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News Release -  June 24, 2022 4:34 PM ET    - Editorial Release

Puma Exploration Uplists to OTCQB Under Symbol "PUMXF", Advancing Williams Brook Gold Project, NB

NEW YORK, NY, June 24, 2022 /Sector Newswire/ -- Puma Exploration Inc. (TSX-V: PUMA) (OTCQB: PUMXF) (Frankfurt: 4P8A) this week announced that its common shares began trading on the OTCQB Marketplace under the new symbol "PUMXF" (click here to see related June 22, 2022 news release). Last week Puma Exploration was the subject of an exploration interview with Quinton Hennigh, PhD; see below for the full interview with Puma's President and CEO, Marcel Robillard, the discussion centers around the recent reporting of the second batch of drill holes from its 10,000 m drill program.

Table of contents found below:

1. Interview between Puma CEO and Quinton Hennigh.

2. Copy of the June 8, 2022 news release "Puma Exploration Discovers Several New High-grade Gold Zones at Williams Brook, Including 51.73 G/t Gold Over 1.85 m".

3. Excerpt copy of recent article on Puma Exploration.

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1) President and CEO of PUMA Exploration, Marcel Robillard discusses the advancement of the Williams Brook Gold Project with Quinton Hennigh, PhD

Dr. Hennigh is an exploration geologist that has identified many of the best next generation mining assets on the planet that are still in hands of junior exploration companies today and is an advisor to Crescat Capital LLC, which took a position in PUMA.V in August-2021 after his recommendation.

Both Marcel and Quinton note that the systematic drilling this season at the Williams Brook Gold Project is improving the understanding since the 5.55 g/t Gold over 50 m discovery hole and other successes made last year. Assay results from the first 43 holes of 2022 drilling continue to extend the deposit strike length at shallow depth.
 
Puma has been focusing on advancing a high-grade gold system on the O'Neil Gold Trend (OGT); low-suphidation with the entire system epithermal. One of the most important aspects of this whole gold system is that it occurs at the boundary between the rhyolite and sedimentary rocks, where lots of complicated geological structures have developed -- Quinton notes similarities to nearby New Found Gold which is also both 'high-grade' and 'near surface'. The exercise underway is to sort out the structures and continuity. On the topic of gold distribution, Quinton notes that the gold on Puma’s OGT is evenly distributed with gold grains being small and peppered through the quartz, again similar to New Found Gold. The grades being found in drill core continue to correlate well to high-grade surface sampling.

[June 15, 2022 Video release, running time 34 min. 51 sec.] source youtube: https://youtu.be/3aFL_2qB1Dk

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2) Copy of June 8, 2022 news release:

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3) Excerpt of article on Puma Exploration;

Puma Exploration is the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at https://miningmarketwatch.net/puma.htm online in an article entitled "Building Gold Ounces in New Brunswick -- Puma Exploration 2022 10,000 m Drill Program Continues to Intersect Near-Surface High-Grade".
 

Excerpt copy of recent Mining MarketWatch Journal:

Building Gold Ounces in New Brunswick -- Puma Exploration 2022 10,000 m Drill Program Continues to Intersect Near-Surface High-Grade

• Building off last year's 5.55 g/t Gold over 50 m discovery hole and other successes, assay results from the first 43 holes of 2022 drilling continue to extend the deposit strike length at shallow depth.

Puma Exploration Inc. (TSX-V: PUMA) (OTCQB: PUMXF) (Frankfurt: 4P8A) is a Canadian-based mineral exploration company focused on advancing its Williams Brook Gold Property in New Brunswick, located in the same prolific geological setting as major Atlantic success stories such as Marathon Gold and New Found Gold. Since acquiring the project in March-2020, Puma has quickly gone from virgin/grassroots ground (finding anomalous sampling in the woods) to clearing, trenching and stripping clean to expose large swaths of a 750 m long patchwork of gold laden rhyolitic bedrock (named the O'Neil Gold Trend) proximal a contact zone that runs even much longer (many kilometres) within its claim boundaries. Puma commenced a new 10,000 m drill program this January 2022 in an area where quartz veining surface samples have yielded high-grades.

PUMA.V currently has a nominal market cap of ~C$29M (~106 million shares trading near ~C$0.27 -- Puma is fully financed to accomplish all key objectives for 2022). The share price of PUMA.V is apt to appreciate from the current trading price as continued news flow occurs, and as the significance of what Puma Exploration possesses is better appreciated by the market.

