Gold

Puma Exploration Inc. is pleased to announce that, further to the closing of its brokered C$5M private placement announced on December 17, 2021, it has closed a non-brokered private placement of hard dollar units for total gross proceeds of C$922,200. As part of the Offering, the Company issued 2,305,500 Units at the price of C$0.40 per Unit, with each Unit comprising one common share and one-half common share ...

Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF), (the "Company" or "Puma") is pleased to announce that, further to the closing of its brokered C$5M private placement announced on December 17, 2021, it has closed a non-brokered private placement ("the Offering") of hard dollar units (the "Units") for total gross proceeds of C$922,200. As part of the Offering, the Company issued 2,305,500 Units at the price of C$0.40 per Unit, with each Unit comprising one common share and one-half common share purchase warrant. Each warrant entitles the holder to acquire one common share of the Company at C$0.65 per share until December 30, 2023.

Two (2) Insiders of the Company acquired a total of 70,500 Units in the Offering (the "Insider Participation"), which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such Insider Participation.

In consideration of their services, Finders received a cash commission of $17,570 and were issued 26,425 non-transferable compensation warrants. Each compensation warrant is exercisable into one common share of the Company for $0.40 for 24 months from the date of closing of the Offering.

The net proceeds from this Offering will be used for general working capital purposes. The Offering is subject to regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV"). All securities issued and issuable in the Offering are subject to a hold period of four months and one day from closing.

Following the holiday break, Puma's technical team will be back on site in early January to finalize preparations for its fully-funded 10,000-metres drilling program on the Williams Brook property. The Company's proposed 2022 exploration strategy and program are outlined in its December 21, 2021 news release.

ABOUT Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in early to advanced stages located in 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.

Connect with us on Facebook / Twitter / LinkedIn
Visit www.explorationpuma.com for more information or contact:

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

Mia Boiridy ,
Head of Investor Relations and Corporate Development, (250)575-3305;
mboiridy@explorationpuma.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve several 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.


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Puma Exploration

Puma Exploration


Overview

As mineral exploration companies across Canada seek new mining locations, one location stands out every year as a top contender. New Brunswick is a province rich in natural resources with mining-friendly policies, substantial infrastructure, a comprehensive regulatory regime and a competitive tax regime. Each year, New Brunswick ranks among the top places in the world for mineral exploration in the Fraser Institute’s Annual Survey of Mining Companies.

New Brunswick is home to the Bathurst Mining Camp (BMC) which is one of the most prolific mining camps for base metals in Canada. The BMC hosts 46 mineral deposits of which 25 comprise reserves of 1 million tonnes or more. The BMC also hosted the Brunswick #12 mine, one of the largest underground zinc mines in the world. As a result, companies with mineral projects in New Brunswick’s Bathurst Mining Camp will likely be of particular interest to investors seeking upside potential.

Puma Exploration Inc. (TSXV:PUMA,OTC:PUXPF) is a Canadian mineral exploration company focused on developing a portfolio of high-grade precious metals projects, in an up and coming gold Camp, located near the prolific Bathurst Mining Camp in New Brunswick, Canada. The company is led by a highly experienced management team with decades of experience in mining exploration and development. In 2014, the company received the Prospector of the Year award from The New Brunswick Prospectors and Developers Association.

Puma Exploration New Emerging Gold Camp
Puma Exploration

Puma Exploration’s controls more than 30,000 ha of land, made up of three highly-prospective properties, approximately 60 kilometres west of the Bathurst Mining Camp. The Company’s exploration program is currently focused on its flagship Williams Brook Gold Project.

William Brook Property

“We have found the best hole ever, it’s a dream come true,” said CEO of Puma Exploration Marcel Robillard.

In September 2021, the company announced impressive initial drill results of 5.55 gpt of gold over 50.15 metres from the surface of its 20,000-hectare Williams Brook Gold property. The notable property is a major discovery for Puma Exploration and is fully controlled by the company. In October 2021, the company announced high-grade gold assays recovered from its 2021 field exploration surface sampling program on its Williams Brook Gold property. The results include 199 g/t Au, 192 g/t Au, and 170.5 g/t Au. The company also drilled 1.00 g/t Au over 40.6 metres extending the gold mineralized zone into the sediments.

