VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 23, 2008 -- Consolidated Puma Minerals Corp. (CDNX:
CPW.V -
News) ("Puma" or
the "Company") is pleased to announce results from the last
exploration program on its Kola PGM project located in northwest
Russia near its border with Finland.
Pursuant to the sale of Bema Gold Corporation ("Bema"),
Kinross Gold Corporation ("Kinross") now owns the 34.7%
block of shares previously held by Bema. B2Gold Corp. ("B2Gold")
did not exercise its one year option to acquire these shares
from Kinross, which ended on February 27, 2008. B2Gold is
currently managing the affairs of the Company until its
Annual General Meeting scheduled for June 12, 2008.
2008 General
The Company continues to wait for final Russian approval
for the Exploitation License for its East Chuarvi PGE deposit,
and for its application for a five year extension of the
East Pansky Exploration License.
2007 Exploration Activities
The Company focus in 2007 was two fold. First to determine
if additional PGM mineralization occurs below the existing
East Chuarvi deposit and secondly further drill test the
FWC, the major PGM horizon on the property, away from the
East Chuarvi deposit. The FWC is the geological contact
between the major magmatic cycles within the lower part
of East Pansky Layered Intrusion and hosts significant PGM
mineralization including the East Chuarvi deposit.
In 2007 through to January 2008 the Company drilled six
areas and completed forty seven drill holes for a total
of 9,867 meters (m). The FWC contact has now been tested
along most of its twenty-three kilometer (km) strike length
in the East Pansky Intrusive body and the gaps are mainly
less than 500 m between drill holes. The best and also representative
drill assays are compiled in the table below.
East Chuarvi PGM deposit
Four drill holes totaling 2,164 m tested for new PGM mineralization
up to 200 m below the eastern half of the existing Russian
government approved resource. All four intersected the favourable
FWC horizon and found sulphide mineralization. The best
drill hole, P-532 assayed 4.41 g/t Pt+Pd+Au over 5.15 m
which included 11.06 g/t Pt+Pd+Au over 1.0 m. These results
indicate the PGMs extend beyond the resource block and are
open to depth.
Five other drill holes (totaling 791 m) tested the western
extension of the FWC in two drill fences 700 and 1200 m
west of the East Chuarvi resource boundary. Only one drill
actually intersected the FWC indicating some local complexities
with its position in this area. That intersection (0.98
g/t Pt+Pd+Au over 3.40 m in drill hole P-542) occurs approximately
thirty m below the FWC.
East Churozerski Area
This area includes 1,200 m strike length of the FWC and
is located on the eastern part of the East Pansky Intrusion
before its strike turns south and becomes considerably thinner.
As per the June 7, 2007 News Release, last April Puma drilled
four holes for a total of 498 m along the remaining untested
600 m strike length of the FWC that was intersected in three
holes, but only elevated PGMs were detected.
Churozerski Area
Twelve drill holes totaling 4,484 m tested the FWC and one
drill hole (P-522) tested the Upper Olivine Horizon associated
with Horizon A. The best results are from drill hole P-517
which assayed 3.67 g/t Pt+Pd+Au over 0.40 m. Drill hole
P-522 intersected 0.60 g/t Pt+Pd+Au over 0.50 m located
approximately twelve meters below the Upper Olivine Horizon.
The FWC is expected to have a total strike length of 3,500
m across this area.
Bezimyanyi Area
This area covers 1,800 m strike length of the FWC and is
located immediately east of the East Chuarvi resource. Puma
drilled three holes in 2007 for a total of 965 m along the
central 200 m section of the FWC. Two intersected the FWC
while one went directly into the underlying magmatic stratigraphy.
Drill hole P-526 intersected 1.53 g/t Pt+Pd+Au over 1.65
m including 4.30 g/t Pt+Pd+Au over 0.50 m.
Chuarvi Area
Re-interpretation of previous Puma drilling and geological
mapping identified a possible embayment formed by the FWC
cutting down into the underlying Upper Olivine Horizon of
Horizon A. This hosts high grade PGMs within the embayment
and along its flanks. Prior to 2007 the best intercept here
was drill hole P-481 which assayed 9.77 g/t Pt+Pd+Au over
4.20 m.
In 2007 Puma tested for additional mineralization down dip
of the embayment and across the upper flank. Three of four
drill holes intersected the target with the best assays
in P-528 which assayed 8.72 g/t Pt+Pd+Au over 2.95 m which
included 30.36 g/t Pt+Pd+Au over 0.45 m. None of the others
are considered significant however. This part of Chuarvi
is located 5.0 km west of the East Chuarvi deposit.
West Chuarvi Area
This area lies on the western border of Chuarvi and drilling
has tested 1,570 m of the interpreted 3,450 m of possible
FWC without finding any significant PGM mineralization.
