Trevali and Puma join forces in New Brunswick
Vancouver-based Trevali Mining (TSX: TV) and Quebec-based Puma Exploration (TSX-V:PUMA) have entered into a Letter of Intent for the acquisition by the former of an option to acquire an interest in the Murray Brook Deposit and to form a proposed Strategic Exploration Alliance in the northern portion of the Bathurst Mining Camp in New Brunswick, Canada.
Under the terms of the LOI, Trevali, at its option, will provide all or part of the remaining CDN$7.5 million in funding to Puma in order for them to finalize the 100-per cent acquisition of the Murray Brook Deposit within the timeframes outlined in the underlying agreements ultimately leading to a 75:25 percent ownership interest between Trevali and Puma, respectively, and a 51:49 percent ownership in the Murray Brook East Property, respectively.
In a press release, Mark Cruise, Trevali’s President and CEO, said that the agreement is coherent with Trevali’s Bathurst Mining Camp strategy. "The company will leverage our infrastructure and operational expertise to further expand our footprint within the region. The addition of Murray Brook builds on Trevali’s significant resource inventory of potential mill feed in the Camp that also includes our Halfmile Mine, Stratmat, and Restigouche projects," he said.
In the media statement, Cruise explained that the Murray Brook Deposit is located approximately 10 kilometres west of Trevali’s operating Caribou mine along Provincial Highway 180 and is comprised of 484 hectares under Mining Lease 252. "Geologically it is formed of a large low to moderate grade massive sulphide body within which higher grade zones occur. The system is divided into two distinct domains, the Zn-Pb rich West Zone which is approximately 200-metres wide, extending from surface to approximately 300-metres depth and with a true thickness varying from 75-100 metres. The Cu-Au rich East Zone is approximately 100-metres wide, also extending from surface to approximately 300-metres depth," the brief reads.
Murray Brook has a currently defined measured and indicated sulphide mineral resource of 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 g/t silver and 0.65 g/t gold containing approximately 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 Au.