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Puma Exploration Acquires 8 Polymetallic Deposits
Puma Exploration Acquires 8 Polymetallic Deposits.
About this update from Puma Exploration Inc.
[{"type":"text","content":"\n\n\n\n\nRIMOUSKI, Dec. 1 /CNW Telbec/ - Puma Exploration (PUM:TSXV) announces the\nCompany now holds an option to acquire 100% interest in (8) polymetallic\ndeposits in the Nicholas-Denis region, 20 km from Bathurst, New Brunswick.\nDrilling operations of the past fifty years enabled us to evaluate historical\nmineral resources of 1.0 million tons with significant concentrations of\nsilver, zinc, lead and copper. Some of these deposits were discussed in a\npress release on October 25, 2005.\nThese deposits represent only a portion of the property's potential as\nthe 5 other likely extensions of known deposits detected during an airborne\ngeophysical survey in 2005 could considerably increase the estimated\nresources.\nPuma intends to focus efforts on lead, zinc and silver deposits due to\ntheir strategic location thirty kilometres from a specialized concentrator for\nthese metals and a Noranda-Falconbridge smelter. These 6 deposits are located\non a single 5.4-kilometre sedimentary rock horizon. A 1994 geophysical survey\npoints to the presence of other lens flanked by the known deposits, which have\nnot been drilled. Exploration work and underground development on two of these\ndeposits, which have never been exploited, is limited to two headframes, two\nramps and some drifts and raises.\nBy combining all these deposits on a sole property, Puma has considerably\nincreased the mining potential of the Nicholas-Denys region. Puma now holds an\noption to acquire 100% of rights on 383 claims covering 67 square kilometres.\nIn consideration of all these rights, the Company must make a cash payment of\n$150,000 over the next three years and invest $500,000 in exploration work.\nAdded to this is an average NSR of 2.5% for precious metals and 1.5% for base\nmetals, 50% of which is redeemable for 2 million dollars.\nThe potential of known deposits is 544,400 t with average concentrations\nof 2.31% Pb, 3.47% Zn and 3.54 oz/t Ag, and 500,000 t of 1.7% Cu. These\nestimates are provided on a tentative basis, strictly for the purpose of\nillustrating the relative importance of the deposits, and should not be used\nto make economic or geological calculations. The resources are historical\nresources calculated before the advent of Standard 43-101. Resource estimates\nare taken verbatim from the New-Brunswick Mineral Occurrence Database (MO) a...