Rimouski, December 13, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce up to 34.70 g/t Au in grab samples* collected at the Jaguar Gold Zone (“JGZ”) this fall as part of the Company’s ongoing surface exploration program at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Results are consistent with widespread epithermal/orogenic gold systems, and Puma plans to extend stripping and launch an inaugural drill program at the JGZ in 2023.

Figure 1: Grab samples* collected at surface at the Jaguar Gold Zone

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

Following the high-grade gold results from the initial stripping at the JGZ (see October 20, 2022 News Release), additional and systematic sampling was conducted this fall. A total of 98 additional samples were collected during this second phase of sampling. Sampling targeted the rhyolite/sediment contact with pervasive potassic-pyrite alteration and close to a major fault or its subsidiaries. Sixty (60) samples returned over 0.10 g/t Au. The entire 98 additional new samples show an average grade of 1.91 g/t Au. To date, a total of three hundred six (306) samples have been collected at the JGZ with an average grade of 1.72 g/t Au. Ninety-five (95) samples assayed above 1.00 g/t Au (31%).

The gold-enrichment zone at the JGZ currently spans 80 m by 50 m and remains open in all directions. It is coincident with a large IP anomaly and holes drilled in 2008 by a previous operator (WB-08-03: 0.52 g/t Au over 55.00 metres, WB-08-04: 0.68 g/t Au over 41.00 metres and WB-08-05: 0.21 g/t Au over 64.00 metres) indicate that gold mineralization could be widespread and continue at depth.

Marcel Robillard, Puma’s President and CEO, commented, “Our results at the Jaguar Gold Zone confirm that we have another significant area of gold mineralization on the property. We know we’re not dealing with only one gold deposit at Williams Brook. Our objective is to build a gold camp in this part of New Brunswick. We will continue to advance work at Jaguar with the same approach that has proven to be so successful at Lynx – more stripping, sampling and an inaugural drilling program in 2023 while we continue to prioritize the development of the Lynx Gold Zone.”

Table 1: Grab* samples over 1.00 g/t Au from the Jaguar Gold Zone

*The reader is cautioned that grab samples are selective by nature and may not represent 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 (see Figure 2). 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.

Figure 2: Williams Brook property main gold zones.

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 (CGZ)and Jaguar (JGZ) Gold Zones.

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;
[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.