The company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low shares dilution and follows robust ESG initiatives that ensure a sustainable approach to all its activities.

The company launched its fully-funded $5M 2022 exploration program in January 2022. It is currently awaiting assay results from more than 700 grab samples from its 2021 surface sampling program at the Williams Brook property. This, compiled with geophysics, structural and geological data will inform the company’s upcoming drilling targets to maximize success.

Company Highlights

  • Excellent Access - paved road, airport, rail and seaport
  • Aggressive 2022 Exploration Program - >10,000 metres of drilling
  • Underexplored Gold Land Package - > 30,000 ha
  • Strong Financial Position - $6M cash in treasury
  • Major Gold Discovery in 2021- 5.55 g/t Au over 50.15 m
  • Mining Infrastructure Nearby - famous Bathurst Mining Camp
  • Blue Sky Drill-Ready Targets - kilometre-long gold trends

Key Projects

Williams Brook

The Williams Brook property is located on the western edge of the Bathurst Mining Camp. It covers more than 20,000 ha of prime exploration land and benefits from excellent access, water, electricity and the availability of an experienced workforce.

Exploration work to date has identified at least four (4) different kilometre-long gold trends on the Williams Brook Gold Project. Puma is currently focused on the newly discovered O'Neil Gold Trend, a pervasive altered and brecciated rhyolite unit. The rhyolite is in contact with sediments and is characterized by quartz veins and veinlets, stockworks and breccias. Visible gold is present, and grab samples have returned high-grade gold up to 241 g/t Au.

The first-ever drilling campaign on the O'Neil Gold Trend was completed in August 2021. The 2,360 metres drilling program was devised to intersect the down-dip projection of the high-grade gold veins exposed at surface. It was also designed to help better understand the spatial geometry of the mineralized envelope. The oriented NQ drilling was planned with the support of Terrane Geoscience Inc. after a detailed structural analysis.

The drilling returned exceptional results with an intersection of 50.15 metres grading 5.55 g/t Au in WB21-02. The holes were characterized by pervasive sericite and iron alteration over large sections. The presence of abundant quartz veins and veinlets with disseminated sulphides and oxides was also observed. Often, visible gold ("VG") was present.

Williams Brook

An induced polarization (IP) geophysical survey and an aggressive grab sampling program have yielded excellent results. A follow-up 10,000-metres drilling campaign is underway in 2022.

Williams Brook

Jonpol and Portage

Puma's contiguous Jonpol and Portage properties are located approximately 10 kilometres east of Williams Brook and are underlain by the same geology. They cover an area of approximately 6,000 ha. Several gold occurrences grading up to 17.1 g/t Au are reported on both properties. While the Company is currently focused on advancing exploration on its flagship Williams Brook property, work on Jonpol and Portage will resume in the future.

Management Team 

Marcel Robillard, P.Geo. - President & Chief Executive Officer, Director

Mr. Robillard became President and CEO of Puma in 2010. He is currently a Director of PEZM Gold Inc. (PEZM-H) and reviewing potential strategic acquisition opportunities in the green energy sector. From 1998 to 2007, Marcel held the position of Project Geologist and Project Manager at Géominex, a geology and exploration consulting Company, before taking on the role of President from 2007 to 2015. Marcel has a B.Sc. in Geology and an M.Sc. in Earth Sciences from the Université du Québec à Montreal, Canada.

Ginette Gosselin Brisson - Chief Financial Officer

Mrs. Brisson is a Chartered Professional Accountant (CPA) with more than 40 years of experience working with and auditing public companies listed on the TSX-V. Ginette joined Puma in 2014. She was previously Chief Financial Officer of Appalaches Resources, Inc. and an auditor at Mallette LLP. Ginette is a graduate of the University of Quebec at Rimouski (UQAR), Canada.

