environmental liability has been completed and Votorantim Metals Canada Inc.’s liability is released by the Government of New Brunswick.
About BMC
The BMC is a well-established mining district hosting numerous mines with infrastructures mines and deposits including the Brunswick No. 12 deposit, having produced zinc, lead, silver and gold for well over 60 years. In addition to Brunswick No. 12, there are more than 30 other massive sulphide deposits and numerous prospects in the BMC, attesting to its vast world-class endowment and mineral potential.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
To view the maps associated with this press release, please visit the following links:
Puma Exploration Acquisition: http://media3.marketwire.com/docs/490_Acquisition.pdf
Geophysical Targets on Murray Brook Claims: http://media3.marketwire.com/docs/490_GphTargets.pdf
You can visit us on Facebook and Twitter.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration
Puma Exploration Inc. (PUM:tsxv) Finalizes Negotiations on a Definitive Sale Agreement with BWR Exploration on Little Stull Lake Gold Project, Manitoba
Puma Exploration Inc. (PUM:tsxv) Finalizes Negotiations on a Definitive Sale Agreement with BWR Exploration on Little Stull Lake Gold Project, Manitoba
– Momentum Public Relations –
Press Release: October 7th, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) has executed a definitive sale agreement, whereby BWR can acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Little Stull Lake Gold project in Northern Manitoba from Puma Exploration Inc. (“Puma”). The closing is subject to the approval of the TSX Venture exchange.
Definitive Agreement
The main elements of the definitive agreement include:
- Cash payments of $150,000 to Puma; the first $50,000 was paid upon signing the LOI on July 11, 2016, there are two additional milestone payments of $50,000 each, payable within 30 days of Edmund Lake and Kistigan Mineral Exploration Licenses being granted and transferred to BWR by Manitoba Department of Natural Resources.
- Puma will receive up to 10 million BWR common shares, of which 4,750,000 are subject to escrow provisions. 4,750,000 of the first 5,000,000 securities will be delivered to Puma upon execution and approval of the definitive agreement to be released in increments over a 36-month period, 250,000 shares will similarly be delivered as directed by Puma to a finder. The additional 5,000,000 additional securities are to be delivered to Puma as directed by Puma, upon certain exploration and development milestones being met by BWR over the next several years as follows:
- 1 million shares to be issued once 500,000 ounces of gold have been identified in the measured and indicated category;
- 1 million additional shares to be issued once 1,000,000 ounces of gold have been identified in the measured and indicated category;
- 1 million additional shares to be issued once a positive preliminary economic analysis has been prepared;
- 2 million additional shares to be issued upon delivery of positive feasibility study.
Notwithstanding the above, with respect to the additional 5,000,000 securities, BWR must expend $1.5 million in exploration within the first 36 months of the effective date. Failure on the part of BWR to do so will result in the additional 5,000,000 securities being issued to Puma in accordance with provisions of the escrow agreement.
- Puma has nominated Marcel Robillard to be their representative on the BWR Board of Directors as part of the agreement. BWR has agreed to add Mr. Robillard to its’ Board of Directors upon closing of the agreement.
- Puma will have the right to maintain its’ pro rata equity interest in BWR by investing in future financings of BWR for as long as it maintains greater than 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} equity. The pro rata equity interest calculation is as if Puma has received all 9.75 million shares.
- If commercial production is attained at the Little Stull Lake Project, Puma retains a non-buyable 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR.
- BWR has assumed Puma’s right of first refusal regarding an underlying 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} net smelter royalty that is payable to Tanqueray Resources Inc. (“Tanqueray”). This underlying royalty is buyable in its entirety at anytime for $3 million by BWR, Tanqueray has consented to this assignment.
The Little Stull Lake Gold Project
The Little Stull Lake Gold project consists of 20 staked mining claims covering approximately 2,387 hectares that cover the main exploration sites for the project. The staked claims were originally staked in 1984 and have applied assessment credits making them valid until 2025. The 20 claims are surrounded by the Kistigan Mineral Exploration License (M.E.L. 1026A) application covering an area of approximately 15,640 hectares. The western extension of the project is covered by the Edmund Mineral Exploration License (M.E.L. 426A) application covering an area of approximately 20,308 hectares. The Little Stull Lake Project covers exploration rights over a total of 38,335 hectares (approximately 384 square kilometers), including the 20 claims and the two Mineral Exploration Licenses.
