Rimouski, October 01^st, 2020 – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the presence of significant coarse gold mineralization including the highest grade being 128.0 g/t Au received from metallic screen assays. Initial check assaying using metallic screen fire assay was conducted on previously fire assayed selected grab samples* at the O’Neil showing, reported in the September 01^st, 2020 press release.

HIGHLIGHTS:

• Significant coarse gold mineralization confirmed at the O’Neil Main Vein with the highest grade being 0 g/t Au compared to the initial grade of 109.5 g/t Au.
• Significant increase in reported gold grades in most of the samples collected at the O’Neil Main Vein with metallic screen fire assay as compared to original fire assay.
• The average gold grade samples of the vein are increased to 86 g/t Au (128.0 g/t Au, 35.2 g/t Au, 18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t Au)*
• All samples from the O’Neil Showing were collected from bedrock.
• 309 samples collected during the first phase of trenching and ongoing prospecting programs are currently at the laboratories for Gold assays.

*Selected rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.

Marcel Robillard, Puma’s President & CEO stated, ” Screen metallic fire assay is a significant type of analysis designed to specifically deal with the presence of visible gold or coarse grain usually called nuggets effect in the sample medium. When samples contain coarse gold, the metallic screening procedure is recommended for accurate results. It is clear, even with limited samples, that the mineralization at O’Neil Gold Trend contains coarse grain which could facilitate the milling recovery.”

Analyses were conducted on the rejects from the selected grabs samples of the O’Neil Showing and from other samples with initial results over 0.10 g/t Au to characterize the gold mineralization at Williams Brook and to define the QC/AC sampling protocol for the entire property.

Table 1: O’Neil Showing Metallic Screen Results from selected grab sample rejects

A total of 309 rock samples, consisting of a mix of outcrops and boulders were collected on the property during the current second phase of exploration. Most of them are samples collected from the current trenching program. Results are pending and will be released once they become available.

Figure 1: O’Neil Showing Metallic Screen New Results Comparison

O’NEIL GOLD ZONE (OGZ)

The first phase of the 2020 summer exploration program lead to the discovery of the Gold O’Neil Showing with the presence of a significant and pervasive Gold Trend over 2.0 km along the O’Neil Gold Zone (OGZ). The O’Neil Showing consists of an altered and brecciated rhyolite injected with quartz veins and quartz stockworks. The altered and brecciated rhyolite is open in all directions

The highest gold sample, grading 128.0 g/t Au, is part of the main quartz vein (ranging from 30-50 cm) followed and sampled, so far, over 10 meters in length. The average gold grade samples of the vein of 30.86 g/t Au over 10 meters (128.0 g/t Au, 35.2 g/t Au, 18 g/t Au, 14.5 g/t Au, 10.25 g/t Au, 8.33 g/t Au and 1.74 g/t Au)*, was estimated from chip and grab samples collected continuously every 1.5 meters on the main vein.

Following the hand and shovel cleaning of the main vein, surrounding quartz stockworks and veinlets within the rhyolite were found, sampled, and reported respectively high-grade gold of 16.90 g/t Au, 8.24 g/t Au, 6.14 g/t Au, 3.57 g/t Au, 2.2g/t Au and 1.14 g/t Au.

TRIPLE FAULT GOLD PROJECT

The Triple Fault Gold Project includes three (3) properties named Williams Brook Gold, Jonpol Gold, and Portage Lake properties covering more than 30,000 hectares of favorable gold exploration land package. The project is located about 60 km west of Bathurst with the paved road cross-cutting the property.

Puma is currently focusing its fieldwork on its first priority, the Williams Brook property. The Williams Brook Gold property includes selected drill results of 11.2 g/t over 2.8 m, 2.1 g/t Au over 9.0 m and 1.0 g/t over 23 m, gold occurrences grading up to 109.0 g/t Au, 50.8 g/t Au, 38,9 g/t Au in bedrock, numerous gold soil anomalies and extremely anomalous till samples with up to 508 gold grains that occur over an area approximately 12 by 3 kilometers.

There has been very limited drilling and exploration in the area mapped to be part of the Dunnage Zone hosting major gold deposits and gold occurrences in siluro-devonian rocks and considered as an emerging gold exploration and development district.

QUALIFIED PERSONS

Dominique Gagné, PGeo, an independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release. Neither 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. Mr. Gagné is independent of the Company.

QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Rock sample ICP results with gold >1g/t were subjected to a metallic screening (Au-SCR24) 1kg pulp screened to 100 microns. Other screen sizes available. Duplicate 50 g assay on screen undersize. Assay of entire oversize fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canadian-based mineral exploration company with precious and base metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the coming years to deploy its DEAR strategy (Development, Exploration, Acquisition and Royalties) in order to generate maximum value for shareholders with low shares dilution.

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Learn more by consulting www.pumaexploration.com for further information on Puma.

Marcel Robillard, President, (418) 724-0901; president@explorationpuma.com

Christian Tweedy, Communications, (604) 619-5810; ctweedy@explorationpuma.com

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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.