Mr. Marcel Robillard of Puma reports

PUMA EXPLORATION AND TREVALI MINING CORPORATION DRILL 1.17 G/T AU, 0.50% CU AND 4.16% ZN + PB OVER 153.2 METERS AT THE COPPER-GOLD RICH ZONE OF THE MURRAY BROOK DEPOSIT

Puma Exploration Inc. and Trevali Mining Corp. have released the drill results of the 2018 exploration drilling program conducted at the Murray Brook deposit. The program successfully confirmed the potential to discover additional resources at depth and on the west and south sides on the current known deposit.

The exploration program at the Murray Brook deposit consisted in 1,865 metres of drilling within two new holes and the extension of five holes planned and drilled in regard to the metallurgical and geotechnical programs. The main objective of the exploration program was to evaluate and identify the areas of the Murray Brook deposit that show the best potential to adding resources surrounding the actual deposit by extending the drill holes used for technical and mining design purposes.

Highlights of the exploration drilling program at Murray Brook deposit:

• A total of 535 metres of massive sulphide (MS) were drilled with continuous intersections of MS ranging from 10 metres to 322 metres in length;
• Highly silicified semi-massive to massive pyritic zone was discovered over 110 metres:
  • MB18-10 -- 0.10 gram per tonne gold and 0.12 per cent zinc plus lead over 110.4 metres;
  • Including 0.14 gram per tonne gold and 0.18 per cent zinc plus lead over 30.9 metres;
• Deepest alteration and zinc mineralization drilled below the Murray Brook deposit:
  • MB17-01 -- 1.07 per cent zinc over 1.4 metres at 644.3 metres;
  • MB17-01 -- 1.14 per cent zinc over 1.6 metres at 669.9 metres;
  • MB17-01 -- 1.00 per cent zinc over 1.9 metres at 678.5 metres;
  • MB18-12 -- 1.05 per cent zinc over 5.4 metres at 556.0 metres;
• High-grade copper/gold zone intercepts over significant thickness:
  • MB18-11 -- 0.84 gram per tonne gold, 0.75 per cent copper and 3.27 per cent zinc plus lead over 50.0 metres;
  • Including 1.0 gram per tonne gold, 1.03 per cent copper and 3.16 per cent zinc plus lead over 20.0 metres;
  • MB18-12 -- 1.17 grams per tonne gold, 0.50 per cent copper and 4.16 per cent zinc plus lead over 153.2 metres;
  • Including 1.18 grams per tonne gold, 0.80 per cent copper and 2.52 per cent zinc plus lead over 50.6 metres.

"We are extremely happy with the initial results of the exploration drilling program. These results demonstrate the huge potential of finding additional resources at the Murray Brook deposit at depth, but, more excitingly, located very close to surface along the favourable Caribou horizon toward the Restigouche Mines held by Trevali Mining," noted Marcel Robillard, president and chief executive officer of Puma Exploration.

1. Exploration potential of the western boundary of Murray Brook deposit

The 2018 exploration drilling program, in particular with hole MB18-10, successfully confirmed the potential of finding significant new discoveries at very close proximity of the current known western side of the Murray Brook deposit.

Hole MB18-10, collared on the western side of the Murray Brook deposit, was designed in view of the current geotechnical program with the first zero to 250 metres not sampled yet. From 155 to 165 metres, the hole intercepted a new massive sulphide of pyrite/sphalerite/chalcopyrite over 10 metres. Once the geotechnical surveys are completed, the 10 metres of massive sulphide will be sampled and assayed. This intercept is located outside the current resource estimate.

The hole was extended from 250 to 531 metres to verify and explore an untested area west of the Murray Brook deposit toward the first-priority drilling targets defined by the gravity, electromagnetic and geochemical surveys. Predominance of fine-grained sandstone was observed with an increasing amount of dark grey mudstone. A mineralized zone was discovered from 250 to 365 metres. The rocks are moderately to highly silicified where semi-massive to massive sulphides (mainly pyrite) predominates.

This pyrite mineralization and alteration zone grades 0.10 gram per tonne gold over 110 metres and exhibits subperpendicular structures where the mineralization took place in the cleavage planes. Also, in the pyrite alteration zone, low-grade gold and zinc intercepts grading 0.14 gram per tonne gold and 0.12 per cent zinc over 30.90 metres were drilled. The gold and zinc content are well above the background found in the host rock at Murray Brook area.

