Puma Exploration Inc.

TSX VENTURE : PUM


Puma Exploration Inc.

November 15, 2012 09:18 ET

Puma Exploration Samples 10.9 g/t Au, 246 g/t Ag, 3.7% Pb and 2.7% Zn Over 4.4 Meters on Henry East Lens, Nicholas-Denys Property, New Brunswick

RIMOUSKI, QUÉBEC--(Marketwire - Nov. 15, 2012) - Puma Exploration (TSX VENTURE:PUM) announces the results of systematic channel sampling on Henry East Lens leading to the discovery of a gold and silver rich zone grading 10.9 g/t Au and 246 g/t Ag over 4.4 meters including two (2) higher grade zones of 13.0 g/t Au and 606 g/t Ag over 1.2 meters and 21.7 g/t Au and 485 g/t Ag over 1.5 meters in channel RH12-41.

Puma focused its stripping and channel sampling program on the Henry East lens of the Nicholas-Denys property, which graded up to 5.0 g/t Au and 267 g/t Ag over 2 meters in trench TH11-29 (press release 03/02/2012). Work included mechanical stripping and detailed mapping of two areas of 125 meters by 10 meters and proved that the mineralization displays a good continuity and an important lateral extension at surface. The recently stripped areas of the Henry East lens were systematically sampled along regularly 5 meters spaced channels (45) whose location was not biased by the presence of visible mineralization (refer to figure 1).

The best result was 10.9 g/t Au and 246 g/t Ag over 4.4 metres in channel RH12-41. Several other channels also yielded high grade gold and silver results with 5.5 g/t Au and 352 g/t Ag over 3.1 metres (RH12-40), 5.0 g/t Au and 303 g/t Ag over 3.1 metres (RH12-35), 4.7 g/t Au and 271 g/t Ag over 4.6 metres (RH12-33), 4.5 g/t Au and 515 g/t Ag over 3.4 metres (RH12-28) and 1.5 g/t Au and 187 g/t Ag over 4.2 metres (RH12-16).

Table 1. Selected channel samples from the Henry East Lens

Channel From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Pb
(%)
Zn
(%)
RH12-02 2.6 6.2 3.6 1.03 pending
RH12-03 6.4 7.7 1.3 1.78 pending
RH12-04 5.2 7.8 2.6 4.45 pending
RH12-05 4.0 6.0 2.0 0.38 210 4.5 1.2
RH12-14 2.0 6.5 4.5 0.85 41 0.6 0.3
RH12-15 2.3 5.5 3.2 2.45 130 2.3 0.3
RH12-16 1.2 5.4 4.2 1.53 187 3.0 0.7
RH12-17 0.0 4.6 4.6 1.53 156 0.4 1.2
RH12-18 4.2 8.3 4.1 0.93 63 1.2 0.1
RH12-28 0.0 3.4 3.4 4.48 515 4.8 1.8
RH12-29 5.2 8.2 3.0 2.88 136 2.2 1.3
RH12-30 5.6 8.7 3.1 0.91 66 0.7 1.0
RH12-31 2.4 5.6 3.2 1.35 87 1.2 0.4
RH12-32 3.4 6.8 3.4 4.01 361 6.0 0.6
RH12-33 3.2 7.8 4.6 4.65 271 4.6 2.4
RH12-34 0.0 3.4 3.4 2.47 220 3.7 2.6
RH12-35 3.9 7.0 3.1 5.04 303 5.5 3.5
RH12-36 3.3 5.8 2.5 0.81 42 0.6 0.1
RH12-37 2.6 7.2 4.6 0.22 30 0.2 0.1
RH12-38 5.0 8.0 3.0 0.81 93 0.9 0.3
RH12-39 4.0 7.0 3.0 0.56 90 1.2 0.2
RH12-40 7.2 10.3 3.1 5.53 352 4.1 2.0
RH12-41 4.7 9.1 4.4 10.93 246 3.7 2.7
RH12-42 2.8 4.2 1.4 0.39 12.5 0.2 0.1
RH12-43 2.6 4.0 1.4 4.43 284 3. 7 1.4

