My pick for the next Zinc Jr is Puma Exploration PUM.V it has well over a billion dollars in the Murray Brook Property and if they can swing it this .08 cent stock will go for quite a ride north imho. Check it out.
134,637,598 outstanding but financing ongoing, go to Stockwatch for more.
Press=
Puma extends Murray Brook closing to Feb. 28
2017-01-23 13:08 ET - News Release
Mr. Marcel Robillard reports
PUMA EXPLORATION PROVIDES UPDATE AND CLARIFIES DISCLOSURE ON THE MURRAY BROOK PROPERTY ACQUISITION
In its continuing plan of action to acquire the Murray Brook property, Puma Exploration Inc. has provided an update to investors concerning the acquisition of the Murray Brook property and wishes to clarify the value of the deposit as reported on Dec. 28, 2016, in the L'Avantage Rimouski newspaper.
Progress on the Murray Brook property transaction
As previously reported in Puma's news release on Dec. 21, 2016, a revised National Instrument 43-101-compliant underground resource estimate totalling 5.28 million tonnes averaging 5.24 per cent zinc, 1.8 per cent lead, 0.46 per cent copper, 68.9 grams per tonne silver and 0.65 gram per tonne gold was completed and submitted to the TSX Venture Exchange for review by the exchange at the beginning of January. Final approval by the exchange is pending and is expected to be completed shortly.
As part of the financial plan also required by the exchange, 95 per cent of the shareholders of the mining exploration company Murray Brook Minerals Inc. (MBM) have to date accepted the acquisition of MBM by Puma. The acquisition is subject to the standard regulatory conditions, but, if completed as planned, MBM will become a wholly subsidiary of Puma, bringing a $1-million cash secured investment to the Murray Brook property transaction.
Additionally, Votorantim Metals Canada Inc., El Nino Ventures Inc. and Puma have agreed to extend the closing date for the acquisition of the Murray Brook property to on or before Feb. 28, 2017 (see news release dated Oct. 13, 2016). This extension will allow Puma to confirm the regulatory approval for the transactions.
To demonstrate that Puma is both determined and confident that the deal will close, the company is providing to Votorantim Metals Canada a deposit in the amount of $100,000 to be credited against the closing cash consideration for the acquisition of the Murray Brook property. In the event that the transactions contemplated in the asset purchase agreement do not close on or before Feb. 28, 2017, the deposit will be retained by the vendor.
Additionally, please note that, in the news release dated Dec. 30, 2016, in connection with the private placement, the company has issued 100,000 finder warrants instead of 80,000 as stipulated in the news release.
Clarification on the value of the Murray Brook deposit
As stipulated in the news release dated Dec. 21, 2016, Puma completed a mineral resource estimate on the Murray Brook deposit. The underground sulphide mineral resource estimate comprises measured and indicated mineral resources totalling 5.28 million tonnes averaging 5.24 per cent zinc, 1.8 per cent lead, 0.46 per cent copper, 68.9 grams per tonne silver and 0.65 gram per tonne gold. The Murray Brook deposit contains 610 million pounds of zinc, 209 million pounds of lead, 54 million pounds of copper, 11.7 million ounces of silver and 111,000 ounces of gold at a net smelter return cut-off of $85 per tonne in the sulphide measured and indicated categories.
It should be noted that the mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. In the L'Avantage Rimouski newspaper, the value of the deposit has been incorrectly reported as gross metal value (in situ) as per Article 2.3 (c) of National Instrument 43-101. Puma will produce a preliminary economic assessment during the first half of 2017 for mining of high-grade zinc zones of the sulphide portion of the Murray Brook deposit contained in the current mineral resource estimate.
2016 mineral resource estimate (news release Dec. 21, 2016)
The technical report dated incorporates P&E's NI 43-101 mineral resource estimate for sulphide and oxide mineralization at a net smelter return cut-off of $85 per tonne that is summarized in the attached table.
MURRAY BROOK UNDERGROUND MINERAL RESOURCE ESTIMATE AT $85/T NSR CUT-OFF (1 to 4)
Zone Category Tonnes Cu Cu Pb Pb Zn Zn Au Au Ag Ag
(000s) (%) (Mlb) (%) (Mlb) (%) (Mlb) (g/t) (Koz) (g/t) (Moz)
INR
Oxide Measured 434 1.13 10.8 1.44 13.8 4.51 43.2 0.31 4.3 60.5 0.8
Indicated 105 1.94 4.5 0.82 1.9 2.84 6.6 0.46 1.6 45.3 0.2
M+I 539 1.29 15.3 1.32 15.7 4.19 49.8 0.34 5.9 57.5 1
Inferred 4 3.94 0.3 0.19 0 0.62 0 0.46 0.1 26.6 0
Sulphide Measured 3,681 0.36 29 1.87 151.9 5.57 451.7 0.56 65.8 70.5 8.3
Indicated 1,603 0.7 24.8 1.63 57.4 4.48 158.4 0.88 45.1 65.3 3.4
M+I 5,284 0.46 53.8 1.8 209.3 5.24 610.1 0.65 110.9 68.9 11.7
Inferred 125 2.16 5.9 0.92 2.5 2.58 7.1 0.54 2.2 47.3 0.2
(1) Mineral resources which are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are
uncertain in nature; there has been insufficient exploration to define these inferred
resources as an indicated or measured mineral resource; and it is uncertain if further
exploration will result in upgrading them to an indicated or measured mineral
resource category.
(3) The mineral resources in this report were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) standards on mineral resources and reserves,
definitions and guidelines prepared by the CIM standing committee on reserve definitions
and adopted by the CIM council.
(4) M refers to millions and K refers to thousands.
Puma's projections for 2017 in view of the purchase of the Murray Brook deposit are as follows:
1. Produce a new preliminary economic assessment during the first half of 2017 for mining of high-grade zinc zones of the sulphide portion of the Murray Brook deposit contained in the current mineral resource estimate;
2. Proceed with additional advanced recovery (metallurgical) tests on the Murray Brook deposit's mineralization, focusing on gold and silver recovery with the objective of establishing the economic value of the Murray Brook deposit;
3. Proceed with a drilling exploration program to delineate the size of the deposit and potentially find more deposits along strike in the direction of the Caribou mine.
About Puma Exploration
Puma Exploration's major assets are the Turgeon zinc-copper project and the Nicholas-Denys project in New Brunswick, and an equity interest in Black Widow Resources related to the Little Stull Lake gold project in Manitoba. Puma's objective for the coming year is to focus its exploration efforts in New Brunswick. Canada.
We seek Safe Harbor.
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