Historical results on Project
Historical drilling has been carried out in three drill campaigns, initially by Westmin Resources Inc. in the period 1984 to 1990 when 202 drill-holes were completed totalling 34,498 meters, followed by Wolfden Resources Inc. drilling 7 holes in 2000 totalling 1,423 meters, followed by Puma Exploration drilling 10 holes in 2007 totalling 1,500 meters. These 219 drill holes represent an aggregate of 37,421 metres, the analysis of which resulted in the delineation of five separate zones of gold mineralization along a 6.2 kilometre geological structure. Most of the drilling focussed on the West Zone reported by Westmin in 1991, to contain a potential resource estimate of 750,000 tons averaging 10.5 g/t Au as recorded in Open file 90-2 by Manitoba Department of Energy and Mines (p 58), also reported in Canadian Intergovernmental Working Group on Mineral Industry, in 2008. The Westmin resource estimate is considered historical in nature and was done prior to the implementation of NI 43-101 reporting requirements and adoption of CIM Guidelines for Estimation of Mineral Resources and Reserves, however the reported resource estimate is considered relevant as it has been used as reference to the gold potential of the region in various technical reports about the area by government agencies. A Qualified Person has not done sufficient work to classify this historical estimate and the Company is not treating this historical estimate as a current mineral resource estimate.
Recent activity in Project area
Most notably, in June, 2015 Yamana Gold (TSX:YRI) acquired Mega Precious Metals (TSX VENTURE:MGP), in a share transaction valued at an estimated $17.5 million. As a result of this corporate takeover, Yamana now holds title to the Monument Bay Gold Deposit, that is located approximately 20 km southwest of BWR’s Little Stull Lake Gold Project. The Little Stull Lake mineralized gold zones lie in a similar geological environment to those on the Monument Bay property. Recent news by Yamana includes an update press release on September 6, 2016 where they report an Indicated Mineral Resource of 1.787 million ounces of gold contained in 36.58 million tonnes at a grade of 1.52 g/t Au and an Inferred Mineral Resource of 1.781 million ounces of gold contained in 41.97 million tonnes at an average grade of 1.32 g/t Au. The mineralization hosted on the Monument Bay property is not necessarily indicative of the mineralization, if any, hosted on the Company’s property.
“BWR is excited about this new exploration and development opportunity acquired from Puma Exploration. Our Board of Directors is looking forward to working with Marcel Robillard of Puma over the next several years as the Little Stull Lake Gold Project matures from an attractive exploration project into what BWR hopes to be a development project. Puma will continue focussing their exploration efforts on their base metal assets in New Brunswick while BWR focuses on this exciting gold project.” notes Neil Novak, President and CEO of BWR Exploration Inc.
BWR is a public company (TSX VENTURE:BWR) focused on exploring early stage projects for base and precious metals, with three exploration projects in Northern Ontario, and more recently one in Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 39,191,961 shares issued in BWR prior to this transaction.
The contents of this press release were prepared by Dominique Gagné, PGeo, a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d’Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone. 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.
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 BWR Exploration Inc. 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. BWR Exploration Inc. undertakes no responsibility to publicly update or revise any forward-looking statements. These risks and uncertainties include: the uncertainty of completing the acquisition of the project from Puma at all as the final acquisition is subject to regulatory approval, or on the terms described in this press release, or that actual results obtained by BWR in the future may differ materially from the historical results described in this press release, which historical results have not been verified by BWR. In addition, readers of this press release should review the risks and uncertainties that are described in the quarterly and annual reports and in the documents submitted to the securities administration. Neither the Toronto 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 mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
You can visit us on Facebook and Twitter.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration
Puma Exploration Samples 6.04 Zn Over 3.0 Meters at Red Brook Cu-Au-Zn Skarn
Puma Exploration Samples 6.04{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn Over 3.0 Meters at Red Brook Cu-Au-Zn Skarn in New Brunswick
– Momentum Public Relations –
Press Release: October 3rd, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) has completed its preliminary channeling program on the Red Brook Skarn property located in New Brunswick. The high grade zinc skarn discovered during the stripping has been confirmed with 2 channels sampled in Zone A with respectively 6.04{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 3.0 meters and 5.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 1.5 meters. All the samples collected show significant copper background content with an average copper grade of 0.20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu for the entire 119 channel samples. A gold and copper association has been observed in channels particularly in zone A with 0.10 g/t Au and 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu over 15.8 meters.
