Mr. Marcel Robillard reports

PUMA EXPLORATION COMPLETES ITS WINTER DRILLING PROGRAM AND OUTLINES ITS SUMMER FIELD EXPLORATION PROGRAM AT WILLIAMS BROOK

Puma Exploration Inc. has completed its winter/spring drilling program and launched its fully financed 2022 summer field exploration program at its Williams Brook gold project in New Brunswick, Atlantic Canada.

Completion of the 10,000-metre drilling program along the O'Neil gold trend

Puma completed its 10,000-metre drilling program at the O'Neil gold trend (OGT) that was launched at the end of January, 2022. Ninety-seven short holes were drilled for a total of 10,348 metres. Results for the first 43 holes totalling 5,203 metres have been reported to date (see April 28, 2022, and June 8, 2022, news releases). The remaining 54 holes have been logged, and visible gold was identified in five holes. A total of 2,170 core samples have been sent to ALS Chemex for analysis. Assay results will be announced when received. News flow from drill results is expected to continue over the summer.

2022 summer exploration program

The fully financed $2-million summer program is devised to identify new areas of high-grade gold mineralization at surface on Puma's extensive 40,000-hectare land package and prepare for a 2022/2023 drilling program.

Puma continuously refines its exploration model and discovery tools. In 2020, the company discovered the O'Neil gold trend from one initial 50-gram-per-tonne-gold grab sample. Puma then further defined the OGT along a 750-metre strike length. This summer, the company's exploration program will be guided by Mira Geoscience's Mineral Potential Index (MPI) map generated by compiling and analyzing all the data gathered by Puma since 2019. The data set includes results from more than 5,000 metres of trenching, 5,000 grab samples, 7,500 metres of drilling, propertywide heliborne VTEM (versatile time-domain electromagnetic) and radiometric surveys, structural data analysis from Terrane Geoscience, and previous geochemical soil and till surveys.

The MPI map shows that the OGT may extend more than 15 kilometres and that other similar, highly prospective areas are present on Puma's large land package. Work will concentrate on the southwest and northeast extensions of the currently defined OGT, the WB1 and WB2 gold occurrences, and other areas of the Williams Brook property that have not been previously explored.

Following the company's demonstrated success, Puma will employ the same approach to identify potential targets: prospecting, soil sampling, trenching and stripping. This proven discovery method will identify new drilling targets for the fall and winter of 2022/2023. Puma has already begun stripping the WB2 gold trend to extend and confirm the mineralization found by a previous operator. Historical results, from Blue Note Mining's work in 2008, include grab samples grading up to 5.4 grams per tonne gold and drilling intersections of 23 metres of 1.05 grams per tonne gold within a lower-grade envelope of 0.52 gram per tonne gold over 55 metres (WB08-03), 0.67 gram per tonne gold over 41 metres (WB08-04) and 0.21 gram per tonne gold over 64 metres (WB08-05). With only limited exploration work conducted on the WB2 to date, Puma will employ its systematic discovery tool to extend this gold zone.

High potential exploration model

Puma's surface and near-surface drilling results indicate that a large epithermal/orogenic system is possible at Williams Brook. Gold mineralization at the O'Neil gold trend is characterized by significant high-grade gold intercepts within a lower-grade envelope. This gold mineralization is interpreted to be the surface expression of a large and pervasive supergene gold enrichment in a low-sulphidation to mid-sulphidation epithermal quartz sulphide system. The O'Neil gold trend could host one of these multikilometric systems that are highly prospective for gold discoveries.

Qualified person

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

About Puma Exploration Inc.

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

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