Puma Exploration Makes Another Gold Discovery at Williams Brook Gold Project – Grab* Sample Returns 34.70 g/t Gold at Jaguar, The Canadian Business Journal

RIMOUSKI, Quebec, October 20, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (“Company” or “Puma”) is pleased to announce that Grab* samples taken on the new Jaguar I am happy to announce. The Gold Zone (“JGZ”) at his 100% owned Williamsbrook Gold Project in northern New Brunswick 34.70 g/t Au (Figure 1).

High-grade gold mineralization in the Jaguar Gold Zone is found in altered rhyolites associated with extensive pyrite mineralization (Fig. 2).Other grab* samples returned important values ​​like 18.30 g/t Au, 16.85, 16.30 g/t Au, 16.25 g/t Au, and 12.90 g/t Au. Gold mineralization occurs along favorable rhyolite/sediment contacts near major faults and their tributaries.

The JGZ hosts a gold-enriched zone spanning 80 mx 50 m and open in all directions (Fig. 3). Gold mineralization in the JGZ is associated with quartz pyrite veinlets and is likely to be as significant and extensive as that seen in the Lynx Gold Zone. Today’s results indicate that gold mineralization at Williamsbrook may be very extensive, with other gold mineralization areas expected within the 40,000-hectare project.

Figure 1: Grab* sample locations in the Jaguar Gold Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/23428cbe-9eb1-4da2-9d5b-258318dc1d22

Figure 2: Luxury Gold Gloves* sample at Jaguar Gold Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/c584e9c2-aa1a-4709-8cb2-a66b761b0cb0

jaguar gold zone
The Jaguar Gold Zone, located approximately 5 km northeast of the Lynx Gold Zone (“LGZ”), was briefly surveyed in 2008 by a previous operator. At the time, soil anomalies and ditch digging confirmed surface gold mineralization. Subsequent drilling returned 2.10 g/t Au over 9.00 m within the low grade envelope of 0.52 g/t Au over 55.00 m in hole WB-08-03. No additional work was done until Puma stepped in in 2020.

Puma dug in and stripped the JGZ this summer to follow up on its 2008 results (see Figure 3). Puma has successfully applied the discovery model developed for the Links Gold Zone to this new property area. This systematic approach led to the discovery of another gold in the Jaguar Gold Zone with a much higher gold grade than previously reported.

207 samples were collected at JGZ this summer with an average grade of 1.67 g/t Au. 59 samples were analyzed above 1.00 g/t Au (28.5%) and 35 samples were analyzed between 0.10 g/t Au and 1.00 g/t Au (16.9%). An additional 100 samples were recently collected and sent to the laboratory. Results will be announced as soon as they are received.

The work completed at JGZ (see Image 1) is part of Puma’s ongoing strategy to build a potential gold camp at the Williams Brook Gold Project. Prioritize development of the Lynx Gold Zone.

Figure 3: Gold mineralization in the Jaguar Gold Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e347a71-2e11-469d-9bc2-5d2e42bea0c2

Image 1: Stripping and trenching in progress at the Jaguar Gold Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/fdc6f2f6-9fb6-441b-8381-56e874f72d01

Table 1: Grab* samples above 5.00 g/t Au from Jaguar Gold Zone

sample	Eastern UTM Nad83z19	North UTM Nad83z19	petrology	Gold (g/t)
E904964	661457	5264404	rhyolite	34.70
G236501	661428	5264384	rhyolite	18.30
E904959	661429	5264396	rhyolite	16.85
E904985	661462	5264407	rhyolite	16.30
E904966	661458	5264402	rhyolite	16.25
E904339	661430	5264391	rhyolite	12.90
G235684	661429	5264396	rhyolite	11.40
E904034	661459	5264395	rhyolite	9.05
E904902	661463	5264398	rhyolite	8.55
E904986	661462	5264405	rhyolite	8.11
G235686	661457	5264404	rhyolite	7.99
G235682	661461	5264398	rhyolite	7.94
E904969	661454	5264398	rhyolite	7.86
E904008	661465	5264416	rhyolite	7.17
E904029	661449	5264392	rhyolite	6.70
E904923	661439	5264389	rhyolite	6.38
E904961	661463	5264408	rhyolite	6.25
E904033	661461	5264398	rhyolite	6.22
E904967	661457	5264402	rhyolite	5.83
E904976	661441	5264395	rhyolite	5.78
E904994	661460	5264401	rhyolite	5.44
E904014	661460	5264421	rhyolite	5.32

*Please note that grab samples are selective in nature and may not be representative of the true metal content of mineralized zones.

