Puma Exploration Inc. announced that the first drill holes of the 2023 drilling program at the Lynx Gold Zone successfully intercepted the favourable rhyolite/sediment contact at depth with a series of quartz veins with associated sulphide mineralization that typically carries gold. Several specks of visible gold ("VG") were also observed in quartz veins. DRILLING HIGHLIGHTS: The 11 drill holes completed show pervasive alteration and mineralization (py-cpy-ga-sph-mal) that typically carries high-grade gold mineralization; The favourable rhyolite/sediment contact has been intersected at depth and shows continuity; The projected and targeted high-grade gold shoot area shows significant sulphide mineralization, pervasive alteration, and specks of visible gold in two holes (WB23-129 and WB23-132); successfully hit the favourable contact and intercepted several quartz veins with pervasive alteration and sulphides (py-ga-cpy-sp-mal) at about 100 m vertical depth - 50 m deeper than what was drilled previously.

The company know that quartz veins with sulphides near the favourable contact are an excellent indicator of gold mineralization, as evidenced by the presence of visible gold in 2 holes along the interpreted high-grade gold shoot. These preliminary observations indicate that the company's model is sound and confirm that a significant gold deposit is possible at the Williams Brook Gold Project". Puma has completed approximately 20% of its ongoing 2023 drilling program at its 100%-owned Williams Brook Project in Northern New Brunswick, Atlantic Canada.

The fully-funded program includes a minimum of 6,000 m of drilling in separate phases aimed to extend the high-grade gold mineralization at depth and along strike of the Lynx Gold Trend ("LGT") and test other new surface gold discoveries. To date, eleven (11) drill holes for 1,275 m have been completed that successfully intercepted the depth extensions of the high-grade gold shoots defined by previous drilling programs. Assay results are pending and will be announced when received. 2023 Drilling Program - Phase 1 2,500 metres of drilling is planned for Phase 1 of the 2023 drilling program At the Lynx Gold Zone.

This first phase is focused on the Lynx and Moose areas and is designed to confirm and extend high-grade gold mineralization At depth and along strike. Puma's Williams Brook Gold Project covers an impressive 44,650 ha of prospective gold landholdings in Northern New Brunswick, an established and mining-friendly jurisdiction near paved roads and with excellent infrastructure nearby. The nearby towns of St-Quentin and Bathurst have a history of forestry and mining.

Checkassays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.