Mr. Marcel Robillard reports

PUMA EXPLORATION IDENTIFIES MORE HIGH-GRADE GOLD VEINS WITH UP TO 199 G/T* AU FROM SURFACE SAMPLING ON ITS WILLIAMS BROOK GOLD PROPERTY, ATLANTIC CANADA

Puma Exploration Inc. has provided additional results, which include very high-grade gold assays of 199 grams per tonne (g/t) gold (Au), 192 g/t Au and 170.5 g/t Au, from the 2021 field exploration surface sampling program on the 100-per-cent-controlled Williams Brook gold property in New Brunswick, Atlantic Canada.

The systematic surface sampling program was conducted along the O'Neil gold trend (OGT) between the Lynx and Chubby gold zones, following the 2021 spring-summer stripping and detailed mapping operations.

The first 380 surface grab samples received, so far, illustrate perfectly the very high-grade gold enrichment contact between the sediments and the rhyolite. The arithmetic average of the 380 new samples collected is 3.14 grams per tonne (g/t) gold (Au), which includes all the results from below detection limit to a maximum value of 199 g/t Au. A total of 103 samples returned values over 0.3 g/t Au, including 66 that assayed better than one g/t Au. The assay results from an additional 214 samples from the current systematic surface sampling program between the Lynx and Chubby gold zones are still pending.

Inaugural drilling program at Williams Brook gold project

The core-oriented maiden drill campaign was completed on Aug. 20, 2021. It consisted of 18 holes for a total of 2,360 metres that tested a 200-metre segment of the 700-metre-long O'Neil gold trend (OGT). The assay results for the first six holes were released mid-September and all six holes intersected significant gold mineralization, including the discovery hole WB21-02 that cut 5.55 g/t Au over 50.15 metres from surface, including 9.88 g/t Au over 8.60 metres and 46.94 g/t Au over 3.85 metres. The assays are pending for the remaining 12 drill holes.

Marcel Robillard, president and chief executive officer, stated: "Once again, our Williams Brook gold project rewards us with tremendous gold results from our grab sampling program. We proved that the assays from surface grab samples can be duplicated by the drilling results. The first six holes released are representative of the mineralization outlined at surface and we are extremely confident that the next drill campaign will be a success."

Puma's technical team continues to better define and extend the gold zones on surface by prospecting, trenching, stripping and intense sampling in preparation for the next drilling campaign scheduled for later in 2021. Also, a ground IP (induced polarization) geophysical test survey is in progress over the OGT to see if the high-grade gold zones have a specific geophysical signature.

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 and drilling 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 where previous operator drilled in 2008 54.2 g/t Au over 2.8 metres and one g/t Au over 23 metres.

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 rhyolite varies from five to 250 metres, with an average apparent thickness of 150 metres.

Discovery hole WB21-02 intersected 5.55 g/t Au over 50.15 metres from surface. The mineralized and altered zone drilled includes two main high-grade intercepts of 9.88 g/t Au over 8.60 metres and 46.94 g/t Au over 3.85 metres. All six of the first holes intersected significant high-grade gold quartz veins and quartz networks within the altered and mineralized rhyolite.

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

• O'Neil gold zone -- 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 -- 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 -- 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, 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 strategy (development, exploration, acquisition and royalties) in order to generate maximum value for shareholders with low share dilution.

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