Rimouski, April 25, 2024—Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) has launched a high-resolution magnetic survey at its 100%-owned Williams Brook property (Figure 1) in Northern New Brunswick. The drone survey will be flown over 6 km of the Lynx Gold Trend and a width of 2 km, where recent drilling confirmed the presence of a favourable prospective gold corridor (see April 18, 2024 News Release).

Vision 4k Inc. has been contracted to fly a 372-line-kilometre survey at 35-metre spacing, covering an area of about 12 square kilometres. The survey will help map the lithology and structural features that control gold mineralization at the Lynx Gold Zone and translate that data to its extension along the Lynx Gold Trend. The detailed overprint of lithological contacts and additional structural features along the Lynx Gold Trend will identify additional exploration and drilling targets.

Figure 1. Location of the drone magnetic survey over the Williams Brook Property

“Our 2024 exploration strategy is to focus on the Lynx Gold Trend. Our work at the Lynx Gold Zone has shown that high-grade gold occurs at the contact between two rock types. The survey will help us identify this contact along the newly identified extension of the Lynx Gold Trend, where very little work has been done so far but where our percent drilling has shown promise. This very low-cost exploration tool will help direct our summer trenching and stripping program in preparation for our next round of drilling, “ stated Marcel Robillard, President and CEO of Puma Exploration.

Figure 2. Location of the drone high-resolution magnetic survey along the Lynx Gold Trend

Ongoing Exploration at the Williams Brook Gold Project

• • Surface exploration will start in May, including a stripping and sampling program along the favourable 4 km corridor. This will help ensure drilling success to improve further and expand the Lynx Gold Deposit.

• • The 3D model of the Lynx Gold Zone mineralization, incorporating the results of the 2023 drilling at depth and along strike at the LGZ, is almost finalized. The updated model will provide Puma with additional high-grade drilling targets at the LGZ for future drilling.

• • Puma continues to develop and derisk the Williams Brook Gold Project. Last year, metallurgical work was undertaken to understand and mitigate any issues with gold recoveries. This past winter, a small-scale simulation was conducted on a 3-tonne bulk sample. Results are encouraging, and a comprehensive review of the completed work will be announced shortly.

• • To keep claims in good standing, some exploration programs will be conducted this summer away from the LGZ and the Company’s primary area of focus, as well as on Puma’s other properties. Details of these programs will be announced in due course.

About the Williams Brook Gold Project

Puma’s flagship Williams Brook Gold Project comprises four properties covering over 50,000 ha in Northern New Brunswick—an established and mining-friendly jurisdiction near paved roads and excellent infrastructure. The land package is located near the Rocky Brook Millstream Fault (“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for gold deposition in the region.

Puma’s successful exploration model returned, amongst others, 5.50 g/t gold over 50.15 m in hole WB21-02 (see Sept.15, 2021, News Release), 2.77 g/t gold over 42.80 m in hole WB 22-66 (see June 8, 2022, News Release), 2.49 g/t gold over 63.05 m in WB23-139 (see Oct. 31, 2023 News Release), 5.15 g/t gold over 23.15 m in WB23-142 and 1.24 g/t gold over 98.05 m in WB23-145 (see Nov. 16, 2023 News Release).

Since 2021, with less than C$15 M of exploration investment, Puma has made multiple gold discoveries at the Williams Brook property and believes it hosts an extensive orogenic gold system. Puma’s ongoing exploration programs are focused on building a gold camp in Northern New Brunswick, Canada.

Dr. Gregg Morrison, a leading expert on intrusion-related, porphyry and epithermal gold systems, stated: “I believe Williams Brook is part of the same family of gold systems as Fosterville and Sunday Creek in Australia and Valentine Lake in Newfoundland. These other deposits are known for their structure-controlled mineralization, metal zoning, free gold in bonanza shoots and kilometre scale depth extent.  The similarities to these more comprehensively explored deposits gives real confidence to deeper drilling in the Lynx Zone and continued exploration around the feeder structures in the Williams Brook District.’’

Upcoming Gold Investor Events

Puma invites shareholders and interested parties to stop by the booth, attend a presentation, or schedule a meeting at the upcoming conferences to discuss the Company’s recent news and proposed developments:

The Mining Investment Event of the North
Québec City, Québec
June 4-6, 2024

Qualified Person

Dominique Gagné, P.Geo, a consultant of Puma and a qualified person as defined by National Instrument 43-101—Standards of Disclosure for Mineral Projects, reviewed and approved this release’s technical information.

About Puma Exploration

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in New Brunswick, near Canada’s Famous Bathurst Mining Camp (“BMC”). Puma has a long history in Northern New Brunswick, having worked on regional projects for over 15 years. As a first mover, the Company quickly and strategically accumulated an impressive portfolio of prospective gold landholdings in the area. Puma’s successful exploration methodology combines old prospecting methods with detailed trenching and up-to-date technology such as Artificial Intelligence (“AI”) to facilitate an understanding of the geology and associated mineralized systems.

Armed with geophysical surveys, geochemical data and consultants’ expertise, Puma has developed a perfect low-cost exploration tool to discover gold at shallow depths and maximize drilling results.

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

Marcel Robillard, President and CEO, 
(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) accepts 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 several known and unknown risks, uncertainties, and other factors that 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. The quarterly and annual reports and the documents submitted to the securities administration describe these risks and uncertainties.