Puma Exploration (PUM.V) has announced it has mobilized a drill rig and started drilling at the large Nicholas Denys copper porphyry prospect. After the company intersected a long intercept of 591 meters of 0.1% copper-equivalent last year, Puma initiated an IP survey and has prioritized drill targets based on the results of the IP exploration program.
Whilst the average grade of 0.1%CuEq last year was obviously uneconomical and disappointing, it was interesting and encouraging to see the company was able to pull a mineralized intercept of almost 600 meters out of Nicholas Denys. We believe the company is now better armed for the 2014 drill season with 12 high-priority drill targets. 2014 will be a very interesting year for Puma Exploration’s efforts at both the Nicholas Denys project and Turgeon project in New Brunswick. We expect to see the results from the first few holes at Nicholas Denys in the second half of May and then we’ll start to know a lot more about the geological model at Nicholas Denys.
Disclosure: The author holds a small long position in Puma Exploration. Please see our disclaimer for current positions.