Puma Exploration Inc.
TSX VENTURE : PUM

Puma Exploration Inc.

October 17, 2012 12:03 ET

Puma Exploration Extends the Skarn Horizon Over More Than 10 km at Nicholas-Denys Project, New Brunswick

RIMOUSKI, QUEBEC--(Marketwire - Oct. 17, 2012) - Puma Exploration (TSX VENTURE:PUM) announces the results of four (4) holes drilled on Raya lens and seven (7) holes drilled on Dante lens in the 2012 Nicholas-Denys drilling program. The holes targeted the high-grade breccia zones and the newly discovered skarn horizon along the western end of the Main Fault Zone.

Highlights include:

  • Drilling proved Skarn horizon over 300 meters from Raya to Dante lenses therefore extending the skarn horizon at Nicholas-Denys at least over 10 km toward the Beresford Cu Skarn deposit within the Main Fault zone.

  • Persistent silver and zinc skarn mineralisation drilled near surface within the Dante lens grading 60 g/t Ag, 1.3% Pb and 1.4% Zn over 21.5 meters

  • Consistant gold and zinc mineralization drilled within the skarn horizon at Raya lens grading 0.25 g/t Au, 38 g/t Ag, 1.5% Zn and 0.7% Pb over 20.4 m including a higher grade zone of 0.54 g/t Au, 130 g/t Ag, 6.1% Zn and 2.9% Pb over 3.4 m in hole FR12-05.

  • Multiple drill intersections of 0.3-0.5 meter rich sulphide veins and breccias in each hole at Raya and grading 364 g/t Ag, 1.6 g/t Au, 13.0% Zn and 11.6% Pb over 0.4 m in hole FR12-05 and 221 g/t Ag, 2.3 g/t Au, 5.5% Zn and 7.8% Pb over 0.5 m in hole FR12-07;

  • Discovery, in hole FR12-08, of a new gold-rich gabbro near surface grading 1.0 g/t Au over 21.1 m including a higher grade zone of 5.8 g/t Au over 3.3 m;

"We are very pleased with the results of the 2012 drilling program at Dante and Raya lenses. With only short holes and limited drilling, we have been able to confirm that the skarn horizon is continuous over 10 kilometers from Beresford Copper to Raya lens and that Nicholas-Denys has all the ingredients needed to contain a world-class Skarn and/or Porphyry Copper type deposit as the Antamina (Peru) or Gaspé Mines (Québec) mines. Drill results received are good indicators that we are above a much larger system and only deeper drilling of this new skarn structure and into the Nicholas-Denys Porphyry will demonstrate the real economic potential of this play." note Marcel Robillard, Président of Puma Exploration.

Following the discovery of a Skarn horizon during the 2011 drilling program at Dante lens, as hole FD11-05 intersected 24.6 meters of mineralization grading 100 g/t Ag, 1.4% Pb and 1.3% Zn, which include an higher grade zone of 8.0 meters with 181 g/t Ag, more exploration work was directed along the Main Fault Zone in 2012 with the objective of finding new skarn horizons using the discovery model apply along the Rocky-Brook-Millstream Fault.

Dante Lens 2012 drilling program

The 2012 drilling program at Dante lens consisted of four (4) short holes totalling 369 meters. The holes extended the Zinc-Silver Skarn toward east for an additional 50 meters which is now defined by drilling over 100 meters. The holes intersected similar zinc and silver grades as previous drilling and channeling program at Dante lens and is still open at depth and along strike.

Table 1: Puma's holes drilled at the Dante Lens in 2012

Hole Azimuth Dip From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
FD12-01 N340 degrees 45 degrees 60.3 71.7 11.4 0.02 50 0.11 2.4 2.1
incl. 60.3 69.3 9.0 0.03 57 0.12 2.7 2.5
incl. 60.3 64.8 4.5 0.03 80 0.15 1.9 2.3
..and 67.4 71.7 4.3 0.01 48 0.12 4.3 3.2
FD12-02 N340 degrees 45 degrees 64.3 66.7 2.4 0.02 38 0.12 2.1 1.8
incl. 75.1 77.8 2.7 0.01 53 0.07 1.0 0.9
FD12-03 N340 degrees 45 degrees 17.3 38.8 21.5 0.01 60 0.08 1.4 1.3
incl. 17.3 25.3 8.0 0.01 78 0.10 1.2 1.5
FD12-04 N340 degrees 45 degrees 45.6 52.1 6.5 0.01 39 0.06 1.5 1.1

Raya Lens 2012 drilling program

The 2012 program at Raya lens consisted of seven (7) short holes for a total of 634 meters. The holes defined the skarn horizon over 60 meters and also confirmed the presence of a richer zinc-gold Skarn at Raya lens than at the Dante Lens. Gold grades of the skarn horizon are ranging between 0.1 g/t Au to 0.2 g/t Au over more than 15 meters and with at least 1% Zn.

