• Hole WB23-139 intersected 63.05 m at 2.49 g/t gold, including two (2) high-grade gold intervals of 37.40 g/t gold over 2.50 m and 21.66 g/t gold over 2.55 m.
• 2.06 g/t gold over 5.20 m was intercepted at 215 m downhole (WB23-139)- the deepest occurrence of gold to date.
• Lower-grade gold envelopes of 0.49 g/t to 0.67 g/t gold over 22.80 to 30.95 m surround the higher-grade gold shoots.
• The Moose area shows consistent gold mineralization at surface with hole WB23-136 grading 30.90 m of 1.10 g/t gold.
• Drill core samples with visible gold (“VG”) returned 137.0 g/t gold over 0.60 m (WB23-139), 96.0 g/t gold over 0.45 m (WB23-139), 63.6 g/t gold over 0.30 m (WB23-136), 16.85 g/t gold over 0.79 m (WB23-137).

Rimouski, October 31, 2023– Puma Exploration Inc. (TSX-V: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce the results of another seven (7) holes of its 2023 drilling program at its 100%-owned Williams Brook Gold Project with high grades intercepts and long gold mineralized sections.

Hole WB23-139 intersected two (2) high-grade gold intervals of 37.40 g/t gold over 2.50 m and 21.66 g/t gold over 2.55 m (Figure 1) within a 63.05 m intercept grading 2.49 g/t gold from 89.95 to 153.00 m. The same hole intersected another gold intersection of 2.06 g/t gold over 5.20 m at 215 m downhole depth. With these new gold intersections, the Lynx Gold Zone (“LGZ”) has been extended to approximately 150 m vertical depth (Figure 2), further highlighting the potential for significant depth extension.

Today’s results have also increased the continuity of the high-grade gold at surface with an intersection of 30.90 m grading 1.10 g/t gold in WB23-136 and 5.00 m of 2.79 g/t gold in WB23-137 starting at 8 m and 2 m below surface respectively.

Puma’s President and CEO Marcel Robillard commented, “Our 2023 drilling continues to deliver robust gold results and highlights the potential scale and calibre of the Williams Brook Gold Project. All drill holes reported in this release successfully intersected the quartz-bearing structures and new gold mineralization. Hole WB23-139 returned the second longest high-grade gold interval of all the holes drilled with 165.55 gram-metres gold. That same hole also hit gold at 215 m depth in a previously untested area, indicating there is significant depth and lateral expansion potential here, and we will continue to apply our proven exploration model to build the gold inventory and volume at Lynx.”

Figure 1. High-grade gold quartz-vein from WB23-139 (37.40 g/t Au over 2.50 m @ 149.50 m)

Figure 2. Cross-section of Lynx gold area with today’s reported results

Figure 3. Core from hole WB23-139 (37.40 g/t over 2.50 m)

Results Discussion

Lower-grade gold envelop surrounding high-grade gold shoots

All seven (7) holes reported today were drilled to intersect the previously identified high-grade gold shoots starting from surface. The gold in the high-grade quartz veins generally occurs as free gold with associated sulphides in altered rock. Many drill holes intersected lower-grade mineralized envelopes adjacent to and between the higher-grade gold veins.

Highlights include:

• 0.59 g/t gold over 30.85 m from 30.85 to 61.80 m downhole (WB23-133)
• 1.10 g/t gold over 30.90 m from 8.30 to 39.20 m downhole (WB23-136)
• 0.67 g/t gold over 30.95 m from 2.71 to 33.66 m downhole (WB23-137)
• 0.49 g/t gold over 22.80 m from 124.20 to 147.00 m downhole (WB23-138)
• 2.49 g/t gold over 63,05 m from 89.95 to 153.00 m downhole (WB23-139)
• 1.10 g/t gold over 150.50 m from 6.50 to 157.00 m downhole (WB23-139)

These lower-grade envelopes emphasize the continuity of the mineralization at Lynx. They will be targeted for future drilling as they indicate that this round of drilling may have missed the higher-grade core. Nevertheless, their presence is significant as it builds volume and will positively impact the mineral resource estimation of the deposit.

Moose area surface intercepts

Holes originating at the Moose area targeted the depth continuity of the high-grade gold shoots and also intersected mineralized quartz veins at surface (0-40 m).

Highlights include:

• 1.36 g/t gold over 5.90 m from 32.10 to 38.00 m downhole (WB23-133)
• 1.10 g/t gold over 30.90 m from 8.30 to 39.20 m downhole (WB23-136)
• 0.67 g/t gold over 30.95 m from 2.71 to 33.66 m downhole (WB23-137)
• 1.63 g/t gold over 3.70 m from 32.10 to 35.80 downhole (WB23-138)
• 2.01 g/t gold over 3.00 m from 7.35 to 10.35 m downhole (WB23-139)
• 1.10 g/t gold over 150.50 m from 6.50 to 157.00 m downhole (WB23-139)

Additional Results Pending

The remaining six (6) holes (1,105 m) of the 2023 drilling program tested the NE extension of the mineralized corridor at depth and intersected visible gold. Assay results are pending and will be released once received.

Figure 4. Drill holes location at the Lynx Gold Zone

Table 1. Assay results for holes WB23-133 to -139

*Interval widths reported; true widths of the system are not yet known.

2023 Drilling Program

Drilling focused on the Lynx and Moose areas of the LGZ (Figure 3). It was designed to:

1) confirm and extend high-grade gold mineralization at depth and along strike;
2) target, along the favourable contact, specific veins previously mapped at the surface with different drilling orientations to better define the veins’ geometry;
3) update the Company’s structural model.

The program expanded from fifteen (15) to twenty-four (24) holes as Puma successfully intercepted the depth extensions of the high-grade shoots defined by previous drilling programs and intersected at depth along the newly identified orientation, the bonanza-grade quartz veins sampled at surface.

Most of the holes drilled show pervasive sericitization, but visible gold and associated potential bonanza-grade veins appear to be linked to the presence of carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide assemblages that occur as disseminated massive sulphides or as semi-massive veinlets within the quartz veins.

Table 2. Coordinates of drill holes

Upcoming Gold Investor Events

Puma invites shareholders and interested parties to schedule a meeting at the upcoming conferences to discuss the Company’s recent news and proposed developments. Click on the links to register.

Explor 2023, Montreal, QC
Oct 30 – Nov. 2. 2023
Marcel Robillard will present on Nov. 1 at 3:40 p.m. Click here for details.

Precious Metals Summit, Zurich, CH
Nov.13-15. 2023
Marcel Robillard will present on Nov. 14 at 12:15 p.m. Click here for details.

121 Mining Investment, London, UK
November 20-21. 2023

About the Williams Brook Gold Project

Puma’s flagship Williams Brook Gold Project comprises four properties covering more than 60,000 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$10M of exploration investment. Puma has made multiple gold discoveries at the Williams Brook property and believes that the property hosts an extensive orogenic/epithermal gold system. Puma’s ongoing exploration programs are focused on building a gold camp in Northern New Brunswick.

Figure 5. Main gold showings and occurrences at the Williams Brook Gold Project

Qualified Person

The technical information of this release was reviewed and approved by Dominique Gagne. PGeo. 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 cores 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;
[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) 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.