Rimouski, June 8, 2022– Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” or “Puma”) is pleased to report results from another 24 holes for 2,814 metres of its ongoing 10,000 metres 2022 drilling campaign at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Several new high-grade veins were intersected at shallow depth (from 0-50 metres), including 51.73 g/t Au over 1.85 metres and 10.70 Au over 2.00 metres in hole WB22-66 and 35.09 g/t Au over 1.45 metres in hole WB22-39. These two (2) new mineralized intersections are located 500 metres apart along the O’Neil Gold Trend (“OGT”) that remains open in all directions (see Figure 1).

HIGHLIGHTS OF REPORTED HIGH-GRADE INTERSECTIONS*:

■ WB22-39: 11.71 g/t Au over 2.50 m (1.23 g/t Au over 24.70 m)

■ WB22-57: 35.09 g/t Au over 1.45 m (4.30 g/t Au over 12.30 m)

■ WB22-58: 16.85 g/t Au over 1.20 m (1.15 g/t Au over 23.00 m)

■ WB22-60: 21.00 g/t Au over 0.60 m (2.38 g/t Au over 6.20 m)

■ WB22-66: 51.73 g/t Au over 1.85 m (13.49 g/t Au over 7.15 m)

■ WB22-66: 10.70 g/t Au over 2.00 m (5.01 g/t Au over 4.40 m)

*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.

The high-grade gold discovery in hole WB22-66 is of particular interest. It was drilled in an area (gap) between the Lynx and the Pepitos Gold zones where the thickness of the overburden prevented stripping and trenching before drilling. More than 30 specks of visible gold (“VG’’) were identified in hole WB-22-66 (see Image 1) in an area that had not been sampled, indicating that the potential of the OGT, especially in this area, may be even higher than initially anticipated.

A total of 43 holes for 5,203 metres in the current 10,000 metres drilling program have been reported to date (including today results). An additional 31 holes are now being logged with 2,127 core samples in prep for analysis. Visible gold was identified in four (4) holes awaiting assaying (see Figure 1). Drilling is ongoing, with a total of 8,800 metres completed to date. The Company expects to complete its 10,000 m program as planned this month. Pending assay results will be announced when received, and news flow is expected to be continuous over the summer.

Figure 1: Location of reported drill holes (current release in pink)

“The results from our 10,000 metres 2022 drilling program provide us with phenomenal new information to build our understanding of this exciting and prolific new Maritimes’ Gold District on the western edge of the Bathurst Mining Camp. ” said Marcel Robillard, President and CEO of Puma Exploration.

” We’ve already launched our fully financed summer field exploration program to identify drilling targets for the fall program. Thanks to our loyal and supportive shareholders, we are fully funded, and we will continue to aggressively develop Williams Brook.” added Marcel Robillard.

Image 1: More than 30 specks of VG in hole WB22-66 (51.73 g/t Au over 1.85 m)

“The ongoing 2022 drilling campaign, designed to confirm at shallow depth the alteration and mineralization found at surface by the aggressive grab sampling program initiated in 2019, has proven to be extremely successful. The OGT is now recognized and partly tested over 750 metres of strike length, and it is still open!” added Réjean Gosselin, Executive Chairman of the Board.

Since exploration work began at the Williams Brook Gold Project in 2019, more than 95 holes for 11,100 metres have been completed on 750 metres of the OGT. Several holes have returned significant gold intersections (see Table 1 and 2). These high-grade gold intercepts appear to be the surface expression of a large and pervasive supergene gold enrichment from a low sulphidation epithermal quartz sulphide system. The O’Neil Gold Trend is one of these multi-kilometric systems that are highly prospective for gold discoveries.

Table1: Highlights of high-grade gold intersections at the OGT since 2021*

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

Table 2. Significant assay results from reported holes*

*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 3: Coordinates of reported drill holes

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

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.

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.

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

Marcel Robillard,

President, (418) 750-8510;
[email protected]

Mia Boiridy,

Head of Investor Relations and Corporate Development, (250) 575-3305;
[email protected]

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.