Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

March 17, 2011 08:00 ET

Puma Drilled 1.2% Cu Over 75.5 Meters at Turgeon Copper Project in New Brunswick

RIMOUSKI, QUEBEC--(Marketwire - March 17, 2011) - Puma Exploration (TSX VENTURE:PUM) announces the results of the last three holes drilled at Turgeon Copper Project, New Brunswick. Hole FT11-04 intersected two (2) distinctive zones of semi-massive to massive sulphide mineralization with 1.2% Cu over 75.5 meters and 1.1% Cu over 40.7 meters respectively. This hole is located 70 meters east of hole FT10-02 which was drilled in 2010 and cut a very high grade copper zone containing 10.1% Cu over 7.5 meters (see press release 09/02/2011).

The two (2) other holes (FT11-03, FT11-05) were drilled 250 meters west of hole FT11-04 and were designed to test an InfiniTEM geophysical surface anomaly associated with the Zinc Zone fault. The two holes were successful in locating the fault zone and encountered significant sulphide mineralization and pervasive alteration which is usually located in close proximity to the copper-zinc massive sulphide lenses discovered so far.

Selective results from the latest three (3) holes are found in Table 1 below and the location of the drill holes and the various zones can be referenced in Figure 1 at the following address: http://media3.marketwire.com/docs/Puma_Figure1.JPG.

Table 1. Mineralized zones and drilling results

Hole Zone From
(m)
To
(m)
Length
(m)*
Cu
(%)
Zn
(%)
Co
(ppm)
**
FT11-04 Powerline Showing 36.0 111.5 75.5 1.2 0.8 -
N200°/53° Stockwork - Cu 36.0 66.0 30.0 2.0 0.1 -
  incl. 46.0 53.0 7.0 2.8 0.3 -
  Massive sulphide 79.9 105.1 25.3 1.1 1.9 -
  incl. 102.0 105.1 3.1 3.1 0.1  
               
  48-49 Lens 294.0 334.7 40.7 1.1 0.2 185
  Cu veins 294.0 295.9 1.9 4.1 0.2 205
  Massive sulphide 302.0 323.6 21.6 1.5 0.1 296
  incl. 302.0 306.2 4.2 2.2 0.0 359
  and 310.4 315.7 5.3 2.4 0.1 581
               
FT11-03 Zinc zone fault 39.4 48.9 9.5 - 0.8  
N200°/45° incl. 39.4 41.4 2.0 - 1.7  
    97.2 99.0 1.8 1.0 0.8  
               
FT11-05 Zinc zone fault 141.0 145.1 4.1 - 1.0  
N200°/50°              
* Interval reported is drilled thickness and may not represent true width
** 454 ppm cobalt = 1.0 lb/t; In the 06/03/2011 Northern Miner, recent trades for Co=US$21.5-23.0/lb.

Drill Hole FT11-04 

The first part of hole FT11-04 intersected, at a depth of 36.0 meters, 75.5 meters of mineralization grading 1.2% Cu and 0.8% Zn. This intercept includes a high grade Stockwork-Cu zone grading 2.0% Cu over 30.0 meters and a subsequent massive sulphide lens, encountered at 79.9 meters, grading 1.1% Cu and 1.9% Zn over 25.3 meters.

Three (3) holes previously drilled by Puma in 2008-2010 cut the Stockwork-Cu zone near surface and encountered similar copper grades as shown in the following table 2. These holes were drilled 20 to 60 meters away from FT11-04.

Table 2. Previous results in the Stockwork-Cu zone

Hole Direction Dip From (m) To (m) Length (m)* Cu (%)
F08-01 255° 55° 31.0 62.0 31.0 2.4
    incl. 47.0 62.0 15.0 3.5
F09-01 75° 50° 46.3 76.3 30.0 1.9
    incl. 46.3 52.7 6.4 2.7
FT10-01 238° 49° 38.0 64.0 26.0 2.4
    incl. 51.0 64.0 13.0 3.5
* Interval reported is drilled thickness and may not represent true width

A preliminary metallurgical test carried out on this Stockwork-Cu zone in 2010 (see press release 21/04/2010) showed promising results. The flotation tests produced a copper concentrate of greater than 20% Cu with a recovery of 95% from this surface lens. In addition, it appears that the mineralization in this zone does not require extensive grinding to obtain good recovery.