            EXPLORATION DRILL HOLE WESTERN SIDE OF MURRAY BROOK DEPOSIT
                (DISCOVERY OF PYRITE ALTERATION ZONE OVER 110 M)
 
DDH No.       From        To      Length      Au       Ag        Cu      Pb      Zn 
                (m)       (m)         (m)   (g/t)    (g/t)       (%)     (%)     (%)

MB-2018-10   253.1     363.5      110.40    0.10        2      0.02    0.04    0.08 
             265.2     269.0        3.85    0.39        9      0.13    0.16    0.30 
             298.0     300.0        2.00    0.13        4      0.06    0.12    0.28 
             326.7     357.6       30.90    0.14        2      0.02    0.06    0.12 
             339.3     347.3        7.95    0.08        2      0.01    0.06    0.20 

"We are very excited about the new discoveries made in the recent drilling program at Murray Brook deposit, in particular in hole MB18-10 where consistent pyrite mineralization and alteration were intercepted from 250 to 365 metres. As an example, the famous Brunswick No. 12 mines included 125 million tonnes pyrite alteration halo resources," notes Marcel Robillard, president and chief executive officer of Puma Exploration.

2. Exploration potential at depth at Murray Brook deposit

The 2018 exploration drilling program, with the extension of holes MB17-01 and MB18-12 to a depth of respectively 800 and 831 metres, successfully confirmed the potential of finding significant new discoveries at depth. The extension of the favourable horizon continues at least up to 700 metres deep and significant alteration, with small higher-grade intervals drilled in both holes located 300 metres away from each other. At Murray Brook deposit, the alteration and mineralization halo consists of low-grade zinc mineralization grading between 0.10 per cent to 0.40 per cent zinc within 50 metres of the high-grade massive sulphide.

2.1 -- drill hole MB17-01

Hole MB17-01, collared on the centre of the high-grade zinc zone, was drilled in 2017 but extended to 800 metres during the 2018 drilling program. Hole MB17-01 intersected over 405 metres of continuous massive sulphide mineralization starting at 27 metres from surface and extending to a depth of 435 metres. The overall grades of the 405-metre massive sulphide mineralization are 3.3 per cent zinc, 1.1 per cent lead, 0.95 gram per tonne gold, 42 grams per tonne silver and 0.30 per cent copper.

From 435 to 635 metres, the holes intersected the favourable host rock (sedimentary rock) without any significant alteration and mineralization. Around 625 to 700 metres, a chloritic alteration zone was found that overprints week sillification and sericitic with four mineralized zones grading above 1 per cent zinc. The halo of alteration is also present, which suggests the potential continuity of the Murray Brook deposit at depth.

     EXPLORATION DRILL HOLE TO VERIFY POTENTIAL DEPTH EXTENSION OF ZINC ZONE
     (IDENTIFICATION OF SIGNIFICANT ALTERATION AND MINERALIZATION AT DEPTH)
 
DDH No.       From        To      Length      Au       Ag        Cu      Pb      Zn 
                (m)       (m)         (m)   (g/t)    (g/t)       (%)     (%)     (%)

MB-2017-01    27.0     432.0       405.0    0.95       41      0.34    1.14    3.30 
At depth     644.3     649.0         4.7    0.02        7      0.12    0.15    0.37                       
             644.3     645.7         1.4    0.04       19      0.40    0.48    1.07                       
             669.9     680.4        10.5    0.06       10      0.04    0.11    0.38                       
             669.9     671.5         1.6    0.26       58      0.16    0.68    1.14                       
             678.5     680.4         1.9    0.05        4      0.03    0.04    1.00                       
             686.5     694.9         8.4    0.02        1      0.05    0.02    0.32                       
             688.8     689.5         0.7    0.12        3      0.18    0.09    1.33  

2.2 -- drill hole MB18-12

Hole MB18-12, collared near the south wall of the pit in the copper zone, intersected the entire massive sulphides that are cut by numerous altered and deformed mafic dikes, and it stayed in sulphides up to approximately 336.5 metres. The hole was drilled to define and characterize the high-grade copper-gold zone of the Murray Brook deposit and to verify the extension of the favourable horizon at depth.

The entire section graded 0.82 gram per tonne gold, 0.34 per cent copper and 3.2 per cent zinc plus lead over 322 metres. The higher-grade copper-gold intersection from this hole is located between 286 and 336.6 metres and is grading 1.2 grams per tonne gold, 0.80 per cent copper and 2.5 per cent zinc plus lead over 50.6 metres.