Following the grab results of the first phase of exploration, grading up to 15,05{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0,55{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 2,62 g/t Au (Press release 2016/09/20), Puma’s technical team has been performing channel sampling on the four (4) mineralized excavated zones of the Red Brook property. Seven (7) channels have been collected on both Zones (A and B) for a total of 64.3 meters of channel distributed in 119 individual samples.
The channels were selected to confirm the high grade grab samples results and to study the metal zonation of the Zinc and Gold within the Copper mineralization.
Table 1: Channel samples results on the Zones A and B
Channel | Zone | From | To | Length | Au | Ag | Cu | Zn |
# | (m) | (m) | (m) | g/t | g/t | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | |
RRB16-01 | A | 2.0 | 8.0 | 6.0 | 0.17 | 1.85 | 0.25 | 0.02 |
RRB16-02 | A | 1.5 | 17.3 | 15.8 | 0.10 | 1.34 | 0.23 | 0.55 |
inclus | 5.5 | 8.5 | 3.0 | 0.01 | 1.43 | 0.12 | 2.91 | |
inclus | 6.0 | 7.5 | 1.5 | 0.00 | 1.56 | 0.11 | 5.20 | |
inclus | 8.5 | 17.3 | 8.8 | 0.14 | 1.37 | 0.28 | 0.01 | |
RRB16-03 | A | 0.0 | 11.0 | 11.0 | 0.07 | 1.93 | 0.23 | 1.68 |
inclus | 0.0 | 1.5 | 1.5 | 0.29 | 2.56 | 0.26 | 0.01 | |
inclus | 6.5 | 10.5 | 4.0 | 0.01 | 1.91 | 0.19 | 4.59 | |
inclus | 6.5 | 9.5 | 3.0 | 0.00 | 1.90 | 0.20 | 6.04 | |
RRB16-04 | B | 0.5 | 3.0 | 2.5 | 0.10 | 3.06 | 0.27 | 0.00 |
RRB16-05 | B | 0.0 | 6.0 | 6.0 | 0.04 | 1.07 | 0.11 | 0.00 |
RRB16-06 | B | 0.0 | 6.5 | 6.5 | 0.05 | 0.96 | 0.23 | 0.00 |
RRB16-07 | B | 0.0 | 6.6 | 6.6 | 0.00 | 0.84 | 0.16 | 0.01 |
In the light of the first channel results obtained, Zone A shows a higher grade Zn-Au-Cu. Zone B, located 300 meters south of the Zone A, shows the same background of copper in the skarn but with limited gold and zinc enrichment.
More stripping operations will be conducted on Zone B to verify any gold and zinc rich areas of the mineralization which is open in all directions. Currently, more channels sampling is ongoing on the Zone A to extend the known massive sulphide high grade gold and zinc areas.
Puma’s geologists have finalized the compilation of previous work done on the Red Brook property and the surrounding Popelogan area. It appears that the Popelogan Deposit is located on the southern edge of Zone B within Puma’s claims. The newly discovered Zone B could be the extension of the Popelogan Deposit reported to have an historical resources of 3.1 M tons at 0.3 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu. The historical resources as been defined by Noranda in 1960 by 20 drillholes and were prepared prior to the implementation of NI43-101 and use terminology not compliant with current reporting standards. Puma has not made any attempt to re-classify the estimates according to current standards of disclosure and is not treating the estimate as current mineral resources or mineral reserves. Historical estimates should not be relied upon.
The property covers an area underlain by Ordovician volcanic and Silurian sediments intruded by Devonian intrusions, similar in age and composition of the Gaspe intrusive.
