Puma Exploration Discovers Several New High-grade Gold Zones at Williams Brook, Including 51.73 G/t Gold Over 1.85 M

Rimouski, Quebec, CANADA


RIMOUSKI, Quebec, June 08, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or "Puma") is pleased to report results from another 24 holes for 2,814 metres of its ongoing 10,000 metres 2022 drilling campaign at its 100%-owned Williams Brook Gold Project in Northern New Brunswick. Several new high-grade veins were intersected at shallow depth (from 0-50 metres), including 51.73 g/t Au over 1.85 metres and 10.70 Au over 2.00 metres in hole WB22-66 and 35.09 g/t Au over 1.45 metres in hole WB22-39. These two (2) new mineralized intersections are located 500 metres apart along the O’Neil Gold Trend (“OGT”) that remains open in all directions (see Figure 1).

HIGHLIGHTS OF REPORTED HIGH-GRADE INTERSECTIONS*:
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)
*Stated lengths in metres are downhole core lengths and not true widths.
True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

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 (see Image 1) 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.

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 (see Figure 1). 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 month. Pending assay results will be announced when received, and news flow is expected to be continuous over the summer.

Figure 1: Location of reported drill holes (current release in pink)

https://www.globenewswire.com/NewsRoom/AttachmentNg/4fd52f45-14f2-49ef-a8fa-ab65dc51563c 

"The results from our 10,000 metres 2022 drilling program provide us with phenomenal new information to build our understanding of this exciting and prolific new Maritimes’ Gold District on the western edge of the Bathurst Mining Camp. " said Marcel Robillard, President and CEO of Puma Exploration.

" We’ve already launched our fully financed summer field exploration program to identify drilling targets for the fall program. Thanks to our loyal and supportive shareholders, we are fully funded, and we will continue to aggressively develop Williams Brook.” added Marcel Robillard.

Image 1: More than 30 specks of VG in hole WB22-66 (51.73 g/t Au over 1.85 m)

https://www.globenewswire.com/NewsRoom/AttachmentNg/7f902a57-b70d-488a-a208-783820b79688

"The ongoing 2022 drilling campaign, designed to confirm at shallow depth the alteration and mineralization found at surface by the aggressive grab sampling program initiated in 2019, has proven to be extremely successful. The OGT is now recognized and partly tested over 750 metres of strike length, and it is still open!” added Réjean Gosselin, Executive Chairman of the Board.

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 and 2). 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. The O’Neil Gold Trend is one of these multi-kilometric systems that are highly prospective for gold discoveries.

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

Hole IDFrom (m)To (m)Length (m)Au (g/t)
WB21-014.006.102.1012.71
WB21-027.2010.203.008.33
WB21-0213.7015.802.1028.52
WB21-0245.6049.453.8546.94
WB21-0355.9058.102.207.81
WB21-0526.0028.002.0012.64
WB21-0646.8049.702.9016.92
WB21-0916.3018.001.7015.52
WB21-1228.6032.403.806.93
WB21-1680.0088.358.355.11
WB21-17107.00111.654.654.85
WB22-252.005.003.0034.93
WB22-2625.5027.101.6014.06
WB22-3514.9017.502.605.83
WB22-363.807.003.2022.28
WB22-3926.5029.002.5011.71
WB22-5712.4013.851.4535.09
WB22-5811.7012.901.2016.85
WB22-6040.0040.600.6021.00
WB22-6632.0034.002.0010.70
WB22-6666.5068.351.8551.73

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

Table 2. Significant assay results from reported holes*

Hole IDFrom (m)To (m)Length (m)Au (g/t)
WB22-3833.0033.400.400.79
WB22-398.3033.0024.701.23
incl.21.7029.007.304.05
incl.26.5029.002.5011.71
WB22-4220.0534.6014.550.14
incl.20.0522.752.700.62
incl.22.5022.750.252.74
WB22-431.8027.0025.200.30
incl.1.802.801.002.26
and19.7024.104.401.10
incl.19.7020.100.408.25
incl.23.3024.100.801.47
and136.20137.201.000.39

Table 2. Significant assay results from reported holes (continued)*

Hole IDFrom (m)To (m)Length (m)Au (g/t)
WB22-4424.6028.854.250.47
incl.24.6026.151.550.98
WB22-4528.1035.657.550.27
incl.28.1028.750.651.91
incl.35.0035.650.650.88
WB22-4611.1029.6018.500.16
incl.23.2024.000.803.43
WB22-48assayspending  
WB22-49assayspending  
WB22-5010.0029.0519.050.11
incl.20.4520.700.252.45
incl.27.8528.250.402.00
WB22-514.0517.5013.450.18
incl.4.054.600.553.73
WB22-528.0015.307.302.13
incl.9.9011.902.003.08
incl.13.8015.301.505.17
WB22-5417.9525.507.551.05
incl.17.9518.650.702.72
incl.21.4025.504.101.46
incl.24.8025.500.705.81
WB22-5530.3540.9510.600.31
incl.30.3531.000.654.89
WB22-5648.3549.000.650.56
WB22-572.7015.0012.304.30
incl.2.703.500.801.97
and9.5513.854.3011.91
incl.12.4013.851.4535.09
and66.4067.401.000.45
and71.5072.300.800.56
WB22-588.0031.0023.001.15
incl.8.0016.008.003.28
incl.10.1012.902.808.57
incl.11.7012.901.2016.85
WB22-5923.9028.254.350.59
incl.27.0028.251.251.26

Table 2. Significant assay results from reported holes (continued)*

WB22-6038.5044.706.202.38
incl.38.5042.504.003.73
incl.40.0040.600.6021.00
WB22-6277.8078.300.500.49
WB22-63assayspending  
WB22-64assayspending  
WB22-65assayspending  
WB22-6630.6035.004.405.01
incl.32.0034.002.0010.70
and66.2573.407.1513.49
incl.66.5068.351.8551.73

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

Table 3: Coordinates of reported drill holes

DDH #Easting UTM Nad83Northing UTM Nad83Elevation (m)Az (°)Dip (°)Length (m)
WB22-38660 3515 259 55338716065137
WB22-39660 3465 259 54038715565128
WB22-40660 3415 259 52738815565152
WB22-41660 3325 259 52238715565137
WB22-42660 3325 259 50138815565146
WB22-43660 3225 259 49738815565140
WB22-44660 3325 259 47938615545118
WB22-45660 3325 259 4793861556592
WB22-46660 3275 259 4663881554579
WB22-47660 3275 259 4663881556597
WB22-50660 3215 259 4523881556565
WB22-51660 3235 259 42538815545116.5
WB22-52660 3235 259 4253881556589
WB22-53660 3235 259 425388654586
WB22-54660 3235 259 425388656565
WB22-55660 3035 259 40539015545104.5
WB22-56660 2945 259 42339015565163
WB22-57660 2945 259 3863901554586
WB22-58660 2945 259 38639015565100
WB22-59660 2855 259 40439015565117
WB22-60660 2135 259 31738911565230
WB22-61660 1905 259 32838811565138
WB22-62660 1925 259 32738815545100
24 Holes     2,814 Metres

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

Drill core samples are bagged, sealed and sent to the facility of 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 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, (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. 


Figure 1: Location of reported drill holes Image 1: More than 30 specks of VG in hole WB22-66