Kinross earn-in a ‘stamp of approval’ for Puma’s New Brunswick project
Canada-based Kinross Gold has agreed an option to earn a 65% interest in the Williams Brook project, in New Brunswick, by funding C$16.7-million in exploration drilling over five years, project owner Puma Exploration reports.
“We believe in the region’s potential to host Canada’s next major gold camp. I am delighted to welcome Kinross, the first major gold producer to establish a presence in New Brunswick,” says Puma president and CEO Marcel Robillard.
In the first 18 months, Kinross must spend C$2-million and commit to 5 000 m of drilling.
The drilling programme will continue to test and define the Lynx gold zone previously intersected by Puma (5.55 g/t gold over 50.15 m, 2.49 g/t gold over 63.05 m, 5.15 g/t gold over 23.15 m, 2.77 g/t gold over 42.80 m, 1.24 g/t gold over 98.05 m, 3.97 g/t gold over 22.10 m, 3.12 g/t gold over 35.35 m).
Robillard said Puma successfully defined the high-grade Lynx zone within four years and by only spending C$12.75-million.
“With juniors still struggling despite gold’s all-time high price, this significant injection of cash over the next five years, especially Kinross’s firm commitment over the next 18 months, will significantly accelerate exploration and unlock the project’s value.
“Kinross’ commitment represents a stamp of approval on Williams Brook’s potential, and having Puma as the operator speaks to Kinross’ confidence in the strength of our exploration team,” he said.
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