Lateral extension of mineralization at surface over 1.2 km

Trenching carried out in the summer of 2011, located 250 meters east of the actual stripped area also led to the discovery of another high grade gold and silver lens zone in TR11-24. The mineralization consists of centimetric to metric massive sulphide horizon similar to the one stripped in the current program and located within the same geological unit extending the continuity of the sulphide horizon over 1.2 kilometers from Henry Lens to TR11-24 (refer to figure 2). Grab samples collected to characterize the new showing returned values up to 23.3 g/t Au and 769 g/t Ag.

Table 2. Selected grab samples collected in TR11-24

Sample Au (g/t) Ag (g/t) Pb (%) Zn (%)
349383 18.2 312 4.9 1.0
349384 2.0 70 0.8 0.1
349386 5.7 98 1.5 0.7
349389 7.9 125 2.3 2.7
349390 14.1 320 4.2 0.5
349391 9.6 213 2.8 0.1
349392 23.3 769 6.0 0.2
349394 4.6 822 0.6 0.1
349395 3.0 95 0.2 0.3
349396 1.8 232 0.7 0.1

The Henry East Lens outcrops on surface as a semi-massive to massive sulphide zone varying in thickness from 0.5 meter to 5 meters. The continuity of the mineralization at Henry East has been proven by nine (9) different trenches, with a spacing of 25 to 75 meters over a strike length of 500 meters (press release 10/11/2011). The mineralization zone is interpreted to be the surface expression of the EM-1 geophysical anomaly detected during the 2011 winter survey (see press release 19/05/2011). The EM-1 geophysical anomaly shows a long trend extending more than 1.2 km, from Henry Lens to TR11-24, open-ended to the west and located along the Rocky-Brook-Millstream fault.

The Rocky-Brook-Millstream fault also controls the mineralisation for the Haché, Shaft and Pinetree lenses. All these mineralised lenses carry significant gold and silver enrichment and the current channel sample results are similar with those collected previously on the Haché lens as 1.3 g/t Au and 265 g/t Ag over 4.9 meter (R07-19) and 1.4 g/t Au and 401 g/t Ag over 6.4 meters (R07-20).

At the Haché lens, the channel sample results were consistent with the subsequent drilling results. More than 100 holes were drilled at Haché lens since 2006 and defined a continuous mineralization zone over a strike length of 700 meters and to a depth of 350 meters so far. The gold and silver enrichment related with the Rocky-Brook-Millstream Main fault has been confirmed by most of the drilling completed by Puma from 2006 to 2008.

Drilling program in progress on Henry East Lens

Puma has started a two phase drilling program at Nicholas-Denys property. The first phase of approximately 1,500 meters focuses on the Henry East Lens, located along the western end of the Rocky-Brook-Millstream fault. It consists of 11 holes over the two main stripped areas and two deeper 300-350 meters long holes testing the EM-1 electromagnetic geophysical anomaly at depth. The second phase, of an additional 1,000 meters, will test the skarn horizon and the Nicholas-Denys porphyry.

Nicholas-Denys 2012 Exploration Program

Puma Exploration has conducted extensive exploration program at Nicholas-Denys in 2012. So far, 29 holes for a total of 2,549 meters were drilled and 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 are in progress along the Henry East lens to increase the size of the four (4) gold and silver richer zones defined by the actual sampling program.

The 2012 exploration results indicated that the Nicholas-Denys property contains a significant silver-gold mineralization system that is open for extension. The area explored to date represents only 20% of the total length of the favourable corridor which extends over more than 10 km. The discovery of new silver-gold structures and lenses along the Rocky-Brook-Millstream Fault and the northern second main fault represent a key step toward the definition of an economic deposit.

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.

Two figures are available at the following link: http://media3.marketwire.com/docs/puma_maps_1115.pdf

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