Business
Puma acquires a strategic gold deposit in northeast Manitoba
Puma acquires a strategic gold deposit in northeast Manitoba.
About this update from Puma Exploration Inc.
[{"type":"text","content":"\n\n\n\n\nRIMOUSKI, Sept. 20 /CNW Telbec/ - Puma Exploration (PUM-TSXV) announces\nthat it has obtained from Tanqueray Resources Lt. (TQY-TSXV) an option to\nacquire a 51% interest in the Little Stull Lake property. Puma will be the\noperator of this extremely prospective northeast Manitoba gold property.\nTo earn its interest, Puma Exploration must spend $750,000 over a 4 year\nperiod and issue 400,000 shares to Tanqueray. During the first year, Puma's\nobligation is to spend $125,000 and to issue 50,000 shares to Tanqueray.\nPrevious work performed on the contiguous 20-claim property, covering an\narea of approximately 30 square Kms, has outlined gold mineralization in\nquartz veins that are hosted in a basalt brecchia that forms part of a Archean-\nage Superior Province greenstone belt. The basalt unit has a strike length of\nat least 5 Kms and coincides with a regional fault that has been mapped over a\nstrike length of over 60 Kms.\nIn late-1991, approximately 200 drill holes, totalling 30,500 metres,\ndefined 5 gold-bearing zones over a 2 Km strike length. In 1988, Westmin\nannounced a potential of 373,900 tonnes (at) 10.0 g/t gold, high grades being\ncut to 34.3 g/t. Following their last drill program, Westmin estimated a\npotential of 750,000 tonnes (at) 10.3 g/t gold (Source : Manitoba Energy and\nMines, Gold Deposits of Manitoba 1996, pp.53). Theses evaluation figures are\nestimates of the property potential and not resource measurements in\ncompliance with 43-101 standards.\nSeveral gold-bearing veins were identified by the drill programs. A total\nof 17 holes (8.5% of the total holes drilled) intersected mineralization\ncontaining more than one ounce per ton over a length of at least one metre of\ncore. All drill holes were drilled at an inclination of 45 degrees.\n\n>\n\nIn addition, 36 drill holes, comprising 18% of the holes drilled, cut\nintersections containing at least 5 g/t gold over core lengths of at least\n3 metres.\nThe Little Stull Lake property is located only 10 Kms north of the\nMonument Bay deposit (1.07 million tonnes (at) 15.4 g/t gold) (Source:\nwww.bemagold.com) and occurs in a similar geological environment.\nAdditionally, Puma Exploration holds a 100% interest, by staking, in the\nEdmond property located to the west of Little Stull Lake. With this new\nstrategic acquisition Puma controls over 25...