Puma Exploration Drills Visible Gold in The Inaugural Drilling Program at Williams Brook Gold Property, New Brunswick, Canada

Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to release initial observations from its 2021 inaugural diamond drill campaign at its 100-per-cent-controlled Williams Brook Gold property, located in New Brunswick, Atlantic Canada (see press release 2021-06-30). The program is designed to trace the high-grade gold vein networks exposed at surface at the Lynx Gold Zone (see press release 2021-03-31) to better define any potential high-grade shoot gold system extanding at depth and along strike.

Figure 1: Current Drilling in Progress at Lynx Gold Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7e7e557-22de-4a2f-9b0a-59d1b7b82f29

To date, four (4) holes, totalling 524.5 meters, drilled along within the same section N155 and collared over the high-grade gold mineralization at the LYNX Gold Zone, are completed. Few specks of Visible Gold (VG) were encountered in the first two (2) holes (WB21-01 and WB21-02) that are currently logged and splitted adequately. All holes were collared in a strong altered and brecciated rhyolite and/or altered sediments. Abundant quartz veins and large network of quartz veinlets were also observed showing pervasive sericite alteration with disseminated sulphides (galena, chalocopyrite, pyrite, sphalerite, stibinite and malachite) over more than 50 meters in each hole.

Figure 2: Location of the Drill Section N155 at Lynx Gold Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a30fe58-d731-4229-b892-95c0e0cf8f41

Puma notes that the logging and sampling are currently in progress. There is no certainty that the assays will reflect the current visual observation, but the core pulled out from the ground are similars to the surface stripping observations.

Figure 3: Altered and Brecciated Sediments and Rhyolite in Drillhole WB21-03 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/094c2f73-fa0e-4b60-b062-522d935208ad

Figure 4: Typical Quartz Vein and Brecciated Rhyolite Encountered in the 2021 Drillholes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/845d6004-9043-4f46-8eb7-26eedf578522

REVIEW OF PREVIOUS FIELD REPORTS
Following a detailed review of historical reports to identify the drilling pattern used by the previous operators, the technical team highlighted a diamond drill program done in 2008 by Blue Note Mining. At the time of the release, Blue Note Mining reported an interval of 11.16 g/t Au over 2.8 meters (hole WB08-11).

The initial assay (FA) assay results for a 0.50 meter (24.3-24.8m) interval in this intersection returned a value of 501 g/t Au and was re-assayed at 269 g/t Au. A third assay , using metallic screen returned 24.5 g/t Au. The latest result has been used for the calculation of the weighted average grade of the 2.8 meters intercept at 11.2 g/t Au. If the average of the 3 results was used instead of the lower one, the overall intercept of the hole WB08-11 would has been 54.1 g/t overs 2.8 meters within a broader zone of 23.8 g/t Au over 6.4 meters .

The Hole WB08-11 was drilled at the Williams Brook property about 5km northwest of the O’Neil Gold Trend (OGT). The mineralization occurs in quartz veins within an altered rhyolite with py-ga-sp disseminated mineralisation. Visible Gold was also noted in the hole.

O’NEIL GOLD TREND (OGT)
The O’Neil Gold Trend (OGT) is a pervasive altered and brecciated rhyolite unit hosting significant gold showings and occurences followed by trenching over a strike length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favourable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” Gold Zones with selected drill results of 11.2 g/t over 2.8m, 2.1 g/t Au over 9.0m, and 1.0 g/t over 23m .

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 altered horizon varies from 5 to 250 meters with an average apparent thickness of 150 meters.

Numerous quartz veins, quartz veinlets, stockworks and breccias were observed mostly perpendicular to the major trend and contain the gold mineralization. The OGT has never been drilled and many gold zones were discovered during the summer 2020 exploration campaign.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT)*:

* Selected rock grab samples are selective by nature and may not represent the true grade or style
** VG: Visible Gold

QUALIFIED PERSONS
Dominique Gagné, 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Gagné 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, New Brunswick where each sample is dried, crushed, and pulped. The samples were crushed to 70% less than 2mm, riffle split off 1kg, pulverise split to better than 85% 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 50g assay on screen undersize. Assay of entire oversize fraction.

ABOUT Puma Exploration
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 shares dilution.

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Marcel Robillard, President, (418) 750-8510; president@explorationpuma.com

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.