Puma Exploration Inc. (
TSX: V.PUM,
Stock Forum) fell 9.3% to 24.5 cents after the company announced the results of three holes from the 2014 drilling program on its 100%-owned Nicholas-Denys porphyry system in New Brunswick.
Nicholas-Denys is located in New Brunswick, near sea level in the established Bathurst mining camp.
The project consists of three genetically and spatially related plays: the large 4 kilometre diameter ND porphyry intrusion, the adjacent 10 kilometre-long Main Fault zone, including the skarn horizon and, about one kilometre to the southeast, the parallel 10 kilometre-long Rocky Brook mineralized silver-lead-zinc fault corridor.
According to a press release, highlights from drilling include continuous molybdenum, copper and silver mineralization over 486.4 metres, grading 0.23% copper equivalent in drill hole FND 14-02. A 200 metre section of 0.41% copper equivalent within the same intersection, included 43 metres of 0.71% copper equivalent.
“Our work over the past three years has consistently confirmed the existence of three very large adjoining and related mineral systems named as Porphyry system, which includes the granodiorite intrusive, the skarn horizon and the gold-silver-lead-zinc belt,’’ said Puma Exploration President Marcel Robillard.
At current levels, Puma has a market cap of $24.6 million, based on 100.6 million shares outstanding. The 52-week range is 27.5 cents and 11.5 cents.