Puma Exploration (TSXV: PUMA, OTCQB: PUMXF) has resumed its 2025 exploration drilling program at the Williams Brook Project in northern New Brunswick following a temporary halt due to a provincial ban on mineral exploration on Crown land. The company reports that drilling has continued at the Lynx Gold Zone, where a recent hole (WB25-181) intersected multiple grains of visible gold at a depth of 355 metres downhole — the deepest visible gold intersection recorded to date at the project.

Ongoing drilling program highlights:

• Six holes completed for a total of 1,343 metres.
• Visible gold (VG) observed in hole WB25-181 at 355 metres downhole depth.
• Drilling successfully intersected fresh rock beneath the oxide zone, confirming continuity of the targeted mineralized horizon.
• Quartz-carbonate veins with traces of pyrite, sphalerite, chalcopyrite and galenaintersected in multiple holes.
• Fully funded $2M exploration program in collaboration with Kinross Gold is ongoing.

Deepest Gold Intercept to Date at Lynx Gold Zone

Hole WB25-181 intersected fine to very fine grains of visible gold within a brecciated quartz-carbonate vein at a vertical depth of approximately 250 metres. This occurrence represents a potential 100-metre extension of known gold mineralization along the favourable geological contact.

The mineralized contact zone intersected in the hole was characterized by discontinuous quartz-carbonate veins with a stockwork texture, and minor sulphide mineralization including pyrite, sphalerite, chalcopyrite, and galena. The hole targeted the hanging wall and the key lithological horizon beneath the oxide zone, where vein sets in fresh rock were successfully intersected.

Drilling Resumed After Fire Ban Suspension

The 2025 exploration campaign at Williams Brook had been temporarily suspended on August 10 following a wildfire-related provincial ban on exploration activities on Crown land. Prior to the halt, six drill holes totaling 1,343 metres had been completed. Drilling resumed this week as restrictions were lifted.

A total of 3,500 metres of drilling is planned at the Lynx Gold Zone as part of a fully funded $2 million exploration program developed in collaboration with Kinross Gold Corporation. The program is focused on identifying new mineralized zones, defining geological contacts, and enhancing understanding of structural controls on mineralization.

Surface Sampling and Channel Work at Lynx

In parallel with drilling activities, channel sampling was completed at Lynx, with 410 samples collected to investigate various vein systems. Assay results for these samples, as well as those from the drilling program, are pending and will be released once received.

Upcoming Work at Jaguar Gold Zone

The Joint Technical Committee overseeing exploration activities has also announced plans for a 1,500-metre drilling campaign at the Jaguar Gold Zone (JGZ), located approximately 5 kilometres northeast of the Lynx zone. The upcoming drill program will follow up on historical data and recent trenching results.

Historical drilling at the JGZ, conducted in 2008, recorded grades of 0.52 g/t Au over 55 metres, 0.68 g/t Au over 42 metres, and 0.21 g/t Au over 64 metres, according to a 2009 report by Arthur Hamilton, P.Geo., for Blue Note Mining Inc. More recently, Puma’s 2022 trenching work at the JGZ yielded higher values, including grab samples returning up to 34.70 g/t Au. In total, 306 samples were collected during that campaign, with an average grade of 1.72 g/t Au. Notably, 31% of the samples (95 out of 306) assayed above 1.00 g/t Au. However, the company notes that grab samples are selective by nature and may not represent the overall grade of the mineralized zone.

Currently, the mineralized area at JGZ spans 80 metres by 50 metres and remains open in all directions.

In addition to activities at Lynx and JGZ, ongoing exploration continues across the broader Williams Brook Project. Puma has collected 570 samples from prospecting, trenching, and excavating operations targeting high-priority areas identified by the technical committee. A total of 2,265 metres of trenching has been completed to date.

Exploration has also commenced at the Jonpol and Portage properties, which are included in the Williams Brook land package.

The Williams Brook Project, spanning 40,225 hectares, includes the Williams Brook, Jonpol, and Portage properties. Under an option agreement signed in 2024, Kinross Gold Corp. can earn a 65% interest in the project by funding a minimum of $16.75 million in exploration expenditures over five years. This includes a firm commitment of $2 million and at least 5,000 metres of drilling within the first 18 months (2025–2026).

Puma Exploration holds a portfolio of gold-focused properties in northern New Brunswick, strategically situated near infrastructure and roads. These include the Williams Brook and McKenzie Gold Projects, both located near the Rocky Brook Millstream Fault — a significant structural feature formed during the Appalachian Orogeny and believed to control gold deposition in the region.

While the Williams Brook Project remains the company’s flagship asset, early-stage exploration work on other properties has also identified zones of interest with potential for further gold mineralization.

