November 15, 2012 09:18 ET

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Puma Exploration Samples 10.9 g/t Au, 246 g/t Ag, 3.7% Pb and 2.7% Zn Over 4.4 Meters on Henry East Lens, Nicholas-Denys Property, New Brunswick

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RIMOUSKI, QUÉBEC--(Marketwire - Nov. 15, 2012) - Puma Exploration (TSX VENTURE:PUM) announces the results of systematic channel sampling on Henry East Lens leading to the discovery of a gold and silver rich zone grading 10.9 g/t Au and 246 g/t Ag over 4.4 meters including two (2) higher grade zones of 13.0 g/t Au and 606 g/t Ag over 1.2 meters and 21.7 g/t Au and 485 g/t Ag over 1.5 meters in channel RH12-41.

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Puma focused its stripping and channel sampling program on the Henry East lens of the Nicholas-Denys property, which graded up to 5.0 g/t Au and 267 g/t Ag over 2 meters in trench TH11-29 (press release 03/02/2012). Work included mechanical stripping and detailed mapping of two areas of 125 meters by 10 meters and proved that the mineralization displays a good continuity and an important lateral extension at surface. The recently stripped areas of the Henry East lens were systematically sampled along regularly 5 meters spaced channels (45) whose location was not biased by the presence of visible mineralization (refer to figure 1).

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The best result was 10.9 g/t Au and 246 g/t Ag over 4.4 metres in channel RH12-41. Several other channels also yielded high grade gold and silver results with 5.5 g/t Au and 352 g/t Ag over 3.1 metres (RH12-40), 5.0 g/t Au and 303 g/t Ag over 3.1 metres (RH12-35), 4.7 g/t Au and 271 g/t Ag over 4.6 metres (RH12-33), 4.5 g/t Au and 515 g/t Ag over 3.4 metres (RH12-28) and 1.5 g/t Au and 187 g/t Ag over 4.2 metres (RH12-16).

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Table 1. Selected channel samples from the Henry East Lens

 

 

Channel

From
(m)

To
(m)

Length
(m)

Au
(g/t)

Ag
(g/t)

Pb
(%)

Zn
(%)

RH12-02

2.6

6.2

3.6

1.03

pending

   

RH12-03

6.4

7.7

1.3

1.78

pending

   

RH12-04

5.2

7.8

2.6

4.45

pending

   

RH12-05

4.0

6.0

2.0

0.38

210

4.5

1.2

RH12-14

2.0

6.5

4.5

0.85

41

0.6

0.3

RH12-15

2.3

5.5

3.2

2.45

130

2.3

0.3

RH12-16

1.2

5.4

4.2

1.53

187

3.0

0.7

RH12-17

0.0

4.6

4.6

1.53

156

0.4

1.2

RH12-18

4.2

8.3

4.1

0.93

63

1.2

0.1

RH12-28

0.0

3.4

3.4

4.48

515

4.8

1.8

RH12-29

5.2

8.2

3.0

2.88

136

2.2

1.3

RH12-30

5.6

8.7

3.1

0.91

66

0.7

1.0

RH12-31

2.4

5.6

3.2

1.35

87

1.2

0.4

RH12-32

3.4

6.8

3.4

4.01

361

6.0

0.6

RH12-33

3.2

7.8

4.6

4.65

271

4.6

2.4

RH12-34

0.0

3.4

3.4

2.47

220

3.7

2.6

RH12-35

3.9

7.0

3.1

5.04

303

5.5

3.5

RH12-36

3.3

5.8

2.5

0.81

42

0.6

0.1

RH12-37

2.6

7.2

4.6

0.22

30

0.2

0.1

RH12-38

5.0

8.0

3.0

0.81

93

0.9

0.3

RH12-39

4.0

7.0

3.0

0.56

90

1.2

0.2

RH12-40

7.2

10.3

3.1

5.53

352

4.1

2.0

RH12-41

4.7

9.1

4.4

10.93

246

3.7

2.7

RH12-42

2.8

4.2

1.4

0.39

12.5

0.2

0.1

RH12-43

2.6

4.0

1.4

4.43

284

3. 7

1.4

Lateral extension of mineralization at surface over 1.2 km

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Trenching carried out in the summer of 2011, located 250 meters east of the actual stripped area also led to the discovery of another high grade gold and silver lens zone in TR11-24. The mineralization consists of centimetric to metric massive sulphide horizon similar to the one stripped in the current program and located within the same geological unit extending the continuity of the sulphide horizon over 1.2 kilometers from Henry Lens to TR11-24 (refer to figure 2). Grab samples collected to characterize the new showing returned values up to 23.3 g/t Au and 769 g/t Ag.

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Table 2. Selected grab samples collected in TR11-24

 

 

Sample

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

349383

18.2

312

4.9

1.0

349384

2.0

70

0.8

0.1

349386

5.7

98

1.5

0.7

349389

7.9

125

2.3

2.7

349390

14.1

320

4.2

0.5

349391

9.6

213

2.8

0.1

349392

23.3

769

6.0

0.2

349394

4.6

822

0.6

0.1

349395

3.0

95

0.2

0.3

349396

1.8

232

0.7

0.1

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The Henry East Lens outcrops on surface as a semi-massive to massive sulphide zone varying in thickness from 0.5 meter to 5 meters. The continuity of the mineralization at Henry East has been proven by nine (9) different trenches, with a spacing of 25 to 75 meters over a strike length of 500 meters (press release 10/11/2011). The mineralization zone is interpreted to be the surface expression of the EM-1 geophysical anomaly detected during the 2011 winter survey (see press release 19/05/2011). The EM-1 geophysical anomaly shows a long trend extending more than 1.2 km, from Henry Lens to TR11-24, open-ended to the west and located along the Rocky-Brook-Millstream fault.

