Rimouski, January 12, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” or “Puma”) is pleased to announce the launch of its 2022 Exploration Program at its Flagship Williams Brook Gold Property located in New Brunswick, Atlantic-Canada. The 2022 program (see December 17, 2021, News Release) includes an initial 10,000 metres diamond drilling program that will target the most prospective areas identified to date of the O’Neil Gold Trend (“OGT”).

The drilling program, expected to begin on January 17, will target the most promising gold zones of the OGT discovered in 2021 through surface exploration work (see Figure 1). The inaugural 2,300 metres of drilling at the OGT’s Lynx Zone returned 5.50 g/t Au over 50.15 m in hole WB21-02 (see Sept.15, 2021, News Release). Building on that success, the 2022 drilling at the OGT will focus on the currently excavated, mapped, and sampled 750-metres trend to maximize success.

Figure 1: Location of Reported Grab Samples at the OTG and Associated First Priority Drilling Targets

Last fall, 750 grab samples were collected along the favourable rhyolite/sediment contact to confirm the continuity of gold mineralization at surface along the O’Neil Gold Trend (see Dec.8, 2021, News Release). Results from 50 grab samples received to date include 51.70 g/t Au, 28.70 g/t Au, 27.20 g/t Au, 23.10 g/t Au, 18.50 g/t Au* (see Table 1) and show that high-grade gold mineralization is both significant and appears continuous along the OGT. The first target of the 2022 10,000 metres drilling program will be an area northeast of the Lynx Gold Zone, where new grab samples returned up to 51.70 g/t Au*.

Table 1: Selected High-Grade Gold Results (over 1g/t Au) from Reported Grab Samples
Au-AA24 Au-GRA22
Sample ID Au g/t Au g/t
D248073 6.41
D248088 3.89
D248089 4.11
D248090 >10.0 51.70
D248091 8.95
D248092 >10.0 18.55
D248093 5.05
D248094 >10.0 28.70
D248095 1.30
D248096 5.18
D248007 >10.0 23.10
D248013 4.55
D247671 6.64
D247672 1.88
D247673 7.91
D247674 3.55
D247675 1.76
D247676 5.31
D247677 >10.0 27.2

*The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

Our technical team has been very systematic in its approach to exploration over the last 18 months. The knowledge we acquired led to a very successful inaugural drilling program at the Lynx area of the O’Neil Gold Trend (“OGT”). As we embark on drilling this follow-up 10,000 metres at the OGT, the compilation of grab sample results, geophysical data, geology, and structural mapping will enable us to optimize our targets and maximize our chance of success. 2022 will be a transformational year for Puma, and investors can expect regular news as we aggressively develop the Williams Brook Gold Project.” commented Marcel Robillard, President & CEO of Puma Exploration.

UPCOMING WEBINAR

Puma is providing an opportunity for shareholders and other interested parties to participate in a webinar on Monday, January 17, 2022, at 4:00 pm EST. Marcel Robillard, President and CEO, will provide an overview of the 2022 Exploration Program and answer questions.

Click on the following link https://zoom.us/webinar/register/WN_ExOOMMeHQZK7N_6d0rvPjg to register. After registering, you will receive a confirmation email containing information about joining the webinar.

CHANGES IN AUDIT COMMITTEE

The Company announces that Michel Fontaine, an independent director, has replaced Marcel Robillard to join Laura Arenada and Richard Thibault on the Audit Committee.

INVESTOR RELATIONS CONTRACT

Puma is pleased to announce that it has retained the services of MI3 Communications Inc. (“MI3”), a Montreal-based financial communications company to spearhead Puma’s investor relations. MI3 will provide various services: lead market awareness campaigns and facilitate meetings with new investors (institutional, brokers, pro-traders, mining analysts, and active high net worth investors).

Under the terms of the engagement, Puma has agreed to pay MI3 C$5,000/month for an initial 12-months term beginning December 1, 2021, and has granted MI3 100,000 Stock Options exercisable at C$0.40 per common share until December 1, 2023 (see Dec. 1, 2021, News Release) The MI3 agreement and all stock options granted are subject to TSXV regulatory approval.

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 (“QA/QC”) MEASURES

Grab samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample was dried, 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 for every batch of surface samples. All samples over 10 g/t gold or with abundant visible gold are analyzed using 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 for community contact and spreading of the virus.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in early to advanced stages located in 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.

Connect with us on Facebook / Twitter / LinkedIn

Visit www.explorationpuma.com for more information or contact:

Marcel Robillard,
President, (418) 750-8510;
president@explorationpuma.com

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250)575-3305; mboiridy@explorationpuma.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, December 21, 2021 – Puma Exploration Inc. (TSXV: PUMA, OTC: PUXP) (the “Company” or “Puma”) is pleased to share its fully-funded exploration strategy and program for 2022. The Company successfully closed on December 17, 2021, a brokered private placement for total gross proceeds of C$5,000,000.

