Mr. Marcel Robillard reports

PUMA EXPLORATION PROVIDES UPDATE ON CURRENT DRILLING PROGRAM, REPORTS IMPRESSIVE QUARTZ VEINING AND BRECCIA IN CORE

Puma Exploration Inc. has provided an update on its continuing 10,000-metre diamond drilling program at its Williams Brook gold project in New Brunswick, Atlantic Canada. The objective of the 2022 drilling program is to test the O'Neil gold trend (OGT) along its 750-metre strike length and confirm the depth extension of the high-grade gold found by surface exploration.

To date, 11 holes have been drilled for a total of 965 metres. Those holes were collared between 100 and 200 metres northeast of the Lynx gold area, where a wide gold mineralized zone was identified by drilling last summer, including an intersection of 5.55 grams per tonne Au over 50.15 m in hole WB 21-02 (see Sept. 15, 2021, news release).

Highlights of the current drilling program:

• To date, 11 holes have been completed for a total of 965 metres;
• 681 core samples have been sent to the laboratory for gold assaying;
• The holes are located between 100 and 200 metres from the area drilled in 2021;
• All holes intersected over core lengths of 25 to 50 metres, the targeted favourable gold-bearing horizon of quartz veins and quartz stockwork in altered sediment and rhyolite;
• Visible gold was observed in hole WB22-19 in a quartz vein in altered sediment at the contact with the rhyolite;
• Hole WB22-26 intersected the complete lithological sequence from top to bottom; sediment (hangingwall), rhyolite and black shale (footwall);
• Hole WB22-29 intersected a 20-metre-thick continuous quartz vein/breccia system, the thickest intersected thus far at the OGT;
• Preliminary observations suggest that the targeted horizon dips 30 to 40 degrees, which is suitable for a potential open-pit operation.

Upon initial visual inspection, the recently completed drill holes show the same mineralized quartz veins and stockwork, including visible gold, at the contact of the altered and brecciated rhyolite and sediments that was observed and sampled on surface and that was intersected in the company's inaugural 2021 drill program. A total of 681 core samples have been sent to the lab, and results will be released when received.

"We are extremely pleased with how drilling is progressing. The visual is exceptional on preliminary inspection of the core with pervasive mineralization and alteration over significant width and impressive strike length. So far, we've only completed about 10 per cent of our diamond drilling program at the O'Neil gold trend. We have many priority targets still to test, but our work to date indicates that Williams Brook has the potential to become a major gold find in New Brunswick," notes Marcel Robillard, president and chief executive officer.

"The coming months will be exciting for Puma as we are looking forward to assay results from the final batch of surface samples from our fall exploration program and the first core assay results from our ongoing 2022 drilling campaign. Our Williams Brook gold project is poised to elevate Puma from a little-known junior exploration company to a serious player in Atlantic Canada's gold space," mentioned Rejean Gosselin, executive chairman of Puma Exploration.

Qualified person

Dominique Gagne, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

On-site quality assurance/quality control measures

Drill core samples are bagged, sealed and sent to the facility of ALS Chemex in Moncton, N.B., where each sample is crushed and pulped before being fire assayed (Au-ICP21). The remaining coarse reject portions of the samples remain in storage for further work or verification as needed. As part of its QA/QC program, the company inserts external gold standards (low to high grade) and blanks every 20 samples in addition to standards, blanks and duplicates. All samples over 10 g/t gold or with abundant visible gold are analyzed with gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

COVID-19 precautions

Puma has developed and implemented precautions and procedures compliant with Quebec and New Brunswick's health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential of community contact and spreading of the virus.

About Puma Exploration Inc.

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the famous Bathurst mining camp (BMC) in New Brunswick, Canada. The company is committed to its DEAR strategy (development, exploration, acquisition and royalties) to generate maximum value for shareholders with low share dilution.

We seek Safe Harbor.