About Red Brook Property
The Red Brook project comprises 23 claims totaling 500 hectares located 50 km west of Nicholas-Denys Project. The property has been acquired from a local prospector in 2016 following the discovery of a high grade Zinc zone contained in massive sulfides. This mineralized zone is located at the contact of an intrusive body in a folded limestone horizon which is part of the Popelogan terrane. The Popelogan deposit is located within the Reb Brook Property.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
- Published in Mining, News Home, Puma Exploration
Puma Samples (PUM:tsxv) 15.1 Cu on the Red Brook Skarn in New Brunswick
Puma Samples 15.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 2.6 g/t Au and 0.55{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu on the Red Brook Skarn in New Brunswick
– Momentum Public Relations –
Press Release: Sept. 22, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) has completed the first phase of exploration on its new Red Brook property in New Brunswick. The program, consisting of prospecting, trenching, stripping and channel sampling, significantly expanded the size of the original discovery and revealed three (3) new massive sulphide-rich skarn zones along strike with grab samples grading up-to 15.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 2.6 g/t Au and 0.55{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu.
Puma’s geologists have now prospected the entire claim bloc and have increased the size of the initial discovery zone from the original 5 by 15 meters to 50 by 50 fully striped meters. Rocks exposed in this zone (Zone A) consist of skarn, limestone and hornfels in contact with a Devonian porphyric granodiorite. A total of 50 grab samples were collected from the excavated area and show distinct metal zonation, including high grade zinc and gold within a significant copper background. The sulphide zone is composed by sphalerite, chalcopyrite, pyrite and pyrrhotite with the highest zinc values grading 15.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 12.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 8.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn and 8.2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn and the highest gold values grading 2.6 g/t Au, 1.6 g/t Au and 0.95 g/t Au. The average copper content for the 50 samples in Zone A is 0.27{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu.
Table 1: Selected Grab samples collected from Zone A of the Red Brook Property
Metals | Sample | X | Y | Au | Ag | Cu | Zn | |||
# | Nad83 z19 | Nad83 z19 | g/t | g/t | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | ||||
ZINC | R668158 | 678262 | 5293842 | <0.01 | 1.7 | 0.18 | 8.13 | |||
R668160 | 678259 | 5293846 | <0.01 | 1.9 | 0.17 | 7.02 | ||||
R668161 | 678257 | 5293845 | 0.01 | 2.1 | 0.18 | 6.98 | ||||
R668162 | 678255 | 5293845 | 0.02 | 4.0 | 0.17 | 7.70 | ||||
R668163 | 678262 | 5293841 | <0.01 | 2.0 | 0.20 | 8.20 | ||||
R669916 | 678275 | 5293843 | 0.03 | 2.7 | 0.25 | 8.79 | ||||
R669917 | 678274 | 5293843 | 0.04 | 3.0 | 0.19 | 12.10 | ||||
R669925 | 678276 | 5293845 | 0.04 | 2.7 | 0.21 | 15.05 | ||||
GOLD-COPPER | R668156 | 678257 | 5293842 | 0.28 | 3.3 | 0.47 | 0.02 | |||
R668165 | 678262 | 5293845 | 0.13 | 1.5 | 0.22 | 0.02 | ||||
R668166 | 678264 | 5293846 | 0.21 | 1.6 | 0.43 | 0.01 | ||||
R668169 | 678263 | 5293853 | 0.44 | 2.0 | 0.29 | 0.01 | ||||
R668170 | 678261 | 5293857 | 0.95 | 3.4 | 0.45 | 0.02 | ||||
R668172 | 678257 | 5293867 | 2.62 | 2.3 | 0.44 | 0.01 | ||||
R668173 | 678255 | 5293869 | 0.24 | 1.5 | 0.31 | 0.01 | ||||
R668174 | 678255 | 5293872 | 1.61 | 1.9 | 0.36 | 0.01 | ||||
R668175 | 678254 | 5293874 | 0.91 | 1.0 | 0.18 | 0.00 | ||||
R668181 | 678246 | 5293846 | 0.27 | 2.9 | 0.45 | 0.06 | ||||
R668183 | 678242 | 5293863 | 0.53 | 3.9 | 0.43 | 0.02 | ||||
R668185 | 678248 | 5293847 | 0.22 | 1.4 | 0.33 | 0.07 | ||||
R668187 | 678255 | 5293839 | 0.79 | 4.3 | 0.55 | 0.02 | ||||
R668190 | 678254 | 5293837 | 0.33 | 1.8 | 0.34 | 0.01 | ||||
R668191 | 678243 | 5293837 | 0.19 | 1.8 | 0.32 | 0.03 | ||||
R668193 | 678238 | 5293844 | 0.32 | 0.9 | 0.26 | 0.01 |
Following the stripping of Zone A, containing mineralization that still open in all direction, exploration trenches discovered a major massive sulfide zone located 350 meters south of Zone A along the skarn horizon. This new zone has been partially stripped with three 15 by 15 meter pits spaced over a length of 100 meters. These pits expose massive to semi-massive sulphides in skarn. The zone is open in all directions.