Figure 1: 2022 Exploration strategy and planned programs

 

The 2022 exploration program will strategically target three (3) project areas, each with specific tasks and objectives (see figure 1). The program may be adjusted as the assay results from over 750 samples collected during the Fall 2021 surface exploration program, including the surface grab samples with visible gold (“VG”) collected in the Chubby-Moose area, are received in the coming weeks.

The final interpretation of the VTEM, MAG and Radiometric heliborne detailed surveys, drilling and mapping data, and the compilation of a new 3D geological model will further guide the 2022 exploration program.

O’NEIL GOLD TREND DRILLING PROGRAM

Puma’s priority for 2022 is launching a 10,000 metres drilling program in January 2022 that will target the O’Neil Gold trend (OGT). Trenching, stripping and drilling at the OGT  in 2021confirmed continuous gold mineralization for over 750 metres with locally, very high-grade gold content. The initial 2022 drilling program will target three main areas of the OGT (see figure 2).

Figure 2: First Priority target areas of the O’Neil Gold Trend to be drilled

The first three (3) priority areas include:

A) The newly discovered quartz veins system with visible gold (VG) located between the Chubby and Moose gold zones (see December 8, 2021, News Release);

B) The area west of holes WB21-16 and WB21-17 where grab samples with VG were collected this fall;

C) The western extent of hole WB21-02 where 5.50 g/t Au over 50.15 m was intersected; and

D) the Petitos-O’Neil gold zones located at the southern end of the OGT

WILLIAMS BROOK PROPERTY-SCALE EXPLORATION PROGRAM

Following current interpretation and modelization, the summer 2022 exploration program will include property-scale exploration targeting the most prospective areas identified by the 2021 exploration programs and surveys. Property-scale, VTEM, Mag, and Radiometric surveys over the entire Williams Brook Property (see figure 3) in addition to surface exploration and highlighted several prospective areas within the 20,000 hectares land package.

Figure 3: First Priority target areas over the entire Williams Brook property

During the first quarter of 2022, Puma will generate more advanced exploration targets, including trenching and stripping (see figure 3). To date, three (3) priority areas have been identified:

  1. the entire 7 km length of the O’Neil Gold trend;
  2. the Williams 1 and Williams 2 gold trends; and,
  3. the Ramsay Brook area.

The objective of the summer exploration program at the property-scale will be to identify promising targets for an additional fully-funded 5,000 metres drilling program to be launched in the fall.

WILLIAMS BROOK CAMP-SCALE EXPLORATION PROGRAM

Following the current compilation work of Puma’s entire landholdings, the Company will launch a Camp-Scale Exploration program (see figure 4) in the summer of 2022 to cover the Williams Brook South, Jonpol and the Portage properties. The regional surface exploration program will include prospecting, mapping and trenching. The targets will be generated from the regional detailed heliborne geophysical survey done in 2021, the compilation of soil anomalies and the knowledge acquired over the last two years modelling the O’Neil Gold Trend discovery.

Figure 4: Camp-Scale exploration to be conducted in 2022

10% of the current $5M exploration budget is allocated to camp-scale exploration. The main objective of this program is to locate the next gold trend on those properties for the 2023 exploration program.

The proposed programs and exploration plans are based on current information and strategy and may change without notice following new results, acquisitions or developments. The Company will keep shareholders informed with regular new releases and communication.

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.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in early to advanced stages located in 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.

Connect with us on Facebook / Twitter / LinkedIn

Visit www.explorationpuma.com for more information or contact:

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

Mia Boiridy, Head of Investor Relations and Corporate Development, (250)575-3305; mboiridy@explorationpuma.com.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

 Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

 

 

Rimouski, November 25TH, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to report progress on the transaction with Melius Metals Corp. (“Melius”). As was stated in the press release of July 6, 2021, the main objective of the transaction is to unlock value from its copper property portfolio through Melius’ option to acquire all Puma’s copper exploration and development projects.

TRANSACTION SUMMARY

Puma granted to Melius the option to acquire 100% in its Copper Projects in consideration of $3.5M payable by the issuance of an initial 12M Melius shares of which up-to 6M will be distributed to Puma’s shareholders in Q1-2022 . The remaining $2.3M is payable in cash or in Melius shares over a period of 3 years. Puma’s commitments for the Chester Property was also assumed by Melius (see PR 2021-07-06). As of November 24th,2021, the Chester option has been executed and the mining claims have been transferred to Puma.

PROGRESS ACHIEVED TO DATE

• Melius appointed Mr. Simon Quick as Chief Executive Officer (CEO).
• Melius completed Qualifying Technical Reports (NI 43-101) on Chester and Turgeon as required for public listing purposes.
• Melius closed private placement financings for a total of $1,500,000.
• Launch of a 2,000 meters drilling program on Chester, execution of a final $100,000 cash payment and acquisition by Puma of a 100% interest on Chester.
• At Puma’s Annual and Special Meeting of Shareholders, approval of resolutions approving the sale of the copper assets reduction of stated capital.