Puma Exploration (TSXV:PUMA) recently shared updates on its drilling activities at the Tiger Gold Zone (TGZ) within the Williams Brook Gold Project in Northern New Brunswick. The company owns 100% of this project and has initiated a 2,000 meters drilling program targeting the gold zone discovered last year. The aim is to explore the northeast extension of the gold mineralized corridor from the Lynx Gold Zone (LGZ) over a 1.5 km stretch and to potentially widen this zone. Initial observations from the drilling cores have been positive, leading to an expansion of the drilling program.

Marcel Robillard, President and CEO of Puma Exploration, commented in a press release: “We are thrilled with what we see in the first 800 metres drilled so far at Tiger. The core exhibits the same pervasive alteration and mineralization characteristic of the Lynx Gold Zone. This further supports our belief that we are dealing with a large gold system and that the Lynx Gold Zone extends at least 1.5 kilometres along strike. Following these observations, we have expanded our drilling program by adding scouting drill holes along another 2-kilometre extension. With our exploration program fully funded, our focus is to grow the scale and resource along the Lynx Gold Trend in 2024.”

The drilling at TGZ is designed in a shallow fan pattern to examine the mineralization beneath the surface gold veins, which were identified through trenching and mapping in the previous year. This effort seeks to understand the factors controlling gold mineralization in the area and how the TGZ integrates into the company’s existing structural and lithological models. It’s important to note, however, that grab samples, which are part of the exploration process, are selective and might not accurately reflect the overall metal content of the mineralized zones.

Previous geophysical and geochemical surveys have pointed out several target areas along the Lynx Gold Trend. Limited trenching conducted by earlier operators followed these surveys. Last year, Puma uncovered another promising gold area named the Cheetah Gold Zone (CHGZ), revealing 6.69 grams per tonne (g/t) gold from its initial trenching and sampling.

The TGZ, located 350 meters from the LGZ, was expanded through surface exploration work along the Lynx Gold Trend in 2023. This work confirmed gold mineralization over a stretch exceeding 1.5 km, with four significant mineralized quartz veins yielding high-grade gold results, including assays of 19.90 g/t and 14.50 g/t gold. These findings confirm the continuity of high-grade gold mineralization within the hydrothermal alteration corridor observable at the surface. The exploration program has also verified that the gold mineralized corridor extends to shallow depths at Tiger, remaining open along its strike and depth.

The area of the Tiger Gold Zone now covers 400 meters by 180 meters. Gold here is primarily found in quartz veins, which range from drusy to massive, and are accompanied by minor carbonate and sulphides like chalcopyrite, sphalerite, galena, and malachite. This mineralization pattern is similar to the high-grade veins previously discovered at the Lynx Gold Zone. Notably, these quartz veins are located at the juncture between different rock types, including volcanic and sedimentary units and a significant mafic unit, indicating a complex geological setting conducive to gold deposition.

Highlights from the results are as follows: 

• Fifteen (15) holes with depths from 25 to 150 m have been completed for a total of 875 metres.
• The holes were drilled 425 metres from the Lynx Gold Zone (Figure 1).
• All holes intersected the targeted favourable gold-bearing horizon of quartz veins / stockwork in altered sediment and gabbro units.
• Visible gold was observed in hole WB24-151 in a quartz vein in altered gabbro (Figure 2).
• The same pervasive alteration corridor characteristic of the LGZ is observed at Tiger (Figure 3).

Puma Exploration (TSXV:PUMA) has reported findings from the first 11 holes of its 2023 drilling program at its Williams Brook Gold Project in Northern New Brunswick. The company reported that seven of these 11 holes returned significant amounts of gold, with four holes intersecting multiple high-grade gold quartz veins. Notably, Hole WB23-125 intersected 15 separate quartz veins and showed significant levels of gold, including an interval that measured 6.46 grams per ton (g/t) of gold at a depth of 75 meters.

Puma Exploration President and CEO Marcel Robillard commented in a press release: “The first holes of our Phase 1 2023 campaign were drilled to map and test the newly identified veins discovered at surface at Lynx earlier this year and the depth continuity of the interpreted high-grade shoots at Lynx. Many holes hit multiple quartz veins downhole, often starting at surface. Hole 125 was drilled to 170 m depth, and we saw VG in 4 veins from 55 to 79 m depth. Those returned grades of 11.20 to 42.60 g/t gold over 0.35 to 0.80 m width. What’s most impressive is we intersected 15 veins, and they all contributed gold, regardless of whether they contained VG. That’s significant because it highlights the continuity of mineralization at Lynx and the potential for a large mineable system that remains open along strike and depth. Assay results for the remaining holes drilled deeper that returned numerous VG specks should be in soon. We expect they will extend the width and depth of the gold chutes and continue to build volume at Lynx.”

