RIMOUSKI, QUEBEC -- (Marketwire) -- 03/13/13 -- Puma Exploration (TSX VENTURE: PUM) is pleased to announce the results of hole FM12-01 drilled at the Millstream Iron Skarn Deposit and grading 0.41% CuEq over 60.5 meters. The hole was collared to drill test the depth extension of the Millstream Iron Skarn Deposit outcropping at surface. Hole FM12-01 encountered 94.8 meters of skarn horizon showing distinct metal zonation including copper, gold, silver and speciality metals as bismuth (Bi), molybdenum (Mo) and tungsten (W).
Prior hole FM12-01, Puma drilled three (3) shallow holes in 2007 to better locate and define the surface expression of the Millstream Iron Skarn Deposit. Similar copper grade and thickness were observed in the holes as hole F07-04 grades 0.50% Cu, 0.15 g/t Au and 6.6 g/t Ag over 29.3m, hole F07-05 grades 0.46% Cu, 7.4 g/t Ag over 4.7m and hole F07-06 grades 0.42% Cu, 0.10 g/t Au and 4.3 g/t Ag over 26.7m.
Highlights include:
-- Intersection of 94.8 meters of the favourable skarn horizon in hole FM12-01 grading 0.28% CuEq(i);-- Continuous copper mineralization over 60.5 meters grading 0.41% CuEq(i);-- Speciality metals encounters: Bismuth, Molybdenum and Tungsten;-- A new 3D mag inversion shows a potential source (feeder) of the skarn horizon and porphyry depositsTable 1. Best Results in hole FM12-01---------------------------------------------------------------------------Hole Azi. Dip From To Length Au Ag Cu Mo Cu Equ# m m m g/t g/t % ppm %---------------------------------------------------------------------------FM12-01 N025 -45 60.1154.9 94.8 0.05 2.2 0.20 74 0.28 inclu. 60.1120.6 60.5 0.08 3.0 0.30 90 0.41 inclu. 91.6120.6 29.0 0.14 4.3 0.39 169 0.59 inclu. 92.6100.5 7.9 0.27 6.5 0.65 191 0.97 inclu. 93.5 96.8 3.3 0.61 9.1 1.07 7 1.59---------------------------------------------------------------------------(ii)Copper equivalent grades are based on metal prices of: copperUS$3.66/lb, gold US$1660 per oz, silver US$31.7 per oz and Moly US$10.0/lb.Metal recoveries have not been applied in the copper equivalentcalculation. The copper equivalent calculation is as follows; Cu Eq = Cugrade + ((Au grade/31.11 x Ag price) + (Ag grade/31.11 x Ag price) + (Mograde%/100(i)2200 x Mo price)/ Cu price/22).---------------------------------------------------------------------------
The skarn horizon is continuous over 10 kilometers from Beresford Copper to Raya lens located along the Main Fault with an average thickness of 20 meters (Table 2). From west to East: Beresford Copper, Millstream Iron, Dante and Raya lenses. Only limited surface work including mapping, prospecting and few shallow holes has been directed over the 10 km strike length of favorable skarn horizon. The Dante and Raya Lenses represent a continuous silver and zinc skarn mineralization observed over 700 meters length by trenching and stripping during 2011 and 2012.
