PUXPF - Puma Exploration Drills Series of Stacked High-Grade Gold Quartz Veins at Williams Brook | Benzinga

• Hole WB23-125 returned 50.85 m of 1.05 g/t gold.
  
• Gold mineralization extends over 90 m from surface in a series of stacked high-grade quartz veins.
• All 11 holes intersected the targeted quartz veins, with assay results returning from anomalous gold (0.10 g/t) to 42.60 g/t.
• Gold was intercepted at depth in areas never drilled before.
• Results confirm the continuity of gold mineralization at the Lynx Gold Zone.
• Assay results for 13 additional holes (2,200 m), including 47 samples containing VG are still pending

RIMOUSKI, Quebec, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV:PUMA, OTCQB:PUMXF) (the "Company" or "Puma") is pleased to announce the results for the first eleven (11) holes of its 2023 drilling program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. These holes were first reported on August 2, 2023, and are not part of the series that returned more than 100 specks of visible gold ("VG") on initial inspection. Notwithstanding, seven (7) of the 11 holes reported today returned significant gold, with four (4) holes intersecting multiple mineralized high-grade gold quartz veins (Table 1). Hole WB23-125 intersected fifteen (15) separate quartz veins and returned 90 m of 0.70 g/t gold from surface (at 2.90 m) with an impressive 50.85 m of 1.05 g/t gold starting at 42 m depth, including a 4.50 m interval of 6.46 g/t gold at 75 m depth.

All 11 holes intersected the targeted quartz veins, with assay results returning anomalous gold (0.1 g/t) to 42.60 g/t. Results indicate substantial continuity and depth extension of the gold mineralization at the Lynx Gold Zone. Also, broad mineralized zones in previously untested areas – 0.5 m of 16.1 g/t gold in WB23-128, 10.10 m of 3.30 g/t gold in WB23-129, 19.35 m of 0.54 g/t gold in WB23-131, 4.15 m of 3.18 g/t gold in WB23-132 indicate that additional gold chutes exist (Figure 1). Assay results for the remaining 13 holes of the 2023 drilling are pending and will be released when received.

Puma's President and CEO Marcel Robillard commented, "The first holes of our Phase 1 2023 campaign were drilled to map and test the newly identified veins discovered at surface at Lynx earlier this year and the depth continuity of the interpreted high-grade shoots at Lynx. Many holes hit multiple quartz veins downhole, often starting at surface. Hole 125 was drilled to 170 m depth, and we saw VG in 4 veins from 55 to 79 m depth. Those returned grades of 11.20 to 42.60 g/t gold over 0.35 to 0.80 m width.

What's most impressive is we intersected 15 veins, and they all contributed gold, regardless of whether they contained VG. That's significant because it highlights the continuity of mineralization at Lynx and the potential for a large mineable system that remains open along strike and depth. Assay results for the remaining holes drilled deeper that returned numerous VG specks should be in soon. We expect they will extend the width and depth of the gold chutes and continue to build volume at Lynx."

Figure 1: Cross-section of Lynx Gold Area with today's reported results

Phase 1 drilling focused on the Lynx and Moose areas of the LGZ (Figure 2). It was designed to 1) confirm and extend high-grade gold mineralization at depth and along strike; 2) target, along the favourable contact, specific veins previously mapped at the surface with different drilling orientations to better define the veins' geometry and update the Company's structural model. The program expanded from fifteen (15) to twenty-four (24) holes as Puma successfully intercepted the depth extensions of the high-grade shoots defined by previous drilling programs and intersected at depth along the newly identified orientation, the bonanza-grade quartz veins sampled at surface.

Most of the holes drilled show pervasive sericitization, but visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide assemblages that occur as disseminated massive sulphides or as semi-massive veinlets within the quartz veins.

Figure 2: Drillhole location at the Lynx Gold Zone

Table 1. Assay results of 2023 drilling

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