• New high-grade gold veins sampled at the Tiger Gold Zone (TGZ) returned 19.90 g/t gold and 14.50 g/t gold, confirming continuous high-grade gold mineralization over 1.5 km.
• A new prospective area, the Cheetah Gold Zone (“CHGZ”), discovered 3km along strike from the Tiger Gold Zone, returned 6.69 g/t gold in initial trenching operations.
• The hydrothermal system with gold mineralization remains open to the NE with evidence of pervasive alteration at surface.

Rimouski, December 12, 2023– Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce the surface results from its 2023 field exploration program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. A total of 1,135 samples were collected within 54 new trenches along the NE trending mineralized Gold Corridor that extends now for 4 km from the Lynx Gold Zone to the new Cheetah Gold Zone (“CHGZ”), which includes the Tiger Gold Zone (Figure 1).

Puma’s president and CEO, Marcel Robillard, commented, “Our work at the Lynx Gold Zone since 2021 has returned impressive results with high-grade gold mineralization extending 750 m along strike to a depth of 200 m. We know that the system is open both laterally and at depth. We have always suspected a very large gold system at Williams Brook. These preliminary surface results from Tiger and now the new Cheetah zone confirm the potential to define other significant gold deposits along this 4 km corridor and beyond.  We’ll launch an inaugural drilling program at Tiger in early 2024, and we’re excited to test this new cluster of gold-rich quartz veins. We expect the drill results of this campaign will increase our already significant gold inventory.”  

“Gold mineralization at the Williams Brook Project is hosted in quartz veins that occur in broad zones at the contact margin between different rock types and competencies. The higher-grade gold mineralization is structurally controlled and generally occurs near this contact. As with many gold systems, the source of the gold mineralization is a large, underlying magmatic system. The extensive limonite alteration that extends to over 100 metres in depth and 4 km in strike length shows evidence of a large system here. As we’ve successfully shown in the past, our first round of drilling at Tiger will target the bedding contact to intersect the high-grade quartz veins at depth and confirm the presence of additional gold chutes in the extension of the Lynx Gold Zone.” noted Dominique Gagné, Puma’s Chief Geologist.  

Tiger Gold Zone

Surface exploration work this summer, along the Lynx Gold Trend, expanded the Tiger Gold Zone (TGZ), a gold showing identified last year located 350 m away from the LGZ, for continuous gold mineralization of more than 1.5 km.  Four (4) sizeable, mineralized quartz veins oriented WNW were discovered and returned significant High-Grade Gold results (see Table 1).

The Tiger Gold Zone area now spans 400 m by 180 m. Gold mineralization at the TGZ occurs in quartz veins with limonite alteration and disseminated chalcopyrite, sphalerite, galena, and malachite typical of the high-grade veins discovered at the Lynx Gold Zone. Also, as at the Lynx Gold Zone, the veins occur to the contact between rocks of different competencies – volcanic and sediment units.

Figure 1. Gold zones along the Lynx Gold Trend (LGT)

Table 1. Grab samples* assay results highlights with grades above 1 g/t gold

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

Image 1. Stripped quartz vein at the TGZ showing location of sample J026775

Image 2. Trench 23-41 showing location of sample J026975 at the Tiger Gold Zone

Image 3. Cheetah Gold Zone (CHGZ)

About the Williams Brook Gold Project

Puma’s flagship Williams Brook Gold Project comprises four properties covering more than 49,000 ha in Northern New Brunswick—an established and mining-friendly jurisdiction near paved roads and with excellent infrastructure nearby. 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.

Since 2021 and with less than C$12M of exploration investment. Puma has made multiple gold discoveries at the Williams Brook property and believes that the property 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.’’

Figure 2. Main gold showings and occurrences at the Williams Brook Gold Project

Corporate Update

Market Stabilization and Liquidity Services

Puma contracts Red Cloud Securities Inc. (“Red Cloud”) to provide liquidity services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.  Red Cloud is a Toronto-based financial services company that helps mineral exploration and mining companies access capital markets and enhance their corporate profile.  Red Cloud trades Puma shares on the TSX-V to maintain a reasonable market and improve the liquidity of Puma’s common shares.

The Company pays Red Cloud $4,000 monthly, payable quarterly in advance.  The term of engagement is ongoing and may be terminated by either party on 30 days’ prior written notice.  The Company and Red Cloud have an arm’s length relationship, but Red Cloud and its clients may have an interest, directly or indirectly, in Puma’s securities.  The agreement is principally to maintain market stability and liquidity for the Company’s common shares and is not a formal market-making agreement.  There are no performance factors contained in the agreement between Red Cloud and the Company, and Red Cloud will not receive any shares or options from the Company as compensation for services it will render.

Promotional Services

The company agreed to a six-month sponsorship of RocksAndStocksNews (“R&S”) for C$15,000 in May 2023. R&S, an online portal for precious metals and mining stocks, is a private entity based in Mexico owned and operated by Allan Laboucan. R&S provided distribution of Puma’s news releases along with his personal comments and opinions on its YouTube Channel. The sponsorship paid in full at the beginning of the agreement expired on Nov. 9, 2023. R&S did not receive any shares or options as compensation. R&S and Puma are unrelated and unaffiliated entities. R&S did not provide any buying or selling recommendations on Puma, nor did they give any financial advice. Allan Laboucan is not currently a Puma shareholder.

Qualified Person

The technical information of this release was reviewed and approved by Dominique Gagne, P.Geo. a consultant of Puma and a qualified person as defined by the National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

On-Site Quality Assurance/Quality Control (“QA/QC”) Measures

Drill core and surface samples are bagged, sealed and sent to 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 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.

The Company is also committed to deploying 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 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.