RIMOUSKI, November 06th, 2019 – Puma Exploration Inc. (TSXV: PUMA) (the “Company” or “Puma”) is pleased to announce its Precious Metals Evaluation Program (PMEP) on the Murray Brook Deposit. The first 207 samples, covering 2 holes of the 2018 metallurgical drilling program, have been received from the laboratory for gold assaying. In hole MB18-07, the massive sulphide contains a broad gold and silver enrichment over its entire length with 0.67 g/t Au and 96 g/t Ag over 87.0 meters. The higher gold results obtained in this hole are located at the footwall contact with the altered sediments with 1.15 g/t Au and 87 g/t Ag over 22.0 meters (see accompanying section).
Table 1. Significant Gold Drill Results from the Ongoing PMEP
| Drillholes | From | To | Length | ALS* | Caribou Lab** | Caribou Lab** | Caribou Lab** |
| # | (m) | (m) | (m) | Au g/t | Ag g/t | Zn + Pb % | Cu % |
| MB2018-05 | 110.0 | 230.0 | 120.0 | 0.39 | 70 | 8.20 | 0.11 |
| incl. | 180.0 | 230.0 | 50.0 | 0.68 | 95 | 11.77 | 0.13 |
| incl. | 193.0 | 213.0 | 20.0 | 0.82 | 172 | 20.73 | 0.12 |
| MB2018-07 | 155.0 | 242.0 | 87.0 | 0.62 | 96 | 9.20 | 0.13 |
| incl. | 155.0 | 168.0 | 13.0 | 0.61 | 146 | 12.74 | 0.14 |
| incl. | 181.0 | 193.0 | 12.0 | 0.75 | 243 | 21.39 | 0.19 |
| incl. | 220.0 | 242.0 | 22.0 | 1.15 | 87 | 11.32 | 0.23 |
* New gold results from the current PMEP.
**Silver and Base Metals assayed at Caribou Mine Lab. Results released on August 29th, 2018 (see news).
The Murray Brook Deposit contains precious metals in its main three (3) metallogenic sub-domains which are, from surface to bottom; the Gossan Zone, the Oxide Zone and the main Massive Sulphide Zone. The evaluation program (PMEP) includes the study of the gold and silver zonation, the precious metals association and respective recovery within the main three (3) metallogenic sub-domains of the Murray Brook Deposit. The different mining and milling options available are also being evaluated to recover the maximum value of the precious metals contained.
“The PMEP and gold assaying program will allow Puma to cost-effectively enhance the understanding of the polymetallic mineralization of the Murray Brook Deposit in relation to its precious metal potential. The current programs are conducted on the in-hand core drilled from Votorantim, Puma, and Trevali previous programs in order to get the most benefit from the previous drilling investments”. Notes Marcel Robillard, President and CEO of Puma Exploration.
HIGHLIGHTS OF CURRENT PMEP
- 650 additional samples from the 2018 metallurgical drilling program (6 holes) are currently prepared to be sent for gold assays.
- Four (4) holes for 400 meters of the 2018 geotechnical drilling program were never assayed for precious and base metals.
- Approximately 1.2 Mt of gossan material was mined at the Murray Brook site between 1989 and 1992. This was treated for gold and silver recovery using an agglomeration vat-leaching cyanidation process.
- A total of 44,500 oz of Au and 316,000 oz of silver were recovered from the enclosed vat leach year-round mining operation in about 3 years. The capacity was 1,000 tpd with gold recoveries of 90% after 16 hours of leach time.
- At the end of 1998, Novagold estimated a historical resource* of 390,000 tonnes of the Gossan material left in the pit at 1 g/t Au cut-off grade containing 18,933 ounces of gold (1.51 g/t Au) and 583,043 ounces of silver (46.5 g/t Ag).
- The initial review indicates that 15 previous holes intersected the gossan over thickness varying from 1m to 45m for a total of 180 meters of gossan that were never assayed.
- Historical resources from 2013** indicated that the Oxide Zone of the Murray Brook Deposit represents 1,283,000 tonnes @ 0.38 g/t Au, 38.4 g/t Ag, 0.93% Cu and 3.41% Zn+Pb containing 15,800 ounces of gold, 1.6M ounces of silver and 26.3M lbs of Copper.
- Historical resources from 2013** indicated that the Sulphide Zone of the Murray Brook Deposit represents 17,884,000 tonnes @ 0.59 g/t Au, 41.7 g/t Ag, 0.47% Cu and 3.72% Zn+Pb containing 338,200 ounces of gold, 23.9M ounces of silver and 183.6M lbs of Copper.
