Puma Exploration Extends High-Grade Lion Gold Zone to 550 Metres Strike Length

RIMOUSKI, Québec, Dec. 04, 2024 -- Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or "Puma") is pleased to announce that its summer exploration program at the Williams Brook Project (Figure 1) has successfully confirmed and extended the Lion Gold Zone ("LiGZ") to a 550-metres strike length with the sampling of 35.40 g/t gold, 26.00 g/t gold, 12.85 g/t gold, 8.97 g/t gold, 8.91 g/t gold, 6.35 g/t gold and 5.18 g/t gold* in newly trenched quartz veins.

Figure 1. Williams Brook Project main gold zones

*The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

"These results highlight that the Lion Gold Zone has the potential to become another significant gold zone at Williams Brook. So far, sampling here has produced similar, if not better, results than what Lynx produced at the same preliminary stage back in 2020. With a newly defined and impressive 550 m strike length and exciting gold grades, we are eager to continue advancing exploration at Lion to see what this area can hold," notes Marcel Robillard, President and CEO of Puma Exploration.

LION GOLD ZONE ("LiGZ")

Three hundred ten (311) samples from eleven trenches totalling more than 1,200 metres were collected at the LiGZ this past summer to follow up on high-grade samples discovered previously. Almost all samples showed anomalous gold content, with several returning more than 5 g/t gold (Figure 2).

Figure 2. High-grade gold samples collected at the Lion Gold Zone ("LiGZ")

*The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

This high-grade Lion Gold Zone is located along strike, 10 km NE of the Cougar Gold Zone along a major regional structure, the McCormack Brook Fault, a splay of the main Rocky Brook Millstream Fault ("RBMF"), a major control for gold mineralization in the region.

The LiGZ is part of a mineralized structure parallel to the Lynx Gold Zone to the SW and shares the same geological characteristics. Gold mineralization is found in brecciated quartz veins heavily altered by sericite and limonite and closely associated with altered mafic intrusive/dike at the contact between sediments and thick rhyolite units.

PANTHERA GOLD ZONE ("PGZ")

The 2024 summer exploration program also detailed the Panthera Gold Zone ("PGZ"). Twenty-three (23) trenches totalling 1,256 metres were excavated to verify priority targets identified by existing showings, soil anomalies and geophysical data. The PGZ is 12 km from the Lynx Gold Zone along the same NE striking mineralized structure (Figure 1).

A total of 192 samples were collected with assay results from 1.00 g/t to 10.00 g/t gold confirming the potential of this zone. Notable highlights include 7.13 g/t gold, 5.05 g/t gold, 4.04 g/t gold, 1.82 g/t gold, 1.80 g/t gold, 1.61 g/t gold, 1.46 g/t gold, 1.35 g/t gold, 1.32 g/t gold, 1.30 g/t gold, 1.19 g/t gold, 1.03 g/t gold*. The mineralization is characterized by quartz veins altered with sericite and limonite in a rhyolite unit containing small pyrite cubes.

Ongoing Exploration Work at Williams Brook

Under the recently announced Option Agreement with Kinross Gold (see Oct. 24, 2024 News Release), surface exploration work has already been launched and is ongoing at the Williams Brook, Portage and Jonpol properties. This includes an aerial drone magnetic survey and additional trenches to be completed as the weather permits. Details of a 2025 work program will be announced once defined by the joint technical teams.

Qualified Person

Dominique Gagné, P.Geo, operator of Geominex, a company that provides consulting services to Puma and a qualified person as defined by National Instrument 43-101-Standards of Disclosure for Mineral Projects, has reviewed and approved this release's technical information.

On-Site Quality Assurance/Quality Control ("QA/QC") Measures

Drill core and surface samples are bagged, sealed and sent to ALS CHEMEX in Moncton, New Brunswick, where each sample is 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 every 20 samples in addition to standards, blanks, and duplicates. 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's Assets in New Brunswick

Puma has accumulated an impressive portfolio of prospective gold landholdings strategically located close to roads and infrastructure in Northern New Brunswick - the Williams Brook Project and the new Mckenzie Gold Project. Both are 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. Puma's work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties have confirmed their potential for significant gold mineralization.

About Puma Exploration

Puma Exploration is a Canadian mineral exploration company with a successful history in Northern New Brunswick, having worked on regional projects for over 20 years. We focus on finding and growing a pipeline of precious metals projects in New Brunswick, near Canada's Famous Bathurst Mining Camp. Our successful exploration methodology, which combines old prospecting methods with detailed trenching and up-to-date technology such as Artificial Intelligence, has been instrumental in facilitating an understanding of the region's geology and associated mineralized systems. Armed with geophysical surveys, geochemical data and consultants' expertise, Puma has developed a perfect low-cost exploration tool to discover gold at shallow depths and maximize drilling results.

The Company is committed to its DEAR business model of Discovery, 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) accepts 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 that 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. The quarterly and annual reports and the documents submitted to the securities administration describe these risks and uncertainties.

Figures accompanying this announcement are available at:

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