Drilling Confirms 4 km of Favourable Corridor at Lynx Gold Trend

RIMOUSKI, Québec, April 18, 2024 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company" or "Puma") is thrilled to announce that its scout drilling has not only confirmed but significantly extended to the corridor that has been shown to host gold mineralization at its 100%-owned Williams Brook Gold Project in Northern New Brunswick, spanning an impressive 4 km. This significant milestone highlights the project's promising progress.

Thirty (30) short holes (Figure 1) for 2,270 metres were drilled as part of the now-completed 2024 Winter/Spring program. Of these, twenty-two (22) holes were drilled at the centre of the Tiger Gold Zone, an area where stripping last year uncovered four (4) auriferous quartz veins similar to those found at the Lynx Gold Zone (“LGZ”). Early visual inspection confirmed that the Tiger Gold Zone hosts the same geological units as the dominant gold-hosting stratigraphy at the LGZ of felsic sediments and volcanic units at shallow depths (see April 4, 2024, News Release). This significant finding prompted Puma to immediately initiate step-out drilling over an additional 2.5 km along strike to map the extent of this favourable corridor further, thereby highlighting the potential of the Williams Brook Gold Project.

Figure 1. Location of the 2024 Winter Program drilling pads and typical core intersected

Puma’s scout drilling at the Cheetah Gold Zone, a previously unexplored area 3.5 km from the LGZ, has yielded significant findings. This area, which had never been drilled and only received limited surface exploration work, has been confirmed to host the same stratigraphy and structures shown to host gold (Figure 2). In addition, drilling confirmed that quartz veins, discreet quartz injections (stockwork, etc.), and hydrothermal alteration extend to at least 100 metres in depth.

Figure 2. Core from the Cheetah Gold Zone located 3.25 km northeast of the Lynx Gold Zone

This unique discovery confirms that the host geology is continuous along 4 km of the Lynx Gold Trend. Follow-up drilling and an alteration study will be instrumental in determining and understanding the different styles of gold mineralization (high-grade versus disseminated) in our geological model and further enhance Puma’s discovery model as it continues to develop the Williams Brook Gold Project.