* Puma has not done sufficient work to classify the historical estimate as current estimates. The Company is not treating the historical estimates as a current estimate but is currently conducting a review of the previously drilled core available after the mining operations ceased to evaluate the size of the fertile gossan zone.
** Historical resources from: TECHNICAL REPORT AND PRELIMINARY ECONOMIC ASSESSMENT (PEA) OF THE MURRAY BROOK PROJECT NEW BRUNSWICK, CANADA for VOTORANTIM METALS CANADA INC. AND EL NINO VENTURES INC. By P&E Mining Consultants Inc with Effective Date: June 4, 2013. Puma has not done sufficient work to classify the historical estimate as current estimates. The Company is not treating the historical estimates as a current estimate but has conducted an AMENDED AND RESTATED TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE ON THE MURRAY BROOK PROJECT NEW BRUNSWICK, CANADA for the high-grade portion of the Murray Brook Deposit by P&E MINING CONSULTANTS INC. Effective Date: December 21, 2016.
Table 2. Selected Drill Results for Gold and Silver Content in the Massive Sulphide
| HoleID | From | To | Length | Au g/t | Ag g/t | Zn % | Pb % | Cu % |
| MB-2011-04 | 150.00 | 213.00 | 63.00 | 1.50 | 49 | 2.61 | 1.35 | 0.45 |
| incl. | 195.00 | 212.00 | 17.00 | 2.00 | 48 | 2.95 | 1.48 | 0.48 |
| MB-2011-08 | 8.00 | 43.00 | 35.00 | 1.64 | 55 | 2.15 | 1.28 | 0.29 |
| MB-2011-10 | 201.50 | 216.00 | 14.50 | 2.04 | 89 | 5.92 | 2.76 | 0.43 |
| MB-2011-14 | 203.00 | 217.00 | 14.00 | 2.01 | 83 | 11.34 | 2.38 | 0.18 |
| MB-2011-39 | 189.00 | 214.00 | 25.00 | 1.28 | 101 | 9.12 | 3.26 | 0.17 |
| MB-2011-41 | 25.00 | 130.00 | 105.00 | 1.05 | 42 | 1.79 | 0.82 | 0.85 |
| incl. | 26.00 | 32.00 | 6.00 | 2.12 | 84 | 2.04 | 1.40 | 0.55 |
| MB-2011-44 | 69.00 | 94.00 | 25.00 | 1.34 | 52 | 2.07 | 1.14 | 0.30 |
| MB-2011-49 | 129.00 | 162.00 | 33.00 | 1.70 | 125 | 7.10 | 3.13 | 0.35 |
| incl. | 138.00 | 157.00 | 19.00 | 2.01 | 138 | 8.18 | 3.88 | 0.39 |
| MB-2011-52 | 208.00 | 218.00 | 10.00 | 2.18 | 146 | 9.46 | 4.16 | 0.56 |
| MB-2011-63 | 203.00 | 246.00 | 43.00 | 1.25 | 74 | 3.65 | 1.62 | 0.27 |
| incl. | 222.00 | 239.00 | 17.00 | 2.01 | 116 | 5.89 | 2.57 | 0.45 |
| MB-2012-66 | 28.05 | 62.00 | 33.95 | 1.48 | 61 | 2.65 | 1.38 | 0.30 |
| incl. | 28.05 | 40.00 | 11.95 | 2.02 | 63 | 2.08 | 1.22 | 0.40 |
| MB-2012-70 | 211.00 | 237.00 | 26.00 | 1.47 | 137 | 10.73 | 4.20 | 0.39 |
| incl. | 222.00 | 233.00 | 11.00 | 2.53 | 173 | 10.90 | 4.79 | 0.54 |
| MB-2012-77 | 166.00 | 226.00 | 60.00 | 1.24 | 70 | 4.43 | 1.71 | 0.25 |
| incl. | 204.00 | 224.00 | 20.00 | 2.74 | 80 | 5.69 | 1.73 | 0.55 |
| MB-2012-78 | 12.00 | 22.00 | 10.00 | 1.82 | 50 | 1.97 | 1.02 | 1.64 |
| MB-2012-80 | 90.60 | 111.00 | 20.40 | 1.44 | 57 | 2.45 | 1.21 | 0.28 |
| MB-2012-88 | 89.45 | 113.50 | 24.05 | 1.33 | 58 | 3.10 | 1.37 | 0.34 |
| MB-2012-90 | 151.16 | 240.00 | 88.84 | 1.17 | 103 | 6.99 | 2.92 | 0.20 |
| incl. | 215.00 | 240.00 | 25.00 | 2.60 | 124 | 8.38 | 4.11 | 0.42 |
| MB-2012-91 | 109.00 | 162.00 | 53.00 | 1.02 | 55 | 2.46 | 1.22 | 0.31 |
| MB-2012-94 | 134.00 | 196.10 | 62.10 | 1.24 | 41 | 1.88 | 0.97 | 0.42 |
| MB-2012-97 | 125.00 | 180.00 | 55.00 | 1.30 | 64 | 2.63 | 1.22 | 0.38 |
| MB-2012-99 | 202.00 | 238.00 | 36.00 | 2.01 | 46 | 1.91 | 0.94 | 0.93 |
| incl. | 203.00 | 218.00 | 15.00 | 2.33 | 60 | 1.82 | 0.94 | 1.46 |
| MB-2012-101 | 118.00 | 160.00 | 42.00 | 1.11 | 53 | 2.25 | 1.12 | 0.32 |