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The Rocky-Brook-Millstream fault also controls the mineralisation for the Haché, Shaft and Pinetree lenses. All these mineralised lenses carry significant gold and silver enrichment and the current channel sample results are similar with those collected previously on the Haché lens as 1.3 g/t Au and 265 g/t Ag over 4.9 meter (R07-19) and 1.4 g/t Au and 401 g/t Ag over 6.4 meters (R07-20).

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At the Haché lens, the channel sample results were consistent with the subsequent drilling results. More than 100 holes were drilled at Haché lens since 2006 and defined a continuous mineralization zone over a strike length of 700 meters and to a depth of 350 meters so far. The gold and silver enrichment related with the Rocky-Brook-Millstream Main fault has been confirmed by most of the drilling completed by Puma from 2006 to 2008.

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Drilling program in progress on Henry East Lens

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Puma has started a two phase drilling program at Nicholas-Denys property. The first phase of approximately 1,500 meters focuses on the Henry East Lens, located along the western end of the Rocky-Brook-Millstream fault. It consists of 11 holes over the two main stripped areas and two deeper 300-350 meters long holes testing the EM-1 electromagnetic geophysical anomaly at depth. The second phase, of an additional 1,000 meters, will test the skarn horizon and the Nicholas-Denys porphyry.

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Nicholas-Denys 2012 Exploration Program

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Puma Exploration has conducted extensive exploration program at Nicholas-Denys in 2012. So far, 29 holes for a total of 2,549 meters were drilled and 25 trenches for 3,100 meters of trenching and stripping of about 9,600 m2 were directed on the two main structures which are the Rocky-Brook-Millstream and Main Fault Zones. Currently more stripping are in progress along the Henry East lens to increase the size of the four (4) gold and silver richer zones defined by the actual sampling program.

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The 2012 exploration results indicated that the Nicholas-Denys property contains a significant silver-gold mineralization system that is open for extension. The area explored to date represents only 20% of the total length of the favourable corridor which extends over more than 10 km. The discovery of new silver-gold structures and lenses along the Rocky-Brook-Millstream Fault and the northern second main fault represent a key step toward the definition of an economic deposit.

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About Puma Exploration

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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 Silver 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 the best place in the world to conduct mining exploration by the 2012 Fraser Institute Survey.

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Keymet project

Silver and base metals - Keymet

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The 6,400 acre 100% owned Keymet gold, silver and base metal property is located 24 kilometres NNW of Bathurst, New Brunswick and is named after a small past producing mine located on the property. Production commenced in 1954 and by 1956, the shaft was down to the 366 meter level. Production ceased in 1956 when a fire destroyed the mine buildings.

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Since acquiring the propety, Great Atlantic Resources Corp.’s geologists have made two new exciting gold discoveries in outcrop 300 meters to the south west of the Keymet shaft where a 2 meter wide quartz-arsenopyrite filled shear zone, which appears to be a splay fault off of the main Keymet shear, assayed 3.4 gpt Au. The second new discovery was made approximately 1,500 meters to the north west of the Keymet Shaft while investigating a series of historic Cu/Zn soil anomalies. In this area numerous large, angular boulders of silicified conglomerate and meta-wacke were found that contained 1-2% disseminated arsenopyrite. These boulders have been traced over a distance of 450 meters and appear to be aligned sub parallel to the strike of the Keymet vein system. No base metals are associated with this new showing which indicates that this is possibly a separate but parallel gold bearing zone within the overall Keymet base metal/silver vein system. Initial analysis indicates that the boulders run between 1.7 gpt and >3 gpt Au.

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The Company’s geologists have recently taken grab samples from the dump rock at the Keymet shaft and a typical Pb/Zn sample from the ore dump ran 549 gpt Ag, 2.35%Cu, 33.90% Pb and 22.90% Zn. A specimen of massive pyrite with stringer chalcopyrite, galena, spalerite and arsenopyrite assayed 415 gpt Ag, 4.22%Cu, 1.23%Pb, and 1.48%Zn. Currently, a 3D model of the underground workings is being put together based on historic level plans and sections. Based on historic geophysical and geochemical data, there is good evidence that a series of three and possibly four, parallel vein systems occur on the property. These are the North, Central, Keymet and South veins.

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The Keymet shaft is located 6 km north east of the Castle Resources Ltd (under option from StrataboundMinerals) Elmtree gold/silver/base metal deposit. A Preliminary Economic Assessment has been completed on an open pit, 1.117 million tonne deposit grading 2.41 gpt Au (with Ag+Pb+Zn credits) deposit and Castle Resources Ltd. is currently engaged in an ongoing Feasibility study prior to moving on to the Environmental Assessment stage.