All drill gaps are less than 1200 m in length.
Peshempakh Area
In 2007 Puma re-mapped much of the West Pansky Intrusive
which is thought to be a separate magma phase of the Pansky
Intrusive. However this recent work indicates much of the
southern part of the intrusion consists of rocks similar
to those at East Pansky. This implied the presence of FWC
style PGM mineralization and possibly the same for PGM bearing
Horizons A and C. Therefore Puma decided to drill test the
newly interpreted FWC, along with Horizons A and C in areas
where earlier work had found large boulders with PGMs (South
Peshempakh). Three holes tested the interpreted FWC equivalent
to the East Pansky intrusive, but did not intersect any
significant PGM mineralization. Five drill holes tested
the equivalent to Horizon A in areas where mineralized boulders
were found. The best drill intersection was in drill hole
which intersected 8.55 g/t PGMs over 0.35 m. Collectively
these horizons are referred to as the Upper Layered Horizon.
In addition a single drill hole tested the possible equivalent
to Horizon C in the East Pansky intrusive, but no significant
mineralization was detected either.
Three drill holes tested the Lower Layered Horizon (previously
referred to as North Peshempakh) where surface work had
identified intermittent PGM mineralization along a 1,500
m strike length. The best drill intersection assayed 4.04
g/t PGMs over 0.50 m in drill hole P-548.
In total twelve drill holes totaling 2,588 m were drilled
in Peshempakh area within the West Pansky Intrusive.
Select Assay Results from 2007 Drilling Program
---------------------------------------------------------------------------
Tar-
get Inter-
Drill Hori- From To val Au Pt Pd PGE +
Hole # Location zon (m) (m) (m) g/t g/t g/t Au g/t Pd/Pt
---------------------------------------------------------------------------
P-509 E Churozerski FWC 47.85 48.25 0.40 0.03 0.23 1.03 1.29 4.5
---------------------------------------------------------------------------
P-517 Churozerski FWC 17.00 17.40 0.40 0.22 1.98 0.46 3.67 0.7
---------------------------------------------------------------------------
P-525 Bezimyanyi UMZ 14.60 22.20 7.60 0.10 0.40 0.50 1.00 1.3
---------------------------------------------------------------------------
P-526 Bezimyanyi FWC 359.30 360.95 1.65 0.10 0.51 0.92 1.53 1.8
---------------------------------------------------------------------------
P-528 Chuarvi FWC/
UOH 85.40 88.35 2.95 0.10 3.66 4.96 8.72 1.4
Includes 86.00 86.45 0.45 0.26 11.40 11.00 30.36 1.1
---------------------------------------------------------------------------
P-532 E Chuarvi FWC 508.25 513.40 5.15 0.19 1.44 2.78 4.41 1.9
Includes 512.40 513.40 1.00 0.50 3.89 6.67 11.06 1.7
---------------------------------------------------------------------------
P-484 W Chuarvi LOH 333.5 335.5 2.0 0.01 0.12 0.06 0.19 0.5
---------------------------------------------------------------------------
P-542 S Peshempakh LLH 54.05 54.45 0.40 0.01 0.52 1.50 2.03 2.9
---------------------------------------------------------------------------
P-545 S Peshempakh LLH 332.65 333.00 0.35 0.26 1.14 7.37 8.77 6.5
---------------------------------------------------------------------------
P-548 N Peshempakh ULH 102.40 102.90 0.50 0.03 0.52 3.49 4.04 6.7
---------------------------------------------------------------------------
FWC - marker boundary of two stratigraphy units, GNZ1 and GNZ2 of
Gabbronorite Zone, East Pansky Intrusive
UOH - Upper Olivine Horizon, part of Horizon A
LLH - Upper Layered Horizon, possible equivalent to Horizon A of East
Pansky Intrusive2008 Plans
Puma is currently re-calculating new Russian style ore resources
for the East Chuarvi, Bezimyanyi, and Chuarvi areas. Following
this work the company will decide on further exploration
work. The company will also complete its technical report
obligations to the Russian government geological agencies.
The above drill assays were submitted to Mekhanobr laboratories
in St. Petersburg, Russia and a full QAQC program was employed
that included reference standards, blanks and duplicates
(field, split and pulp). The final results for these drill
holes fell within acceptable limits. The Qualified Person
for the Kola Project is Tom Garagan (P. Geo.) Senior Vice
President, Exploration for B2Gold and a director of Puma.
On behalf of CONSOLIDATED PUMA MINERALS CORP.
Roger Richer, President and Director
Consolidated Puma Minerals Corp. trades on the TSX Venture
Exchange under the symbol CPW.
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe
the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects
a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their
very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from
those currently anticipated in such statements.
The TSX Venture Exchange neither approves nor disapproves
the information contained in this News Release.