Blue Lagoon Resources Inc. press release
Puma acquires a strategic gold deposit in northeast Manitoba
CSE - Canadian National Stock Exchange · Gold · Silver · Copper · Molybdenum · Canada
RIMOUSKI, Sept. 20 /CNW Telbec/ - Puma Exploration (PUM-TSXV) announces that it has obtained from Tanqueray Resources Lt. (TQY-TSXV) an option to acquire a 51% interest in the Little Stull Lake property. Puma will be the operator of this extremely prospective northeast Manitoba gold property. To earn its interest, Puma Exploration must spend $750,000 over a 4 year period and issue 400,000 shares to Tanqueray. During the first year, Puma's obligation is to spend $125,000 and to issue 50,000 shares to Tanqueray. Previous work performed on the contiguous 20-claim property, covering an area of approximately 30 square Kms, has outlined gold mineralization in quartz veins that are hosted in a basalt brecchia that forms part of a Archean- age Superior Province greenstone belt. The basalt unit has a strike length of at least 5 Kms and coincides with a regional fault that has been mapped over a strike length of over 60 Kms. In late-1991, approximately 200 drill holes, totalling 30,500 metres, defined 5 gold-bearing zones over a 2 Km strike length. In 1988, Westmin announced a potential of 373,900 tonnes (at) 10.0 g/t gold, high grades being cut to 34.3 g/t. Following their last drill program, Westmin estimated a potential of 750,000 tonnes (at) 10.3 g/t gold (Source : Manitoba Energy and Mines, Gold Deposits of Manitoba 1996, pp.53). Theses evaluation figures are estimates of the property potential and not resource measurements in compliance with 43-101 standards. Several gold-bearing veins were identified by the drill programs. A total of 17 holes (8.5% of the total holes drilled) intersected mineralization containing more than one ounce per ton over a length of at least one metre of core. All drill holes were drilled at an inclination of 45 degrees.
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In addition, 36 drill holes, comprising 18% of the holes drilled, cut intersections containing at least 5 g/t gold over core lengths of at least 3 metres. The Little Stull Lake property is located only 10 Kms north of the Monument Bay deposit (1.07 million tonnes (at) 15.4 g/t gold) (Source: www.bemagold.com) and occurs in a similar geological environment. Additionally, Puma Exploration holds a 100% interest, by staking, in the Edmond property located to the west of Little Stull Lake. With this new strategic acquisition Puma controls over 25 Kms of strike length along the greenstone belt. Puma Exploration intends to improve the status of the geological database to conform with NI 43-101 standards and to increase the tonnage and grades on the known mineralized zones to a point that may result in an economic mining operation.
This agreement is subject to the approval of regulatory authorities. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.