Puma Exploration Executes Definitive Agreement for TIMM Gold Property
News Release
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Puma Exploration Executes Definitive Agreement
for TIMM Gold Property
• Strategic gold property located along national road, only 10 km from St-Quentin and 25 km
west of Williams Brook Flagship property.
• High-grade gold structure, with initial surface sampling up to 362 g/t gold*.
• Mineralization hosted in quartz veins within the sedimentary package.
• Similar depositional gold environment as Williams Brook Gold property.
Rimouski, January 22, 2024 – Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce, further to PUMA's press release dated October 25, 2023, that it has signed
the TIMM property definitive agreement to strategically increase its substantial gold landholdings at the
Williams Brook Gold Project (Figure 1). The TIMM Property, with grab samples* grading up to 267 g/t gold
and 362 g/t gold, confirms its DEAR Strategy and marks another step towards Puma’s development of a
major gold camp in Northern New Brunswick.
Figure 1: Puma’s assets and landholdings in Northern New Brunswick
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During the due diligence work period, Puma only did minimum exploration work which included trenching
to study the structural pattern of the high-grade gold system present and identify similarities between the
Bonanza and Dome gold showing s where very high -grade veins were collected by Puma’s team and
previous operators (Table 1).
Table 1: Grab sample collected from the TIMM gold property
Area/Target Sample UTM Nad83_X UTM Nad83_Y Lithology Au (g/t)
Bonanza J026525 630753 5265348 Quartz vein 362.00
Bonanza J026503 630754 5265343 Quartz vein 267.00
Dome J026519 630708 5265231 Quartz vein 2.72
Dome J026523 630708 5265231 Quartz vein 4.76
Dome J026526 630708 5265231 Quartz vein 24.70
Dome J026801 630708 5265231 Quartz vein 9.47
Dome J026803 630708 5265231 Quartz vein 1.19
Dome J026805 630708 5265231 Quartz vein 1.57
Dome J026806 630708 5265231 Quartz vein 2.33
Dome J026809 630708 5265231 Quartz vein 0.17
T23-07 J026501 630682 5265099 Quartz vein 0.31
T23-07 J026502 630682 5267097 Quartz vein 0.69
T23-08 J026505 630707 5265195 Siltstone/fault 0.50
T23-09 J026506 630689 5265123 Quartz vein 0.16
T23-09 J026510 630691 5265122 Quartz vein 0.35
T23-11 J026511 630674 5265072 Quartz vein 0.64
T23-11 J026513 630676 5265071 Sandstone 0.22
T23-11 J026514 630694 5265066 Quartz vein 1.10
T23-12 J026518 630668 5265050 Shale/fault 0.90
*Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
Current work on TIMM property includes compiling the entire data set available to initiate a property scale
exploration program for the summer of 2024 using our low -cost exploration model. A d etailed field
program will be announced when available.
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Overview of the TIMM gold property
The property is located only 10 km east of St-Quentin, where Puma’s has its exploration office, and
comprises 76 claims covering 1,654 ha. Local p rospector Tim Lavoie made a gold discovery on the
property in 2014. He subsequently optioned it to different junior exploration companies over the years.
They completed some surface exploration work - trenches, soil sampling, till and stream sampling and four
(4) diamond drill holes that returned several anomalous gold zones and highlighted the potential for more
discoveries.
The property hosts the same geology as Williams Brook and has historically been divided into three (3)
gold zones: the Bonanza, Dome, and South zone. The Dome and Bonanza vein system is hosted in strongly
foliated sericite schist with the gold mineralization typically associated with goethite/limonite as at the Lynx
Gold Zone (Figures 2-3). So far, the three (3) zones show a strike length of 625 m with samples varying from
anomalous (0.1 g/t gold) up to 362 g/t gold.
Picture 1: Visible gold from a grab sample from the Bonanza Gold Zone (362 g/t Au)
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Option and Joint Venture Agreement for TIMM Property
To acquire a 70% interest in the T IMM property, PUMA will issue 250,000 shares to the vendor (NB
Gold Inc.) and complete $100K worth of work over two (2) years in accordance with the following
schedule:
Period Ending Expenditures Share Issuances
Effective Date - 50,000 Puma Shares (DONE)
December 31, 2024 $50,000 100,000 Puma Shares
December 31, 2025 $50,000 100,000 Puma Shares
Total $100,000 250,000 Puma Shares
Having earned a 70% interest in the TIMM Property, Puma will enter into a JV with the vendor (NB Gold
Inc.), carrying the seller for the first $1M of work expenditure. Afterwards, the seller can retain its 30%
by contributing its share of the exploration expenses. Should the seller’s interest in the property fall
below 10%, its interest will be converted to a 10% return on net profits from Mine Production.
The TIMM Property is subject to an underlying agreement between NB Gold Inc. and local
prospectors that Puma must satisfy. The “Lavoie/Guitard Royalty” is a 2% production royalty (NSR)
payable to Tim Lavoie and Pierre-Luc Guitard pursuant to the Lavoie/Guitard Agreement. Half (i.e.