  EXPLORATION DRILL HOLE TO VERIFY DEPTH POTENTIAL EXTENSION OF COPPER-GOLD ZONE
      (IDENTIFICATION OF SIGNIFICANT ALTERATION AND MINERALIZATION AT DEPTH)
 
DDH No.       From        To      Length      Au       Ag        Cu      Pb      Zn 
                (m)       (m)         (m)   (g/t)    (g/t)       (%)     (%)     (%)
 
MB-2018-12    14.6     336.6      321.95    0.82       48      0.33    1.08    2.09
             183.4     336.6      153.20    1.17       64      0.50    1.39    2.77
             286.0     336.6       50.55    1.18       39      0.80    0.79    1.74
             323.7     336.6       12.85    1.61       42      1.56    0.75    1.74
At depth     522.0     561.4       39.40    0.07        5      0.02    0.07    0.21
             556.0     561.4        5.40    0.29       23      0.08    0.38    1.05
             559.8     561.4        1.60    0.74       66      0.24    1.00    3.01
             665.0     669.0        3.95    0.15        7      0.26    0.18    0.32
             767.0     771.0        4.00    0.01        7      0.15    0.17    0.55

The hole was extended below the Murray Brook deposit to a depth of 831 metres. From 338.6 to 666 metres, thinly layered, light grey, fine-grained sandstone and dark grey mudstone predominate, but some are cut by sulphide stringers/veinlets, especially between 505 and 566 metres. Starting at 522 to 771 metres, representative alteration and mineralization were found in the hole, including from 556.0 to 561.4 metres higher-grade zinc sections with 1.05 per cent zinc over 4.5 metres.

The alteration zone in hole MB18-12 is chloritic, rather than silicified and sericitic like the alteration associated with massive sulphides at Murray Brook. Chloritic alteration (especially iron-rich chlorite) is generally identified as higher temperature and more proximal than sericitic alteration, and, normally, it is spatially associated with chalcopyrite and pyrrhotite.

The alteration halo is similar to the one located within 25 to 50 metres of the high-grade core of the main deposit, which suggests the potential continuity of the Murray Brook deposit at depth or any new deposit. The alteration zone in hole MB18-12 is similar to the one between 627 and 679 metres in hole MB17-01 and both zones are at approximately the same vertical distance below the Murray Brook massive sulphides. The hydrothermal feeder zone to the deposit should be beneath the high-grade copper zone.

3. Alteration halo surrounding the massive sulphide

Two holes of the metallurgical drilling program were extended to characterize the alteration halo and sulphide content of the host rock surrounding the high-grade massive sulphide deposit. The results show that within 40 to 50 metres from the main deposit, the base metals content varies from 0.1 per cent to 0.3 per cent zinc plus lead. Beyond that distance, the base metal background is almost nil to only 100 parts per million of zinc. This new exploration tool will be useful at the time of a future exploration program.

     EXPLORATION DRILL HOLE EXTENDING PLANNED MET TEST HOLES MASSIVE SULPHIDE
       (CHARACTERIZATION OF ZINC GRADE SURROUNDING RICH MASSIVE SULPHIDE)
 
DDH No.       From        To      Length      Au       Ag        Cu      Pb      Zn 
                (m)       (m)         (m)   (g/t)    (g/t)       (%)     (%)     (%)

MB-2018-05    74.0      79.0        5.00    0.13        3      0.05    0.06    0.31       
              88.0     102.0       14.00    0.09        4      0.06    0.12    0.20     
MB-2018-05   109.0     230.0      121.00               70      0.11    2.05    6.11 
             241.0     243.0        2.00    0.00        2      0.00    0.11    0.21      
             271.0     276.0        5.00    0.01        1      0.04    0.05    0.14     
MB-2018-07   132.0     150.0       18.00    0.06        4      0.04    0.09    0.21      
             142.0     150.0        8.00    0.11        5      0.06    0.13    0.30      
MB-2017-07   154.9     242.0       87.10               96      0.13    2.35    6.86 
             257.6     263.0        5.45    0.02        1      0.00    0.13    0.22

Quality assurance/quality control protocols

All sampling, drilling, testing and analysis are conducted using rigorous quality assurance/quality control procedures to ensure reliability and validity of results beyond basic regulatory guidelines. The driller is responsible for insuring that the core placed in boxes is in correct order and marking the length tags for each rod length of core as well as the inside of the core boxes where the tag is located. This step is examined by the technician and supervised by the on-duty project geologist. The driller picks up core boxes from the drill site and takes them to the drill core logging facilities in Bathurst.

