Puma Exploration Intersects Multiple Occurrences of Visible Gold at Depth
News Release
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Puma Exploration Intersects Multiple Occurrences
of Visible Gold at Depth
Rimouski, August 23, 2023– Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or
“Puma”) is pleased to announce that it successfully demonstrated that gold mineralization extends beyond
100 m depth at its 100%-owned Williams Brook Gold Project in Northern New Brunswick, Atlantic Canada.
Twenty-four (24) holes for 3,475 m were drilled at the Lynx Gold Zone (“LGZ”) as part of the Phase 1 2023
drilling program. More than 100 specks of visible gold (“VG”) were observed in 37 separate areas (Figures
1 and 2, Table 1 ), with 16 occurrences located between 100 m and 211 m downhole depth. Gold
mineralization appears to be constrained at the favourable rhyolite/sediment contact, and potential
bonanza-grade veins are typically associated with carbonate alteration (dolomite) and sulphides . Assays
from Phase 1 drilling are pending; results will be announced when received.
Puma’s President and CEO Marcel Robillard commented, “We are extremely pleased with this first phase of
our 2023 drilling program and what we see in the core. There’s tremendous validation of our approach and
model when we can hit VG successfully, and multiple instances of it is remarkable. The mineralization,
mineralogy, alteration etc., all indicate that we are dealing with a large hydrothermal system that extends
laterally and at depth . We are confident that we ’ll substantially add to the gold inventory at the Lynx Gold
Zone as we continue to advance our 2023 program and beyond.”
Figure 1. Phase 1 drilling at the Lynx Gold Zone – 3D gold-grade shell
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Table 1. Visible gold occurrences in Phase 1 2023 drilling
This first phase of drilling focused on the Lynx and Moose areas of the LGZ (Figure 2) and was designed to
confirm and extend high-grade gold mineralization at depth and along strike. Its objective was also to target,
along the favourable contact, specific veins previously mapped at surface with different drilling orientations
to better define the veins’ geometry and update our structural model.
DDH # Downhole
Depth (m) Vein type Host rock Associated sulphides
WB23-129 45.4 white qtz rhyolite ga
WB23-129 48.4 white qtz Sed-lim/GS in rhyolite
WB23-132 87.9 white qtz sed-lim ga
WB23-133 32.5 fracture in GS Sed altered-lim
WB23-133 49.2 white qtz rhyolite
WB23-133 50.3 white qtz Sed altered at contact with rhyolite sph
WB23-133 60.7 white qtz Sed altered
WB23-136 37.6 milky white qtz brec with GS fragments rhy-lim/Sed altered-lim
WB23-137 3.0 white qtz sed-lim
WB23-137 26.7 white qtz brec. With rhy fragments rhyolite-lim
WB23-137 33.3 stw QV 1cm Rhy-lim
WB23-137 33.6 stw QV 1cm Rhy-lim
WB23-138 100.4 white qtz rhyolite ga
WB23-138 109.2 white qtz rhyolite ga-cpy-sph
WB23-138 138.7 white qtz rhyolite ga-sph-lim
WB23-138 153.8 white qtz rhyolite ga-sph-lim-ma-cpy
WB23-138 175.9 white qtz rhyolite sph-ga
WB23-139 90.5 white qtz rhyolite cpy-ga-sph
WB23-139 139.9 white qtz rhyolite cpy-ga-sph
WB23-139 149.8 white qtz rhyolite cpy-ga-sph
WB23-139 149.9 white qtz rhyolite cpy-ga-sph
WB23-139 150.0 white qtz rhyolite cpy-ga-sph
WB23-139 150.1 white qtz rhyolite cpy-ga-sph
WB23-139 151.9 white qtz rhyolite cpy-ga-sph
WB23-139 211.2 white qtz rhyolite ga-sph
WB23-140 129.8 white qtz rhyolite ga-cpy-py-sph
WB23-142 60.7 Rusted qtz, stw rhyolite-lim
WB23-142 64.0 white qtz rhyolite-lim/sediment altered ga-cpy-ma
WB23-142 82.0 white qtz rhyolite ga
WB23-142 136.3 white qtz, stw rhyolite ga-cpy-sph
WB23-144 161.7 white qtz rhyolite / sediment altered ga-sph-cpy
WB23-145 80.6 white qtz rusted rhyolite-lim ga-ma
WB23-145 81.8 white qtz rhyolite-lim
WB23-145 81.8 white qtz rhyolite-lim ga-cpy
WB23-145 82.6 white qtz rhyolite-lim ga-cpy-sph
WB23-145 82.7 white qtz rhyolite-lim ga-cpy-sph
WB23-145 174.4 white qtz rhyolite ga
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Drilling successfully confirmed the extension of the mineralization beyond 150 m depth and revealed that
the supergene alteration observed in the core transitions to ‘’fresh sulphides’’ at 100 m vertical depth. Most
of the holes show pervasive sericitization, but visible gold and associated potential bonanza-grade veins
appear to be linked to the presence of carbonate alteration (dolomite) and Py-Cpy-Ga-Sp sulphide
assemblages that occur as disseminated massive sulphides or as semi -massive veinlets within the quartz
veins (Figure 3). Of note, the same sulphides were intersected 255 m downhole (180 m vertical depth) in
hole WB22-145.