Considering all the achievements that Melius has made so far, and highlighted above, Puma has agreed to extend the Satisfaction Date from October 31, 2021 to January 31, 2022 to file a preliminary prospectus and the current deadline to be listed on a Canadian Exchange to be extended to April 30, 2022 from March 1, 2022.
Currently, Melius is finalizing the audited financial statement to be included in the preliminary prospectus and is proceeding with an additional round of financing which is expected to close in the next few weeks. Melius is currently preparing its preliminary prospectus with the intention of listing shares on the Canadian Stock Exchange (“CSE”).

As a result of this additional round of financing by Melius, Puma intends to hold a Special Meeting of Shareholders in January 2022 to seek shareholders’ approval for an increase in reduction of stated capital already approved at the previously held Annual and Special Meeting, from $600,000 to a maximum of $2,100,000.

The objective is to reduce any potential fiscal impact on Puma’s shareholders considering anticipated changes to the listing price of Melius shares. More details about the date of the Special Meeting and the record date will be provided shortly.

APPOINTMENT OF MR. SIMON QUICK AS CHIEF EXECUTIVE OFFICER OF MELIUS

Mr. Quick has more than 12 years as a well-regarded mining leader, with a track record spanning the USA, Mexico, Argentina, and Canada. His specific experience includes early stage permitting, project development through to design engineering, and construction. Mr. Quick joins Melius from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

EXPLORATION UPDATE AT CHESTER COPPER DEPOSIT

The new drilling program at Chester has commenced and consists of approximately 40 drillholes totaling approximately 2,000 meters (see Figure 1). The Chester copper deposit contains three known zones; the Central Zone, the East Zone, and the West Zone (Copper Stringer) which are all located near surface.

There are three strategic objectives for this drilling campaign:
1) Validate historical resource and geological model for the three primary zones, Central, East, and West (Copper Stringer), all located near surface.
2) Test resource gaps between the Central and East Zone.
3) Each hole will also test for presence of gold and silver mineralization given historical drilling did not assay for these minerals.

Significant previous drill results at Chester:

West Zone (Surface to 50m)                          Central Zone (Surface to 50m)
4.8% Cu over 20.3 meters                              10.8% Zn + 4.5% Pb over 5.6 meters
3.4% Cu over 25.0 meters                              7.4% Zn + 2.3% Pb over 6.1 meters
6.0% Cu over 13.1 meters                               8.0% Zn + 3.9% Pb over 7.0 meters
8.0% Cu over 5.2 meters                                8.5% Zn + 4.0% Pb over 7.9 meters
4.9% Cu over 14.2 meters                              7.0% Zn + 2.6% Pb over 15.6 meters

Figure 1: Current Drilling Operation at Chester Copper Deposit

QUALIFIED PERSON
Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

ABOUT MELIUS METALS CORP.
Melius Metals Corp. (“Melius” or “the Company”), a new Copper exploration and development story focused on well-known and past-producing Bathurst Mining Camp in New Brunswick.

For further information on Melius, please contact Simon Quick, (905) 220 6661; simon@meliusmetals.com.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.
You can visit us on Facebook / Twitter / LinkedIn
Learn more by consulting www.explorationpuma.com for further information on Puma.
Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com
Simon Quick, CEO, (905) 220-6661; simon@meliusmetals.com
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Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, November 23rd, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce that it has completed all the option agreement payments in order to complete the 100% acquisition of the Williams Brook Gold Project located in New Brunswick (see Figure 1).

Figure 1: Puma Exploration Holdings at its Williams Brook Gold Project Area

Following the extraordinary success of the drilling campaign with discovery hole WB21-02 returning  5.50 g/t over 50.15 meters and the new gold occurrences to the northeast, extending the continuous gold mineralised corridor for more than 275 meters along the O’Neil Gold Trend, Puma accelerated the execution of all the option agreements covering the Williams Brook Property.

The acquisition and the consolidation of the Williams Brook Gold project began in early 2020 and most of the properties were currently standing at the second year of the four (4) years option agreements. A total of 25 contiguous claim blocks were consolidated and constitute the entire land package of the Williams Brook Property. Puma decided to accelerate the payments to fulfill all the requirements under the various agreements and proceed with the titles transfers.

Consequently, Puma is the 100% registered holder of the minerals rights totalling 32,214 hectares. The exploration work conducted on the property is sufficient to cover the minimum work expenditures requirement with the New Brunswick government and to renew the properites for the next few years.

“The aggregation of all the Williams Brook Gold claim group through the buyout of the options will enable the Company to better allocate its exploration expenditures and ensure a more efficient utilization of financial and human resources to thoroughly and systematically explore for gold on our extremely well positioned properties in the new emerging gold district of New Brunswick,” notes Marcel Robillard, President of Puma Exploration.

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the twelve (12) first holes are released and all  holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters.

