Puma Exploration Makes Another Gold Discovery - Trenching Returns 60.10 and 25.20 g/t Au at the Cougar Gold Zone

RIMOUSKI, Nov. 02, 2022 - Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that grab* samples collected at the Cougar Gold Zone ("CGZ") at its 100%-owned Williams Brook Gold Project in Northern New Brunswick, have returned up to 60.10 g/t Au in an initial stripping program (Figure 1).

The Cougar Gold Zone hosts high-grade gold in quartz veins discovered in three (3) small areas recently uncovered by stripping. Other grab samples returned 25.20 g/t Au, 5.76 g/t Au, and 3.17 g/t Au. Similarly, to the Lynx Gold Zone, the gold is found in quartz veins along a rhyolite-sediment contact. This fall's stripping program at the CGZ aimed to test soil anomalies, trenching and one drill intercept of 54.20 g/t Au over 2.8 metres conducted by previous operators in 2008.

FIGURE 1: Highlights of Puma's stripping and trenching at the Cougar Gold Zone
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*The reader is cautioned that grab samples are selective by nature and may not be representative of the true metal content of the mineralized zone.

Marcel Robillard, President and CEO, commented, "Today's results are very exciting. They confirm that another significant high-grade gold zone, similar to the Lynx Gold Zone, 4 km away, is present at Williams Brook. We conducted very little work here over the past 3 years, but the results from this initial small stripping program remind me of our first stripping at Lynx and our subsequent discovery success there."

"We've suspected that gold mineralization at Williams Brook is extensive and that many gold-mineralized zones are likely on the 46,000-ha project. We will continue to apply our successful formula to build the gold inventory here. Puma is well positioned to develop Northern New Brunswick's newest gold camp," added Marcel Robillard.

THE COUGAR GOLD ZONE - A SECOND LYNX GOLD ZONE

The Cougar Gold Zone is located about 4 km northeast of the Lynx Gold Zone and 1 km southeast of the newly discovered Jaguar Gold Zone ("JGZ") (see October 20, 2022, News Release). It bears many similarities to the Lynx Gold Zone ("LGZ"), where Puma made its initial gold discovery in 2020. The gold is also found in quartz veins near a rhyolite/sediment contact.

The CGZ likely represents another major felsic dome at Williams Brook. Gold mineralization occurs in high-grade gold veins within a larger altered/lower-grade envelope, with several grab* samples returning anomalous gold values sometimes exceeding 0.20 g/t Au. So far, the rhyolite has been traced on surface over 2.0 km by 350 metres (Figure 2).

FIGURE 2: Extent of the rhyolite mapped at the Cougar Gold Zone
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The work completed at the CGZ is part of Puma's ongoing strategy to build a gold camp at the Williams Brook Gold Project by testing highly-prospective areas on the large land package while prioritizing the development of the Lynx Gold Zone. Trenching at the CGZ is ongoing and news will be forthcoming.

ABOUT THE WILLIAMS BROOK GOLD PROJECT

The Williams Brook Project is comprised of 6 claim blocks covering more than 46,000 ha in an established and mining-friendly jurisdiction, near paved roads and with excellent infrastructure nearby (Figure 3). 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.

The Lynx Gold Zone is Puma's main area of focus. It was discovered in 2020 by high-grade surface samples and later recognized at depth in 2021 by hole WB21-02 that intersected 5.55 g/t Au over 50.15 m from surface, including two high-grade gold veins with 9.88 g/t Au over 8.60 m and 46.94 g/t Au over 3.85 m. A follow-up 10,000 m (113 holes) drilling program identified several new high-grade veins at Lynx, including 51.73 g/t gold over 1.85 m (WB 22-66), 34.93 g/t gold over 3.00 m (WB22-23), and 22.38 g/t Au over 3.20 m (WB22-36). Three (3) specific gold enrichment zones have been delineated along the 750 m strike length stripped to date.

The LGZ is interpreted to be a mineralized felsic dome within a large gold system. The high-grade gold mineralization is characterized by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) at the contact between rhyolite and sediments. The contact allowed for the movement of gold-bearing fluids and is characterized by highly silicified iron oxide carbonates and intense sericite alteration.

FIGURE 3: The Williams Brook Gold Project
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A large orogenic/epithermal gold system is present at Williams Brook. Surface exploration work has identified several additional gold targets along the extension of the OGT and other gold trends on the large land package, including the recently uncovered Cougar and Jaguar Gold Zones.

QUALIFIED PERSON

Dominique Gagné, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

ON-SITE QUALITY ASSURANCE/QUALITY CONTROL ("QA/QC") MEASURES
Grab samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample was dried, 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 for every batch of surface 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 located near the Famous Bathurst Mining Camp ("BMC") in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share dilution.

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Visit www.explorationpuma.com for more information or contact:

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

Mia Boiridy, Head of Investor Relations and Corporate Development, (250) 575-3305; mboiridy@explorationpuma.com

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 a number of 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.