Puma Exploration Targets World Class Porphyry System at Nicholas-Denys Project, New Brunswick

RIMOUSKI, QUEBEC--(Marketwired - May 29, 2013) - Puma Exploration (TSX VENTURE:PUM) is pleased to announce the results of drill hole FM12-02 drilled at the Nicholas-Denys in New Brunswick showing mineralization and alteration that could be related to a major world class porphyry system. A drill rig is on site and currently drilling a deep hole targeting a major magnetic anomaly appearing from surface to a depth of 1,000 meters and showing a signature similar to the ones include in the general porphyry deposit model (fig.1).

Drill hole FM12-02 intersected continuous copper and molybdenum mineralization over its entire length, including a higher grade zone of 0.010% Mo and 0.015% Cu over 193.9 meters. This correlates well with a 275,000 m2 surface Mo soil geochemistry anomaly (fig.2). Pervasive sericitic and quartz alteration was also observed in the drill hole proving-up the presence of an important hydrothermal system within the Nicholas-Denys granodiorite.

Highlights include:

• Continuous Copper and Molybdenum mineralization over the entire hole with 127 ppm Cu and 66 ppm Mo over 721.7 meters;
  
  
• Higher grade zone of 193.9 meters with 0.015% Cu and 0.010% Mo;
  
  
• Visual alteration suggesting the presence of a major porphyry system at depth;
  
  
• Drill hole FM12-02 is located on the edge of a new untested 4km long 3D Mag inversion magnetic anomaly located at a depth of 500 to 1,500 meters (fig.3).
  
  

Table 1. Selected Results from drill hole FM12-02

World Class Porphyry System Target

The main mineralized lenses, discovered so far on the property, including the skarns and the polymetallic lenses are interpreted to be related to the main Nicholas-Denys intrusion and be part of a major system. The granodiorite pluton would have been cogenetic and the fluids followed the main structures to create the metallic zonation mainly observed in the skarn horizon. According to the model different types of mineralization are located on the property and are representative of a major system: Skarn Cu, Skarn Fe-Cu, Skarn Zn, Polymetallic lenses, Au-Ag veins and Mo Porphyry (fig.4).

The 2013 work program on the Nicholas-Denys Project will target this potential porphyry system. A new 3D mag inversion survey has been completed over the Nicholas-Denys pluton and the survey shows the potential source (feeder) for the mineralization located between Millstream Iron and Beresford Copper skarn deposits (fig.5).

Skarn

A skarn horizon resulting from the metasomatic alteration, by the the Nicholas-Denys granodiorite (381Ma), of the Silurian Age, La Plante Formation, is located on the property. The skarns, with an average thickness of 25 meters, are found over a distance of 10 km from Beresford Copper lens (skarn-Cu) to Raya lens (skarn-Zn) close to the Main fault which is parallel to the Rocky Brook fault. The skarn is usually greenish in color with yellow and pink shades and contains garnets. The mineralization occurs as veinlets of sulphides concordant with the foliation and disseminated within intense epidote alteration zone.

Polymetallic Au-Ag-Pb-Zn Lenses

The Rocky-Brook-Millstream fault, located 500 meters south of the Main Fault, controls the mineralisation for the Haché, Shaft, Henry, Henry East and Pinetree lenses over a strike length of 10km. All these mineralised lenses carry significant gold and silver enrichment.The richest zones which correspond to the intersection of the NW-SE transverse faults and the Rocky Brook Millstream Fault. These sulphide lenses are composed of semi-massive to massive sulphide zone with intense deformation and alteration cashed of mudstone deformed with quartz of the Ordovician group Fournier.

Molybdenum Mineralization

Prior to hole FM12-02, Puma drilled three (3) shallow holes in 2007 to better locate and define the MolyMine Molybdenum Deposit identified in 1968. These holes are located at the northern edge of the Nicholas-Denys pluton and show the higher grade of molybdenum mineralization found, so far, on the property, with hole F07-09 grading 0.054% Mo over 43.4 meters.

Similar grades of molybdenum were also intercepts in the previous holes drilled by Puma within the 3.3km long skarn horizon from Millstream Iron to Beresford Copper deposits located about 4km south of hole FM12-02 at the southern contact of the Nicholas-Denys Porphyry. Hole F07-01 intercepted the skarn horizon at Beresford copper with 0.0110% Mo and hole F07-02 with 0.0110% Mo, 0.12% Cu and 5.3 g/t Ag over 30 meters.

''With all the deposits discovered on the Nicholas-Denys property added to the alteration and mineralization observed in the last two deep holes drilled in the pluton, it confirms that the Nicholas-Denys property has the potential to contain a world-class Skarn and/or Porphyry deposit similar to the Antamina Mine in Peru and the nearby Gaspé Mines in Québec." notes Marcel Robillard, President of Puma Exploration.

Puma Exploration will direct all efforts in 2013 to proving-up the presence of a major porphyry system within the Nicholas-Denys property. Currently, an exhaustive alteration study is in progress on the previous core collected during the 2012 drilling program and on new samples from actual mapping and drill hole FM13-01 currently underway.

About Puma Exploration

Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets are the Nicholas-Denys Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada, which has been ranked fourth in the world to conduct mining exploration by the 2013 Fraser Institute Survey.

Learn more by clicking here: www.pumaexploration.com

Illustrated Press Release and complete presentation of current program are available on the web site.

The contents of this press release were prepared by Dominique Gagné. a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d'Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone.

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 Exploration Inc. 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 Exploration 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.