Field Reconnaissance at Portage Lake (Cu-Ni-Co) Lead to the Discovery of a Mineralized Breccia Grading 1.03% Co and 0.63 g/t Au
175, RUE LEGARÉ, RIMOUSKI (QUÉBEC), CANADA, G5L 3B9
TEL.: 418.724.0901 FAX: 418.722.0310
PUMA TSXV
explorationpuma.com
PRESS RELEASE
Field Reconnaissance at Portage Lake (Cu-Ni-Co) Lead to the Discovery
of a Mineralized Breccia Grading 1.03% Co and 0.63 g/t Au
Rimouski, October 28th, 2019 – Puma Exploration (PUMA-TSXV) has completed the acquisition of
the Portage Lake (Cu -Ni-Co) and Jonpol Gold (Au) projects, as previously announced on October
15th and 17th, 2019.
At Portage Lake, additional field reconnaissance by the prospectors lead to the discovery of a
mineralized breccia within a skarn horizon located in proximity to the mafic intrusion (6km by 4km).
Grab sample was collected at the site and graded 1.03% Co and 0. 63 g/t Au; being the highest
cobalt and gold results obtained so far on the property. Following the receipt of the assays, Puma is
mobilizing an excavator to evaluate the significance of the new discovery. Other areas will also be
trenched on the property at the same time. The adjoining Jonpol Gold property will be trenched
following Portage Lake to help define potential drill targets on both properties.
The Portage Lake (Cu -Ni-Co) project contains several showings with the most promising
discovered in the last trenching pro gram conducted on the property in 2017. The prospector
excavated an area of 100 metres composed mainly of skarn alteration containing 50 metres of
massive sulphide showing significant iron, copper, nickel , and cobalt. Grab samples grading 0.2
g/t Au and 0.60 g/t Au were collected just north of this recent trench. Very limited work has been
conducted on the property, which offers huge potential for new discoveries.
The Jonpol Gold (Au) project contains n umerous gold occurrences associated with gabbroic
intrusions located along a major subsidiary fault of the Rocky Brook Millstream Fault (RBMF). Grab
samples collected in trenches reported grades of: 17.1 g/t Au, 14.8 g/t Au, 10.6 g/t Au, 6.8 g/t Au,
5.1 g/t Au , and 3.4 g/t Au . Very limited diamond drilling has been done on the property which is
underlained by sedimentary rocks and mafic intrusives. Drill results reported were 1.13 g/t Au over
12.0m, 1.37 g/t Au over 6.0m, 1.37 g/t Au over 1.4m, 3.89 g/t Au over 1.0m, and 2.78 g/t Au over
1.5m.
In order t o acquire 100% interest in the se projects, Puma has issued 450,000 shares for Portage
Lake (Cu-Ni-Co) and 400,000 shares for Jonpol Gold (Au) to the prospectors. There is no minimum
work commitment. These acquisitions were part of the DEAR strategy aimed at generating value to
Puma’s shareholders. Following the acquisition of the Portage Lake (Cu -Ni-Co) and Jonpol Gold
(Au) projects, the Company has 28,459,972 shares outstanding.
175, RUE LEGARÉ, RIMOUSKI (QUÉBEC), CANADA, G5L 3B9
TEL.: 418.724.0901 FAX: 418.722.0310
PUMA TSXV
explorationpuma.com
DEAR STRATEGY
Puma has defined a four -part strategy for 2019 -2020 and beyond: Development, Exploration,
Acquisition and Royalties/Ownership (DEAR).
Each part of this strategy is aimed at generating value for shareholders and are defined as follows:
• Development of the M urray Brook Deposit, where the gossan and oxide zones will be
investigated to determine the economics and upside potential of the precious metal contents
and recovery within these zones. The goal is to convert the surface zone materials that were
previously categorized as waste to potential mineable ore.
• Exploration of our advanced stage projects located at the Murray Brook Deposit and Chester
Property, aimed at discovering new satellite and contiguous deposits with our drill -ready
targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester.
• Acquisition of prospective new properties using our expertise and knowledge acquired in the
last 15 years of exploration in New Brunswick will offer a variety of different metals exposures
and potentially allow us to make new discoveries within these potential new properties.
• Royalties and ownership gained through the sell -off of non -core assets to third parties
represent a potential major financial upside without direct d ilution. Currently, Puma holds
14,200,000 shares (48%) of Targets Minerals Inc. (1% NSR on Nicholas-Denys) and 100%
of Murray Brook Minerals Inc. (0.67% NSR on Murray Brook) and will hold 5,750,000 shares
(8%) of BWR Exploration Inc. (1% NSR on Little Stull Lake). Puma has also an option
agreement to sell the Red Brook project to Rio Tinto.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced and early-stage precious and base
metals projects in Canada. While the priority remains to secure and finalize the acquisition of the
Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR
(development, exploration, acquisition and royalties/ownership) strategy to generate value to its
shareholders.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard,
P.Geo., qualified person as defined by NI 43-101. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Mr. Robil lard is not independent of the
Company, as he is President of Puma Exploration.
175, RUE LEGARÉ, RIMOUSKI (QUÉBEC), CANADA, G5L 3B9
TEL.: 418.724.0901 FAX: 418.722.0310
PUMA TSXV
explorationpuma.com
You can visit us on Facebook and Twitter.
Learn more by consulting www.pumaexploration.com for further information on Puma.
Marcel Robillard, President
(418) 724-0901
-30-
Forward-Looking Statements: This press release may contain forward -looking statements. Such
forward-looking statements involve a number of known and unknown risks, uncer tainties and other
factors which may cause the actual results, performance or achievements of Puma to be materially
different from actual future results and achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements
which speak only as of the date the statements were made, except as required by law. Puma
undertakes no obligation to publicly update or revise any forward -looking statements. These risks
and uncertainties are described in the quarterly and annual reports and in the documents submitted
to the securities administration.