On June 8, 2022 Puma provided an update on its 10,000 m drill program -- see "Puma Exploration Discovers Several New High-grade Gold Zones at Williams Brook, Including 51.73 G/t Gold Over 1.85 m", providing results on the second set of holes from 2022. A total of 43 holes for 5,203 metres in the current 10,000 metres drilling program have been reported to date (including today results). An additional 31 holes are now being logged with 2,127 core samples in prep for analysis. Visible gold was identified in four (4) holes awaiting assaying. Drilling is ongoing, with a total of 8,800 metres completed to date. The Company expects to complete its 10,000 m program as planned this June. Also see April 28, 2022 news "Puma Exploration Drills a New High-Grade Zone of 34.93 g/t Gold Over 3.00m Within a 16.90m Intercept Grading 6.47 g/t Gold at Williams Brook" (providing results on the first 19 holes of 2022), March 22, 2022 "Puma Exploration Reports up to 121.50 g/t Gold in Grab Samples* From Last 2021 Surface Exploration Results", and February 22, 2022 “Puma Exploration Provides Update on Current Drilling Program, Reports Impressive Quartz Veining and Breccia in Core”. – the drill program is progressing very well and excitement runs high as systematic drilling continues toward the O’Neil Gold Zone, located 250 meters southwest of the Lynx Gold zone, targeting the contact between the sediments and the rhyolite.

 
Figure 1a. (above) Drilling results at the OGT -- Image source: June 8, 2022 news release. High-grade hits appear to be clustered along the favorable contact. The targeted horizon appears to dip 30 to 40 degrees which is suitable for a potential open-pit operation. As Puma's technical team continues to truth-the-ground along the gold trend, there is growing belief by many watching this story unfold that they are upon multi-million ounce gold potential; e.g. Independent exploration geologist Quinton Hennigh of Crescat Capital has made a comparison of Puma's Willims Brook Gold Project to nearby New Found Gold, emphasizing 'high-grade' and 'near surface'.
 
HIGHLIGHTS from first 19 holes of 2022 reported April 28, 2022:

• A new high-grade gold intersection (34,93 g/t Au over 3.0 m within a wider zone assaying 6.47 g/t Au over 16.90 m);

• A 25 metres step-out from hole WB22-25 intersected 22.28 g/t Au over 3.20 m within a wider gold intercept of 3.97 g/t Au over 22.10 m in hole WB22-36;

• Several other high-grade gold samples occur within a large lower-grade envelope : 183 g/t over 0.50 m, 59.60g/t Au over 0.65 m, 30.50 g/t Au over 0.30 m, 23.70 g/t Au over 0.80 m, 16.50 g/t Au over 0.70 m, 14.65 g/t Au over 0.60 m, 9.12 g/t over 0.30 m;

• Gold mineralization appears to be associated with widespread limonitisation (Py) + sericitization, and all holes intersected the favourable OGT mineralized and altered horizon.

HIGHLIGHTS from reported high-grade intersections (holes 20 - 43 of 2022 reported June 8, 2022):

• WB22-39: 11.71 g/t Au over 2.50 m (1.23 g/t Au over 24.70 m)

• WB22-57: 35.09 g/t Au over 1.45 m (4.30 g/t Au over 12.30 m)

• WB22-58: 16.85 g/t Au over 1.20 m (1.15 g/t Au over 23.00 m)

• WB22-60: 21.00 g/t Au over 0.60 m (2.38 g/t Au over 6.20 m)

• WB22-66: 51.73 g/t Au over 1.85 m (13.49 g/t Au over 7.15 m)

• WB22-66: 10.70 g/t Au over 2.00 m (5.01 g/t Au over 4.40 m)

Figure 1b. (above) More than 30 specks of VG in hole WB22-66 (51.73 g/t Au over 1.85 m). The high-grade gold discovery in hole WB22-66 is of particular interest. It was drilled in an area (gap) between the Lynx and the Pepitos Gold zones where the thickness of the overburden prevented stripping and trenching before drilling. More than 30 specks of visible gold (“VG’’) were identified in hole WB-22-66 in an area that had not been sampled, indicating that the potential of the OGT, especially in this area, may be even higher than initially anticipated.

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The O’Neil Gold Trend is one of these multi-kilometric systems that are highly prospective for gold discoveries. Since exploration work began at the Williams Brook Gold Project in 2019, more than 95 holes for 11,100 metres have been completed on 750 metres of the OGT. Several holes have returned significant gold intersections (see Table 1 below). These high-grade gold intercepts appear to be the surface expression of a large and pervasive supergene gold enrichment from a low sulphidation epithermal quartz sulphide system.