1%) may be bought back for $1,000,000 , and the remaining half (i.e. 1%) may be bought back for
$10,000,000. NB Gold retain s the right of first refusal on the 2% royalty pursuant to the
Lavoie/Guitard Agreement held on 76 claim units (NB e-CLAIMS 6129).
Additional performance payments:
• Puma will make a $25,000 cash payment to the seller upon a positive preliminary economic
assessment (PEA to be defined in the definitive agreement);
• Puma will make a $50,000 cash payment to the seller upon a positive feasibility study (FS to be
defined in the definitive agreement);
• Puma will make a one-time cash payment of $100,000 to the seller upon commercial production
(commercial production to be defined in the definitive agreement).
The transaction is subject to the TSX Venture Exchange approval.
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Ongoing Work at the Williams Brook Gold Project
Since mid-December, Puma’s technical team has been finalizing 2023 fieldwork assessment reports to
renew the entire land package. Also, data compilation is underway to define 2024 drilling targets. The New
Tiger Gold Zone will be drilled first. Having successfully intersected the depth extensions of the high-grade
gold shoots in 2023, an update of the 3D modelling of the Lynx Gold Zone is also underway.
Upcoming Gold Investor Events
Puma invites shareholders and interested parties to stop by the booth, attend a presentation, or schedule
a meeting at the upcoming conferences to discuss the Company's recent news and proposed
developments:
VRIC 2024, Vancouver, BC
Booth 409
January 21-22, 2024
Marcel Robillard will present on Sunday, January 21, at 10:50 am in Workshop 2
Vancouver Resource Investment Conference (cambridgehouse.com)
Prospector and Developers Association Conference (PDAC), Toronto, ON
Booth IE2152
March 3-6, 2024
Convention (pdac.ca)
About the Williams Brook Gold Project
Puma's flagship Williams Brook Gold Project comprises four properties covering more than 49,000 ha in
Northern New Brunswick —an established and mining -friendly jurisdiction near paved roads and with
excellent infrastructure nearby. The land package is located near the Rocky Brook Millstream Fault
(“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for
gold deposition in the region.
Since 2021 and with less than C$1 2.5M of exploration investment. Puma has made multiple gold
discoveries at the Williams Brook property and believes that the property hosts an extensive orogenic gold
system. Puma’s ongoing exploration programs are focused on building a gold camp in Northern New
Brunswick, Canada.
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Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, stated:
“I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek
in Australia and Valentine Lake in Newfoundland . These other deposits are known for their structure -
controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre scale depth extent. The
similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in
the Lynx Zone and continued exploration around the feeder structures in the Williams Brook District.’’
Figure 2. Main gold showings and occurrences at the Williams Brook Gold Project
Qualified Person
The technical information of this release was reviewed and approved by Dominique Gagne, PGeo, a
consultant of Puma and a qualified person as defined by the National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects.
On-Site Quality Assurance/Quality Control (“QA/QC”) Measures
Surface samples are bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick,
where each sample is crushed and pulped before being fire -assayed (Au-ICP21). The remaining coarse
reject portions of the samples remain in storage for further work or verification as needed.
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As part of its QA/QC program, the Company inserts external gold standards (low to high grade) and blanks
every 20 samples in addition to standards, blanks, and duplicates. All samples over 10 g/t gold or with
abundant visible gold are analyzed with a gravity finish (Au-GRA22). Check assays are routinely performed
for samples with visible gold to ascertain the gold content of the mineralization zone.
About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in New
Brunswick, near Canada's Famous Bathurst Mining Camp ("BMC"). Puma has a long history in Northern
New Brunswick, having worked on regional projects for over 15 years. As a first mover, the Company
quickly and strategically accumulated an impressive 44,650 ha of prospective gold landholdings in the
area. Puma’s successful exploration methodology combines old prospecting methods with detailed
trenching and up-to-date technology, such as Artificial Intelligence (“AI”), to facilitate an understanding of
the geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and
consultants’ expertise, Puma has developed a perfect low-cost exploration tool to discover gold at shallow
depths and maximize drilling results.
The Company is also committed to deploying its DEAR strategy (Development, Exploration, Acquisition,
and Royalties) to generate maximum value for shareholders with low share dilution.
Connect with us on Facebook / X/ LinkedIn.
Visit www.explorationpuma.com for more information or contact:
Marcel Robillard, President and CEO, (418) 750-8510;
Mia Boiridy, Head of Investor Relations and Corporate Development, (250) 575-3305;
Neither the 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.
Forward-Looking Statements: This press release may contain forward -looking statements. Such forward -
looking statements involve several known and unknown risks, uncertainties, and other factors that 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.
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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. The quarterly and annual reports and the
documents submitted to the securities administration describe these risks and uncertainties.