Puma Exploration (PUM.V) is gearing up to drill two deep holes on their Nicholas-Denys property in New Brunswick, Canada, where the 3D magnetic inversion exploration program has outlined a gigantic magnetic anomaly. Puma plans to drill two holes, one will be drilled vertically till a depth of 1500 meters, and a second one will be drilled at a slope till a depth of 1000 meters.
Drilling should start in May and is targeting a big copper porphyry system, as Puma believes that the copper skarns of the nearby Millstream and Beresford occurrences are originating from the Porphyry and that the heat they have identified may be related to Copper in this porphyry target.
When talking to a befriended geologist with decades of experience under his belt, he tells us ‘The skarns are strongly magnetic and the magnetic anomaly could be an endoskarn phase in the intrusive. My concern would be that the porphyry is simply a molybdenum-bearing zone and could reflect a deeper source rock from crustal melting. So, the skarns have some copper. The jury is out on the porphyry.’
These holes aren’t a make or break-case for Puma Exploration, as they have several properties of interest in New Brunswick and Manitoba with very promising drill results. But it would definitely be benefiting the share price if Puma Exploration indeed hits the copper porphyry they are hoping to find. The Nicholas-Denys project could very well hold over a billion tonnes, as the magnetic survey is lighting up a hot spot of approximately 1000 meters thick.
Disclosure: The author holds a small long position in Puma Exploration. Please see our disclaimer for current positions.
