Rimouski, September 29, 2022– Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce the results from its 2022 drilling program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Every hole intersected gold-bearing quartz veins with some returning additional high-grade intersections such as 14.90 g/t Au over 3.60 m in hole WB22-96 and 10.96 g/t Au over 3.75 m in hole WB22-91. High-grade intersections are typically included within a wider gold intersection such as 2.17 g/t Au over 25.10 m in WB22-96 and 2.00 g/t over 21.95 m in WB22-94 (see Figure 1).

FIGURE 1: High-grade gold drilling intersections and surface grab samples at the Lynx Gold Zone (latest assay results in yellow)

The entire dataset collected from the 10,000 metres program is currently being interpreted and modelized to define the best drilling targets for the upcoming drill program at the Lynx Gold Zone. So far, three (3) areas show high-grade gold mineralization. They are already confirmed as first priority drilling targets to verify the depth extension and the continuity of the mineralization found near the surface (see black circles in Figure 1).

The Lynx Gold zone is open at depth and in all directions. It has only been drilled to a maximum depth of 75 metres vertical. All drilling assays and the gold-bearing structural analysis of the veins and faults will be compiled before resuming drilling to follow up on the highest gold areas confirmed in the 2022 Winter program. An external consultant is currently reviewing all the data, and the Company is awaiting the final report. More information will be provided on drill targets once received.

Multiple quartz veins/veinlets and stockworks were intersected in the drilling, and most were associated with intensive and pervasive limonite alteration. The 3D modelling of the high-potential supergene gold enrichment (limonite alteration) is illustrated in Figure 2. The drilling has confirmed, so far, the supergene gold enrichment over a strike length of 750 metres, 75 metres wide and to a depth of 100 metres and is open in all directions.

FIGURE 2: Lynx Gold Zone supergene gold enrichment 3D model

Figure 2 also shows the preliminary high-grade gold zones, which show continuity from the surface and are open at depth. These high-grade lineaments are already confirmed as the first priority drilling target for the upcoming drilling program. Table 1 represents selected high-grade gold intersections in the Lynx Gold Zone.

TABLE 1. Highlights of high-grade gold assays in the Lynx Gold Zone

*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 metal factor is calculated from the gold grade multiplied by the length in meters.

2021-2022 DRILLING PROGRAM AT LYNX GOLD ZONE

A total of 113 shallow holes were drilled along the Lynx Gold Zone, which is part of the 7 km long O’Neil Gold Trend (“OGT”) in 2021and 2022. The NE-SW oriented Lynx Gold Zone was exposed on the surface by stripping over a strike length of 750 metres, and it is still open at both ends. Systematic, close-spaced drilling was undertaken to identify high-grade gold veins and define their spatial attitude. A few stratigraphic holes (1,300 metres) were also completed to intersect the hanging wall sediments, the rhyolite and the footwall volcano-sediments to better define the geological environment that contains the gold mineralization.

All holes hit the gold-bearing hydrothermal/orogenic system characterized by a supergene alteration (limonite, silica, sulphides) and finely disseminated free gold. The drilling program also confirmed that the gold grade from surface sampling is often coincident with drilling grades.

Marcel Robillard, President and CEO of Puma, commented, “Our 2022 10,000 m drilling program at the Lynx Gold Zone was a great success and fulfilled all of our objectives. It confirmed the presence of a large and fertile hydrothermal/orogenic system at shallow depth and its continuity along strike. The program also allowed us to refine our geological model. Some of the drilling was specifically undertaken to better understand the stratigraphy and gain some insights on the characteristics of gold mineralization at the O’Neil Gold Trend. Over the coming weeks, the interpretation of these drilling results, combined with the ongoing surface exploration work on the property, will orient our next exploration program.”

“The high-grade gold intersections in holes WB22-94 and WB22-96 are of particular interest as they confirm the extension of an enriched sector of the Lynx Gold Zone. This central sector has now been recognized over an area covering 10,000 square metres. Drilling confirmed that this fertile area contains multiple high-grade gold veins open at depth along a “Gold Enrichment” controlled by the intersection of a NW striking fault cutting the favourable sediment-rhyolite contact. Two (2) more gold enrichment sectors with a similar attitude have also been identified at the Lynx Gold Zone,” added Marcel Robillard.

TABLE 2. Coordinates of reported drill holes in this release

*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. Additional significant assay results in this release

*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.

ABOUT THE WILLIAMS BROOK GOLD PROJECT AND THE LYNX GOLD ZONE

The Williams Brook Gold Project is comprised of 4 claim blocks covering more than 40,000 ha in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure in place (Figure 3).

FIGURE 3: The Williams Brook Gold Project main zones

The Lynx Gold Zone is interpreted to be a mineralized felsic dome within a large epithermal/orogenic gold system part of the Appalachian Orogeny. The high-grade gold mineralization is characterized by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) affected by pervasive supergene alteration. The stratigraphy of the dome is well defined and typical: fine laminated turbidite-type sedimentary unit, rhyolite breccia with sedimentary fragments, massive rhyolite unit and sedimentary and volcano-clastic units. The contact between the sediment and the rhyolite allowed for the movement of gold-bearing fluids and is characterized by highly silicified iron oxide carbonates and intense sericite alteration. The Lynx Gold Zone was discovered in 2020 by high-grade surface samples and later recognized at depth in 2021 by hole WB21-02 that intersected 5.55 g/t Au over 50.15 m from surface, including two high-grade gold veins with 9.88 g/t Au over 8.60 m and 46.94 g/t Au over 3.85 m.

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 a 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.