Puma Acquires the Portage Lake Cu-Ni-Co-Fe Project in Northern New Brunswick, Canada
PRESS RELEASE
Puma Acquires the Portage Lake Cu-Ni-Co-Fe Project in Northern New Brunswick, Canada
Rimouski, October 15th, 2019 – In line with its DEAR Strategy (Development, Exploration, Acquisition
and Royalties/Ownership), Puma Exploration (PUM -TSXV) has signed a purchase agreement to
acquire the Cu-Ni-Co Portage Lake Property (4,350 hectares) located in the Murray Brook area from
local prospectors. The property covers a Devonian mafic intrusion (4km by 6km) and its associated
skarn horizons of the Chaleur Group, containing both significant Copper-Nickel and Cobalt
mineralization.
The Portage Lake Property contains several showings with the most promising discovered in the last
trenching program conducted on the property in 2017. The prospector excavated an area of 100 meters
consisting of mainly skarn alteration containing 50 meters of Massive Sulphide showing significant Iron,
Copper, Nickel and Cobalt. Grab samples grading 0.2 g/t Au and 0.6 g/t Au were collected just north of
this recent trench . To be noted that NO sample s were assayed for Pt -Pd group elements yet. Very
limited advanced work has been conducted on the property which offers huge potential for new
discoveries.
Table 1: Grab Samples Collected from trenching in 2017
Samples Cu (%) Ni (ppm) Co (ppm) Fe (%)
8836267 0.34 700 710 21
8836269 0.21 460 640 36
8836266 0.21 330 560 15
8836262 0.20 390 620 34
8836260 0.21 490 630 26
8836255 0.15 250 470 24
8836265 0.12 380 490 21
8836254 0.10 120 400 24
“The acquisition of the Portage Lake Cu-Ni-Co property consolidates our land holdings in the western
part of the Murray Brook area with more than 10,000 hectares now under control. The Portage Lake
Property offers a variety of different metals exposures such as Nickel-Cobalt that could potentially allow
us to make new discoveries, adding to our diversified portfolios in precious and base metals. The mafic
Portage intrusion could be the potential heat source of the proximal VMS deposits but also contains
skarns and epithermal Gold deposits” said Marcel Robillard, CEO and President of Puma Exploration.
175, rue Legaré | Rimouski (Québec) G5L 3B9 PUMA TSXV
www.explorationpuma.com
175, rue Legaré | Rimouski (Québec) G5L 3B9 PUMA TSXV
www.explorationpuma.com
The Purchase Agreement covers the Portage Lake Project (Claim Blocks 8094, 8392, 8393) located
in Northern New Brunswick. All the claims are in good standing until March and September 2020. There
is no minimum work commitment on Puma’s part but to keep the claims in good standing. Puma will
acquire a 100% interest in the Portage Lake claims by issuing 4,500,000 shares ( pre-consolidation).
The vendors keep a net smelter royalty (NSR) of 2%. Puma retains the right to purchase 1% NSR for
$1,000,000.
UPDATE ON THE RESTRUCTURATION
Following the strong support received from its shareholders and as indicated in the press release of
October 3, 2019, the Boar d of Directors has decided to implement the consolidation of the shares of
Puma on the basis of one (1) new common share for each tranche of ten (10) common shares currently
issued and outstanding.
Consequently, Puma obtained from Corporations Canada, a certificate of amendment dated October
10, 2019, consolidating its common shares on the basis of 1-for-10, reducing the number of issued and
outstanding shares to 27,609,972. Puma is currently working to finalize the necessary documentation
with the TSX V in order to se t a date on which the shares of Puma will begin to trade on a post -
consolidation basis. A press release will be issued as soon as new information becomes available.
DEAR STRATEGY
In connexion with the current reorganization of the Company, 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 Murray 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 differ ent 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 dilution. Currently, Puma holds 14,200,000
shares (48%) of Target 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).
175, rue Legaré | Rimouski (Québec) G5L 3B9 PUMA TSXV
www.explorationpuma.com
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced 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 strategy to generate value to its
shareholders. Puma is currently holding one of the largest land packages in the prolific Bathurst Mining
Camp in Northern New Brunswick, Canada.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard,
P.Geo., President of Puma Exploration, 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. Robillard is not
independent of the Company, as is officer and shareholders thereof.
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Learn more by consulting www.pumaexploration.com for further information on Puma.
Marcel Robillard, President
(418) 724-0901
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Forward-Looking Statements: This press release may contain forward-looking statements. Such
forward-looking statements involve a number of known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of Puma to be materially
different from actual future r esults 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.