RIMOUSKI, Quebec, Nov. 11, 2021 (GLOBE NEWSWIRE) – Puma Exploration Inc., PUMA-TSXV, (the “Company” or “Puma”) is pleased to announce the results of the last six (6) holes drilled in the inaugural drilling program for its Williams Brook gold project located in New Brunswick, a new emerging gold district in Atlantic Canada.

These six (6) holes were drilled to verify the continuity of gold mineralization along the strike towards the O’Neil gold zone (holes WB21-13 and WB21-18) and towards the Chubby gold zone (holes WB-14 to WB21-17). These results clearly show that the mineralized gold envelope is open in both directions. The mineralized zone is particularly well recognized towards the Chubby gold zone where hole WB21-16 intersected from surface a large mineralized and altered zone of 78.75 meters grading 0.82 g / t Au including a premium core of 5.11 g / t Au over 8.35 meters (see Figure 1 and Table 1).

Marcel Robillard, President and CEO of Puma Exploration said: “With the complete results in hand from the 2,360 meters of the first core-oriented drilling campaign that tested the O’Neil Gold Trend, we now better understand the various parameters. of this new gold discovery (see Figure 2). We are very excited and Puma will continue to build on the success of its systematic and disciplined exploration by discovering new systems of gold-bearing quartz veins along the sediment-rhyolite contact. We have found surface gold over 350 meters deep to date, and it’s not over yet!

Table 1. Significant drill results for WB21-13 to WB21-18 *

* The lengths given in meters are bottom core lengths and not actual widths. The actual widths will be calculated once new drilling has confirmed the geometry of the quartz-sulfide system.

SUMMARY OF THE INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK

• The holes intersected continuous ubiquitous weathering and mineralization from the surface:
  • WB21-01 contains 1.30 g / t Au over 25.6 m including 5.50 g / t Au over 6.4 m
  • Classes WB21-02 5.50 g / t Au over 50.5 m including 46.94 g / t Au over 3.9 m
  • WB21-03 contains 0.55 g / t Au over 37.6m including 7.81 g / t Au over 2.2m
  • WB21-05 contains 1.00 g / t Au over 26.4m including 12.64 g / t Au over 2.0m
  • Classes WB21-06 1.16 g / t Au over 48.7 m including 16.92 g / t Au over 2.9 m
  • WB21-07 contains 0.46 g / t Au over 25.6m including 5.40 g / t Au over 0.9m
  • WB21-08 contains 0.46 g / t Au over 25.5 m including 8.96 g / t Au over 1.1 m
  • Notes WB21-09 1.07 g / t Au over 36.0m including 15.52 g / t Au over 1.7m
  • WB21-10 contains 1.07 g / t Au over 14.4 m including 4.17 g / t Au over 2.0 m
  • Classes WB21-12 1.00 g / t Au over 40.6m including 6.93 g / t Au over 3.8m
  • WB21-13 grade 0.30 g / t Au over 49.4 m including 7.53 g / t Au over 0.6 m
  • WB21-14 grade 0.70 g / t Au over 28.4m including 16.7 g / t Au over 1.1m
  • Classes WB21-16 0.82 g / t Au over 78.8m including 5.11 g / t Au over 8.4m
  • WB21-17 grade 0.35 g / t Au over 110.5 m including 4.85 g / t Au over 4.7 m

• Very high-grade samples taken at depth are representative of samples taken at the surface:
  • WB21-02 contains 69.9 g / t Au over 1.0 m at 46.5 m downhole
  • WB21-03 contains 23.1 g / t Au over 0.65 m at 56.85 m downhole
  • WB21-06 contains 72.1 g / t Au over 0.30 m to 47.6 m downhole
  • WB21-14 grade 89.1 g / t Au over 0.20 m at 33.6 m at depth
  • WB21-16 contains 48.1 g / t Au over 0.60 m at 80.0 m downstream of the hole
  • WB21-17 grade 30.1 g / t Au over 0.60 m at 107.0 m downstream of the hole