Table1 (below): Highlights of high-grade gold intersections at the OGT since 2021*
 

*Stated lengths in metres are downhole core lengths and not true widths. True widths will becalculated once more drilling confirms the geometry of the quartz-sulphide system.

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Excitement runs high for continued discovery of significance: In 2021 Puma drilled 2,360 meters (18 holes); discovery hole WB21-02, announced on September 2021, cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The first drill holes reported show there is solid correlation between surface samples and core, presenting tremendous opportunity for investors looking to be part of a story in its early days. Puma's structural model at O'Neil Gold Trend is that of a ~N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. The continued discovery of high-grade gold veins at surface bodes well for Puma's 2022 prospects at the Williams Brook Gold Property; e.g. see...

● March 22, 2022 Puma Exploration Reports up to 121.50 g/t Gold in Grab Samples* From Last 2021 Surface Exploration Results,

● Jan. 27, 2022 Puma Exploration Reports Up to 371 G/T Gold in Surface Rock Samples*,

● Jan. 12, 2022 Puma Exploration Launches Its 2022 Exploration Program and Announces up to 51.70 G/T Gold in Surface Grab Samples*,

● Dec. 8, 2021 Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold,

● Nov. 17, 2021 Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au (discovering 9 new gold bearing quartz veins, described as a "swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone"),

● Nov. 4, 2021 New Visible Gold-Bearing Zone,

● Oct. 14, 2021 More High-Grade Gold Veins with up to 199 g/t* Au from Surface Sampling.

The second round of drill results in 2021 (holes 6 - 12 announced October 21, 2021) extended the gold mineralised zone beyond the rhyolite into the sediments. The third round of drill results (holes 13 - 18 announced November 11, 2021) yielded 5.11 g/t Au over 8.35 Meters within a Broader Zone Grading 0.82 g/t Au over 78.75 Meters. The prevalence of high-grade surface sampling on the O'Neil Gold Trend identified to date, coupled with the results from the first 18 drill holes, outlines what independent outside observers such as Dr. Quinton Hennigh are describing now as "almost the size of an opencast mine at this point". Dr. Hennigh believes Williams Brook is going to prove to be a significant discovery over the course of the next year or two and sees similarities to other highly successful deposits he has encountered in his career that have gone on to be many millions of ounces.

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Figure 1b. (above) -- Lynx Zone Discovery Hole on O'Neil Gold Trend at Williams Brook Gold Project (5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters.); on the right is a trench photo with clean bedrock and the drill positioned, the drill hole path (subsurface) is annotated in yellow. The grab samples on the left correspond to what was found on surface and next to that image is the drill core that was unearthed below -- there is an excellent correlation which bodes well for the exploration model going forward.

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Williams Brook Gold Property, New Brunswick, Canada -- PUMA.V (100% interest to earn)

10,000 m drill program begun January 2022 -- O’NEIL GOLD TREND DRILLING PROGRAM

First Priority target areas of the O’Neil Gold Trend:

Figure 1c. (above) First Priority Targets - source: 2022 Exploration Strategy news release December 21, 2021] The first three (3) priority areas include:

A) The newly discovered quartz veins system with visible gold (VG) located between the Chubby and Moose gold zones (see December 8, 2021, News Release);
 
B) The area west of holes WB21-16 and WB21-17 where grab samples with VG were collected this fall;
 
C) The western extent of hole WB21-02 where 5.50 g/t Au over 50.15 m was intersected; and
 
D) the Petitos-O’Neil gold zones located at the southern end of the OGT

Figure 1.d (above) - 2022 Exploration strategy and planned programs; The 2022 exploration program will strategically target three (3) project areas, each with specific tasks and objectives.
 
Puma also has a PROPERTY-SCALE EXPLORATION PROGRAM plan for Williams Brook:
 

Figure 1.e (above) - Property-scale exploration insight: First Priority target areas over the entire Williams Brook property. Following current interpretation and modelization, the summer 2022 exploration program will include property-scale exploration targeting the most prospective areas identified by the 2021 exploration programs and surveys. Property-scale, VTEM, Mag, and Radiometric surveys over the entire Williams Brook Property in addition to surface exploration and highlighted several prospective areas within the 20,000 hectares land package. During the first quarter of 2022, Puma will generate more advanced exploration targets, including trenching and stripping (see figure 3). To date, three (3) priority areas have been identified: ● the entire 7 km length of the O’Neil Gold trend; ● the Williams 1 and Williams 2 gold trends; and, ● the Ramsay Brook area. The objective of the summer exploration program at the property-scale will be to identify promising targets for an additional fully-funded 5,000 metres drilling program to be launched in the fall.
  
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