RIMOUSKI, Dec. 1 /CNW Telbec/ - Puma Exploration (PUM:TSXV) announces the
Company now holds an option to acquire 100% interest in (8) polymetallic
deposits in the Nicholas-Denis region, 20 km from Bathurst, New Brunswick.
Drilling operations of the past fifty years enabled us to evaluate historical
mineral resources of 1.0 million tons with significant concentrations of
silver, zinc, lead and copper. Some of these deposits were discussed in a
press release on October 25, 2005.
These deposits represent only a portion of the property's potential as
the 5 other likely extensions of known deposits detected during an airborne
geophysical survey in 2005 could considerably increase the estimated
resources.
Puma intends to focus efforts on lead, zinc and silver deposits due to
their strategic location thirty kilometres from a specialized concentrator for
these metals and a Noranda-Falconbridge smelter. These 6 deposits are located
on a single 5.4-kilometre sedimentary rock horizon. A 1994 geophysical survey
points to the presence of other lens flanked by the known deposits, which have
not been drilled. Exploration work and underground development on two of these
deposits, which have never been exploited, is limited to two headframes, two
ramps and some drifts and raises.
By combining all these deposits on a sole property, Puma has considerably
increased the mining potential of the Nicholas-Denys region. Puma now holds an
option to acquire 100% of rights on 383 claims covering 67 square kilometres.
In consideration of all these rights, the Company must make a cash payment of
$150,000 over the next three years and invest $500,000 in exploration work.
Added to this is an average NSR of 2.5% for precious metals and 1.5% for base
metals, 50% of which is redeemable for 2 million dollars.
The potential of known deposits is 544,400 t with average concentrations
of 2.31% Pb, 3.47% Zn and 3.54 oz/t Ag, and 500,000 t of 1.7% Cu. These
estimates are provided on a tentative basis, strictly for the purpose of
illustrating the relative importance of the deposits, and should not be used
to make economic or geological calculations. The resources are historical
resources calculated before the advent of Standard 43-101. Resource estimates
are taken verbatim from the New-Brunswick Mineral Occurrence Database (MO) and
have not been verified by Puma Exploration. These estimates do not take into
account dilution or percentage of recovery.
Due to the polymetallic content, the following table is presented by the
Company to indicate equivalent zinc(x) concentrations at market prices, as
cited in the Northern Miner on November 29, 2005.
<<
Deposit Resource Copper Lead Zinc Ag Zinc
(t) % % % Oz/t equivalent
%
Pine Tree (MO 419) 105,000 2.82 3.40 2.35 6.3
Halfmile (MO 420) 17,000 4.50 3.90 2.50 7.9
Millstream Bridge (MO 422) 10,000 6.50 6.00 3.50 11.6
Hache (MO 859) 59,400 1.59 2.14 7.23 6.7
Shaft (MO 013) 345,000 2.01 3.61 3.34 6.5
Beresford Copper (MO 125) 200,000 2.00 5.2
Millstream Iron (MO 425) 300,000 1.50 0.70 4.3
Millstream Henry (MO 417) ND 4.19 3.56 11.75 11.9
Total: 1,036,400
>>
Puma has already started a 1,500-metre drilling program on the Millstream
(Pine Tree) lead, zinc and silver deposits.
(x) The zinc equivalent % was calculated on the basis of the following
metal values posted by Northern Miner on November 29, 2005: Au:
496.00$US/oz, Ag: 8.26US$/oz, Cu: 1.99US$/lb, Pb: 0.46US$/lb and Zn:
0.75US$/lb and the equivalents of 1 ton equals 2,200 lbs,
1g/t equals 0.03215 oz and 1$CAN equals 1.17$US
AndrDe de Guise P. Eng. a qualified person as defined by National
Instrument 43-101 supervised the preparation of the in this news release. This
agreement is subject to the approval of regulatory authorities. The TSX
Venture Exchange does not accept any responsibility for the content of this
press release as being truthful or accurate.