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, November 17th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the discovery of nine (9) new gold-bearing quartz veins along the O’Neil Gold Trend and reports surface samples grading up to 46.8 g/t Au, extending the gold mineralised corridor over a continuous distance of 275 meters at its Williams Brook Gold Project located in New Brunswick, an emerging new gold district of Atlantic, Canada.

Figure 1: The Gold Potential is Confirmed over 700m Strike Length in the OGT

The ongoing systematical stripping, mapping and sampling program along the OGT permitted to identify a swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone where DDH WB21-02 returned 5.55 g/t Au over 50.15 meters (see Figure 1). Following these exciting new discoveries, Puma contracted three (3) excavators, two (3) trucks and one (1) bulldozer to keep extending the kilometric altered and gold-mineralised corridor along the highly potential O’Neil Gold Trend in preparation for the upcoming 10,000 meters drilling program (see Figure 2 and Figure 4). Continuous flow of results is expected to be generated from the work in progress.

Figure 2: Current Stripping Activities at the Chubby-Moose Gold Areas

Furthermore, the company received the assay results from additional samples collected at surface in areas yet untested by drilling. Values as high as  46.8 g/t Au, 31.0 g/t Au, 21.3 g/t Au, 19.2 g/t Au, 18.9 g/t Au, 18.8 g/t Au, and 11.4 g/t Au are reported (see Figure 3). In addition, a trend of samples with high silver values were identified at Chubby and Pepitos. These types of silver values are often associated with the gold and characterise low epithermal system.

Figure 3: Additional High-Grade Gold Samples Found at the Chubby Gold Area

The mineralised zone is related to the contact between rhyolite / sediment rocks oriented ~45° with a moderate/shallow dipping to the NW and forms different high grade (>10 g/t Au) to lower grade (0.3 g/t Au) clusters perpendicular and parallel to the favorable contact. A pervasive limonite alteration with disseminated sulphides also characterises the gold-bearing corridor for more than 700 meters from the O’Neil to the Moose gold occurences along the O’Neil Gold Trend (see Figure 4).

Those newly defined high-grade gold veins and veinlets, more likely represent multiple cores of high-grade gold enrichment networks (see Figure 5). These high grade cores become first priority targets for the upcoming 10,000 meters drilling program and could generate drill intersections similar to the discovery hole WB21-02 with 5.55 g/t Au over 50.5m (see PR-21-09-15) implemented to test similar high grade gold surface samples (see PR21-03-15).  

 Figure 4: Current Stripping at Chubby-Moose Gold Areas

 Figure 5: Extensive Network of Veins Discovered Between the Chubby and Moose Gold Zones

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the twelve (12) first holes are released and all  holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters.

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, November 11th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the results from the last six (6) holes drilled within the inaugural drilling program at its Williams Brook Gold Project located in New Brunswick, an emerging new gold district of Atlantic, Canada.

These six (6) holes were collared to verify the continuity of the gold mineralisation along strike toward the O’Neil Gold Zone (holes WB21-13 and WB21-18) and toward the Chubby Gold Zone (holes WB-14 to WB21-17). These results clearly show that the gold mineralised envelope is open in both directions. The mineralised zone is particularly well recognised toward the Chubby Gold Zone where hole WB21-16 intersected from surface a broad mineralised and altered zone of 78.75 meters grading 0.82 g/t Au including a higher grade core of 5.11 g/t Au over 8.35 meters (see Figure 1 and Table 1).

Figure 1: Alteration and Mineralisation Intersected in Drillhole WB21-16

Marcel Robillard, president and CEO of Puma Exploration commented: “With the complete results in hand from the 2,360 meters of core-oriented maiden drilling campaign that tested the O’Neil Gold Trend, we now better understand the different parameters of this highly potential new gold discovery (see Figure 2). We are very enthusiastic and Puma will continue to build on the success of its systematical and disciplined exploration by uncovering new gold-bearing quartz veining systems along the sediment-rhyolite contact. We have found gold on surface for more than 350 meters of strike to date, and this is not over yet!”

Figure 2: Mineralised and Altered Zone Defined by the 2021 Inaugural Drilling Program

Table 1. Significant Drill Results for WB21-13 to WB21-18*

Hole ID

From (m)

To (m)

Lenght (m)

Au (g/t)

WB21-13

23.65

73.00

49.35

0.30

incl.

24.65

35.00

10.35

1.27

incl.

25.25

33.00

7.75

1.49

incl.

25.25

27.25

2.00

3.34

incl.

26.70

27.25

0.55

7.53

and

32.00

33.00

1.00

4.06

69.00

69.30

0.30

2.71

WB21-14

8.00

36.40

28.40

0.70

incl.

23.70

33.80

10.10

1.86

incl.

32.70

33.80

1.10

16.70

118.00

118.55

0.55

0.67

WB21-15

5.95

14.40

8.45

0.10

incl.

9.50

10.10

0.60

0.84

WB21-16

2.30

109.40

107.10

0.62

incl.

9.60

88.35

78.75

0.82

incl.

