Rimouski, October 20, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce that grab* samples collected at the new Jaguar Gold Zone (“JGZ”) at its 100%-owned Williams Brook Gold Project in Northern New Brunswick, have returned up to 34.70 g/t Au (Figure 1).

High-grade gold mineralization at the Jaguar Gold Zone is found in altered rhyolite associated with pervasive pyrite mineralization (Figure 2). Other grab* samples returned significant values such as 18.30 g/t Au, 16.85, 16.30 g/t Au, 16.25 g/t Au, and 12.90 g/t Au. Gold mineralization occurs along a favourable rhyolite/sediment contact near a major fault and its subsidiaries.

The JGZ hosts a gold-enrichment zone that spans 80 m by 50 m and remains open in all directions (Figure 3). The gold mineralization at the JGZ is associated with quartz-pyrite veinlets and could be as significant and widespread as that found at the Lynx Gold Zone. Today’s results indicate that gold mineralization at Williams Brook could be very extensive and that other gold-mineralized zones are expected within the 40,000-ha project.

FIGURE 1: Location of grab* samples at the Jaguar Gold Zone

FIGURE 2: High-grade gold grab* samples at the Jaguar Gold Zone

THE JAGUAR GOLD ZONE

The Jaguar Gold Zone, located about 5 km northeast of the Lynx Gold Zone (“LGZ”), was briefly explored in 2008 by a previous operators. At that time, soil anomalies and trenching identified gold mineralization at surface. Subsequent drilling returned 2.10 g/t Au over 9.00 m within a lower grade envelope of 0.52 g/t Au over 55.00 m in hole WB-08-03. No additional work was carried out until Puma stepped in in 2020.

Puma trenched and stripped the JGZ this summer to follow up on the 2008 results (see Figure 3). Puma successfully applied its discovery model developed at the Lynx Gold Zone to this new property area. This systematic approach led to another gold discovery at the Jaguar Gold Zone with much higher gold grades than reported historically.

Two hundred seven (207) samples were collected this summer at the JGZ with an average grade of 1.67 g/t Au. 59 samples assayed above 1.00 g/t Au (28.5%) and 35 samples between 0.10 g/t Au to 1.00 g/t Au (16.9%). One hundred (100) additional samples were collected recently and sent to the lab. Results will be announced when received.

The work completed at the JGZ (see Image 1) is part of Puma’s ongoing strategy to build a potential gold camp at the Williams Brook Gold Project by testing highly-prospective areas on the large land package while prioritizing the development of the Lynx Gold Zone.

FIGURE 3: Gold mineralization at Jaguar Gold Zone

Image 1: Ongoing stripping and trenching at the Jaguar Gold Zone

Table 1: Grab* samples over 5.00 g/t Au from the Jaguar Gold Zone

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

ABOUT THE WILLIAMS BROOK GOLD PROJECT

The Williams Brook Project is comprised of 6 claim blocks covering more than 46,000 ha in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby (Figure 4). 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.

The Lynx Gold Zone (“LGZ”) is Puma’s main area of focus. It 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. A follow-up 10,000 m (113 holes) drilling program identified several new high-grade veins at Lynx, including 51.73 g/t gold over 1.85 m (WB 22-66), 34.93 g/t gold over 3.00 m (WB22-23), and 22.38 g/t Au over 3.20 m (WB22-36)and identified three (3) gold enrichment zones along the 750 m strike length stripped to date.

The LGZ is interpreted to be a mineralized felsic dome within a large gold system. The high-grade gold mineralization is characterized by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) at the contact between rhyolite and sediments. The contact allowed for the movement of gold-bearing fluids and is characterized by highly silicified iron oxide carbonates and intense sericite alteration.

A large orogenic/epithermal gold system is present at Williams Brook. Surface exploration work has identified several additional gold targets along the extension of the OGT and other gold trends on the large land package, including the recently uncovered Cougar and Jaguar Gold Zones.

FIGURE 4: The Williams Brook Gold Project

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

Grab samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample was dried, 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 for every batch of surface samples. 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 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) 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.