Puma Exploration closes agreements for McKenzie Gold Project, New Brunswick

Puma Exploration Inc. [TSXV: PUMA; OTCQB: PUMXF] reported that it completed its transactions with NB Gold Inc. and Comet Lithium Corp. [TSXV: CLIC] on January 16, 2025 for the McKenzie Gold Project, New Brunswick.

The McKenzie Gold Project, strategically located only 7 km west of Puma’s flagship Williams Brook Gold Project (recently optioned to Kinross Gold Corp.), shares many of its characteristics and hosts several high-grade gold occurrences on the extensive property package. Its proximity to the company’s field operations and core shack, only 10 km away in St-Quentin, is ideal to benefit from Puma’s proven low-cost exploration method.

To secure an initial 70% interest in the McKenzie Gold Project, Puma issued the remaining 200,000 shares to NB Gold to complete the TIMM Property Option; made a cash payment of $20,000 to NB Gold; issued 2,000,000 shares to NB Gold; and issued 450,000 shares to Comet Lithium.

Comet Lithium retains a 2% net smelter return royalty (NSR) on production from each of the Northwest Property (7298-7734) and the Grog Property (7211-8167-7683-9131-9132-9133). Puma reserves the right to purchase one-half (1%) of each NSR at any time with a cash payment to Comet of $500,000.

NB Gold’s 30% interest will be free-carried until Puma incurs $2,000,000 in exploration expenditures. Once such an amount is reached, Puma and NB Gold will have to finance expenses according to their respective pro-rata interest in the joint venture. If one party’s interest drops below 10%, the ownership will be transferred to a 10% net profit on mining production.

Puma will be responsible for the underlying agreements in particular but not limited to the NSR granted to previous owners. Puma is dealing at arm’s length with Comet and NB Gold. No finders fees are payable in connection with the transaction.

Puma has accumulated a portfolio of prospective gold landholdings strategically located close to roads and infrastructure in Northern New Brunswick – the Williams Brook Project and the new Mckenzie Gold Project. Both are located near the Rocky Brook Millstream Fault (“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for gold deposition in the region. Puma’s work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties have confirmed their potential for significant gold mineralization.

Puma Exploration is a Canadian mineral exploration company focused on finding and growing a pipeline of precious metals projects in New Brunswick, near the Bathurst Mining Camp.

The Company is committed to its DEAR business model of Discovery, Exploration, Acquisition and Royalties to generate maximum value for shareholders with low share dilution.