Dr. Laura Araneda - Director

Dr. Araneda has been President of Vic Progressive Drilling for over 20 years, starting as a clerk in 1987. Laura is very active in her home province of New Brunswick. She guides and mentors education, business, and mining organizations and possesses an enviable professional network of contacts in Atlantic Canada and across the country. Laura graduated from the University of New Brunswick with a Bachelor of Business Administration, completed an Entrepreneurial Leadership Program and was awarded a Doctorate in 2014. She's been named Canada's 100 Top Female Entrepreneur for four consecutive years.

Michel Fontaine - Director

Mr. Fontaine is a private investor, entrepreneur, and independent board member with over two decades of experience working in the mining sector. Michel worked at Merrill Lynch and BMO Nesbitt Burns as a financial advisor before founding Windfall Geotek (TSXV: WIN), a public software firm, in 2005. Windfall Geotek leverages artificial intelligence (AI) and machine learning to optimize and significantly improve exploration, development, operations, and financing outcomes in the mining sector. Michel was previously a director of Metanor, Majescor, Everton and AEMQ.

Réjean Gosselin - Director & Executive Chairman Of The Board

Mr. Gosselin has worked in the mining sector for over 42 years serving as CEO and Director for various Canadian junior mining companies. In 1980, he co-founded with Jean Descarreaux Claude Resources that Silver Standard acquired for $450M in 2016. Réjean was President & CEO of Diabras Exploration (now Sierra Metals) that reopened the Bolivar Zn-Cu mine and the Cusi Silver mine in Chihuahua, Mexico and discovered a Cu-Au-Fe skarn-hosted deposit adjacent to the Bolivar mine. The three mines are still in operation today. In 2007, Réjean formed Maya Gold & Silver and served as its President and CEO before becoming Chairman of the Board until 2017. Now Aya Gold & Silver, Maya is a 1-Billion market cap company with projects in Morocco and Mauritania. He also formed and led Origin Gold Corporation (now O2Gold) with projects in Colombia from 2015 to 2019. Réjean became a Director at Puma in 2020 and was recently appointed Executive Chairman. Réjean holds a Master's Degree in Geology from Laval University, Canada.

Richard Thibault, P.Eng. - Director

Mr. Thibault is a professional engineer with over 42 years of mining experience in engineering, operations, management and consulting in North and South America and Southeast Asia. He is currently the President and Principal at Avot Consulting Inc., a private company that provides mine engineering services to clients in South America. He has worked in Argentina, Australia, Bolivia, Canada, Chile, Colombia, Ecuador, Malaysia, Mexico, Panama, Peru, the United States and Venezuela. Richard was previously the Vice-President and Director of Mines at Muzo Columbia; the Chief Operating Officer, Mining at Malaysia Smelting Company Bhd., Senior General Manager of its subsidiary Rahman Hydraulic Tin Sdn. Bhd.; and Chief Executive Officer and Director of Antioquia Gold Inc. He currently serves as a director of Argentex Mining Corporation (TSX-V: ATX) and the private companies XACT Contracting Services Ltd. and The AVOT Group. He holds a B.Sc. in Mining Engineering from Queen's University, Canada.

Puma Exploration Launches Its 2022 Exploration Program and Announces up to 51.70 G/T Gold in Surface Grab Samples*

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Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or "Puma") is pleased to announce the launch of its 2022 Exploration Program at its Flagship Williams Brook Gold Property located in New Brunswick, Atlantic-Canada. The 2022 program (see December 17, 2021, News Release) includes an initial 10,000 metres diamond drilling program that will target the most prospective areas identified to date of the O'Neil Gold Trend ("OGT").

The drilling program, expected to begin on January 17, will target the most promising gold zones of the OGT discovered in 2021 through surface exploration work (see Figure 1). The inaugural 2,300 metres of drilling at the OGT's Lynx Zone returned 5.50 g/t Au over 50.15 m in hole WB21-02 (see Sept.15, 2021, News Release). Building on that success, the 2022 drilling at the OGT will focus on the currently excavated, mapped, and sampled 750-metres trend to maximize success.

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Figure 1: 2022 Exploration Strategy and Planned Programs is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32ac6395-298a-4ade-a06a-6402ddf3960f

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Figure 1: Heliborne Radiometric Survey in Progress at Williams Brook accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bba7c7a-1639-43e7-86d4-0f4e407f965f

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