Puma Exploration Inc.
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Puma Exploration Inc.

June 17, 2015 09:40 ET

Puma Reports Multiple Massive Sulphide Drill Intercepts at Dragon Zone of Turgeon Cu-Zn VMS Project in New Brunswick

RIMOUSKI, QUEBEC--(Marketwired - June 17, 2015) - Puma Exploration (TSX VENTURE:PUM) is pleased to release the results of its initial 2015 drill program at its Turgeon Copper-Zinc VMS Project in New Brunswick. The drill program, targeting the newly discovered Dragon Zone, successfully confirmed the existence of a third major VMS system at Turgeon which doubles the volume of the previously known sulphide mineralization envelope.

The four holes of the most recently completed program encountered multiple massive sulphide drill intercepts up to 13 meters wide. These massive sulphide intercepts, averaging 5 meters of core length, are composed of variable amounts of pyrite, chalcopyrite and sphalerite. Also, the typical higher-grade Cu-Zn stockwork zones that were intersected are located within a larger Cu-Zn mineralized halo intercept exceeding 100 meters. Puma has also achieved another milestone with the discovery of this new fertile syn-volcanic fault that is interpreted to be the source of mineralization with higher grade zones of 6.1% zinc equivalent ("Zneq") over 4.1 meters (FT15-04) and 5.8% Zneq over 4.0 meters (FT15-03). Detailed results of the different zones are described in Table 1.

Highlights include:

  • Multiple massive sulphide drill intercepts with up-to 13 meters in length and averaging 5 meters;

  • Three new holes within the high grade zone confirms the existence, and increases the size of the higher grade mineralization previously encountered in the discovery drill hole FT14-05 (6.8% Zneq over 6.8m) with 6.1% Zneq over 4.1 meters (FT15-04) and 5.8% Zneq over 4.0 meters (FT15-03);

  • The persistent alteration and mineralization halo indicates the presence of a major hydrothermal system with 0.8% Zneq over 112.5m (FT15-01), 0.8% Zneq over 116.5m (FT15-03) and 2.4% Zneq over 23.1m (FT15-04);

  • A newly discovered, significant Cu-stockwork mineralization zone indicating the presence of an entirely new VMS system in the Dragon Zone area with 2.2% Cu over 2.1m (FT15-01) and 1.2% Cu over 2.4m (FT15-03);

  • The best drill results were located in the newly found fertile syn-volcanic fault zone that was outlined; A precisely designed upcoming drill campaign will verify the best potential targets;

  • All three zones including the new Dragon zone, Powerline and Zinc Zone are open in all directions and at depth.

The spring program included four (4) holes for a total of 1,378 meters targeting the Dragon Zone that was discovered in 2013. All holes were extended deeper than the planned 300 meters due to persistent sulphide mineralization to downhole depths between 300 to 400 meters. The Dragon Zone is located only 200m south-west of the main Powerline and Zinc Zone deposits composed of Cu-Zn rich massive sulphide lenses and Cu rich Stockwork zones that are located close to similar fertile syn-volcanic faults as was defined in the current Dragon Zone drill program.

Table 1: Typical VMS system zones drilled at Turgeon with associated drill results