The 11 holes were initially reported on August 2, 2023, and were not part of the drilling series that yielded over 100 visible specks of gold upon first inspection. Assay results from these 11 holes ranged from anomalous gold levels of 0.1 g/t to as high as 42.60 g/t. These results support the indication of considerable continuity and depth extension of gold mineralization in the Lynx Gold Zone.

The drilling also explored previously untested areas and found broad mineralized zones, indicating the existence of additional gold chutes. For instance, results included 0.5 meters of 16.1 g/t gold in WB23-128 and 19.35 meters of 0.54 g/t gold in WB23-131. Results for the remaining 13 holes in the 2023 drilling program are still pending and will be made public upon receipt.

The Phase 1 drilling effort was primarily concentrated on the Lynx and Moose areas and aimed to confirm and extend high-grade gold mineralization. The program expanded from 15 to 24 holes after successfully intercepting depth extensions of high-grade shoots previously defined by other drilling initiatives.

In a geological context, most of the drilled holes showed widespread sericitization. However, visible gold and potential bonanza-grade veins were found to be associated with carbonate alteration, specifically dolomite, as well as with sulphide assemblages of pyrite, chalcopyrite, galena, and sphalerite occurring either as disseminated massive sulphides or semi-massive veinlets within the quartz veins.

Highlights from the results are as follows:

• Hole WB23-125 returned 50.85 m of 1.05 g/t gold.
• Gold mineralization extends over 90 m from surface in a series of stacked high-grade quartz veins.
• All 11 holes intersected the targeted quartz veins, with assay results returning from anomalous gold (0.10 g/t) to 42.60 g/t.
• Gold was intercepted at depth in areas never drilled before.
• Results confirm the continuity of gold mineralization at the Lynx Gold Zone.
• Assay results for 13 additional holes (2,200 m), including 47 samples containing VG are still pending

Table 1. Assay results of 2023 drilling

*Interval widths reported; true widths of the system are not yet known.

Table 2. Coordinates of drill holes

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Puma Exploration (TSXV:PUMA) has reported preliminary findings from its 2023 drilling program at the Williams Brook Gold Project in Northern New Brunswick, Atlantic Canada, demonstrating that gold mineralization extends beyond 100 meters depth. The exploration, entirely owned by Puma, took place at the Lynx Gold Zone, where 24 holes amounting to 3,475 meters were drilled.

The drilling exposed more than 100 specks of visible gold in 37 different locations, with 16 occurrences situated between 100 meters and 211 meters downhole depth. The gold mineralization appears to be constrained at the favourable contact between rhyolite and sediment, and potential high-grade veins are often found in association with carbonate alteration (dolomite) and sulphides.

Puma Exploration President and CEO Marcel Robillard commented in a press release: “We are extremely pleased with this first phase of our 2023 drilling program and what we see in the core. There’s tremendous validation of our approach and model when we can hit VG successfully, and multiple instances of it is remarkable. The mineralization, mineralogy, alteration etc., all indicate that we are dealing with a large hydrothermal system that extends laterally and at depth. We are confident that we’ll substantially add to the gold inventory at the Lynx Gold Zone as we continue to advance our 2023 program and beyond.”

This initial phase of drilling was conducted with a specific focus on the Lynx and Moose areas of the LGZ and was purposed to confirm and expand the known high-grade gold mineralization both at depth and along strike. An additional objective was to target veins previously mapped at the surface using different drilling orientations to improve the understanding of the veins’ geometry and update the structural model.

The results from the Phase 1 drilling not only confirmed the extension of the mineralization beyond 150 meters depth but also shed light on the alteration observed in the core. As drilling reached 100 meters vertical depth, the supergene alteration transitioned to fresh sulphides. Although many holes showed pervasive sericitization, the presence of visible gold and associated potential high-grade veins was linked to the existence of carbonate alteration and specific sulphide assemblages. These sulphides were also found 255 meters downhole in one of the drilling holes.

Looking ahead at the 2023 Drilling Program, the fully-funded and permitted progress has three primary objectives: to extend the continuity of the LGZ at depth and along strike, to validate and refine the existing geological model, and to corroborate Puma’s current geophysical pathfinder tool. Initially planned for 15 holes and approximately 2,000 meters, Phase 1 drilling was expanded to 24 holes and 3,500 meters after the Company successfully intercepted the depth extensions of the high-grade shoots identified by previous programs. Assays from the Phase 1 drilling are still pending, and the results will be announced upon receipt.