A total of 24 grab samples were collected from the new mineralized zone (Zone B) with results grading up to 0.48{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 0.33 g/t Au. The average copper content of the 24 samples collected is 0.22{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu. The geology is similar than in Zone A showing skarn and limestone in contact with a Devonian intrusive.
Table 2: Selected Grab samples collected from Zone B of the Red Brook Property
Sample | X | Y | Au | Ag | Cu | |||
# | NAD83 Z19 | NAD83 Z19 | g/t | g/t | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | |||
R668195 | 678214 | 5293546 | 0.05 | 1.5 | 0.18 | |||
R668196 | 678214 | 5293548 | 0.14 | 1.6 | 0.22 | |||
R668197 | 678217 | 5293551 | 0.19 | 1.3 | 0.14 | |||
R668198 | 678216 | 5293544 | 0.08 | 1.2 | 0.13 | |||
R668199 | 678208 | 5293543 | 0.07 | 3.3 | 0.30 | |||
R668200 | 678207 | 5293554 | 0.33 | 2.5 | 0.24 | |||
R669903 | 678296 | 5293500 | <0.01 | 1.5 | 0.28 | |||
R669905 | 678257 | 5293494 | 0.01 | 1.6 | 0.35 | |||
R669906 | 678262 | 5293491 | <0.01 | 2.0 | 0.36 | |||
R669908 | 678266 | 5293484 | <0.01 | 0.8 | 0.25 | |||
R669910 | 678229 | 5293514 | 0.03 | 2.0 | 0.48 | |||
R669911 | 678231 | 5293516 | 0.03 | 0.9 | 0.21 | |||
R669913 | 678228 | 5293524 | 0.04 | 2.2 | 0.32 | |||
R669914 | 678225 | 5293518 | 0.05 | 1.0 | 0.23 | |||
R669915 | 678223 | 5293523 | 0.17 | 1.4 | 0.27 | |||
R669924 | 678464 | 5293487 | 0.01 | 4.1 | 0.37 |
Following the stripping of these four (4) new mineralized zones, a channel sampling program was designed to verify the metal zonation and the grade of the massive sulphide area of the stripped areas. A total of 64.3 meters of channel sampling has been collected distributed in 119 individual samples. Results are pending.
About Red Brook Property
The Red Brook project comprises 23 claims totaling 500 hectares located 50 km west of Nicholas-Denys Project. The property was acquired from a local prospector in 2016 following the discovery of a high grade Zinc zone contained in massive sulfides. This mineralized zone is located at the contact of an intrusive body in a folded limestone horizon which is part of the Popelogan Terrane.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
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Learn more by clicking here: www.pumaexploration.com
The contents of this press release were prepared by Dominique Gagné, PGeo. a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d’Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone. 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.
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 Exploration Inc. 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 Exploration 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.
Zone A figure is available at the following link: http://media3.marketwire.com/docs/1070299_ZoneA.pdf
Zone B figure is available at the following link: http://media3.marketwire.com/docs/1070299_ZoneB.pdf
Zone A&B figure is available at the following link: http://media3.marketwire.com/docs/1070299_ZoneAetB.pdf
- Published in Mining, News Home, Puma Exploration
Puma Exploration Inc. (PUM:tsxv) More Massive Sulphides Drilled at Turgeon VMS Project
Puma Exploration Inc.: More Massive Sulphides Drilled at Turgeon VMS Project in New Brunswick
– Momentum Public Relations –
Press Release: September 14th, 2016
Puma Exploration (PUM:tsxv)(PUMA:SSE) has completed its summer drilling program at Turgeon VMS project in Northern New Brunswick. The program included five (5) holes for a total of 2,569 meters. Three holes were directed to verify the IP geophysical targets located 500 meters south-west of the Dragon lens in an underexplored area of the favourable horizon and the two (2) others were drilled to define the extent and the size of the dragon zone.
