A good little co to put on your radar PUM in moly...in AG,AU,and BM...
MAY 24, 2007 - 11:15 ET
Puma Begins Drilling on Molybdenum Property in New Brunswick
RIMOUSKI, QUEBEC--(CCNMatthews - May 24, 2007) - Exploration Puma (TSX VENTURE:PUM) is starting a drill program on its NB Moly mining property, located at the north end of the Nicholas Denys property in New Brunswick.
The NB Moly property contains seven molybdenum showings located within a circular granite stock about 12 km2 in area. Between 1965 and 1968, 16 shallow holes were drilled on the granite by NB Molybdenum Mines Ltd. 12 of the 16 holes intersected significant molybdenum mineralization. The mineralized zones are open in all directions, and exhibit thicknesses of up to 41 metres grading 0.08% MoS2.
The best results were obtained from six holes located at the northern contact of the intrusion. These holes were used by C.T. Ritchie, in 1967, to estimate an historical resource of about 500,000 tonnes at a grade of 0.33% MoS2. This resource estimate does not comply with the 43-101 Standards. Within the next few days Puma will begin a three-hole campaign in this area to confirm the previous results and to assess the potential of the granite as a whole.
Mineralized intersections from the 1968 drilling on the NB Moly Property
458-12 0.14% MoS2 over 18.3 metres Including 0.62% MoS2 over 1.52 metres
458-13 0.12% MoS2 over 5.8 metres Including 0.26% MoS2 over 2.13 metres
458-16 0.14% MoS2 over 3.05 metres
458-10 0.20% MoS2 over 3.66 metres
458-15 0.45% MoS2 over 1.83 metres
458-11 0.38% MoS2 over 2.44 metres
Molybdenum is the principal product in only one of Canada's four molybdenum-producing mines. This is the Endako Mine, with mineral reserves of some 125 Mt at a grade of 0.07% Mo. By way of example, other deposits have grades similar to those found on Puma's NB Moly property. These include the Red Bird deposit, with 34 Mt @ 0.11% Mo, Trout Lake with 50 Mt @ 0.14% Mo, and East Kourad with reserves of 30 Mt @ 0.15% Mo.
"The presence of mineralized showings distributed over the whole intrusion, whose area is comparable to that of current world-class deposits, as well as the grades obtained from the earlier drilling, enhance the importance of a project like this for Puma, especially when you consider the current price of molybdenum: between US$28 and US$30/lb, or about ten times the price of copper," notes Andre Proulx, the President of Exploration Puma.
The results of this drill campaign will be published as soon as they become available.
The contents of this press release were prepared by Marcel Robillard, Geologist and NI-43-101 Qualified Person. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Puma Exploration Inc.
Andre Proulx
President
418-724-0901
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