About the Williams Brooke Gold Project

The Williams Brook project consists of six claim blocks covering more than 46,000 hectares in established mining-friendly jurisdictions, close to paved roads and with excellent nearby infrastructure (Figure 4). . This land package is located near the Rocky Brook Millstream Fault (“RBMF”). The RBMF is a major regional structure that formed during the Appalachian orogeny and critically controls gold deposition in this region.

The Lynx Gold Zone (“LGZ”) is PUMA’s main focus area. Discovered by high-grade surface samples in 2020, then recognized at depth by intersecting hole WB21-02 in 2021 5.55 g/t Au at 50.15 m From a surface containing two fine gold veins 9.88 g/t Au at 8.60 m When 46.94 g/t Au at 3.85 mA follow-up 10,000 m (113 holes) drilling program identified several new high-grade deposits at Lynx. 51.73 g/t gold at 1.85 m (WB 22-66), 34.93 g/t gold over 3.00 m (WB22-23), and 22.38 g/t Au at 3.20 m In (WB22-36), we identified three gold enrichment zones along the 750 m strike length removed to date.

The LGZ is interpreted as a mineralized felsic dome within a large Au system. High-grade gold mineralization is characterized by finely dispersed gold in quartz (veins, veinlets, stockworks, breccias) at the interface of rhyolite and sediments. This contact allows the transfer of gold-bearing fluids and is characterized by highly silicified iron carbonate and severe sericite alteration.

A large orogenic/hydrothermal gold system exists at Williams Brook. Surface exploration work has identified several additional gold targets in line with other gold trend extensions for OGT and large land packages, including the recently discovered Cougar and Jaguar Gold Zones.

Figure 4: Williams Brooke Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/34a8a5b6-e647-464b-ad87-162b3a9694a8

qualified person

Dominique Gagné PGeo, a Qualified Person as defined in the Canadian National Instrumentation Standard 43-101 Standard, has reviewed and approved the geological information reported in this news release.

Onsite quality assurance/quality control (“QA/QC”) measures
Grab samples were bagged, sealed, and sent to the ALS CHEMEX facility in Moncton, New Brunswick, where each sample was dried, ground, and pulped prior to fire analysis (Au-ICP21). . The remaining rough rejects of the sample are saved for further work or verification as required. As part of our QA/QC program, we insert external gold standards (from low grade to high grade) and blanks for each batch of surface samples. All samples containing >10 g/t gold or abundant visible gold are analyzed with gravity finishing (Au-GRA22). Check assays are routinely performed on samples containing visible gold to confirm the gold content of mineralized zones.

About the Puma Exploration

Puma Exploration is a Canadian-based mineral exploration company with precious metals projects near the famous Bathurst Mining Camp (“BMC”) in New Brunswick, Canada. We are committed to a DEAR strategy (Development, Exploration, Acquisition, Loyalty) to deliver maximum shareholder value with minimal equity dilution.

Connect with us on Facebook / Twitter / LinkedIn
For more information, please visit www.explorationpuma.com or contact us at:

Marcel RobillardPresident and CEO, (418) 750-8510; [email protected]

Mia BoylidayHead of IR and Corporate Development, (250) 575-3305; [email protected]

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

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 that may cause Puma’s actual results, performance or achievements to differ. Actual future results and achievements expressed or implied by forward-looking statements may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, 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 our quarterly and annual reports and documents filed with the Securities and Exchange Administration.

CBJ Newsmaker