Puma Exploration Defines Drilling Targets for

Lynx Gold Zone Lateral Extension

Rimouski, September 27, 2023 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company”
or “Puma”) is pleased to outline the ongoing progress of its 2023 exploration program at its 100%-owned
Williams Brook Gold Project in Northern New Brunswick, Atlantic Canada. The program has successfully
shown that gold mineralization extends to 150 m vertical depth at the Lynx Gold Zone (“LGZ”) following
Phase 1 drilling (see August 23, 2023, News Release). With assay results pending, the Company is now
focused on demonstrating the continuity of gold mineralization along the 4 km extension of the Lynx Gold
Trend (“LGT”) to increase the total gold inventory of the 44,000-ha land package.

2023 Program Highlights to Date

• An expanded Phase 1 2023 drilling program was completed with 3,475 metres (24 drill holes);
• A new gold showing, the Tiger Gold Zone, was discovered 350 m from the LGZ along the Lynx Gold
  Trend (“LGT”);
• 24 new trenches were dug on the Williams Brook property;
• An inaugural surface exploration program was launched at the Jonpol property;
• Terrane Geosciences flew a detailed aerial drone survey (1.4km x 0.6km);
• The metallurgical study launched last Fall is progressing.
• Tree cutting was initiated along the LGT to facilitate trenching and stripping along its 4 km extension
  in preparation for the upcoming phase 2 drilling program.

Puma’s president and CEO, Marcel Robillard, commented, “Our 2023 exploration program has surpassed
all expectations. As we await results from our Phase 1 drilling at Lynx, we are excited to test the extension
of the Lynx Gold Trend along the 4 km extension we identified last year. In preparation for our drilling
program, we completed additional trenching and sampling to better target drilling and maximize returns.
We are encouraged by the robustness of our discovery model and feel that our methodology will again
produce results.”

The 2023 Exploration Program
Puma is focused on building a gold camp in Northern New Brunswick. Since 2021, the Company made
four (4) significant gold discoveries at the Williams Brook Gold Project – the Lynx (”LGZ”), Jaguar (“JGZ”),
Cougar (“CGZ”) and Panthera (“PGZ”) Gold Zones. The Company’s current focus, the LGZ, has major
expansion potential, as evidenced by the recent drilling campaign and the numerous gold occurrences
identified along its 4 km strike extension.

Surface exploration work this summer, along the Lynx Gold Trend, expanded a gold showing identified last
year: the newly named Tiger Gold Zone (“TGZ”), located 350 m away from the LGZ, has now been traced
over 100 m (Figure 1). Like the LGZ, the gold mineralization at the TGZ occurs in quartz veins, showing
limonite alteration at the contact between the rhyolite and sediment. The Tiger Gold Zone is undergoing
surface exploration work in preparation for an inaugural drilling program later this year (Figure 2).

Figure 1. Location of the Tiger Gold Zone along the Lynx Gold Trend

Figure 2. Drilling target for potential lateral extension

Initial surface sampling results at the Jaguar, Cougar and Panthera Gold Zones reported last year were
impressive (see Oct.20, 2022, Nov. 2, 2022, and Jan.19, 2023, News Releases). Following Puma’s proven
discovery method, the Company launched its next development phase to include an expanded stripping
and trenching program on the gold occurrences discovered in 2022. This program is identifying drilling
targets for the zones’ upcoming inaugural drilling program. Puma believes that the CGZ, JGZ and PGZ
could substantially increase the gold inventory at Williams Brook (Figure 3).
With its objective to build a gold camp at the Williams Brook Gold Project, Puma also used Windfall
Geotek’s (TSX.V: WIN) with their AI System (Artificial intelligence “AI” technology) to identify and prioritize
targets on other areas of the Williams Brook property and the other properties of the project package.
CARDS identified several areas of interest close to the Lynx and Jaguar Gold zones that will be mapped,
prospected and soil sampled to identify prospective areas for future development (see white area outlined
on Figure 3).

