The targeted horizon appears to dip 30 to 40 degrees which is suitable for a potential open-pit operation. As Puma's technical team continues to truth-the-ground along the gold trend, there is growing belief by many watching this story unfold that they are upon multi-million ounce gold potential; e.g. Independent exploration geologist Quinton Hennigh of Crescat Capital has made a comparison of Puma's Williams Brook Gold Project to nearby New Found Gold, emphasizing 1) high-grade, 2) near surface, & 3) oragenic.

Building off last year's 5.55 g/t Gold over 50 m discovery hole and numerous other successes, assay results from the first 19 holes of 2022 drilling are impressive; e.g. 34.93 g/t Gold over 3 m, among others.

Puma Exploration Inc. (TSX-V: PUMA) (US Listing: PUXPF) (Frankfurt: 4P8A) last week provided an update on its 10,000 m drill program – see related April 28, 2022 news release "Puma Exploration Drills a New High-Grade Zone of 34.93 g/t Gold Over 3.00m Within a 16.90m Intercept Grading 6.47 g/t Gold at Williams Brook", providing results on the first 19 holes for 2,389 metres of the ongoing 10,000 metres 2022 drilling campaign. To date, 37 holes have been drilled in this first phase of drilling for a total of approximately 4,300 metres. Assay results are pending for an additional 2,000 metres of core already sent to the laboratory.

Since acquiring the project in March-2020, Puma has quickly gone from virgin/grassroots ground (finding anomalous sampling in the woods) to clearing, trenching and stripping clean to expose large swaths of a 750 m long patchwork of gold laden rhyolitic bedrock (named the O'Neil Gold Trend (OGT)) proximal a contact zone that runs even much longer (many kilometres) within its claim boundaries. Puma commenced a new 10,000 m drill program this January 2022 in an area where quartz veining surface samples have yielded high-grades.

Figure 1. (above) First 2022 drilling results at the OGT -- Image source: April 28/2022 news release. The top section of the above map image shows stars representing the first 19 holes from the 2022 drill program, the bottom section shows intercepts from 2021 (in the Lynx zone). The above map helps to illustrate how the high-grade hits appear to be clustered along the favorable contact.

HIGHLIGHTS from first 19 holes of 2022:

• A new high-grade gold intersection (34,93 g/t Au over 3.0 m within a wider zone assaying 6.47 g/t Au over 16.90 m);

• A 25 metres step-out from hole WB22-25 intersected 22.28 g/t Au over 3.20 m within a wider gold intercept of 3.97 g/t Au over 22.10 m in hole WB22-36;

• Several other high-grade gold samples occur within a large lower-grade envelope : 183 g/t over 0.50 m, 59.60g/t Au over 0.65 m, 30.50 g/t Au over 0.30 m, 23.70 g/t Au over 0.80 m, 16.50 g/t Au over 0.70 m, 14.65 g/t Au over 0.60 m, 9.12 g/t over 0.30 m;

• Gold mineralization appears to be associated with widespread limonitisation (Py) + sericitization, and all holes intersected the favourable OGT mineralized and altered horizon.

Puma’s technical team estimates that the 10,000 meters drilling campaign will be completed in June, after which the 2022 field exploration program will begin over the entire property.

------ ------ ------ ------ ------ ------ ------ ------ ------

President and CEO of PUMA Exploration, Marcel Robillard discusses the advancement of the Williams Brook Gold Project entering May-2022:

[Video running time 31 min. 29 sec.] source youtube https://youtu.be/_FeU10DQ5Qw

Takeaways / notes from the above interview:

