Puma Exploration Launches Expanded Metallurgical Study Following 99.7% Gold Recovery From Preliminary Tests

RIMOUSKI, Quebec, Nov. 15, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to announce that it has launched a significant metallurgical study at its Williams Brook Gold Project following exceptional results from a preliminary metallurgical test conducted this past summer. Mineral processing recovered up to 99.7% gold from samples drilled in 2021 at the Lynx Gold Zone (“LGZ”).

The larger-scale testing is designed to increase the representativity of the initial results and enhance the gold recovery at the Lynx Gold Zone. The expanded test will be instrumental in optimising Puma’s ongoing development at the LGZ and will provide valuable data as the Company prepares for a bulk sample.

HIGHLIGHTS OF THE PRELIMINARY STUDY:

• Gold recovery ranged from 98.7% to 99.7%;
• Simple gravity, using only a bench scale Knelson concentrator, recovered 92% gold;
• The head grade of low-grade material was calculated at 1.49 g/t Au vs 0.46 g/t Au (measured), indicating that a “nugget effect” is at play;
• Recovery required little cyanide – only 0.19 kg/t to 1.98 kg/t for optimal recovery;
• LGZ samples contain negligible arsenic and sulfur.

Puma contracted Research & Productivity Council (“RPC”) from Fredericton, New Brunswick, an accredited laboratory, to conduct a preliminary recovery program on pulps and rejects from selected high-grade and low-grade drill core samples collected during its 2021 drilling campaign at the Lynx Gold Zone. Nearly 3,000 samples were processed, including 11 kg of high-grade quartz-rhyolite pulp samples, 9.5 kg and 6.5 kg of low-grade quartz-rhyolite pulp samples and low-grade quartz-rhyolite reject samples.

A centrifugal gravity concentration test was conducted on the homogenised low-grade reject samples. At a grind size of 100% passing 1.0 mm, a concentrate grading 35.0 g/t Au was produced in 3.9% of the mass to give a recovery of 92% Au. Also, the test head grade was calculated at 1.49 g/t Au whereas the material measured 0.46 g/t Au, indicating that the material is subject to the nugget effect.

A standard cyanidation extraction was also completed to maximise gold recovery. The high-grade rejects, low-grade pulps and low-grade rejects underwent bottle roll cyanidation. Gold recoveries were 99.7%, 98.7% and 99.2%, respectively. The full report will be available on Puma’s website.

CURRENT EXPANDED METALLURGICAL PROGRAM

Drilling has confirmed that the Lynx Gold Zone hosts a significant gold system. Puma’s expanded metallurgical program is designed to better define the quality of gold mineralisation at the Lynx Gold Zone, identify opportunities and potential challenges and further optimise recovery. The study will also provide Puma with a flowsheet (recipe) for processing a future bulk sample.

For this advanced study, the following material from the Lynx Gold Zone will be processed:

• Samples from eight (8) new HQ holes drilled this fall;
• Grab, chip and channel samples collected from 12 significant gold-bearing quartz veins uncovered during this fall’s stripping operation.

HQ drill holes
Eight (8) HQ holes, for a total of 102 m, were drilled on three (3) main quartz veins (Figure1). Half of the core was sent to RPC for the recovery tests, and the other half was split and sent to the ALS Chemex lab for gold assaying. The core sent to RPC will be blended to make one (1) representative sample for each hole. The holes vary in length from 6 metres to 18 metres (see Table 1).

Figure 1. Location of the eight (8) HQ holes drilled at the LGZ

Table 1. Coordinates of HQ holes

Hole	UTM Nad83 Z19 EAST	UTM Nad83 Z19 NORTH	AZM (N)	Dip (-)	Length (m)
WB22-114	660263	5259312	360	90	6
WB22-115	660270	5259304	360	90	6
WB22-116	660274	5259305	350	80	9
WB22-117	660278	5259305	350	80	18
WB22-118	660280	5259306	360	90	18
WB22-119	660267	5259314	360	90	9
WB22-120	660271	5259348	360	90	18
WB22-121	660279	5259348	360	90	18

Surface sampling of quartz veins

To get a better representation of the mineralisation at the Lynx Gold Zone for the advanced recovery tests, Puma also sampled material from quartz veins uncovered at surface by this summer’s stripping operation. Grab, chip and channel samples were collected from 12 large quartz veins (see Picture 1 and Figure 2) representing a strike length of over 600 metres at the Lynx Gold Zone. Samples from each vein were blended to represent that vein and sent to RPC. A total of twelve 45-gallon drums (one for each vein), totalling about 300 kg (600 lbs) each, were sent for testing.

Assay results are expected in 45-60 days, with the advanced metallurgical tests completed in 90-120 days. Results will be announced when received.

Picture 1. Typical quartz vein sampled at the LGZ

Figure 2. Location of the 12 significant quartz veins sampled at the LGZ

ABOUT THE WILLIAMS BROOK GOLD PROJECT AND THE LYNX GOLD ZONE

The Williams Brook Gold Project is comprised of 6 claim blocks covering more than 46,000 ha in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure in place (Figure 3).

FIGURE 3: The Williams Brook Gold Project

The Lynx Gold Zone is interpreted to be a mineralised felsic dome within a large epithermal/orogenic gold system part of the Appalachian Orogeny. The high-grade gold mineralisation is characterised by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) affected by pervasive supergene alteration. The stratigraphy of the dome is well-defined and typical: fine laminated turbidite-type sedimentary unit, rhyolite breccia with sedimentary fragments, massive rhyolite unit and sedimentary and volcano-clastic units. The contact between the sediment and the rhyolite allowed for the movement of gold-bearing fluids and is characterised by highly silicified iron oxide carbonates and intense sericite alteration. The Lynx Gold Zone was discovered in 2020 by high-grade surface samples and later recognised at depth in 2021 by hole WB21-02 that intersected 5.55 g/t Au over 50.15 m from surface, including two high-grade gold veins with 9.88 g/t Au over 8.60 m and 46.94 g/t Au over 3.85 m.

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

ABOUT PUMA EXPLORATION
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near 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

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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.