Puma Exploration Launches its 2023 Drilling Campaign at Williams Brook

RIMOUSKI, Quebec, July 06, 2023 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to report that it has launched Phase 1 (2,000 m) of its 2023 drilling program, and the drill is currently turning at its 100%-owned Williams Brook Gold Project in Northern New Brunswick, Atlantic Canada.

The fully-funded and permitted 2023 program (minimum of 6,000 m) is focused on the Lynx Gold Zone (“LGZ”) and is designed with three (3) primary objectives:

1. Extend the continuity of the LGZ at depth and along strike;
2. Validate and refine the existing geological model;
3. Corroborate our current geophysical pathfinder tool.

Figure 1. 2023 drill mobilization at the Lynx Gold Zone

President and CEO of Puma, Marcel Robillard, commented, “We’ve been diligently studying the lithology and structural geology at the Lynx Gold Zone to understand what controls gold mineralization to minimize drilling expenditure and maximize success. The 2023 drill program will mainly test the extension at depth of the high-grade gold shoots identified by our previous drilling campaigns. It will also verify a series of targets generated by our ongoing data compilation and analysis that were never drilled before. Recent surface gold discoveries, including the new quartz vein grading 288 g/t Au, will also be tested at shallow depth. We’re excited to see the drill turning again at the Lynx Gold Zone. We anticipate our 2023 drilling program will significantly increase the Williams Brook gold inventory and add value for our shareholders.“

2023 Drilling Program – Phase 1

An initial fifteen (15) holes for approximately 2,000 m will be drilled to expand beyond 100 m depth, the high-grade gold shoots identified in 2022 that are oriented NNE and plunging 25-30° (see Figure 2 and Table 1); test the high-grade gold veins discovered recently and their NW orientation; and gather geological and structural data to help refine our 3D modelling. Drilling will target:

• The bonanza grade gold veins that returned 2.77 g/t Au over 42.8 m with 13.49 g/t Au over 7.15 m in hole WB22-66;
• The stacked quartz veins in discovery hole WB-21-02 that graded 5.55 g/t Au over 50.15 m near-surface;
• The recently discovered NW-dipping quartz vein that returned 288.00 g/t Au, 35.20 g/t Au and 2.78 g/t Au (see June 21, 2023 News release) and other bonanza-grade veins that sampled 371 g/t Au, 121.5 g/t Au and 106.5 g/t Au that were previously drilled, but may have been missed in the 2022 drilling campaign.

Figure 2. Interpreted high-grade gold shoots to be tested at the Lynx Gold Zone

Table 1. High-grade gold intercepts targeted for follow-up in the 2023 drilling program

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)
WB21-01	4.00	6.10	2.10	12.71
WB21-02	0.00	50.15	50.15	5.55
incl.	7.20	10.20	3.00	8.33
and	13.70	15.80	2.10	28.52
and	45.60	49.45	3.85	46.94
WB21-06	46.80	49.70	2.90	16.92
WB21-16	80.00	88.35	8.35	5.11
WB22-25	1.40	11.70	10.30	10.72
WB22-26	21.25	26.50	5.25	5.13
WB22-36	3.80	18.00	14.20	5.83
WB22-57	2.70	15.00	12.30	4.30
WB22-66	31.40	67.55	36.15	3.25
incl.	30.60	35.00	4.40	5.01
and	66.25	73.40	7.15	13.49
WB22-91	6.55	10.75	4.20	9.84
WB22-96	56.90	60.50	3.60	14.90

The results from this first phase of 2023 drilling at the LGZ will help refine our discovery model and provide valuable information to maximize returns for the planned future phases (minimum 4,000 m) and as we launch our step-out drilling program along the 3 km extension to the NE or even beyond, to the Panthera Gold Zone located along strike 12 km away.

About the Williams Brook Gold Project

Puma’s flagship Williams Brook Gold Project covers an impressive 44,650 ha of prospective gold landholdings in Northern New Brunswick, an established and mining-friendly jurisdiction near paved roads and with excellent infrastructure nearby. The nearby towns of St-Quentin and Bathurst have a history of forestry and mining. The local communities support the industry and host a skilled labour force.

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 only $7M of exploration investment, Puma has made four (4) significant gold discoveries at the Williams Brook property – the Lynx, Cougar, Jaguar and Panthera Gold Zones, with gold mineralization hosted in quartz veins at surface. The Lynx Gold Zone remains the company’s focus. Still, Puma believes that a large orogenic/epithermal gold system is present at Williams Brook and is focused on building a gold camp on the large property package.

Figure 3. 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 Gagné, 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 samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample was 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), blanks and duplicates for every batch of samples. 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 near New Brunswick, Canada’s Famous Bathurst Mining Camp (“BMC”). 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 / Twitter / 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 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.

Photos accompanying this announcement are available at:

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https://www.globenewswire.com/NewsRoom/AttachmentNg/3f895155-9e2b-4edc-b30b-ae2a6bdcc01f
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