Dragon Zone
Hole FT16-03 extended the size of the Dragon lens with an intersection of a massive to semi-massive sulphide zone of 7 meters at 107.2 meters. This mineralized zone contains 1.4 meters with 1.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 0.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn and extended over 40 meters to the south, the size of the initial discovery of the Dragon zone in hole FT13-13 who intersected 1.01{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 0.79{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over four (4) meters.
Hole FT16-03 intersected at 147 meters, 20.5 meters of chalcopyrite-pyrite stockwork zone within pervasive black chlorite alteration grading respectively 6.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu et 1.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu over 0.5 meters in individual samples. This copper zone is interpreted to be part a major Cu stockwork associated with the Massive sulphide lens intersected at the Dragon grading 10.05{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 2.7 meters, 4.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 4.0 meters, 4.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn et 1.04{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu over 3.2 meters and 1.01{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu over 4.0 meters in the 2015 drilling program. Also, at the end of the hole, polymetallic sulphide veins similar to the Nigadoo Veins type were encountered and showing rich Ag-Pb-Zn veins with respectively 146 g/t Ag, 2.8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb and 1.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 1.2 meters and 39 g/t Ag, 0.48{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb and 1.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 1.1 meters.
Hole FT16-05 intersected 15 meters of semi-massive to massive sulphide cutted by mafic dykes from 234 to 249 meters. This mineralisation zone is located 50 meters under the Dragon 2 zone and it is mainly composed of pyrite and chalcopyrite. Another sulphide zone was located from 318 meters to 336 meters which included a zone with 1.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn over 1.7 meters. At the end of the hole FT16-05, a new 10 meters long copper stockwork zone within dark chlorite alteration has been encountered and grading 0.32{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu over 10.0 meters. Once again, this copper stockwork is interpreted to be associated with a massive sulphide body within the VMS deposits.
IP geophysical Target
The holes FT16-01 and FT16-02 were located 200 meters south-west of the new Dragon and were directed to test a deep IP target and also to locate the favourable horizon in the extent of the Dragon zone within an underexplore area of the property. These holes intersected the bottom sequence of the Turgeon VMS system which is composed of an abundance of mafic dykes and intrusions in alternance with massive basalt. These holes deviated too much and didn’t reach the deep target located from 400 to 500 meters deep.
FT16-02 and FT16-04 hit, in the first 50 meters, the upper sequence of the Turgeon VMS system which is composed of the very silicified basalt unit with its typical jasper alteration (Silicified Cap). Combined with the hole FT13-09, located 50 meters west, who intersected also the top of the key unit, suggests that the mineralized corridor is located westward with a similar displacement as seen at Powerline, Zinc Zone and Dragon along synvolcanic faults.
The next step is a borehole geophysical survey in the current holes to precisely locate the best geophysical signature and detailed mapping combined with trenching program in the underexplored area located south-west of Dragon Zone to define the fertile horizon.
“Despite the strong deviation in drilling, we have succeeded in finding more massive sulphides up-to ten (10) meters thick in the extension of the Dragon Zone and also the first evidence of a complete sequence containing the massive sulphides with its associated stockwork Cu zone. Additional work is required in the south extent of the mineralized corridor that seems to have moved westward. We are very excited in the potential of finding more VMS deposits within Turgeon project “notes Marcel Robillard, president of Puma Exploration.
Update on Red Brook Zn-Cu-Au Project
Red Brook was acquired from a local prospector following discovery of a high grade Zinc Massive Sulphide outcrop in contact with an important intrusion grading up to 13{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 2.5g/t Ag (Press release 19/01/2016). Puma’s crew has prospected the entire claim area and stripped the initial discovery. From the original size of 5 meters by 15 meters, the excavated zone is now 50 meters by 50 meters and contains a large band of massive to semi-massive sulphides inside a calcareous horizon in contact with a Devonian porphyritic granodiorite. Sample results will be released shortly.
Update on the Little Stull Lake Transaction
Black Widow Resources (BWR-TSXV) has conducted his due diligence on the Little Stull Lake Gold project in Manitoba and has informed Puma that it is satisfactory to them. Final contract edition is ongoing and the signing should be done shortly.
Annual Meeting Results
Puma Exploration held its Annual General Meeting on September 8th, at his office in Rimouski. All proposals submitted have been endorsed by shareholders. These proposals included the appointment of Directors and Auditors. Shareholders holding a total of more than 29{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the capital stock of the Company have voted on these proposals. Directors are elected to the Board with an approval rate of 98{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} or more for each of the following candidates: Ms. Anne Slivitzky and Mr Marcel Robillard, Arness Cordick and Richard Thibault.
