Puma Congratulates Canadian Copper on Acquiring Murray Brook Deposit
RIMOUSKI, Quebec, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to report that Canadian Copper (CSE: CCI) has completed the acquisition of the Murray Brook Deposit and surrounding property as outlined in CCI’s news release dated February 1, 2024 (click to read the release).
The Murray Brook Deposit is the largest advanced-stage polymetallic asset in New Brunswick. The undeveloped 21 Mt (Measured + Indicated) volcanogenic massive sulphide (“VMS”) deposit contains 2.73% Zn, 0.47% Cu, 1.0% Pb, 41 g/t Ag, 0.65 g/t (Technical Report and Updated Mineral Resource Estimate of the Murray Brook Zn-Pb-Cu-Ag Project, New Brunswick, Canada, P&E Mining Consultants, effective October 3, 2023).
Marcel Robillard, President and CEO of Puma and Director of CCI, stated, “Two years ago when we decided to spin off our base metal properties to continue to advance our Williams Brook Gold Project, we were confident that Canadian Copper with Simon Quick at the helm, would successfully bring value to the assets. With 100% ownership of the Murray Brook deposit, CCI has established itself as the most important base metals explorer with significant mineral resources in the Bathurst Camp. This transaction has secured CCI’s path to substantial growth. Our 11% equity stake in the company ensures that we benefit from its ongoing success. I want to congratulate Simon on this remarkable achievement, and I look forward to what lies ahead as he and his team fast-track the development of the Murray Brook Project.”
The Murray Brook Deposit and associated property package butts up against the Murray Brook West property optioned to CCI in 2021 and is contiguous to Puma’s JonPol and Portage properties (Figure 1). With this consolidation, CCI firmly establishes itself as a major player in the critical minerals exploration and mining in New Brunswick.
Following Puma’s “DEAR” (Development, Exploration, Acquisition and Royalties) business strategy to generate maximum value for shareholders with low share dilution, all of the Company’s copper assets were optioned to a new copper-focused company (later Canadian Copper) in 2021 to give the projects the visibility and attention they deserved (see July 6, 2021 News Release). The transaction allows Puma to monetize the copper assets, unlock their value, and, as an equity holder, benefit from CCI’s valuation growth. At the same time, Puma continues to develop the Williams Brook Gold Project.
Figure 1: Puma’s assets and landholdings in Northern New Brunswick
About Canadian Copper Inc.
Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (“BMC”) of New Brunswick, Canada. There are currently 90,044,760 shares issued and outstanding in the Company.
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About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in Northern New Brunswick. Puma’s flagship Williams Brook Gold Project comprises four properties covering more than 49,000 ha near paved roads and with excellent infrastructure nearby. The land package is located near the Rocky Brook Millstream Fault (“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for gold deposition in the region.
Since 2021 and with less than C$12.5M of exploration investment. Puma has made multiple gold discoveries at the Williams Brook property and believes that the property hosts an extensive orogenic gold system. Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, stated: “I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek in Australia and Valentine Lake in Newfoundland. These other deposits are known for their structure-controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre scale depth extent. The similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in the Lynx Zone and continued exploration around the feeder structures in the Williams Brook District.’’
Figure 2. Main gold showings and occurrences at the Williams Brook Gold Project
Qualified Person
Dominique Gagné, P.Geo., a Puma consultant and a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, reviewed and approved this release's technical information.
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Marcel Robillard, President and CEO, (418) 750-8510;
Mia Boiridy, Head of Investor Relations and Corporate Development, (250) 575-3305;
Neither the 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.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve several known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Puma 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 undertakes no obligation to publicly update or revise any forward-looking statements. The quarterly and annual reports and the documents submitted to the securities administration describe these risks and uncertainties.
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