The second mineralized zone encountered in hole FT11-04, is usually known as the 48-49 Lens and starts at 294 meters and grades 1.1% Cu over 40.7 meters. The mineralization is composed of chalcopyrite veins grading 4.1% Cu over 1.9 meters and a subsequent massive sulphide lens grading 1.5% Cu over 21.6 meters (refer to table 1). This massive sulphide lens corresponds to the same borehole InfitiTEM geophysical anomaly tested by hole FT10-02 in 2010 at about 100 meters deeper where it intercepted a very high grade copper zone containing 10.1% Cu over 7.5 meters and a subsequent massive sulphide lens grading 1.1% Cu over 24.3 meters. The 48-49 Lens is still open at depth and along strike.

This massive sulphide lens also contains significant cobalt mineralization which could add to the economical evaluation of the project. All of the holes (200) drilled prior to Puma acquiring the property had not been analysed for cobalt and a sampling program is underway to verify the presence of cobalt in them.

Drill Holes FT11-03 and FT11-05

Holes FT11-03 and FT11-05 drilled during the current program were successful in locating the fault zone and encountered significant sulphide mineralization and pervasive alteration usually associated with the Cu-Zn mineralization. The Zinc Zone fault has been traced so far, by drilling, over a strike length of 500 meters. The relationship between the copper-zinc mineralization and the different faults are not well understood but are always in close proximity from each other.

Previous drilling in the vicinity of the fault zones intercepted very high grade zinc massive sulphide with significant copper results as showed in the following table 3.

Table 3. Previous results in the fault zones area

Hole From (m) To (m) Length (m)* Zn (%) Cu (%)
E79-27 92.5 99.0 6.5 13.8 0.6
E81-56 96.3 103.5 7.2 14.5 0.7
E81-61A 139.6 147.5 7.9 9.2 1.1
E81-80 106.4 114.9 8.5 12.4 1.8
H88-105 94.9 99.8 4.9 11.6 0.9
PD-2 132.3 138.0 5.7 9.5 0.9
* Interval reported is drilled thickness and may not represent true width

These holes are located in an area of about 200 meters by 300 meters from with mapping of the area indicating that the Zinc Zone fault extends toward the east for an additional 700 meters (refer to figure 1). This eastern area has received only grass roots exploration and no drilling completed to date.

Current Turgeon Exploration Program

In order to define new targets over the entire land holding which has been increased from the initial 217 hectares to the current 3,726 hectares, Puma's is working closely with Diagnos to implement the CARDS technology (Computer Aided Resource Detection Software) on the Turgeon property (see press release 19/01/2011). The targets generated by CARDS are planned to be explored during the current 2011 exploration program. More drilling will be required to verify the four (4) additional boreholes InfiniTEM geophysical anomalies at depth.

About Turgeon

The Turgeon property is located only five kilometres south of the deepwater port of Belledune, New Brunswick. The property is accessible by road all year round and is intersected by a power line. The Turgeon property is 3,726 hectares and is part of Puma's 10,476 hectares that is held in the Bathurst Mining Camp of northern New Brunswick that is being actively explored.

Details of Puma projects are available at www.explorationpuma.com

The contents of this press release were prepared by Marcel Robillard, 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. The previous holes referred to in this press release have been drilled prior to Puma involvement in 2008.

Forward-Looking Statements: This press release may contain forward-looking statements. In particular, this press release contains forward-looking statements relating to the timing and details of the current drilling program. 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. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Puma Exploration Inc. and its management. 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.

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.

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