In addition, at its meeting of the Board of Directors following the AGM, Mr. Marcel Robillard was re-elected president and CEO and Mr Cordick remains Chairman of the Board of Directors. Mr. Dominique Gagné was re-elected to the position of vice-president exploration, while Ms. Ginette G. Brisson was re-elected to the positions of CFO and Secretary. Anne Slivitzky, Richard Thibault, and Marcel Robillard will form the audit committee.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada.
- Published in Mining, News Home, Puma Exploration
Klondike Silver Intends to Revive the Slocan High-Grade Silver Camp
Vancouver, BC / TheNewswire / September 7, 2016 – Klondike Silver Corp. (the “Company”) (TSX.V: KS) is pleased to provide a summary of it s land package and exploration plans. The Klondike Silver land package covers approximately 110 square kilometers of the Slocan Silver Camp. Based on the B.C. MINFILE mineral database, sixty eight (68) of the one hundred and seventy three (173) past producing mines in the Slocan Silver Camp are located in the Klondike Silver land package.
Over 69 million troy ounces (oz) of Silver has been produced to present from the Slocan Silver Camp with 40.4 million oz of that production coming from the Klondike Silver land package. In addition over 579 million pounds (lbs) of Lead and 569 million lbs of Zinc have been produced from the Slocan Silver Camp to present, including over 349,000,000 lbs of Lead and over 159,000,000 lbs of Zinc production coming from the Klondike Silver land package.
Area Geology – A series of silver-rich veins in Slocan Group metasediments. The “Main Lode” is the largest and most prolific vein system (9 km long) in the Slocan Silver Camp.
Highlights:
-One of the few remaining under-explored mining camps in Canada.
-The Klondike Silver land package includes over half of the “Main Lode” structure and of that, 1.5 km is virtually unexplored.
-Klondike Silver is the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owner of the only 100 tonne per day mill in the area with a licenced tailings pond facility. The mill is just 140 km north of the Trail B.C. smelter.
-Claims are in good standing with the Province of British Columbia until 2023.
To ensure that Klondike Silver’s opportunity for success is maximized, key focus areas will be pursued on a concurrent basis. Klondike Silver will continue to ensure compliance with all Provincial and Federal regulatory requirements (eg. permitting, safety standards, environmental, water stewardship etc.)
Exploration
On July 4, 2016 a NI 43-101 Technical Report (dated June 28, 2016) was filed on the Canadian Securities Administrators’ SEDAR website. The Technical Report entitled “The Slocan Silver Camp, Sandon, British Columbia”, was prepared for Klondike Silver Corp. by Trygve Hoy, Ph.D; P.Eng., an independent “qualified person”. In his report Dr. Hoy recommends that underground exploration should initially focus on the projected eastern extension of the Main Lode in the Ruth-Hope mine area, and surface exploration on evaluating some of the higher grade past producers in the camp that Klondike Silver now owns.
Recommendations include:
Phase 1: Silvana Mine underground exploration
1. 4625 E Lateral, Hope Mine: rationale – projected extensions of the Main lode between 4625 Level and the 4410 E Level have not been tested; several pre-1993 underground drill holes, by a previous mine owner Treminco Resources Ltd., intersected vein mineralization in this region, but no resource nor reserve estimates were outlined. Work required includes rehabbing approximately 175 meters of the 4000 Level to provide access, drifting east on the 4625 Level approximately 100 meters, extending power from surface to the work area on the 4625 Level, and underground drilling.
Phase 1: Surface exploration
Surface exploration in the camp should be directed towards better evaluating known surface vein occurrences as well as several of the historical mines that have had little exploration since closure. Recommendations include:
1. Cody Creek area: Several past producing mines occur in the Cody Creek drainage immediately east of the Main Lodes of the Slocan camp. Work should focus on the west side of the creek, where access was difficult during the latest phase of exploration in 2010. This work should include geological mapping, a ground geophysical survey (VLF-EM), construction of an access road or trail to the Jazmine showing, and trenching.
2. Payne mine area: Re-evaluation of the soil geochemical program including trenching of spot anomalies rather than contoured soil anomalies.
