Trinity One Metals Ltd. press release
Puma Exploration Acquires 8 Polymetallic Deposits
TSXV - TSX Venture Exchange · Copper · Gold · Lead · Silver · Zinc · Rare Earth Elements · Iron · Coal · Canada
RIMOUSKI, Dec. 1 /CNW Telbec/ - Puma Exploration (PUM:TSXV) announces the Company now holds an option to acquire 100% interest in (8) polymetallic deposits in the Nicholas-Denis region, 20 km from Bathurst, New Brunswick. Drilling operations of the past fifty years enabled us to evaluate historical mineral resources of 1.0 million tons with significant concentrations of silver, zinc, lead and copper. Some of these deposits were discussed in a press release on October 25, 2005. These deposits represent only a portion of the property's potential as the 5 other likely extensions of known deposits detected during an airborne geophysical survey in 2005 could considerably increase the estimated resources. Puma intends to focus efforts on lead, zinc and silver deposits due to their strategic location thirty kilometres from a specialized concentrator for these metals and a Noranda-Falconbridge smelter. These 6 deposits are located on a single 5.4-kilometre sedimentary rock horizon. A 1994 geophysical survey points to the presence of other lens flanked by the known deposits, which have not been drilled. Exploration work and underground development on two of these deposits, which have never been exploited, is limited to two headframes, two ramps and some drifts and raises. By combining all these deposits on a sole property, Puma has considerably increased the mining potential of the Nicholas-Denys region. Puma now holds an option to acquire 100% of rights on 383 claims covering 67 square kilometres. In consideration of all these rights, the Company must make a cash payment of $150,000 over the next three years and invest $500,000 in exploration work. Added to this is an average NSR of 2.5% for precious metals and 1.5% for base metals, 50% of which is redeemable for 2 million dollars. The potential of known deposits is 544,400 t with average concentrations of 2.31% Pb, 3.47% Zn and 3.54 oz/t Ag, and 500,000 t of 1.7% Cu. These estimates are provided on a tentative basis, strictly for the purpose of illustrating the relative importance of the deposits, and should not be used to make economic or geological calculations. The resources are historical resources calculated before the advent of Standard 43-101. Resource estimates are taken verbatim from the New-Brunswick Mineral Occurrence Database (MO) and have not been verified by Puma Exploration. These estimates do not take into account dilution or percentage of recovery. Due to the polymetallic content, the following table is presented by the Company to indicate equivalent zinc(x) concentrations at market prices, as cited in the Northern Miner on November 29, 2005.
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Deposit Resource Copper Lead Zinc Ag Zinc (t) % % % Oz/t equivalent % Pine Tree (MO 419) 105,000 2.82 3.40 2.35 6.3 Halfmile (MO 420) 17,000 4.50 3.90 2.50 7.9 Millstream Bridge (MO 422) 10,000 6.50 6.00 3.50 11.6 Hache (MO 859) 59,400 1.59 2.14 7.23 6.7 Shaft (MO 013) 345,000 2.01 3.61 3.34 6.5 Beresford Copper (MO 125) 200,000 2.00 5.2 Millstream Iron (MO 425) 300,000 1.50 0.70 4.3 Millstream Henry (MO 417) ND 4.19 3.56 11.75 11.9
Total: 1,036,400
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Puma has already started a 1,500-metre drilling program on the Millstream (Pine Tree) lead, zinc and silver deposits.
(x) The zinc equivalent % was calculated on the basis of the following metal values posted by Northern Miner on November 29, 2005: Au: 496.00$US/oz, Ag: 8.26US$/oz, Cu: 1.99US$/lb, Pb: 0.46US$/lb and Zn: 0.75US$/lb and the equivalents of 1 ton equals 2,200 lbs, 1g/t equals 0.03215 oz and 1$CAN equals 1.17$US
AndrDe de Guise P. Eng. a qualified person as defined by National Instrument 43-101 supervised the preparation of the in this news release. This agreement is subject to the approval of regulatory authorities. The TSX Venture Exchange does not accept any responsibility for the content of this press release as being truthful or accurate.