PUMA Exploration Launches Wholly-Owned Murray Brook Minerals Inc. to Explore and Develop Its Copper (Cu) Assets
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
PRESS RELEASE
PUMA EXPLORATION LAUNCHES WHOLLY-OWNED MURRAY BROOK MINERALS INC.
TO EXPLORE AND DEVELOP ITS COPPER (Cu) ASSETS
Rimouski, August 19th, 2020 – Puma Exploration Inc., PUMA-TSXV, (“Puma”) is pleased to announce
that it will transfer all of its copper assets to its wholly-owned subsidiary Murray Brook Minerals Inc. The
objective is to generate maximum value to its shareholders from its base metal projects while Puma
Exploration continues to concentrate on its new Flagship Triple Fault Gold Project in New Brunswick,
Canada.
“The current business arrangement represents an important opportunity for Puma’s shareholders to
continue to explore and develop the current copper projects within its new subsidiary on which the
company has already invested $3,211,057 in exploration (book value as of May 31, 2020) in the last
15 years in No rthern New Brunswick ”, notes Marcel Robillard, President and CEO of Puma
Exploration. “We are expecting renewed interest in the base metals sector, particularly for copper, as
green energy metal and EV demands are expected to increase in the coming years. Puma’s
subsidiary will be well positioned and ready for any opportunity” added Marcel Robillard.
The newly created strategic advisory board and current management and consultants will evaluate
different scenarios to generate maximum value for Puma’s shareholders in light of the current
reorganization of Puma’s base metals assets. The reorganization of the copper assets will be effective
on August 31,2020. The main copper assets held by the wholly-owned Murray Brook Minerals are as
follows:
CHESTER PROJECT OPTION
The Chester Deposit property is known to contain copper deposits containing three (3) zones; the Central
Zone, the East Zone, and the West Zone (Copper Stringer) all located near the surface. Only the West
Zone was included in the NI 43 -101 resources calculation dated 2008 and updated in 2014. The copper
deposit has measured and indicated resources of 1,400,000 tonnes grading 1.38% Cu and 3.5 g/t Ag and
inferred resources of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only) as reported in the NI 43-
101 Technical Report entitled “Technical Report - Chester C opper Property New Brunswick Canada”
(effective March 07, 2014) prepared by Robert C. Sim, P. Geo., for Explor Resources and filed on
www.sedar.com.
Previous operators at Chester Deposit reported historical resources totalling 16.8 Mt at 0.76 % Cu divided
in three zones* :
■ East Zone*: 0.5 Mt of massive and disseminated sulphide grading 0.78%Cu, 0.36% Pb and 1.14% Zn.
■ Central Zone*: 1.1 Mt of massive sulphide grading 0.47%Cu, 0.90% Pb and 2.22% Zn.
■ West Zone*: 15.2 Mt of copper stringers grading 0.78% Cu.
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
*Puma is not treating the “historical resources estimate” as a “current resources estimate” or “mineral
reserves”, as it has not taken steps to identify what work needs to be done to verify, upgrade or re-classify
the “historical resources estimate” using a qualified person from Puma or independent third party.
Significant previous drill results at Chester property
West Zone (Surface to 50m) Central Zone (Surface to 50m)
4.8% Cu over 20.3 meters 10.8% Zn + 4.5% Pb over 5.6 meters
3.4% Cu over 25.0 meters 7.4% Zn + 2.3% Pb over 6.1 meters
6.0% Cu over 13.1 meters 8.0% Zn + 3.9% Pb over 7.0 meters
8.0% Cu over 5.2 meters 8.5% Zn + 4.0% Pb over 7.9 meters
4.9% Cu over 14.2 meters 7.0% Zn + 2.6% Pb over 15.6 meters
TURGEON PROJECT
The Company holds a 100% interest in the Turgeon property consisting of 31 claims over a total surface
area of 6.7 km2. The property is located 5 km south of the Belledune deep water port and is accessible by
road all year long and is crossed by an electrical transport line.
The drilling done in 1983 by Esso Minerals led to the identification of an historic al resource of 1.5 to 2.0
million tons with a grade of 1.5% Cu and 4% Zn. The historical resource was estimated only for the
Powerline and Zinc Zone deposit. Since the beginning of work in 1958, about 100 holes have been drilled
on the deposit resulting in more than 25,000 meters of core. Puma is not treating the “historical resources
estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to identify what
work needs to be done to verify, upgrade or re-classify the “historical resources estimate” using a qualified
person from Puma or independent third party.
In late-2013, The Dragon Zone was discovered by Puma Exploration, The zone is located approximately
200 meters south of the main Powerline and Zinc Zones who represent typical VMS mineralised lenses.
Drillhole FT13-13 intersected 4 meters of massive sulphides grading 1.01% Cu and 0.78% Zn. The autumn
2014 drill program included a massive sulphide intercept grading 5.66% Zn, 0.38% Cu and 2.3 g/t Ag over
6.8 metres starting downhole at 219.1 meters and including 10.05% Zn and 0.23% Cu over 2.7 metres.
(Drillhole FT14-05).