3. Rambler mine area: compilation of all historical data, geological mapping and sampling of this past producing high-grade vein.
4. Sampling the Main Lode mine dumps (Ruth, Hope, Silversmith, Slocan King, Richmond-Eureka): Historically, zinc-rich mine material was sometimes considered uneconomic to process due to the metal’s price and was diverted to mine dumps. This material was usually never historically recorded. This material may be a source of mill feed when the Company has complied with Ministry of Mines requirement. It is recommended that a systematic sampling of the dumps be undertaken to determine if indeed there is sufficient zinc-rich material that can be economically processed at the Sandon mill.
Dr. Trygve Hoy has consented to the use of the above extracts from the Technical Report entitled “The Slocan Silver Camp, Sandon, British Columbia”.
About Klondike Silver
Mr. Richard Hughes, Chairman of Klondike Silver’s Technical Advisory Board identified and initiated the purchase and staking of mineral claims in the Slocan Silver Camp commencing in approximately the year 2000. The Camp was fragmented among many owners throughout its history. Klondike Silver’s land package has grown in size to over 100 square km, to become the largest land package in the area. Klondike Silver has created the first real opportunity to invest and properly explore a sizeable portion of one of the most historic mining camps in British Columbia.
The scientific and technical disclosure in this news release has been reviewed and approved by David Makepeace, P.Eng., Senior Geologist for Micon International Limited, who is an independent consultant to the Company and qualified person as defined in NI 43-101.
For additional information please visit the company website www.klondikesilver.com .
CONTACT INFORMATION
Corporate Inquiries:
Dale Dobson: (604) 682-2928
Email: dale.dobson@klondikesilver.com
On Behalf of the Board of Directors
Klondike Silver Corp.
“Thomas Kennedy”
Thomas Kennedy
CEO, President and Director
This news release may contain certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Klondike Silver Corp. which may cause actual results, performance or achievements of Klondike Silver Corp. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Neither the 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.
Copyright (c) 2016 TheNewswire – All rights reserved.
- Published in Klondike Silver Corp., Mining, News Home
Chinese ban may breathe new life into zinc price rally
Chinese ban may breathe new life into zinc price rally
Frik Els – mining.com
http://www.mining.com/chinese-ban-may-breathe-new-life-into-zinc-price-rally/
Zinc is the best performing base metal so far this year and measured from its multi-year low struck mid-January the zinc prize is up 54{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
Zinc’s prospects brightened considerably after the shutdown of two major mines last year – Australia’s Century and the Lisheen mine in Ireland. The two mines had a combined output of more than 630,000.
Top zinc producer Glencore has been out in front when it comes to curtailing production to shore up prices and the Swiss giants’ announcement of cutbacks inspired another leg up in the price. The Swiss giant’s first half production numbers released last week showed a 31{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} output decline to 506,000 tonnes after the company idled mines in Peru and downscaled its Australia operations.
Now China, top consumer and producer of the metal mainly used to galvanize steel, could add fuel to the fire after news that Beijing has ordered the shutdown of all lead and zinc mines in parts of Hunan province, the centre of Chinese production.
The local government shut down the power to 26 zinc and lead mines in the area due to safety and environmental concerns. The ban will be in place until June next year reports Platts News:
China is forecast to have a mined zinc deficit of 390,000 mt in 2016, widening from a deficit of 9,000 mt a year ago, state-owned Chinese metals consultancy Beijing Antaike said in its zinc sector report issued in end-June.
China has been increasing imports due to dwindling domestic supply – imports rose 48{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 292,000 tonnes in the six months to June from a year ago according to customs data. Reuters reports falling stocks and predictions of a 221,000 tonne market deficit are also lifting sentiment:
Key to market psychology has been the concentrate market, which has tightened to the extent that treatment charges, fees paid by miners to smelters to process raw material into metal have tumbled towards $100 a tonne from above $200 in April 2015.
Speculation has now turned to whether producers would bring mines back into production. In the half year report Glencore kept full year guidance on zinc production steady at lower levels.
A table tucked away in the report gave an indication why. Despite zinc’s huge run-up this year the average price in the first half is still 16{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} below the same period last year. Glencore may be looking for further evidence zinc has entered a new boom phase before switching on its considerable capacity.
View Original: http://www.mining.com/chinese-ban-may-breathe-new-life-into-zinc-price-rally/