• Significant gold mineralization extends in the deeper holes:
  • WB21-04 grade 2.84 g / t Au over 1.0 m to 140.5 m
  • WB21-07 grade 3.42 g / t Au over 0.35 m to 149.65 m
  • WB21-16 title 25.3 g / t Au over 0.35 m to 88.0 m
  • WB21-17 grade 30.1 g / t Au over 0.6 m to 107.0 m

• Significant high-grade gold mineralization observed in rhyolite is now recognized in the sediments, thus increasing the potential size of the favorable corridor. These drill intersections are listed here: 48.2 g / t Au over 0.4 m, 22.2 g / t Au over 0.7 m, 20.0 g / t Au over 0.5 m, 19.9 g / t Au over 0.5 m and 18.8 g / t Au over 0.5 m.

Table 2. Technical information on published drill holes

CURRENT WORK PROGRAM AT THE WILLIAMS BROOK GOLD PROJECT

Puma’s technical team continues to better define and expand surface gold zones through prospecting, trenching, stripping and intense sampling for the next drilling campaign. Additional grab sample results are pending, including the discovery of quartz veins with visible gold between the Chubby and Moose gold zones (see Figure 3).

TREND O’NEIL GOLD (OGT)

The O’Neil Gold Trend (OGT) is a ubiquitous altered and brecciated rhyolite unit containing significant gold showings and occurrences followed by trenches and drilling over a length of 700 meters. The geophysical signature of the OGT is expressed over 7km. The favorable unit (rhyolite) is similar and parallel to the structures hosting the “Williams 1” and “Williams 2” gold zones where the previous operator drilled in 2008, 54.2 g / t Au over 2.8 meters and 1 g / t Au over 23 meters.

These gold trends are interpreted to be related to a major rifting in New Brunswick geological events and could represent a low sulphidation epithermal gold system. Along the OGT, the width of the rhyolite varies from 5 to 250 meters with an average apparent thickness of 150 meters.

The first core drilling campaign was completed on August 20, 2021. It consisted of 18 holes for a total of 2360 meters that tested a 200-meter segment of the 700-meter O’Neil Gold Trend (OGT) long. Assay results for the first twelve (12) holes are published and all holes intersected significant gold mineralization, including discovery hole WB21-02 which intersected 5.55 g / t Au over 50.15 meters from the surface, including 9.88 g / t Au over 8.60 meters and 46.94 g / t Au over 3.85 meters.

QUALIFIED PERSONS

Dominique Gagné, PGeo, independent qualified person as defined by the standards of the Canadian National Instrument 43-101, has reviewed and approved the geological information reported in this press release. Neither the 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.

QUALITY ASSURANCE / QUALITY CONTROL (QA / CQ)

Rock samples were bagged, sealed and sent to ALS CHEMEX’s facility in Moncton, New Brunswick, where each sample is dried, crushed and pulped. Samples were 70% crushed to less than 2mm, rifle split to 1kg, more than 85% pulverized passing 75 microns (Prep-31B). A 30 gram subpart of the resulting pulp was then subjected to fire assay (Au-ICP21). Other screen sizes available. Duplicate dosage of 50 g on an undersized screen. Determination of the entire oversized fraction.

ABOUT PUMA EXPLORATION

Puma Exploration is a Canada-based mining exploration company with early and advanced stage precious and base metals projects located in the famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. Great efforts will be made by the Company in the years to come to deploy its DEAR (Development, Exploration, Acquisition and Royalties) in order to generate maximum shareholder value with low share dilution.

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Learn more by visiting www.explorationpuma.com for more information on Puma.

Marcel Robillard, president, (418) 750-8510; president@explorationpuma.com

Forward-Looking Statements: This press release may contain forward-looking statements. These 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 materially from actual future results and achievements expressed or implied by these. forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made, except as required by law. Puma assumes 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.

Figure 1: Alteration and mineralization intersected in hole WB21-16is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55dae76a-65d8-424d-a749-d242c3eec585

Figure 2: Mineralized and weathered zone defined by the 2021 inaugural drilling program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b091f786-1b16-42c7-a64a-c27a0a093b57

Figure 3: Current stripping between the Chubby and Moose gold zones is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b7aa9a9-9ed9-44e0-9f89-0a85b3fc1418