Mr. Marcel Robillard reports

PUMA EXPLORATION INTERSECTS MINERALIZATION AND ALTERATION IN ALL DRILL HOLES AT WILLIAMS BROOK GOLD PROPERTY, NEW BRUNSWICK, CANADA

Puma Exploration Inc.'s first drilling program conducted at the Williams Brook gold property has been successfully completed with the discovery of significant mineralization and pervasive alteration in all drill holes. The Williams Brook gold property is located in New Brunswick within the emerging new gold district of Atlantic, Canada.

Inaugural drilling program at Williams Brook gold property

As planned, a total of 18 holes were completed for 2,360 metres. These holes were drilled to intersect the downdip projection of significant high-grade gold vein networks exposed at surface in trenches and in stripped areas at the Lynx gold zone that were excavated last year and earlier this year. The drilling program was also designed to better understand the spatial geometry of the mineralized envelope and discover any new potential high-grade zones extending at depth. The oriented core drilling program was planned with the support of Terrane Geoscience Inc. which completed, earlier this summer, a study of the alteration pattern and structural analysis of the main vein networks.

The Lynx gold zone is part of the 700-metre O'Neil gold trend (OGT) which is open at both ends and shows a distinct seven-kilometre-long magnetic signature highlighted by the 2021 detailed VTEM (versatile time domain electromagnetic) airborne survey.

Core observations

Every hole shows consistent mineralization and pervasive alteration over core length varying between 10 metres (m) to 75 m in each hole starting at surface. The main features observed included abundant quartz veins and large network of quartz veinlets showing pervasive sericite and iron alteration. Disseminated sulphides and oxides (galena, chalocopyrite, pyrite, sphalerite, stibinite, bornite, covellite, tetrahedrite and malachite) are also present within the strong alterated intervals and within quartz veins. Visible gold (VG) was observed in several holes. The veins are granulars, drusics and sometimes massive within the altered porphyric rhyolite in contact with the sediments. The sediments are composed of altered siltstone interbed with mudstone. All these elements are very representative of a significant low-sulphidation epithermal model.

Marcel Robillard, president and chief executive officer of Puma Exploration, commented: "Understanding the control of the gold mineralization at the Lynx gold zone is very important to identify any potential ore shoot present over the entire O'Neil gold trend (OGT) that will be drilled within the next phase of drilling increased from 2,000 metres to 10,000 metres. The technical team has been working on this project for only one year with major discoveries made at surface, proving the potential for a new emerging gold camp in an area mainly identified previously as a base metals camp.

"This project possesses all significant elements to derisk the exploration and development because of its location in a mining-friendly jurisdiction near an important national paved road and finally with mineralization located at surface," added Mr. Robillard.

Drilling ended Aug. 20, 2021, with 18 holes totalling 2,360 metres being completed. The average depth per hole ranged between 58 to 242 metres. Final core logging and sampling are in progress with the samples of the first nine holes sent to the laboratory for assaying. Once received, assay results will be compiled, interpreted and then released on a timely basis.

Current work

The technical team is on site to proceed with trenching and stripping operations to locate the favourable contact between the altered rhyolite and the sediments along the entire O'Neil gold trend. A large grab sampling program with detailed mapping of the favourable contact is in progress. Moreover, a permanent crew with one excavator moves forward with exploration trenches in the entire area.

O'Neil gold trend

The O'Neil gold trend is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurrences followed by trenching over a strike length of 700 metres. The geophysical signature of the OGT is expressed over seven kilometres (km). The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones with selected drill results of 11.2 grams per tonne (g/t) gold (Au) over 2.8 m, 2.1 g/t Au over nine m and one g/t over 23 m.

These trends are interpreted to be related to a major rifting in the New Brunswick geological events and could represent a low-sulphidation epithermal gold system. Along the OGT, the width of the altered horizon varies from five to 250 metres with an average apparent thickness of 150 metres.

Numerous quartz veins, quartz veinlets, stockworks and breccias were observed mostly perpendicular to the major trend and contain the gold mineralization. The OGT has never been drilled and many gold zones were discovered during the summer 2020 exploration campaign.

High-grade selected grab samples assays on the prolific O'Neil gold trend:

• O'Neil gold zone (VG) -- 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au and 23.1 g/t Au;
• Pepitos gold zone (VG) -- 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au and 4.87 g/t Au;
• Lynx gold zone (VG) -- 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au and 58.4 g/t Au;
• Chubby zone area -- 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au and 0.45 g/t Au;
• Moose gold zone -- 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au and 1.1 g/t Au.

Qualified persons

Dominique Gagne, 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.

Quality assurance/quality control (QA/QC)

Rock samples were bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample is dried, crushed and pulped. The samples were crushed to 70 per cent less than two millimetres (mm), riffle split off one kilogram (kg) and pulverize split to better than 85 per cent passing 75 microns (Prep-31B). A 30-gram subsplit from the resulting pulp was then subjected to a fire assay (Au-ICP21). Other screen sizes available. Duplicate 50-gram assay on screen undersize. Assay of entire oversize fraction.

About Puma Exploration Inc.

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 (development, exploration, acquisition and royalties) strategy in order to generate maximum value for shareholders with low-share dilution.

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