9.60

24.50

14.90

1.34

incl.

9.60

11.70

2.10

8.42

10.15

10.55

0.40

25.10

and

42.95

88.35

45.40

1.00

incl.

70.50

88.35

17.85

2.40

incl.

80.00

88.35

8.35

5.11

incl.

80.00

80.60

0.60

48.00

and

86.85

87.30

0.45

10.60

and

88.00

88.35

0.35

25.30

WB21-17

4.00

114.50

110.50

0.35

incl.

4.00

40.00

36.00

0.43

incl.

4.00

11.50

7.50

2.00

incl.

4.00

7.25

3.25

4.50

incl.

5.15

6.00

0.85

15.15

and

103.70

114.50

10.80

2.13

incl.

107.00

111.65

4.65

4.85

incl.

107.00

107.60

0.60

30.10

WB21-18

24.50

67.00

42.50

0.11

incl.

24.50

36.00

11.50

0.34

incl.

24.50

26.80

2.30

1.61

incl.

24.85

26.00

1.15

2.31

and

35.60

36.00

0.40

0.40

and

62.00

63.00

1.00

0.41

and

87.70

88.80

1.10

0.56

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

SUMMARY OF THE INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK

■ The holes intersected continuous pervasive alteration and mineralisation from surface:

■ WB21-01 grades 1.30 g/t Au over 25.6m including 5.50g/t Au over 6.4m

■ WB21-02 grades 5.50 g/t Au over 50.5m including 46.94 g/t Au over 3.9m

■ WB21-03 grades 0.55 g/t Au over 37.6m including 7.81 g/t Au over 2.2m

■ WB21-05 grades 1.00 g/t Au over 26.4m including 12.64 g/t Au over 2.0m

■ WB21-06 grades 1.16 g/t Au over 48.7m including 16.92 g/t Au over 2.9m

■ WB21-07 grades 0.46 g/t Au over 25.6m including 5.40 g/t Au over 0.9m

■ WB21-08 grades 0.46 g/t Au over 25.5m including 8.96 g/t Au over 1.1m

■ WB21-09 grades 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m

■ WB21-10 grades 1.07 g/t Au over 14.4m including 4.17 g/t Au over 2.0m

■ WB21-12 grades 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m

■ WB21-13 grades 0.30 g/t Au over 49.4m including 7.53 g/t Au over 0.6m

■ WB21-14 grades 0.70 g/t Au over 28.4m including 16.7 g/t Au over 1.1m

■ WB21-16 grades 0.82 g/t Au over 78.8m including 5.11 g/t Au over 8.4m

■ WB21-17 grades 0.35 g/t Au over 110.5m including 4.85 g/t Au over 4.7m

■ Very high-grade samples collected at depth are representative of surface grab samples:

■ WB21-02 grades 69.9 g/t Au over 1.0m at 46.5m down the hole

■ WB21-03 grades 23.1 g/t Au over 0.65m at 56.85m down the hole

■ WB21-06 grades 72.1 g/t Au over 0.30m at 47.6m down the hole

■ WB21-14 grades 89.1 g/t Au over 0.20m at 33.6m down the hole

■ WB21-16 grades 48.1 g/t Au over 0.60m at 80.0m down the hole

■ WB21-17 grades 30.1 g/t Au over 0.60m at 107.0m down the hole

■ Significant gold mineralisation is extending in the deeper holes:

■ WB21-04 grades 2.84 g/t Au over 1.0m at 140.5m

■ WB21-07 grades 3.42 g/t Au over 0.35m at 149.65m

■ WB21-16 grades 25.3 g/t Au over 0.35m at 88.0m

■ WB21-17 grades 30.1 g/t Au over 0.6m at 107.0m

■ Significant high-grade gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential size of the favourable corridor.  These drill intercepts are listed here: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

Table 2. Technical Informations About the Drill Holes Released

Hole ID

Utm X

Utm Y

Orientation

Angle

Lenght (m)

WB21-13

660235

5259260

N155º

-45 º

110

WB21-14

660262

5259372

N155º

-45 º

124

WB21-15

660262

5259372

N155º

-65 º

83

WB21-16

660281

5259380

N155º

-45 º

149

WB21-17

660281

5259380

N155º

-55 º

242

WB21-18

660208

5259247

N155º

-45 º

119

CURRENT WORK PROGRAM AT WILLIAMS BROOK GOLD PROJECT

Puma’s technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping, and intense sampling in preparation for the next drilling campaign. Additional grab samples results are pending, including the discovery of quartz veins with visible gold between the Chubby and the Moose Gold Zones (see Figure 3).

Figure 3: Current Stripping Between the Chubby and Moose Gold Zones

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These gold trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the twelve (12) first holes are released and all  holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. 

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, November 04th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce that its ongoing surface trenching and stripping programs have uncovered a new 100 meter-long high density quartz veining zone with visible gold (VG) at its Williams Brook Gold Project located in New Brunswick, an emerging new gold district of Atlantic, Canada.