  • Puma’s exploration team is currently concentrating efforts on the 750 m area length of the OGT where there is understood to be a high-grade gold vein system right at the contact of the rhyolite & the sediments.
  • The beauty of doing work in New Brunswick is that there is very little overburden, this allows Puma to do stripping and trenching over large areas prior to drilling. This keeps discovery costs low.
  •  Last year Puma discovered spectacular high-grade veins within a lower–grade envelope in Lynx Zone.
  •  The 10,000 m program for 2022 is to apply the drilling over the entire 750 m OGT, and the goal of the program is to highlight some potential higher-grade shoots that will be continuous.
  •  The large-scale geological survey shows the potential for gold runs ~7 kilometres. The strategy is thus to focus on where gold is known now, figure out where the shoots are (which Puma is doing now), and then apply the findings over the entire 7 km.
  •  The 10,000 m drilling on OGT should be completed ~ the end of June, it will take ~2 – 3 months to wait for assays, and during these 2 – 3 months Puma will be stripping and trenching parts of the larger 7 – 10 km to define high-grade drill targets for the Fall, at which time Puma will be looking at 5,000 – 10,000 m (depending on what will be left in the treasury from flow-thru). Puma is fully capitalized to accomplish everything it has planned over the coming months.
  •  The April 28, 2022 news release was the first announcement from the 2022 program; Puma has found good high-grade intercepts over 200 m away from what was drilled in 2021 – so now it’s not just one discovery, it appears continuous, and now the rest of the 750 m will be tested for shoots.
  •  Geologists are working hard on compilation, 3D modeling, and 3D inversion – Puma is also working with experts in modeling and structural geology.
  •  In 2021 the first round of drilling was on an extensional vein, the drilling now in 2022 is at the contact. There are a lot of cross-cuts in the rhyolite. We are still in early days, Puma is still developing its own model. In the current drilling; Puma still does not know what kind of veins it hit in the April 28, 2022 news release, they are all located at the 25 – 75 m alteration zone along the contact. In the fall, after the 10,000 m, and once all inputs, including pathfinder elements have been inputted, Puma will have a much better model/explanation. Right now Puma knows it has gold at the contact, it know the size of the rhyolite in places and the potential rhyolite elsewhere. If Puma goes out to the western side, that contact is at the bottom of the rhyolite; fluids may have come up to the contact and perhaps the shoots are all linked together and there may in-fact be deeper bonanza grades -- Puma will be drilling deeper (300 – 400 m holes) at some time to test this, but the strategy right now (in these early days) is best to gather information closer to surface – holes under 100 m are showing Puma is getting gold at the contact (e.g. 2 m, 4 m, up to 20 m).
  •  Puma is drilling a few deeper (~250 m) stratigraphic holes in the current round for its modelling purposes to test the sediment at top, the rhyolite, then again another layer of sediment at the bottom, also this will give Puma mafic volcanics that will help target potential high-grade source feeder zone(s). From what is known from Puma’s parallel structures WB1 and WB2 (~5 km north of OGT), the 3D models show an anticline with mafic and felsic signatures, OGT may be similar -- this could be a big camp in the making.
  •  Puma has already sent a couple samples off for metallurgical testing; one-low grade envelope sample and one high-grade sample. Puma is mulling over the idea of conducting bulk-samples on different veins from surface.

------ ------ ------ ------ ------ ------ ------ ------ ------

Excitement runs high for continued discovery of significance: In 2021 Puma drilled 2,360 meters (18 holes); discovery hole WB21-02, announced on September 2021, cut 5.55 g/t Au over 50.15 meters from surface, including 9.88 g/t Au over 8.60 meters and 46.94 g/t Au over 3.85 meters. The first drill holes reported show there is solid correlation between surface samples and core, presenting tremendous opportunity for investors looking to be part of a story in its early days. Puma's structural model at O'Neil Gold Trend is that of a ~N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. The continued discovery of high-grade gold veins at surface bodes well for Puma's 2022 prospects at the Williams Brook Gold Property; e.g. see...

● March 22, 2022 Puma Exploration Reports up to 121.50 g/t Gold in Grab Samples* From Last 2021 Surface Exploration Results,

● Jan. 27, 2022 Puma Exploration Reports Up to 371 G/T Gold in Surface Rock Samples*,

● Jan. 12, 2022 Puma Exploration Launches Its 2022 Exploration Program and Announces up to 51.70 G/T Gold in Surface Grab Samples*,

● Dec. 8, 2021 Puma Exploration Discovers Large Quartz Veins at Surface With Visible Gold,

● Nov. 17, 2021 Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au (discovering 9 new gold bearing quartz veins, described as a "swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone"),

● Nov. 4, 2021 New Visible Gold-Bearing Zone,

● Oct. 14, 2021 More High-Grade Gold Veins with up to 199 g/t* Au from Surface Sampling.

The following URLs have been identified for further insight on Puma Exploration Inc.:

Company website

https://www.explorationpuma.com/en/

Company Twitter

https://twitter.com/explorationpuma

Company Facebook

https://www.facebook.com/pages/Puma-Exploration/205712039487571

SEDAR

https://sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00015074

Overview of the opportunity at Puma from Inside Exploration:

https://insidexploration.com/puma/

Recent Mining MarketWatch Journal review

https://miningmarketwatch.net/puma.htm 

##

Content above may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.