RIMOUSKI, Québec, May 24, 2019 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (PUMA-TSXV) (the “Company” or “Puma”) has signed an option agreement with a local prospector to acquire 100% interest of the Fe Bloom project located along the northern edge of the Bathurst Mining Camp of New Brunswick. The Fe Bloom project had exploration work conducted from 1950 to 1970, targeting a potential manganese deposit.
The Fe Bloom Project
The property consists of 69 claims totaling 643 hectares and is located in a favorable horizon along the Brunswick Belt where only limited exploration programs were done in the past. Most of the major exploration work was done in the southern part of the Camp in the vicinity of the Brunswick Mines 12 and 6. The project is supported in part by a grant of $20,000 received from the New Brunswick Junior Mining Assistance Program. Puma wants to thank the Province again for their support for mining exploration in New Brunswick.
Option Agreement
The option agreement covers the Fe Bloom Project (Claim Block 8765) located in Northern New Brunswick. All the claims are in good standing until May 2019. Puma is obligated to keep the claims in good standing.
Puma will acquire a 100% interest in the Fe Bloom claims by:
- issuing 1,000,000 shares to the vendors; and
- by performing the following work commitment:
- $25,000 on or before the 1st anniversary,
- $75,000 on or before the 2nd anniversary,
- $150,000 on or before the 3rd anniversary,
The vendor keeps a net smelter royalty (NSR) of 1% for all other minerals. Puma retains the right to purchase 0.5% NSRs for $1,000,000 with the vendor keeping 0.5%.
About Puma Exploration Inc.
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company's major assets consist of an option to acquire 100% beneficial interest in the Murray Brook Property, the Turgeon Zinc-Copper Project and the Nicholas-Denys Project, all located in New Brunswick. Also, Puma owns an equity interest in BWR Resources, Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.
Qualified Persons
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., President, and Dominique Gagné, P.Geo., Vice President Exploration of Puma Exploration, qualified persons 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 and Mr. Gagné are not independent of the Company, as both are officers and shareholders thereof.
Learn more by consulting www.pumaexploration.com for further information on Puma Exploration Inc.
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Marcel Robillard, President
Tel.: (418) 724-0901
president@explorationpuma.com
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f8a3435-1070-4c40-8c25-04fbdde54977
Figure 1
The Fe Bloom Project