Rimouski, March 22, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” or “Puma”) is pleased to report that additional surface samples collected at its Williams Brook Gold Project in New Brunswick, Canada, last fall have returned high-grade gold. Four (4) grab samples* that graded above 100 g/t Au (>3 oz/t Au) are located above Puma’s current drilling area (see Figure 1). Results from the last 566 grab samples collected as part of Puma’s Fall 2021 stripping program at the O’Neil Gold Trend (“OGT”) have now been received. High-grade gold results will continue to be used to identify drilling targets in the Company’s ongoing 10,000 m drilling program.

Figure 1: Location of selected grab samples* collected at the OGT

From the last 566 samples collected at the OGT last fall and reported today, 66 (11.6%) show gold grades above 1.00 g/t Au. Of these, 21 returned gold grades above 10.00 g/t Au (see Table 1). The average grade of this last batch (all 566) of results, ranging from below detection limit up to 121.50 g/t Au, is 2.01 g/t Au.

Based on the Company’s previous success drilling high-grade gold areas identified at surface (grab samples* of 241.00 g/t Au, 199.00 g/t Au, 57.40 g/t Au returned 5.55 g/t Au over 50.15 m at depth, see Sept. 15, 2021 News Release), today’s results confirm and expand Puma’s priority targets in its ongoing 10,000 metres drilling program.

Table 1: Selected grab sample gold results above 10 g/t Au

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

UPDATE ON CURRENT DRILLING PROGRAM

The objective of the 2022 drilling program is to test the OGT along its 750 metres strike length and confirm the depth extension of the high-grade gold-bearing quartz veins found on surface (see Figure 2). To date, nineteen (19) holes have been drilled for a total of 2,390 metres.

The holes, so far, were collared northeast of the Lynx Gold discovery, where a wide gold mineralized zone was identified by drilling last summer, including the intersection of 5.55 g/t Au over 50.15 m in hole WB 21-02 (see Sept. 15, 2021 News Release). The drilling targets areas where surface samples have returned significant gold grades (> 1 g/t Au). Two thousand five hundred (2,500) core samples have been sent to the laboratory for assaying. Results are pending and will be released when received.

The systematic drilling will continue toward the O’Neil Gold Zone, located 250 meters southwest of the Lynx Gold zone, targeting the contact between the sediments and the rhyolite.

Figure 2: Current progress of the ongoing 10,000 m drilling program at OGT

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 gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

COVID-19 PRECAUTIONS

Puma has developed and implemented precautions and procedures compliant with Québec and New Brunswick’s health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.

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, (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) 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.