A large zone of quartz veins and veinlets has been found by the continuous program of trenching and stripping along the OGT. The new zone is located 150 meters NE of Lynx (see Figure 1). It can be followed for more than 100 meters, so far, on surface, between the Chubby and Moose Gold Zones. Visible gold (VG) has been identified in a quartz/iron oxides vein.

Figure 1: O’Neil Gold Trend New Discovery Map

This new occurrence of numerous gold-bearing quartz veins (see Figure 2) coincides with a sudden change in the direction of the rhyolite/sediment contact as predicted by our structural model. As other similar flexures of the lithological contact are expected, trenching and stripping will continue moving NE along the OGT with two excavators, two trucks and one bulldozer as long as the weather permits (see Figure 3).

Figure 2: Uncovered Intense Quartz Network Between the Chubby and Moose Gold Zones

Marcel Robillard, President and CEO, stated: “The discovery of this new significant high density quartz veining zone containing visible gold confirms that the exploration model of our technical team works perfectly. Actual stripping is widening this new gold-bearing quartz zone in preparation for intense sampling. The size, the abundance of quartz, the alteration and the visible gold makes this new occurence a premium drill target!”

These gold bearing quartz veins networks are consistent along the favorable contact sediment/rhyolite and recent sampling results (see PR 2021-10-14) confirmed the presence of other similar systems along strike within the 7 kilometers potential O’Neil Gold Trend.  Stripping and intense sampling will then be extended an additional 300 meters NE toward the Moose Gold Zone and beyond.

Figure 3: Current Stripping Operation at the O’Neil Gold Trend (OGT)

 

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where in 2008, previous operator drilled grades of 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the twelve (12) first holes are released and all  holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The assays are pending for the remaining 6 drill holes.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:

O’Neil Gold Zone: 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au

Pepitos Gold Zone: 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au

Lynx Gold Zone: 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au

Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au

Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

* Selected rock grab samples are selective by nature and may not represent the true grade or style

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, October 21th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the results from six (6) additional drill holes completed within the inaugural drilling program at its flagship Williams Brook Gold Project located in New Brunswick, an emerging new gold district of Atlantic, Canada.

These six (6) holes were collared to test the extension into the sediments of the gold bearing quartz veins intersected within the altered rhyolite by the previously announced six (6) drill holes (see Figure 1). These results  clearly show that the gold mineralised envelope extends within the sediments and is not restrained to the altered rhyolite near the lithological contact.

HIGHLIGHTS

■ All six (6) holes intersected continuous pervasive alteration and mineralisation:

■ Gold contained in quartz veins networks intersected at depth duplicates very well the surface grab samples assays.

■ Significant gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential siz eof the favourable corridor.

■ High grade gold veins extending in the sediments such as: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

Marcel Robillard, President and CEO, stated: “We are pleased to confirm that the significant high grade gold intercepts are not limited to the altered rhyolite but also extend into the sediments. It is in line with our structural model of a N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. So far, results are impressive for a first initial 2,300 meters drilling campaign and needless to say that we can’t wait to launch the planned 10,000m soon!”

Figure 1. Map of the Lynx Zone Drill Results

These gold bearing quartz veins networks are consistent along the favorable contact sediment/rhyolite and recent sampling results (see PR 2021-10-14) confirmed the presence of other similar systems along strike within the 7 kilometers potential O’Neil Gold Trend.  Stripping and intense sampling will then be extended an additional 300 meters NE toward the Moose Gold Zone.

Table 1. Significant Drill Results for WB21-06 to WB21-12*

Hole ID

From (m)

To (m)

Lenght (m)

Au (g/t)

WB21-07

8.40

34.00

25.60

0.46

Incl.

8.40

9.85

1.45

2.18

and

25.00

33.00

8.00

0.95

Incl.

25.00

25.90

0.90

5.40

Incl.

32.00

33.00

1.00

1.22

146.75

150.00

3.25

0.49

Incl.

149.40

150.00

0.60

2.14

WB21-08

8.00

33.50

25.50

0.46

Incl.

8.50

10.10

1.60

5.93

and

9.05

10.10

1.05

8.96

25.80

27.90

2.10

0.62

65.30

65.75

0.45

1.17

WB21-09

15.00

51.00

36.00

1.07

Incl.

15.00

18.40

3.40

8.04

 Incl.

16.30

18.00

1.70

15.52

 and

38.00

39.00

1.00

10.24

 Incl.

38.50

39.00

0.50

20.00

WB21-10

17.20

31.60

14.40

1.07

Incl.

17.20

23.20

6.00

2.24

 Incl.

19.20

21.20

2.00

4.17

WB21-11

21.50

45.85

24.35

0.23

Incl.

21.50

23.50

2.00

1.00

 and

45.40

46.50

1.10

1.97

WB21-12

28.40

69.00

40.60

1.00

 Incl.

