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News Release -  June 30, 2022 4:35 PM ET    - Editorial Release

Puma Completes Winter Drilling Program and Outlines Summer Field Exploration Program at Williams Brook Gold Project, NB

NEW YORK, NY, June 30, 2022 /Sector Newswire/ -- Puma Exploration Inc. (TSX-V: PUMA) (OTCQB: PUMXF) (Frankfurt: 4P8A) this week announced it has completed its winter-spring drilling program and launched its fully-funded 2022 summer field exploration program at its Williams Brook Gold Project in New Brunswick, Atlantic Canada. Additionally, 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 28, 2022 news release "Puma Exploration Completes Its Winter Drilling Program and Outlines Its Summer Field Exploration Program at Williams Brook".

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 28, 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.

Valuation Commentary: 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. This H1-2022 Puma went about spring-boarding off of last year's discovery drill hole of 5.55 g/t Gold over 50 m, among several other successes. Puma recently completed its winter 2022 10,000 m drill program in an area where quartz veining surface samples have yielded high-grades, primarily targeting the contact between the sediments and the rhyolite; ninety-seven (97) short holes were drilled for a total of 10,348 metres. Results for the first 43 holes totalling 5,203 metres have been reported to date (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" and 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"). The remaining 54 holes have been logged (assays pending), and visible gold was identified in five (5) holes.

Puma's exploration team is now focused on its fully-funded $2M summer program which is devised to identify new areas of high-grade gold mineralization at surface on Puma’s extensive 40,000 ha land package and prepare for a 2022-2023 drilling program (see related June 28, 2022 release that outlines the Summer exploration program).

PUMA.V currently has a nominal market cap of ~C$27M (~106 million shares trading near ~C$0.25 -- 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.

 
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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