(PUMA.V) May 24, 2019 – Puma Exploration Inc. has signed an option agreement with a local prospector to acquire 100 percent 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 property consists of 69 claims totalling 643 hectares and is located in a favourable 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.
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 percent interest in the Fe Bloom claims by issuing 1 million shares to the vendors; and by performing the following work commitment: $25,000 on or before the first anniversary, $75,000 on or before the second anniversary, and $150,000 on or before the third anniversary. The vendor keeps a net smelter royalty (NSR) of 1 percent for all other minerals. Puma retains the right to purchase 0.5 percent NSRs for $1 million with the vendor keeping 0.5 percent.
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 percent 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 in Manitoba. Puma’s objective is to focus its exploration efforts in New Brunswick.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.