PUM-TSXV
RIMOUSKI, Oct. 31 /CNW Telbec/ - Puma Exploration (PUM-TSXV) announces
that it has obtained from Aurogin Resources Ltd. (AUQ-TSXV) an option to
acquire 100% of the multi-metal (Cu, Zn, Pb, Ag) Nicholas Denys property. Puma
becomes operator of the northern New Brunswick property.
The property hosts over 50 anomalies all associated with granitic pluton
of the same name and adjacent to limestone that was hydrothermally altered and
mineralized. Some anomalies were tested by past operators. The most important
being:
Beresford Copper (1) 200,000 tons (at) 2% Cu (est. from 118 DD. holes
drilled from 1950 to 92.)
Millstream (2) 105,000 tons (at) 3.4% Zn, 2,82% Pb and 73.07 gr/t
Ag (est. from 22 DD. holes)
North (3) 500,000 tons (at) 0.20% Mo (est. from 12 DD. holes
drilled from 1967-69)
These estimates pre-date and therefore are not in accordance with
National Instrument 43-101. Puma has not done the work necessary to verify the
classification of these resources and they should not be relied upon. It
should be notice that all this estimates are based on historical data and it's
possible that new works over the same area won't reproduce the same result.
As a first step, Puma Exploration plans to verify the anomalies detected
during the 2005 AeroTEM II survey, several of which revealed extensions of
known indicators. Most anomalies did not undergo detailed exploration. The
most promising ones will be tested by diamond drilling.
To fulfill its obligations, Puma Exploration must carry out exploration
works over a three-year period for a total of $500,000, followed by a
projected annual $100,000 payment to Aurogin until production start-up, and
there after a 3% N.S.R. will be paid on gold and silver. Puma Exploration firm
commitment for year one consist of $200,000 of exploration work.
The contiguous 292-claim Nicholas Denys property covers an area of
53 square km roughly 20 km from the Town of Bathurst and 25 km from the
Brunswick 12 mine infrastructure and the Belledune refinery.
Note 1 LENTZ, D.R., WALKER, J.A., and STIRLING, J.A. 1995. Millstream
Cu-Fe skarn deposit: An example of a Cu-bearing magnetite-rich
skarn system in northern New Brunswick. Exploration and Mining
Geology.
Note 2 Davies, J. L., 1969, - Geology and Mineral Deposits of the Nigadoo
River - Millstream River Area, Gloucester County, New Brunswick; .
Commission gDeologique du Canada, Etudes , 67-49, 1969
Note 3 Ritchie, C.T., 1967, P.Eng, - Exploration report, New-Brunswick
Molybdenum Mines Limited, Nicholas-Denys Area, New-Brunswick,
Project 458.
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.
