Mr. Marcel Robillard reports

PUMA EXPLORATION DISCOVERS NEW VISIBLE GOLD-BEARING ZONE AT WILLIAMS BROOK GOLD PROPERTY

Puma Exploration Inc.'s continuing surface trenching and stripping programs have uncovered a new 100-metre-long high-density quartz veining zone with visible gold (VG) at its Williams Brook gold project located in New Brunswick, an emerging new gold district of Atlantic Canada.

A large zone of quartz veins and veinlets has been found by the continuous program of trenching and stripping along the O'Neil gold trend (OGT). The new zone is located 150 metres northeast of Lynx. It can be followed for more than 100 metres, so far, on surface, between the Chubby and Moose gold zones. Visible gold has been identified in a quartz/iron oxide vein.

This new occurrence of numerous gold-bearing quartz veins coincides with a sudden change in the direction of the rhyolite/sediment contact, as predicted by the company's structural model. As other similar flexures of the lithological contact are expected, trenching and stripping will continue moving northeast along the OGT with two excavators, two trucks and one bulldozer as long as the weather permits.

Marcel Robillard, president and chief executive officer, stated: "The discovery of this new significant high-density quartz veining zone containing visible gold confirms that the exploration model of our technical team works perfectly. Actual stripping is widening this new gold-bearing quartz zone in preparation for intense sampling. The size, the abundance of quartz, the alteration and the visible gold makes this new occurrence a premium drill target."

These gold-bearing quartz veins networks are consistent along the favourable contact sediment/rhyolite and recent sampling results (see press release dated Oct. 14, 2021) 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 and beyond.

O'Neil gold trend (OGT)

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. The favourable unit (rhyolite) is similar and parallel to the structures hosting the Williams 1 and Williams 2 gold zones, where, in 2008, the previous operator drilled grades of 54.2 grams per tonne gold over 2.8 metres and one gram per tonne gold 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 metres 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 O'Neil gold trend. The assay results for the 12 first holes are released and all holes intersected significant gold mineralization, including the discovery hole WB21-02, which cut 5.55 grams per tonne gold over 50.15 metres from surface, including 9.88 grams per tonne gold over 8.60 metres and 46.94 grams per tonne gold 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 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.

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

Qualified person

Dominique Gagne, PGeo, independent qualified person as defined by National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news 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 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 metal and base metal 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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