PUMA EXPLORATION INC.
New Brunswick, Canada
Puma Exploration: Geological Background
Puma Exploration Inc. (PUMA · TSX-V) · New Brunswick, Canada
Share data updated daily
Analysis by Bill Pearson, PhD, P.Geo
Updated Aug 6, 2026
Puma Exploration Corp. is a Canadian mineral exploration and project generator company focusing on building a new gold camp in Atlantic Canada, primarily in Northern New Brunswick. The company operates on a DEAR strategy: Discovery, Exploration, Acquisition, and Royalties.
Key Projects & Operations are (Figure 1):
- Williams Brook Gold Project
Optioned to Kinross Gold, which can acquire a 65% interest by spending $16.75M in exploration over 5 years. us: Currently in Year 2 of the option ($3.0M spend target by October 30, 2026). Key Targets are Jaguar, Lynx, Lion, Cougar, Cheetah, and Tiger gold zones. Field crews deployed through September 2026, soil surveys completed (1,322 samples), drone magnetic surveys, and follow-up drilling planned at Jaguar.
- McKenzie Gold Project
Ownership is 70% Puma / 30% NB Gold Joint Venture. $1.5M of Puma’s $2.0M expenditure commitment fulfilled as of February 2026. Main targets are RIM and GROG Gold Zones. High-grade surface grab samples at RIM returned up to 601 g/t Au. Follow-up trenching, geophysics surveys and fall 2026 drilling in progress/planned.
- Murray Brook Minerals (MBM) —now 70.48%-owned Subsidiary
This is a legacy copper system containing an updated NI 43-101 (2025/2026) mineral resource estimate at the Legacy Deposit of 930,000 tonnes at 0.66% Cu containing 13.4M lbs Cu and 110k oz Ag. High-grade copper showings have been confirmed beyond existing historic boundaries e.g., 105 Zone returning up to 12.00% Cu. Legacy East is a newly staked, royalty-free greenfield ground (9,495 ha) contiguous to regional projects.
- 100%-Owned Pipeline Projects
Jacquet River Project comprises 390 claims covering 8,474 ha with no NSR royalty. A drone magnetic survey and field reconnaissance work planned for summer 2026. The Caribou Extension Project comprises 100% owned staked claims with no NSR royalty. A drone magnetic survey and summer exploration scheduled for 2026.
Figure 1
Source: Puma Exploration
NEWS RELEASES
Click any release to read Bill's geological analysis:
Actual holdings will vary for each client or fund and there is no guarantee that a particular account will hold any or all of the securities discussed. All investing involves risk including risk of loss. Crescat target resource estimates (TSE) are based on internal modeling and geologic estimates, and include various assumptions based on analysis of geology, geophysics, geochemistry, historic drill assays, and metallurgical recovery data received to date. TSE are discounted based on drilling progress to date, an assessment of the management and technical team's strengths and weaknesses affecting their ability to advance the project, and environmental, local community, and government permitting risk factors. Estimates are displayed on a gold equivalent basis based on current price-to-gold ratios for silver, copper, and other metals if the primary metal is other than gold. Further drilling, assaying, resource modeling, and engineering studies will be required to determine whether Crescat's TSE can be reasonably expected to be achieved. Crescat's target resource estimates are updated monthly across the entire portfolio. Sources: Crescat Capital LLC, Bloomberg, Issuer. Expected profitability percentile is based on Crescat's geologic estimates of projected grades, recoveries, capex, and operational costs on the primary project compared to the universe of operating mines. This value does not project overall anticipated company profitability.