28.40

54.00

25.60

1.58

Incl.

28.60

35.00

6.40

4.83

 Incl.

28.60

32.40

3.80

6.93

 Incl.

28.60

29.00

0.40

48.20

 and

32.00

32.40

0.40

12.75

 and

34.50

35.00

0.50

5.02

 and

53.00

54.00

1.00

8.54

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

CURRENT WORK PROGRAM AT WILLIAMS BROOK GOLD PROJECT

Puma’s technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping, and intense sampling in preparation for the next drilling campaign scheduled later in 2021. Also, a ground IP geophysical test survey is in progress over the OGT to see if the high-grade gold zones have a specific geophysical signature. Current work programs are highlighted on the Figure 2.

Figure 2. Current Work in Progress at O’Neil Gold Trend

Table 2. Technical Informations About the Drill Holes Released

Hole ID

Utm X

Utm Y

Orientation

Angle

Lenght (m)

WB21-07

660253

5259313

N155º

-45 º

210

WB21-08

660253

5259314

N155º

-65 º

139

WB21-09

660236

5259306

N155º

-45 º

99

WB21-10

660236

5259306

N155º

-65 º

98

WB21-11

660219

5259296

N155º

-45 º

58

WB21-12

660219

5259297

N155º

-65 º

150

WB21-13

660235

5259260

N155º

-45 º

110

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the twelve (12) first holes are released and all  holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The assays are pending for the remaining 6 drill holes.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:

O’Neil Gold Zone: 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au

Pepitos Gold Zone: 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au

Lynx Gold Zone: 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au

Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au

Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

* Selected rock grab samples are selective by nature and may not represent the true grade or style

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, October 14th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to provide additional results, which include very high-grade gold assays of 199 g/t Au, 192 g/t Au, and 170.5 g/t Au, from the 2021 field exploration surface sampling program on the 100% controlled Williams Brook Gold Property in New Brunswick, Atlantic Canada.

Table 1. Selected High-Grade Grab Samples* Collected at Surface Between Lynx and Chubby Zones

Location

Sample

Utm X

Utm Y

Lithology

Type

Au (g/t)

Ag (g/t)

Lynx-Chubby

C099429

660268

5259314

Quartz Vein

o/c

199.00

18.60

Lynx-Chubby

C099436

660263

5259312

Quartz Vein

o/c

192.00

36.20

Lynx-Chubby

D279831

660259

5259307

Quartz Vein

o/c

170.50

38.20

Lynx-Chubby

C733348

660281

5259306

Quartz Vein

o/c

52.10

1.88

Lynx-Chubby

D279829

660257

5259296

Quartz Vein

o/c

51.40

22.90

Lynx-Chubby

C733344

660279

5259305

Quartz Vein

o/c

50.40

2.75

Lynx-Chubby

D279787

660286

5259367

Quartz Vein

o/c

46.80

1.40

Lynx-Chubby

C099424

660275

5259314

Quartz Vein

o/c

46.00

6.29

Lynx-Chubby

C099448

660281

5259314

Quartz Vein

o/c

31.60

1.71

Lynx-Chubby

D279673

660304

5259362

Quartz Vein

o/c

31.00

2.74

Lynx-Chubby

C099433

660265

5259313

Quartz Vein

o/c

28.60

3.42

Lynx-Chubby

C099431

660267

5259313

Quartz Vein

o/c

26.30

3.43

Lynx-Chubby

D279681

660304

5259360

Quartz Vein

o/c

21.30

3.35

Lynx-Chubby

C099437

660261

5259311

Quartz Vein

o/c

19.50

2.13

Lynx-Chubby

D279638

660290

5259347

Rhyolite

o/c

18.95

1.35

Lynx-Chubby

C099423

660276

5259314

Quartz Vein

o/c

12.65

5.76

Lynx-Chubby

D279818

660265

5259276

Rhyolite

o/c

9.54

0.75

Lynx-Chubby

D279752

660275

5259365

Quartz vein

o/c

9.19

0.81

Lynx-Chubby

C099445

660279

5259314

Quartz Vein

o/c

9.02

2.40

Lynx-Chubby

D279763

660278

5259364

Quartz vein

o/c

8.81

0.99

Lynx-Chubby

C099497

660263

5259341

Quartz Vein

o/c

7.46

0.27

Lynx-Chubby

D279513

660289

5259307

Quartz Vein

o/c

6.73

2.19

Lynx-Chubby

D279555

660267

5259359

Quartz vein

o/c

6.29

0.45

Lynx-Chubby

C099464

660258

5259325

Quartz Vein

o/c

5.83

0.10

Lynx-Chubby

C099430

660268

5259313

Quartz Vein

o/c

5.69

2.59

Lynx-Chubby

D279830

660259

5259297

Quartz Vein

o/c

5.35

8.27

* Selected rock grab samples are selective by nature and may not represent the true grade or style

The systematic surface sampling program was conducted along the O’Neil Gold Trend (OGT) between the Lynx and Chubby Gold Zones, following the 2021 spring-summer stripping and detailed mapping operations. The significant new grab samples are illustrated in Figure 1.

