Puma Exploration- V.PUM. and Appalaches Resources V.APP
Puma Exploration has has been quietly defining a high grade mineral resource at their Nicholas Denys property in New Brunswick. A couple of weeks ago they announced results from three drill holes V.APP happens to own 40% of Puma.. These results intersected:
331 g/t, 244 g/t, and 461 g/t of silver up to six metres thick on Nicholas-Denys
Rimouski, March 14th 2007 - Three holes drilled by Puma Exploration (PUM-TSXV) have intersected grades of 93 g/t Ag, 116 g/t Ag, and 66 g/t Ag over respective thicknesses of 18, 28, and 41* metres in the Haché lens on the Nicholas-Denys property in New Brunswick. The three holes cut the core of the mineralized lens, with grades of 331 g/t, 244 g/t, and 461 g/t Ag up to six metres thick, at depths that would permit open pit mining.
At present PUMA has two drill rigs working away conducting infill driling to confirm the mineralization. They are also awaiting drill results from a fourth hole. The company has stated they expect to release the resutls of the fourth hole this week. Look for continuing good results, as Puma has kept the two drill rigs to continue with further drilling at the site. Check out Puma for news this week.
I have been loading up on PUMA since the $.30 level.
The Nicholas-Denys property is located on the northern edge of the Bathurst mining camp, close to the infrastructure of the Caribou, Restigouche, and Brunswick No. 12 Mines, as well as a lead-silver-gold smelter and the deepwater port of Belledune. The property contains more than 50 mineralized showings, the most significant of which were the subject of detailed exploration as well as underground mine development from the 1950s to the 1970s.
In the short term, the Company's objective is the definition of additional resources in the Shaft zone of the Nicolas-Denys property, with metallurgical characteristics that would suit the existing infrastructure in the vicinity. In fact, Puma has set as its minimum exploration target a deposit of 5 million tons of ore at an average grade of 90 g/t Ag and 6% Pb+Zn.
Puma is currently conducting fill-in drilling in the Shaft zone of the property, which includes the Shaft and Haché massive-sulphide lenses. A deep borehole on the Shaft lens intersected a 4.4-metre mineralized zone at a depth of 434 metres, with 6.0% zinc, 3.3% lead, and 108 g/t silver.