RIMOUSKI, Quebec, Nov. 25, 2021 (GLOBE NEWSWIRE) – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the progress of the transaction with Melius Metals Corp. (“Melius”). As indicated in the press release of July 6, 2021, the main objective of the transaction is to free up the value of its portfolio of copper properties through the option of Melius to acquire all exploration and development projects. copper from Puma.
SUMMARY OF TRANSACTIONS
Puma has granted Melius the option to acquire 100% of its copper projects in consideration for an amount of $ 3.5 million payable by issuing an initial number of 12 million Melius shares, of which up to $ 6 million will be distributed to Puma shareholders in the first quarter of 2022. The remaining $ 2.3 million is payable in cash or Melius shares over a 3-year period. Puma’s commitments for the Chester property were also assumed by Melius (see PR 2021-07-06). As of November 24e2021, the Chester option was executed and the mining claims were transferred to Puma.
PROGRESS TO DATE
- Melius has appointed Mr. Simon Quick as Managing Director (CEO).
- Melius has completed the Qualifying Technical Reports (NI 43-101) on Chester and Turgeon as required for public listing purposes.
- Melius has completed private placement financings for a total of $ 1,500,000.
- Launch of a 2,000 meter drilling program on Chester, execution of a final cash payment of 100,000 meters and acquisition by Puma of a 100% interest in Chester.
- At the annual and extraordinary meeting of Puma shareholders, approval of resolutions approving the sale of copper assets, reduction of stated capital.
In view of all the achievements Melius has made so far, and highlighted above, Puma has agreed to extend the satisfaction date from October 31, 2021 to January 31, 2022 to file a preliminary prospectus and the current deadline to be listed on a Canadian stock exchange to be extended until April 30, 2022 from March 1, 2022.
Currently, Melius is finalizing the audited financial statements which will be included in the preliminary prospectus and is carrying out an additional round of financing which is expected to close in the coming weeks. Melius is currently preparing its preliminary prospectus with the intention of listing its shares on the Canadian Stock Exchange (“CSE”).
Following this round of additional funding by Melius, Puma intends to hold a special meeting of shareholders in January 2022 to seek shareholder approval for an increase in the stated capital reduction already approved at the meeting. annual and extraordinary held previously, from $ 600,000 to a maximum of $ 2,100,000.
The aim is to reduce any potential tax impact on Puma shareholders given the anticipated changes in the listing price of the Melius share. More details on the date of the Special Meeting and the date of registration will be provided shortly.
APPOINTMENT OF MR SIMON QUICK AS CHIEF EXECUTIVE OFFICER OF MELIUS
Mr. Quick has over 12 years as a successful mining leader, with a track record spanning the United States, Mexico, Argentina and Canada. His specific experience includes early stage permitting, project development up to design engineering and construction. Mr. Quick joins Melius from McEwen Mining Inc. where he was Vice President of Projects. He holds an Honors BA in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.
CHESTER COPPER DEPT EXPLORATION UPDATE
The new drill program at Chester has started and consists of approximately 40 drill holes totaling approximately 2000 meters (see Figure 1). The Chester copper deposit contains three known zones; the central zone, the east zone and the west zone (Copper Stringer) which are all located near the surface.
There are three strategic objectives for this drilling campaign:
1) Validate the historical resources and the geological model for the three main zones, central, east and west (Copper Stringer), all located near the surface.
2) Test the resource gaps between the central zone and the eastern zone.
3) Each hole will also test for the presence of gold and silver mineralization as historical drilling has not analyzed these minerals.
Significant past drilling results at Chester:
|West Zone (Surface at 50m)||Central Zone (Surface at 50m)|
|4.8% Cu over 20.3 meters||10.8% Zn + 4.5% Pb over 5.6 meters|
|3.4% Cu over 25.0 meters||7.4% Zn + 2.3% Pb over 6.1 meters|
|6.0% Cu over 13.1 meters||8.0% Zn + 3.9% Pb over 7.0 meters|
|8.0% Cu over 5.2 meters||8.5% Zn + 4.0% Pb over 7.9 meters|
|4.9% Cu over 14.2 meters||7.0% Zn + 2.6% Pb over 15.6 meters|
Figure 1: Current drilling operation at the Chester copper deposit is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc9b03ad-9d44-4e3b-b1a3-7437f3415f42
Dominique Gagné, PGeo, independent qualified person as defined by the standards of the Canadian National Instrument 43-101, has reviewed and approved the geological information reported in this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.
ABOUT MELIUS METALS CORP.
Melius Metals Corp. (“Melius” or “the Company”), a new story of copper exploration and development focused on the well-known and ancient Bathurst mining camp in New Brunswick.
For more information on Melius, please contact Simon Quick, (905) 220 6661; [email protected]
ABOUT PUMA EXPLORATION
Puma Exploration is a Canada-based mining exploration company with early and advanced stage precious and base metals projects located in the famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the years to come to deploy its DEAR (Development, Exploration, Acquisition and Royalties) in order to generate maximum shareholder value with low share dilution.
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Learn more by visiting www.explorationpuma.com for more information on Puma.
Marcel Robillard, president, (418) 750-8510; [email protected]
Simon Quick, CEO, (905) 220-6661; [email protected]
Forward-Looking Statements: This press release may contain forward-looking statements. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause Puma’s actual results, performance or achievements to differ materially from actual future results and achievements expressed or implied by these. forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made, except as required by law. Puma assumes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.