Figure 1. New Selected Grab Samples* Collected Along the OGT Between the Lynx and Chubby

The first 380 surface grab samples received, so far, illustrate perfectly the very high-grade gold enrichment contact between the sediments and the rhyolite. The arithmetic average of the 380 new samples collected is 3.14 g/t Au which includes all the results from below detection limit to a maximum value of 199 g/t Au. A total of 103 samples returned values over 0.3 g/t Au including 66 that assayed better than 1.0 g/t Au. The assay results from an additional 214 samples from the current systematic surface sampling program between the Lynx and Chubby Gold Zones are still pending and are shown on Figure 1 towards the Chubby Gold Zone.

INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK GOLD PROJECT

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the first six holes were released mid-September and all six (6) holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The assays are pending for the remaining 12 drill holes.

Marcel Robillard, President and CEO, stated: “Once again our Williams Brook Gold Project rewards us with tremendous gold results from our grab sampling program. We proved that the assays from surface grab samples can be duplicated by the drilling results. The first six (6) holes released (see news 15/09/2021) are representative of the mineralisation outlined at surface and we are extremely confident that the next drill campaign will be a success”.

Puma’s technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping, and intense sampling in preparation for the next drilling campaign scheduled for later in 2021. Also, a ground IP geophysical test survey is in progress over the OGT to see if the high-grade gold zones have a specific geophysical signature. Current work programs are highlighted in Figure 2.

Figure 2. Current Work-in-Progress at O’Neil Gold Trend

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface. The mineralised and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. All the six (6) first holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralised rhyolite.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:

O’Neil Gold Zone: 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au

Pepitos Gold Zone: 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au

Lynx Gold Zone: 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au

Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au

Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

* Selected rock grab samples are selective by nature and may not represent the true grade or style

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

Rimouski, October 07th, 2021 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to provide an update on the progress of the summer-fall 2021 exploration work program at its Williams Brook Gold Property in New Brunswick, Atlantic Canada.

Figure 1. Williams Brook Gold Location and Infrastructures

INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK GOLD PROJECT

The core-oriented maiden drill campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2,360 meters that tested a 200-meter segment of the 700-meter-long O’Neil Gold Trend (OGT). The assay results for the six first holes were released mid-September and all six (6) holes intersected significant gold mineralisation including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The assays are pending for the remaining 12 drill holes.

Marcel Robillard, President and CEO, stated “We are as anxious as anyone to see the assay results of the 12 remaining drill holes specially since visual observation has confirmed the presence of the altered and mineralised zone in each of them! Meanwhile, Puma’s technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping, and intense sampling in preparation for the next drilling campaign scheduled for later in 2021”.

Figure 2. Current Work in Progress at the O’Neil Gold Trend

 

MAIN EXPLORATION WORK COMPLETED OR IN PROGRESS

Aggressive grab sampling program completed over 400 meters along the OGT between the O’Neil and Chubby Gold Zones.

Wood cutting and stripping in progress over the contact sediment-rhyolite to continue the aggressive grab sampling program for an additional 300 meters beyond Chubby along the OGT.

Prospection, exploration trenching, and grab sampling in progress over the entire 7km NE extension of the OGT.

Trenching and sampling  of quartz veins discovered at the lower (southeast) contact of the rhyolite.

Metallurgical tests in preparation on different mineralised gold zones.  

A geophysical ground IP test survey in progress over the drilled area (6 lines for 3.3km).

The completion of the heliborne VTEM and new radiometric surveys in progress to cover the entire Williams Brook Gold Property.

Work in progress to establish a 3D structural model with the new data of the recent drilling campaign in collaboration with Terrane Geosciences.

STOCK OPTION PLAN

The company further announces that it has increased its fixed less than 10-per-cent stock option plan from 7.4 million shares to 8.3 million shares, which remains less than 10 per cent of the company’s current issued and outstanding share capital. The amended plan is subject to receipt of acceptance from the TSX Venture Exchange.

O’NEIL GOLD TREND (OGT)

The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching and drilling over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones where previous operator drilled in 2008, 54.2 g/t Au over 2.8 meters and 1 g/t Au over 23 meters.

These trends are interpreted to be related to a major rifting in the New Brunswick Geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface. The mineralised and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. All the six (6) first holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralised rhyolite.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:

O’Neil Gold Zone: 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au

Pepitos Gold Zone: 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au

Lynx Gold Zone: 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au

Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au

Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

* Selected rock grab samples are selective by nature and may not represent the true grade or style

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

You can visit us on Facebook / Twitter / LinkedIn

Learn more by consulting www.explorationpuma.com for further information on Puma.

Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

-30-

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

175, rue Légaré
Rimouski, Qc
Canada G5L 3B9
Phone: (418) 724-0901
Fax: (418) 722-0310