Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold on Its Williams Brook Gold Property

RIMOUSKI, Quebec, Dec. 08, 2021 – Puma Exploration Inc. (TSXV: PUMA) (the “Company” or “Puma”) is pleased to report that it has discovered a series of thick quartz veins that contain visible gold (“VG”) between the Chubby and Moose Gold zones of its Williams Brook Gold property in New Brunswick, Atlantic-Canada.

The discoveries were made during the Company’s ongoing stripping program that targets the favourable rhyolite/sediment contact along the O’Neil Gold Trend (OGT) and is designed to confirm continuous gold mineralization at surface over the trend’s 700-meters strike length (Figure 1).

Rejean Gosselin, geologist and Chairman of the Board, noted: “We are excited about this discovery at the Chubby-Moose gold area (Figure 2). The mineralization of these near-surface, highly altered and large thick quartz veins is similar to what we observed at O’Neil, Lynx, and Pepitos.

This discovery further supports the potential for a large gold deposit that could extend over a strike length of 700 meters at Williams Brook. Building on the success of our inaugural drilling program in other areas of the property, we will test this new target in early 2022 to show that the gold mineralization observed here at surface also extends at depth.”

RECENT EXPLORATION HIGHLIGHTS

• Discovery of a pervasive network of altered and thick quartz veins;
  
• Discovery of three (3) additional areas with visible gold, over 25 meters, in quartz vein;
  
• Discovery of several N340 structures in the rhyolite that could represent important conduits to the formation of the quartz veins and associated high-grade gold mineralization;
  
• The entire OGT belt is heavily oxidized and mineralized;
  
• Over 750 samples sent for assays (results pending);
  
• Compilation of a robust geological model in collaboration with Terrane Geosciences and Mira Geoscience underway;
  
• Launch of a 10,000-meters drilling campaign in January 2022.

ONGOING EXPLORATION PROGRAM

Puma’s ongoing surface exploration and stripping program, launched in June 2021, is focused on testing and extending the O’Neil Gold Trend at its Williams Brook property. Building on the Company’s success, the aggressive mechanized stripping program continues to uncover prospective areas for high-grade gold mineralization along the OGT. The entire 300-meters strike length contact between the Lynx Zone up to the Moose Zone was stripped at a width varying between 25 to 100 meters (Figure 3). The pervasive altered rock package that hosts networks of quartz veins with high-grade gold mineralization seen at O’Neil, Lynx, and Pepitos is also present here. This significant discovery shows that gold mineralization extends over 700 meters along strike from the O’Neil area all the way to the Lynx area and that a large gold deposit is possible at Williams Brook.

With surface gold mineralization extending at depth, as shown by Puma’s inaugural drilling program, the technical team is aggressively sampling the uncovered quartz veins to identify potential high-grade gold targets and improve the outcomes of its upcoming drilling program (Figure 4). Over 750 samples have been collected to date, with assays pending. Mapping and analysis of structural data are also underway to further optimize the upcoming drilling program. Terrane Geosciences mapped the favourable rhyolite/sediment contact in the area, and the structural features and the quartz veins orientation are currently being analyzed to improve targeting. As long as field conditions allow, Puma will continue to advance its surface stripping and sampling work aggressively.

QUALIFIED PERSON

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.

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. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share- dilution.

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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 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.