Mr. Marcel Robillard reports

PUMA EXPLORATION DRILLED 1.00 G/T AU OVER 40.6 metres AND EXTENDS THE GOLD MINERALISED ZONE INTO THE SEDIMENTS AT WILLIAMS BROOK GOLD PROPERTY

Puma Exploration Inc. has released the results from six additional drill holes completed within the inaugural drilling program at its flagship Williams Brook gold project located in New Brunswick, an emerging new gold district of Atlantic Canada.

These six holes were collared to test the extension into the sediments of the gold-bearing quartz veins intersected within the altered rhyolite by the previously announced six drill holes. These results clearly show that the gold-mineralized envelope extends within the sediments and is not restrained to the altered rhyolite near the lithological contact.

Highlights:

• All six holes intersected continuous pervasive alteration and mineralization:
  • WB21-12 grade one gram per tonne Au over 40.6 m including 6.93 g/t Au over 3.8 m;
  • WB21-09 grade 1.07 g/t Au over 36 m including 15.52 g/t Au over 1.7 m;
  • WB21-10 grade 1.07 g/t Au over 14.4 m including 2.24 g/t Au over six m;
• Gold contained in quartz veins networks intersected at depth duplicates very well the surface grab samples assays;
• Significant gold mineralization observed in the rhyolite is now recognized in the sediments thus increasing the potential size of the favourable corridor;
• High-grade gold veins extending in the sediments such as: 48.2 g/t Au over 0.4 m, 22.2 g/t Au over 0.7 m, 20 g/t Au over 0.5 m, 19.9 g/t Au over 0.5 m and 18.8 g/t Au over 0.5 m.

Marcel Robillard, president and chief executive officer, stated: "We are pleased to confirm that the significant high-grade gold intercepts are not limited to the altered rhyolite but also extend into the sediments. It is in line with our structural model of an N260-oriented high-grade gold-bearing quartz veins network open on both sides and at depth. So far, results are impressive for a first initial 2,300-metre drilling campaign and needless to say that we can't wait to launch the planned 10,000 m soon!"

These gold-bearing quartz vein networks are consistent along the favourable contact sediment/rhyolite and recent sampling results (see PR 2021-10-14) confirmed the presence of other similar systems along strike within the seven-kilometre potential O'Neil gold trend. Stripping and intense sampling will then be extended an additional 300 metres northeast toward the Moose gold zone.

Current work program at Williams Brook gold project

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 later in 2021. Also, a ground induced polarization geophysical test survey is in progress over the O'Neill gold trend to see if the high-grade gold zones have a specific geophysical signature.

O'Neil gold trend

The O'Neil gold trend (OGT) 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 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.

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 OGT. The assay results for the 12 first holes are released and all 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 six drill holes.

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, 23.1 g/t Au;
• Pepitos gold zone: 52.1 g/t Au, 16.1 g/t Au, 15 g/t Au, 13.1 g/t Au, 4.87 g/t Au;
• Lynx gold zone: 241 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au;
• Chubby zone area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au;
• Moose gold zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au.

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

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. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagne 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, N.B., where each sample is dried, crushed and pulped. The samples were crushed to 70 per cent less than two millimetres, riffle split off one kilogram, pulverized split to better than 85 per cent passing 75 microns. A 30-gram subsplit from the resulting pulp was then subjected to a fire assay. 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.

We seek Safe Harbor.