| MB-2012-104 | 165.00 | 240.00 | 75.00 | 1.19 | 46 | 1.73 | 0.96 | 0.65 |
| incl. | 214.00 | 240.00 | 26.00 | 1.80 | 57 | 2.04 | 1.24 | 0.45 |
| MB-2012-121 | 42.00 | 136.20 | 94.20 | 1.07 | 51 | 2.25 | 1.00 | 0.46 |
| incl. | 42.00 | 58.00 | 16.00 | 2.21 | 66 | 3.13 | 1.19 | 0.33 |
| MB-2012-132 | 162.00 | 202.00 | 40.00 | 1.32 | 110 | 9.49 | 3.16 | 0.14 |
| MB-2012-161 | 177.00 | 247.00 | 70.00 | 1.18 | 93 | 6.04 | 2.14 | 0.28 |
| incl. | 226.00 | 246.00 | 20.00 | 2.59 | 109 | 8.12 | 2.87 | 0.44 |
| MB-2012-162 | 219.10 | 238.15 | 19.05 | 2.16 | 47 | 1.48 | 1.04 | 1.94 |
| incl. | 224.00 | 234.00 | 10.00 | 2.72 | 58 | 1.85 | 1.43 | 0.64 |
DEAR STRATEGY
Puma has defined a four-part strategy for 2019-2020 and beyond: Development, Exploration, Acquisition and Royalties/Ownership (DEAR).
Each part of this strategy is aimed at generating value for shareholders and are defined as follows:
- Development of the Murray Brook Deposit, where the gossan and oxide zones will be investigated to determine the economics and upside potential of the precious metal contents and recovery within these zones. The goal is to convert the surface zone materials that were previously categorized as waste to potential mineable ore.
- Exploration of our advanced stage projects located at the Murray Brook Deposit and Chester Property, aimed at discovering new satellite and contiguous deposits with our drill-ready targets. The objective is to define the 10 best drilling targets at Murray Brook and Chester.
- Acquisition of prospective new properties using our expertise and knowledge acquired in the last 15 years of exploration in New Brunswick will offer a variety of different metals exposures and potentially allow us to make new discoveries within these potential new properties.
- Royalties and ownership gained through the sell-off of non-core assets to third parties represent a potential major financial upside without direct dilution. Currently, Puma holds 14,200,000 shares (48%) of Targets Minerals Inc. (1% NSR on Nicholas-Denys), 100% of Murray Brook Minerals Inc. (0.67% NSR on Murray Brook) and 5,700,000 shares (8%) of BWR Exploration Inc. (1% NSR on Little Stull Lake). Puma has also an option agreement to sell the Red Brook project to Rio Tinto.
ABOUT PUMA EXPLORATION
Puma is a Canadian mineral exploration company with advanced- and early-stage precious and base metals projects in Canada. While the priority remains to secure and finalize the acquisition of the Murray Brook project in New Brunswick, the emphasis will be directed to execute its DEAR (development, exploration, acquisition and royalties/ownership) strategy to generate value to its shareholders.
QUALIFIED PERSONS AND QC/AC
Technical information provided in this news release was prepared and reviewed by Marcel Robillard, P.Geo., qualified person as defined by NI 43-101. Neither 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. Mr. Robillard is not independent of the Company, as he is President of Puma Exploration. The samples are prepared, sent, processed at ALS Moncton, New Brunswick. All samples were assays by AU-AA26 method. QA/QC are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one (1) of each per 30 samples.
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Marcel Robillard, President
(418) 724-0901
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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.