Table 2: Puma's holes drilled at the Raya Lens in 2012

Hole Azimuth Dip From
(m)
To
(m)
Length (m) Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
FR12-05 N350 degrees 45 degrees 9.6 30.0 20.4 0.25 38 0.05 0.7 1.5
incl. 10.4 16.2 5.8 0.41 90 0.06 1.8 4.2
incl. 10.4 13.8 3.4 0.54 130 0.07 2.9 6.1
..and 55.3 56.6 1.3 1.20 36 0.06 1.8 0.5
FR12-06 N350 degrees 45 degrees 13.7 29.6 15.9 0.14 24 0.04 0.2 1.2
incl. 20.4 25.4 5.0 0.27 44 0.06 0.2 2.1
incl. 22.7 24.7 2.0 0.22 75 0.10 0.3 4.0
FR12-07 N340 degrees 45 degrees 37.4 61.3 23.9 0.20 15 0.02 0.5 0.5
incl. 52.9 61.3 8.4 0.19 34 0.04 1.2 1.0
incl. 52.9 55.0 2.1 0.64 69 0.06 2.5 2.2
FR12-08 N035 degrees 45 degrees 54.8 76.0 21.2 1.00 11 0.03 0.3 0.5
53.1 67.7 14.7 1.41 14 0.03 0.5 0.7
incl. 61.9 65.2 3.3 5.83 9 0.03 0.4 0.2
incl. 61.9 64.4 2.5 7.54 10 0.02 0.4 0.2
FR12-09 N272 degrees 45 degrees 56.2 57.2 1.0 0.98 29 0.09 1.0 2.6
Hole Azimuth Dip From
(m)
To
(m)
Length (m) Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
FR12-10 N350 degrees 45 degrees 22.0 45.0 23.0 0.12 4 0.03 0.0 0.1
incl. 22.0 27.3 5.3 0.23 1 0.02 0.0 0.1
incl. 41.9 45.0 3.1 0.18 20 0.09 0.0 0.4
..and 79.5 80.8 1.3 0.12 45 0.03 1.4 1.1
FR12-11 N350 degrees 45 degrees 20.7 56.5 35.8 0.24 2 0.05 0.0 0.1
incl. 36.3 40.8 4.5 1.02 4 0.20 0.0 0.0

High grade veins and breccias at Raya Lens

Multiple 0.3 to 0.5 meter rich sulphide veins and breccias were also intersected in each hole at Raya lens and grading 364 g/t Ag, 1.6 g/t Au, 13.0% Zn and 11.6% Pb over 0.4 m in hole FR12-05 and 221 g/t Ag, 2.3 g/t Au, 5.5% Zn and 7.8% Pb over 0.5 m in hole FR12-07.

These veins and breccias zones are visually similar to the ones found and sampled at surface on Raya lens and prove that the mineralized system contains high grade precious and base metals. More detailed work will be needed to better understand the pattern of these structures at depth.

Table 3: Selected high grade veins and breccias drilled at Raya Lens

Hole Sample From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Pb
(%)
Zn
(%)
FR12-05 106160 11.0 11.3 0.3 1.8 222 6.6 23.9
FR12-05 106165 13.0 13.4 0.4 1.6 364 11.6 13.0
FR12-05 106171 15.7 16.2 0.5 0.8 141 0.5 5.5
FR12-05 106226 56.3 56.6 0.3 3.3 123 6.6 0.9
FR12-06 106283 24.1 24.4 0.3 0.3 110 0.4 10.2
FR12-06 106310 39.4 39.7 0.3 0.5 43 1.5 14.4
FR12-06 106325 50.6 51.0 0.4 0.2 360 15.3 9.7
FR12-07 106419 42.1 42.4 0.4 2.6 64 2.1 3.3
FR12-07 106433 52.9 53.4 0.5 2.3 221 7.8 5.5
FR12-07 106446 61.0 61.3 0.3 1.0 262 8.8 6.5
FR12-08 106510 26.9 27.2 0.3 0.7 107 1.3 6.8
FR12-08 106554 54.8 55.4 0.6 0.9 216 8.5 8.6
FR12-08 106564 61.9 62.2 0.3 50.9 28 1.5 0.7
FR12-08 106567 63.0 63.5 0.5 2.4 2 0.0 0.0
FR12-08 106569 63.9 64.4 0.6 4.0 17 0.6 0.2
FR12-08 106577 67.4 67.7 0.3 2.2 41 0.4 8.6
FR12-09 106661 26.6 26.9 0.3 1.1 56 2.6 3.5
FR12-09 106712 56.2 56.6 0.4 2.3 41 1.7 5.9
FR12-10 106818 52.1 52.4 0.3 0.2 177 9.0 0.0
FR12-10 106857 79.5 79.7 0.2 0.1 160 6.7 0.2
FR12-11 106970 68.9 69.2 0.3 0.3 136 4.6 0.7

Discovery of a new gold-rich gabbro near surface at Raya Lens

The drilling program at Raya lens also lead to the discovery of a new gold-rich Gabbro grading 1.0 g/t Au over 21.2 meters including a richer zone of 5.8 g/t Au over 3.3 meters in hole FR12-08, close to the contact with the Main Fault Zone. This gabbro might have played a major role in the gold enrichment of the skarn at Raya compare to the skarn found at Dante. Richer gold skarn intercepts were drilled in hole FR12-11 with 1.02 g/t Au over 4.5 meters and in hole FR12-05 with 1.2 g/t Au over 1.3 meters.

Nicholas-Denys 2012 Exploration Program

Puma Exploration has conducted extensive exploration program at Nicholas-Denys in 2012. So Far, 18 holes for 2,009 meters of drilling, 25 trenches for 3,100 meters of trenching and stripping of about 9,600 m2 were directed on the two main structures which are the Rocky-Brook-Millstream and Main Fault Zones. Currently more stripping and trenching are in progress along the Main Fault and a detail channel sampling program is underway at the Henry East Rich Silver and gold lens. More results will be released shortly on these programs.

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 Nicholas-Denys Silver Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada, which has been ranked the best place in the world to conduct mining exploration by the 2012 Fraser Institute Survey.

Learn more by clicking here: www.pumaexploration.com

The contents of this press release were prepared by Dominique Gagné. 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.

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