Figure 2. Map of the Lynx Gold Zone with 2023 Phase 1 drilling of VG
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Figure 3. Pictures of the mineralized core with VG intersected at the LGZ
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Table 2. Coordinates and depth of drilled holes
2023 Drilling Program
The fully-funded and permitted 2023 program (minimum of 6,000 m) is focused on the Lynx Gold Zone
(“LGZ”) and is designed with three (3) primary objectives:
1- Extend the continuity of the LGZ at depth and along strike;
2- Validate and refine the existing geological model;
3- Corroborate Puma’s current geophysical pathfinder tool.
The planned fifteen (15) holes (approximately 2,000 m) of Phase 1 drilling was expanded to twenty-four (24)
holes and 3,500 m as the Company successfully intercepted the depth extensions of the high-grade shoots
defined by previous drilling programs and intersected at depth and along the newly identified orientation,
the bonanza-grade quartz veins sampled at surface.
Puma will now complete surface exploration work to localise the favourable rhyolite sediment contact along
the strike extension of the Lynx Gold Zone in preparation for the Company’s Phase 2 drilling program.
DDH # Easting * Northing* Azimuth (°) Dip (°) Length (m)
WB23-122 660246 5259235 335 -45 107.0
WB23-123 660256 5259214 335 -65 83.0
WB23-124 660213 5259379 155 -80 122.0
WB23-125 660263 5259293 330 -45 170.0
WB23-126 660242 5259412 155 -65 80.0
WB23-127 660237 5259421 155 -75 134.0
WB23-128 660236 5259382 155 -85 116.0
WB23-129 660263 5259417 155 -65 65.0
WB23-130 660207 5259347 155 -80 113.2
WB23-131 660227 5259340 165 -65 89.0
WB23-132 660303 5259443 230 -45 196.0
WB23-133 660336 5259560 202 -45 107.3
WB23-134 660312 5259564 155 -65 122.0
WB23-135 660335 5259521 335 -55 100.0
WB23-136 660350 5259505 295 -55 92.0
WB23-137 660371 5259519 295 -50 87.0
WB23-138 660362 5259507 260 -45 257.0
WB23-139 660361 5259481 260 -45 230.0
WB23-140 660343 5259458 260 -45 218.0
WB23-141 660343 5259458 330 -45 178.0
WB23-142 660287 5259359 338 -46 236.0
WB23-143 660351 5259599 202 -45 101.0
WB23-144 660388 5259550 260 -46 197.0
WB23-145 660335 5259430 260 -46 275.0
* Projection: UTM Nad83 zone 19 Total: 3475.5
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Upcoming AGM
Puma’s 2023 Annual and Special Meeting of Shareholders will be held on Tuesday, August 29, 2023, at 2 pm
(EDT). Again, this year, the Company will hold the Meeting via a live webcast at TSX Trust Virtual AGM, where
all Shareholders and their proxy holders, regardless of geographic location, will have an equal opportunity
to participate. Shareholders and proxy holders will not be able to attend the Meeting in person. Further
details and instructions about virt ual participation are included in the Meeting materials available on the
Company's website and under Puma's profile on www.sedar.com.
About the Williams Brook Gold Project
Puma's flagship 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. The local communities support the industry and host a skilled labour force. The land
package is 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.
Figure 4. Main gold showings and occurrences at the Williams Brook Gold Project
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Since 2021, and with only $7M of exploration investment, Puma made four (4) significant gold discoveries
at the Williams Brook property - the Lynx, Cougar, Jaguar, and Panthera Gold Zones, with gold
mineralization hosted in quartz veins at surface. The Lynx Gold Zone remains the company’s focus. Still,
Puma believes that a large orogenic/epithermal gold system is present at Williams Brook and is focused
on building a gold camp on the large property package.
Qualified Person
The technical information of this release was reviewed and approved by Dominique Gagn é, PGeo, a
consultant of Puma and a qualified person as defined by the National Instrument 43 -101 - Standards of
Disclosure for Mineral Projects.
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) , blanks and duplicates
for every batch of samples. 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 Exploration
Puma Exploration is a Canadian -based mineral exploration company with precious metals projects near
New Brunswick, Canada's Famous Bathurst Mining Camp ("BMC"). The Company is committed to deploying
its DEAR strategy (Development, Exploration, Acquisition, and Royalties) to generate maximum value for
shareholders with low share dilution.
Connect with us on Facebook / Twitter / LinkedIn.
Visit www.explorationpuma.com for more information or contact:
Marcel Robillard, President and CEO, (418) 750-8510;
Mia Boiridy, Head of Investor Relations and Corporate Development, (250) 575-3305;
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.
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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 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.