Hole # Zone From
(m)
To
(m)
Long
(m)
Zn
(%)
Cu
(%)
Zneq*
(%)
Ag
(ppm)
FT15-01 Disseminated Sulphides 35.6 44.0 8.4 0.63 0.03 0.7 0.43
N200/-50 Mineralised halo (Zone A) 71.0 151.9 80.9 0.32 0.04 0.5 0.43
384m Fault zone incl 108.1 115.3 7.2 1.20 0.09 1.5 1.27
Massive Sulphides incl 150.0 151.9 1.9 1.86 0.27 2.7 0.83
Mineralised halo (Zone B) 203.7 316.2 112.5 0.25 0.16 0.8 0.77
Massive Sulphides incl 203.7 207.9 4.2 3.05 0.23 3.8 1.81
Disseminated Sulphides 235.2 238.8 3.6 2.32 0.13 2.8 2.30
Massive Sulphides incl 256.6 261.4 4.8 0.21 1.01 3.3 2.43
Stockwerk zone incl 310.8 312.9 2.1 0.11 2.20 6.7 1.04
FT15-02 Brecciated Basalt 213.0 215.4 2.4 0.99 0.02 1.1 0.90
N180/-45 Feeder zone 332.4 336.5 4.1 1.03 0.03 1.1 0.45
390m
FT15-03 Fault zone 94.2 96.0 1.8 3.25 0.38 4.5 4.20
N177/-55 Disseminated Sulphides 158.0 163.7 5.7 0.03 0.84 2.6 2.16
465m Brecciated Basalt 179.2 181.6 2.4 0.02 1.16 3.5 0.60
Mineralised halo 221.8 338.2 116.4 0.43 0.11 0.8 0.43
Massive Sulphides incl 228.9 232.9 4.0 4.40 0.46 5.8 2.51
Massive Sulphides incl 251.4 258.8 7.4 1.14 0.16 1.6 1,00
Brecciated Basalt incl 312.5 322.7 10.2 1,00 0.03 1.1 0.18
Semi-Massive Sulphides 402.2 407.0 4.8 2.15 0.08 2.4 1.13
FT15-04 Semi-Massive Sulphides 95.9 98.2 2.3 2.35 0.27 3.2 0.77
N177/-55 Mineralised halo 129.4 152.5 23.1 1.15 0.41 2.4 0.97
381m Massive Sulphides incl 132.5 135.7 3.2 4.63 2.64 7.8 2.66
Massive Sulphides incl 144.6 152.5 7.9 1.21 0.76 3.5 1.48
Stockwerk zone 348.5 350.8 2.3 0.06 0.82 2.5 1.21

*Zneq (zinc-equivalent) has been used to express the combined value of zinc, copper, and silver as a percentage of zinc, and is provided for illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of $1.00/lbs zinc, $3.00/lbs copper, $15/oz silver and using the formula ZnEq% = Zn% + (Cu% X 3.0) + (Ag g/t X 0.0218).

Since discovering the Dragon Zone in 2013, where Puma drilled 4 meters of massive sulphides grading 3.79% Zneq (FT13-13), the Dragon Zone has steadily increased in size to represent a potential VMS system volumetrically as large as the combined Powerline and Zinc Zones.

In 2014, Steve McCutcheon Phd, collaborated with Puma's technical team to reinterpret the Dragon Zone geological model. Dr. McCutcheon was the Regional Geologist for the New Brunswick DNR of Bathurst for more than 25 years and a VMS expert for 40 years. He reviewed all available holes in the Dragon Zone and helped to design the current program that confirmed the extension of the Dragon Massive Sulphide Zone.

Dr. McCutcheon notes that the most recent drill program suggests that: ''Mapping the 3D-distribution of pervasive silicification, sidewall stockwork veins with silicification, intense epidote alteration, chlorite alteration intensity, and the distribution of Cu and Zn mineralization should be undertaken to delineate the geometry of the alteration pipe/corridor that is associated with the Dragon Zone. This will guide future drill programs to further define the alteration corridor and pinpoint the higher grade and/or thicker zones to test its potential to host an economic deposit".

Marcel Robillard, President of Puma added, "These new results confirm the potential for more massive sulphide deposits at depth and along strike. The next drilling program will target higher-grade areas within the Dragon Zone''. A second phase of drilling is planned after the newly found features are included into the geological modeling."

About the Turgeon VMS Property

The Turgeon property is located within a few kilometers of the deep water port of Belledune. The project is accessible by road all year round, and is crossed by a power line. The Dragon Zone was discovered in late-2013, approximately 200 meters south of the main Powerline and Zinc Zones. Drillhole FT13-13 intersected 4 meters of massive sulphides grading 1.01% Cu and 0.78% Zn. The autumn 2014 drill program included a massive sulphide intercept grading 5.66% Zn, 0.38% Cu and 2.3 g/t Ag over 6.8 metres starting downhole at 219.1 meters and including 10.05% Zn and 0.23% Cu over 2.7 metres. (Drillhole FT14-05). The surface expression of the Dragon zone is 300 meters long by 75 meters wide within the favorable corridor that extends for at least 2km along strike in each direction from the Dragon zone.

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 Project and the Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is focusing now its exploration efforts in New Brunswick, Canada.

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.

To see the three maps associated with this press release, please click on the following links :

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