Boxes are then laid out on logging tables and checked to make sure that the core is continuous and in the right order in each box. Geological logging of core is conducted, and sample positions are marked to conform to lithological/alteration changes. Sample numbers are written inside of the core boxes corresponding to preprinted sample tags. Chalk lines are marked down to identify the axis of core and boxes for sampling are moved to cutting area. Diamond saw blade cutters are used to cut the core in half.

Core boxes are returned to their places in order on the logging tables. Strong plastic rock sample bags are labelled with sample's number on the outside and the sample tags are inserted inside. Then, one-half of the core is placed in its respective sample bag. The second half is kept at the Alliance warehouse for future reference.

The samples were prepared, sent to and processed at ALS Val d'Or in Quebec and ALS Sudbury in Ontario. All samples were assayed by ME-ICP41 method and gold was assayed by AU-AA26 method. Quality assurance and quality control are monitored by the analysis of blanks, reference material and replicate samples at a frequency of one of each per 30 samples. For quality assurance/quality control, there are typically eight standards runs for each batch of 25. A duplicate is done at least once every 50 samples and no blanks are run. Pulps are currently stored in the lab in labelled brown sealed bags, which in turn are stored in organized labelled boxes. Coarse rejects are stored in labelled 18-litre pails on pallets inside the Alliance warehouse.

The Murray Brook deposit

The Murray Brook deposit, which is the essence of the strategic alliance between the companies, is located 10 kilometres west of Trevali's Caribou mine and 10 kilometres east of Trevali's Restigouche deposit in the Bathurst mining camp of New Brunswick, Canada.

The deposit has a measured mineral resource of 3.68 million tonnes grading 5.57 per cent zinc, 1.87 per cent lead, 0.36 per cent copper, 70.5 grams per tonne silver and 0.56 gram per tonne gold plus indicated mineral resources of 1.60 million tonnes grading 4.48 per cent zinc, 1.63 per cent lead, 0.70 per cent copper, 65.3 grams per tonne silver and 0.88 gram per tonne gold -- for a combined measured and indicated resource of 5.28 million tonnes averaging 5.24 per cent zinc, 1.80 per cent lead, 0.46 per cent copper, 68.9 grams per tonne silver and 0.65 gram per tonne gold containing approximately 610 million pounds of zinc, 209 million pounds of lead and 11.7 million ounces of silver, as of Dec. 21, 2016.

The core of the mineral resource occurs in the West zone (zinc/lead), which is 200 metres wide, extending from surface to 300 metres vertical and the true thickness of the massive sulphide body varies from 75 metres to 100 metres. The East zone (copper/gold) is 100 metres wide, also extending from surface to 300 vertical metres and is mainly mineralized with gold and copper. On Feb. 20, 2017, a National Instrument 43-101 report was filed on SEDAR.

The Caribou mine

Trevali's Caribou mine is located approximately 10 kilometres east of the Murray Brook deposit. It comprises an underground mine, a 3,000-tonne-per-day processing mill, a flotation recovery plant, metallurgical and geochemical laboratories, as well as a tailings management facility.

About Puma Exploration Inc.

Puma Exploration is a Canadian mineral exploration company with advanced precious metal and base metal projects in Canada. The company's major assets consist of an option to acquire 100-per-cent beneficial interest in the Murray Brook property, the Turgeon zinc-copper project and the Nicholas-Denys project, all located in New Brunswick. Also, Puma owns an equity interest in BWR Resources in Manitoba.

About Trevali Mining Corp.

Trevali is a zinc-focused base metal company with four mines: the wholly owned Santander mine in Peru, the wholly owned Caribou mine in the Bathurst mining camp of northern New Brunswick, its 90-per-cent-owned Rosh Pinah mine in Namibia and its 90-per-cent-owned Perkoa mine in Burkina Faso.

Qualified persons

Technical information provided in this news release was prepared and reviewed by Marcel Robillard, PGeo, president, and Dominique Gagne, PGeo, vice-president, exploration, of Puma Exploration, qualified persons as defined by NI 43-101. Mr. Robillard and Mr. Gagne are not independent of the company as both are officers and shareholders thereof.

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