Figure 3. Focus areas to increase gold inventory at Williams Brook Gold

Table 1. Highlights of recent sampling at Williams Brook (WB) *

Sample # Property Work Type East X North Y Rock Name Au grade (g/t)
G237029 WB Trench 660343 5259477 Quartz vein 288.00
G237027 WB Trench 660341 5259474 Quartz vein 35.20
G239616 WB Trench 660424 5259545 Quartz vein 26.00
G236936 WB Trench 660238 5259246 Quartz vein 13.20
G236937 WB Trench 660237 5259247 Quartz vein 12.45
G238377 WB Trench 660872 5259928 Quartz vein 4.58
G236939 WB Trench 660235 5259245 Quartz vein 3.98
G236941 WB Trench 660239 5259246 Quartz vein 3.58
G236962 WB Trench 660426 5259553 Quartz vein 3.46
G239606 WB Trench 660426 5259549 Quartz vein 3.13
G237030 WB Trench 660343 5259478 Quartz vein 2.78
G239605 WB Trench 660426 5259551 Quartz vein 2.64
G236990 WB Trench 660393 5259406 Quartz vein 2.53
G239629 WB Trench 660388 5259401 Quartz vein 1.94
G236959 WB Trench 660428 5259552 Quartz vein 1.72
G239787 WB Trench 660465 5259531 Quartz vein 1.72
G236909 WB Trench 660252 5259166 Quartz vein 1.59
G239609 WB Trench 660425 5259548 Quartz vein 1.49
G236935 WB Trench 660237 5259251 Rhyolite 1.37
G236931 WB Trench 660243 5259248 Rhyolite 1.15
G236940 WB Trench 660239 5259245 Quartz vein 1.08

*The reader is cautioned that grab samples are selective by nature and may not represent the true metal
content of the mineralized zone.

Termination of Option Agreement
Puma entered a property agreement to acquire the Brunswick Au-Ag Property (454 claims for 10,554 ha)
near the historic Brunswick 12 mine last winter (see February 16, 2023, News Release). After completing its
due diligence, including data compilation and an initial surface exploration work, the Company has
elected not to pursue further work on the property and terminate the option agreement.

Upcoming Gold Investor Events
Puma invites shareholders and interested parties to schedule a meeting at the upcoming conferences to
discuss the Company’s recent news and proposed developments. Click on the links to register.

• 121 Mining Investment New York
October 23-24, 2023
• Explor 2023, Montreal, QC
Oct 30 – Nov. 2, 2023
Marcel Robillard will present on Nov. 1 at 3:40 p.m. Click here for details.
• EMP New Brunswick, Fredericton, NB
Oct. 29 -31, 2023
Marcel Robillard will present on Oct. 30 at 3:30 p.m.
• 121 Mining Investment London, UK
November 20-21, 2023

About the Williams Brook Gold Project
Puma’s flagship Williams Brook Gold Project comprises six (6) claims blocks covering more than 44,650 ha
in Northern New Brunswick, an established and mining-friendly jurisdiction near paved roads and with
excellent infrastructure nearby. The land package is located near the Rocky Brook Millstream Fault
(“RBMF”), a major regional structure formed during the Appalachian Orogeny and a significant control for
gold deposition in the region.
Since 2021, and with less than $10M of exploration investment, Puma has made multiple gold discoveries
at the Williams Brook property and believes that the property hosts a large orogenic/epithermal gold.
Puma’s ongoing exploration programs are focused on building a gold camp in Northern New Brunswick.

Figure 4. Main gold showings and occurrences at the Williams Brook Gold Project

Qualified Person
The technical information of this release was reviewed and approved by Dominique Gagne, PGeo, a
consultant of Puma and a qualified person as defined by the National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.

On-Site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core and surface samples are bagged, sealed and sent to the facility of ALS CHEMEX in Moncton,
New Brunswick, where each sample is crushed and pulped before being fire-assayed (Au-ICP21). The
remaining coarse reject portions of the samples remain in storage for further work or verification as
needed. As part of its QA/QC program, the Company inserts external gold standards (low to high grade)
and blanks every 20 samples in addition to standards, blanks, and duplicates. All samples over 10 g/t gold
or with abundant visible gold are analyzed with a gravity finish (Au-GRA22). Check assays are routinely
performed for samples with visible gold to ascertain the gold content of the mineralization zone.

About Puma Exploration
Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in New
Brunswick, near Canada’s Famous Bathurst Mining Camp (“BMC”). Puma has a long history in Northern
New Brunswick, having worked on regional projects for over 15 years. As a first mover, the Company
quickly and strategically accumulated an impressive 44,650 ha of prospective gold landholdings in the
area. Puma’s successful exploration methodology combines old prospecting methods with detailed
trenching and up-to-date technology, such as Artificial Intelligence (“AI”), to facilitate an understanding of
the geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and
consultants’ expertise, Puma has developed a perfect low-cost exploration tool to discover gold at shallow
depths and maximize drilling results.

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

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

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

Mia Boiridy, Head of Investor Relations and Corporate Development, (250) 575-3305; [email protected]

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 that 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.

Source: Puma Exploration

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