Puma Exploration Inc. (TSX-V: PUMA) (OTC: PUXPF) is pleased to report a near-surface high-grade gold intersection of 34.93 g/t Au over 3.00 metres within a wider zone assaying 6.47 g/t Au over 16.90 metres in hole WB22-25. Additional high-grade intercepts include 22.28 g/t Au over 3.20 metres within a wider gold intercept of 3.97 g/t Au over 22.10 metres in hole WB22-36 and 1.00 g/t Au over 33.35 metres in hole WB22-26. These new high-grade discoveries extend by more than 300 metres to the NE, the first gold discovery made at the OGT in 2021(Figure 1).

“These first results are very exciting. Every hole intersected gold mineralization, and hole WB22-25 is one of the most impressive, with more than 34 g/t gold over 3 metres. That hole contains the highest individual gold grade since the beginning of drilling in 2021, with 183 g/t Au over 0.50 metres. We are systematically building our model and demonstrating again, step by step, the gold potential of the O’Neil Gold Trend and the entire Williams Brook Project,” said Marcel Robillard, President and CEO of Puma Exploration.

HIGHLIGHTS:

• A new high-grade gold intersection (34,93 g/t Au over 3.0 m within a wider zone assaying 6.47 g/t Au over 16.90 m);
• A 25 metres step-out from hole WB22-25 intersected 22.28 g/t Au over 3.20 m within a wider gold intercept of 3.97 g/t Au over 22.10 m in hole WB22-36;
• Several other high-grade gold samples occur within a large lower-grade envelope : 183 g/t over 0.50 m, 59.60g/t Au over 0.65 m, 30.50 g/t Au over 0.30 m, 23.70 g/t Au over 0.80 m, 16.50 g/t Au over 0.70 m, 14.65 g/t Au over 0.60 m, 9.12 g/t over 0.30 m;
• Gold mineralization appears to be associated with widespread limonitisation (Py) + sericitization, and all holes intersected the favourable OGT mineralized and altered horizon.

These holes tested a segment of approximately 200 metres to the northeast and along strike of the 2021 drilling campaign highlighted by hole WB21-02 that returned two high-grade sections of 46.94 g/t Au over 3.85 m and 28.52 g/t Au over 2.10 m (see Sept. 15, 2021 News Release). The results for an additional 2,000 metres of drilling are expected shortly.

Figure 1: First 2022 drilling results at the OGT accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c94efbfe-4761-44c6-a28f-a1e81f16c153

Today’s results include the first 19 holes for 2,389 metres of the ongoing 10,000 metres 2022 drilling campaign. Table 1 highlights significant results from this first set of holes. To date, 37 holes have been drilled in this first phase of drilling for a total of approximately 4,300 metres. Assay results are pending for an additional 2,000 metres of core already sent to the laboratory. They will be announced when received.

Table 1: Assay result highlights from reported holes

Table 1. Assay result highlights from reported holes (continued)

Table 1. Assay result highlights from reported holes (continued)

*Stated lengths in metres are downhole core lengths and not true widths.
True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

Table 2: Coordinates and length of reported drill holes

The recently completed drill holes and field observations show the same mineralized quartz veins and stockworks with disseminated sulphides locally (pyrite, galena, sphalerite, malachite, azurite, tetrahedrite) and sporadic visible gold within widespread limonite (py) + sericite alteration (Figure 2). The alteration appears to be localized at the contact between brecciated rhyolite and sediments and along the major high-grade quartz veins.

Figure 2: Example of pervasive alteration and mineralization accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b8094431-78e2-48ef-a910-72837ef0b936

ONGOING 10,000M DRILLING PROGRAM AT THE OGT

Following the success of the initial 2021 stripping and drilling program, the 2022 drilling campaign was designed to confirm the extent at shallow depth of the alteration and mineralization found at surface along the OGT. Since drilling began in late January, more than 37 holes for 4,300 metres have been completed (Figure 3).

Puma’s technical team estimates that the 10,000 metres drilling campaign will be completed in June, after which the 2022 field exploration program will begin over the entire property. A detailed exploration program is being prepared and will be announced shortly. It will focus on first priority targets defined from the current geophysical, geochemical and drilling compilation.

Figure 3: Localisation of the O’Neil Gold Trend (OGT) accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/cf56a4b3-c54a-442b-a5a3-d9dde162a6d0

QUALIFIED PERSON

Dominique Gagné, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

ON-SITE QUALITY ASSURANCE/QUALITY CONTROL MEASURES

Drill core samples are bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample is crushed and pulped before being fire assayed (Au-ICP21). The remaining coarse reject portions of the samples remain in storage for further work or verification as needed. As part of its QA/QC program, the Company inserts external gold standards (low to high grade) and blanks every 20 samples in addition to standards, blanks, and duplicates. All samples over 10 g/t gold or with abundant visible gold are analyzed with gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

COVID-19 PRECAUTIONS

Puma has developed and implemented precautions and procedures compliant with Québec and New Brunswick’s health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential of community contact and spreading of the virus.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share dilution.