To advance exploration, Puma is preparing to conduct surface exploration work to locate the favourable rhyolite sediment contact along the strike extension of the Lynx Gold Zone. This work is in preparation for the Company’s forthcoming Phase 2 drilling program. The discovery has marked a significant development in understanding the Williams Brook Gold Project’s potential and demonstrates Puma’s commitment to thorough exploration and evaluation.

Highlights from the results are as follows:

Table 1. Visible gold occurrences in Phase 1 2023 drilling

DDH #	Downhole Depth (m)	Vein type	Host rock	Associated sulphides
WB23-129	45.4	white qtz	rhyolite	ga
WB23-129	48.4	white qtz	Sed-lim/GS in rhyolite
WB23-132	87.9	white qtz	sed-lim	ga
WB23-133	32.5	fracture in GS	Sed altered-lim
WB23-133	49.2	white qtz	rhyolite
WB23-133	50.3	white qtz	Sed altered at contact with rhyolite	sph
WB23-133	60.7	white qtz	Sed altered
WB23-136	37.6	milky white qtz brec with GS fragments	rhy-lim/Sed altered-lim
WB23-137	3.0	white qtz	sed-lim
WB23-137	26.7	white qtz brec. With rhy fragments	rhyolite-lim
WB23-137	33.3	stw QV 1cm	Rhy-lim
WB23-137	33.6	stw QV 1cm	Rhy-lim
WB23-138	100.4	white qtz	rhyolite	ga
WB23-138	109.2	white qtz	rhyolite	ga-cpy-sph
WB23-138	138.7	white qtz	rhyolite	ga-sph-lim
WB23-138	153.8	white qtz	rhyolite	ga-sph-lim-ma-cpy
WB23-138	175.9	white qtz	rhyolite	sph-ga
WB23-139	90.5	white qtz	rhyolite	cpy-ga-sph
WB23-139	139.9	white qtz	rhyolite	cpy-ga-sph
WB23-139	149.8	white qtz	rhyolite	cpy-ga-sph
WB23-139	149.9	white qtz	rhyolite	cpy-ga-sph
WB23-139	150.0	white qtz	rhyolite	cpy-ga-sph
WB23-139	150.1	white qtz	rhyolite	cpy-ga-sph
WB23-139	151.9	white qtz	rhyolite	cpy-ga-sph
WB23-139	211.2	white qtz	rhyolite	ga-sph
WB23-140	129.8	white qtz	rhyolite	ga-cpy-py-sph
WB23-142	60.7	Rusted qtz, stw	rhyolite-lim
WB23-142	64.0	white qtz	rhyolite-lim/sediment altered	ga-cpy-ma
WB23-142	82.0	white qtz	rhyolite	ga
WB23-142	136.3	white qtz, stw	rhyolite	ga-cpy-sph
WB23-144	161.7	white qtz	rhyolite / sediment altered	ga-sph-cpy
WB23-145	80.6	white qtz rusted	rhyolite-lim	ga-ma
WB23-145	81.8	white qtz	rhyolite-lim
WB23-145	81.8	white qtz	rhyolite-lim	ga-cpy
WB23-145	82.6	white qtz	rhyolite-lim	ga-cpy-sph
WB23-145	82.7	white qtz	rhyolite-lim	ga-cpy-sph
WB23-145	174.4	white qtz	rhyolite	ga

Table 2. Coordinates and depth of drilled holes

DDH #	Easting *	Northing*	Azimuth (°)	Dip (°)	Length (m)
WB23-122	660246	5259235	335	-45	107.0
WB23-123	660256	5259214	335	-65	83.0
WB23-124	660213	5259379	155	-80	122.0
WB23-125	660263	5259293	330	-45	170.0
WB23-126	660242	5259412	155	-65	80.0
WB23-127	660237	5259421	155	-75	134.0
WB23-128	660236	5259382	155	-85	116.0
WB23-129	660263	5259417	155	-65	65.0
WB23-130	660207	5259347	155	-80	113.2
WB23-131	660227	5259340	165	-65	89.0
WB23-132	660303	5259443	230	-45	196.0
WB23-133	660336	5259560	202	-45	107.3
WB23-134	660312	5259564	155	-65	122.0
WB23-135	660335	5259521	335	-55	100.0
WB23-136	660350	5259505	295	-55	92.0
WB23-137	660371	5259519	295	-50	87.0
WB23-138	660362	5259507	260	-45	257.0
WB23-139	660361	5259481	260	-45	230.0
WB23-140	660343	5259458	260	-45	218.0
WB23-141	660343	5259458	330	-45	178.0
WB23-142	660287	5259359	338	-46	236.0
WB23-143	660351	5259599	202	-45	101.0
WB23-144	660388	5259550	260	-46	197.0
WB23-145	660335	5259430	260	-46	275.0
* Projection: UTM Nad83 zone 19				Total:	3475.5