Significant previous drill results at Turgeon property
Power Line (Cu Stockwerk) Zinc Zone (Massive Sulphide)
3.5% Cu over 11.5 m 1.1% Cu + 9.2% Zn over 7.9 m
7.9% Cu over 7.5 m 0.8% Cu + 12.4% Zn over 8.7 m
2.2% Cu over 27.3m 2.1% Cu + 1.9% Zn over 8.3m
2.3% Cu over 32.6 m 1.0% Cu + 2.7% Zn over 72.2 m
4.4% Cu over 17.2m 1.9% Cu + 5.0% Zn over 12.3m
10.0% Cu over 7.0m 1.1% Cu + 4.7% Zn over 25.1m
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
LEGACY PROJECT
The Legacy copper project consists of two (2) block of claims which cover an area of about 499.4 ha and
are situated in the County of Restigouche, Province of New Brunswick, Canada . The project occurs
approximately 100 km west of Bathurst and approximately 40 km from Saint Quentin.
The Legacy Project includes the Legacy deposit, two main prospects (Hornfels Zone and the J.J. Gold
Zone) and numerous geophysical targets. The drilling and resource model suggest that the mineralisation
continues with depth and that additional tonnage could be delineated with additional drilling. Mineralisation
is primarily hosted by silicified calcareous argillite and, to a lesser extent, in skarnified beds and irregular
zones within the argillite. The skarns are erratically distributed, but usually occur in proximity to felsic dykes
which are generally only weakly mineralised.
Historical Resource of 1,040,000 tonnes of 0.74% Cu and 5.15 g/t Ag was estimated in 2015 by SKR
Consulting and released as “Independent Technical Report for the Legacy Project, Restigouche County,
New Brunswick, Canada ” with the effective date of June 22, 2015 . Puma is not treating the “historical
resources estimate” as a “current resources estimate” or “mineral reserves”, as it has not taken steps to
identify what work needs to be done to verify, upgrade or re -classify the “historical resources estimate”
using a qualified person from Puma or independent third party.
This copper mineralization is contained in three, steeply dipping mineralized zones varying from 1.5 m to
12.20 m in width.The steeply dipping zones are confined along strike with a plunge to the NNE of about
50˚. Therefore, they have a pipe-like shape.
BRUNSWICK CARDS PROJECT
To complete its impressive landholdings of advanced projects to be held by Murray Brook Minerals, Puma
executed 2 distincts option agreements with a prospector and a private company to secure first priority
grassroots targets generated using CARDS system developed by Windfall Geotek (WIN-TSXV). The new
properties totalling 101 claims units are located north of the Chester Project and South -East of the East
Steel past operating mine. Also, Puma added by staking 63 new claims units in the area to cover
favourable geology. These properties will be also transferred into Murray Brook Minerals.
Terms of the option agreements
Puma may acquire a 100 -per-cent undivided ownership interest in the two (2) distincts properties;
Miramichi CARDS and Sevolgle CARDS according to the following terms to each vendor:
Issuing a cumulative amount of 500,000 shares of Puma and $ 75,000 cash payments to the owner s,
according to the following schedule:
• 500,000 shares and $25,000 cash subsequent to signing of the agreement,
• $25,000 cash on or before the first anniversary date of the agreement, and
• $25,000 cash on or before the second anniversary date of the agreement.
The owner s will retain a two percent net smelter return royalty on any saleable production from the
property. Fifty percent of the NSR royalty (that is, one percent) may be purchased by Puma for $1-million.
Puma retains a right of first refusal on the remaining one percent NSR royalty that is held by the owners.
The transaction is subject to the TSX Venture Exchange approval.
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
WARRANTS REPRICING
Following Puma’s announcement made on August 4, 2020, about the repricing of certain warrants, and
the initial review by the TSX Venture Exchange. The company intends to reprice 6,185,478 warrants to
$0.20 according the certain modifications requested by the exchange as set out below.
Under the terms of the December 2018 financing, 638,000 warrants were issued at $1.00 (post-
consolidation) with an expiry date of December 31, 2020. The company intends to reprice these warrants
to $0.20. In accordance with the TSX Venture Exchange Policy 4.1 (section 3.3a) ii) and e)), the warrants
will be subject to an acceleration clause: “should the closing price of the common shares of the Company
on the TSX Venture Exchange be $0.25 or higher for ten (10) consecutive trading days, the Company
must accelerate the expiry of the Warrants to the date that is 30 days from the date of the issuance of a
news release by the Company announcing the exercise of the acceleration right.” The Company has
received the consent of the warrants holders to proceed with the proposed modification.
Under the terms of the September 2019 financing, 4,366,450 warrants were issued at $0.50 (post-
consolidation) with an expiry date of September 27, 2023. The Company intends to reprice these warrants
to $0.20. In accordance with the TSX Venture Exchange Policy 4.1 (section 3.3d) and N1, the Warrants
held by insiders (13.69%) can’t exceeded 10% and thus; 4,204,978 warrants will be repriced to $0.20 and
161,472 warrants held by the insider will keep the initial price of $0.50 (post-consolidation). The expiry
date remains the same as September 27, 2023.
Under the terms of the December 2019 financing, 1,342,500 warrants were issued at $0.35 expiring in
December 2021. The Company will now proceed to reprice these warrants to $0.20 as no comment was
received for these warrants.
QUALIFIED PERSONS
Marcel Robillard, PGeo, qualified person as defined by Canadian National Instrument 43 -101 standards,
has reviewed and approved the geological information reported in this news release. 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.
ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian -based mineral exploration company with precious and base metals
projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New
Brunswick, Canada. Puma is currently focusing his field work on its flagship TRIPLE FAULT GOLD
PROJECT in New Brunswick. Great efforts will be made by the Company in the coming years to deploy
its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum
value for shareholders with low shares dilution.
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
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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 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 un certainties are described in the quarterly and annual reports and in the documents submitted to the
securities administration.