PUMA Exploration Launches Expanded Metallurgical Study Following 99.7% GOLD Recovery from Preliminary Tests
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
NEWS RELEASE
PUMA EXPLORATION LAUNCHES EXPANDED METALLURGICAL STUDY
FOLLOWING 99.7% GOLD RECOVERY FROM PRELIMINARY TESTS
Rimouski, November 15, 2022 – Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the "Company"
or "Puma") is pleased to announce that it has launched a significant metallurgical study at its Williams
Brook Gold Project following exceptional results from a preliminary metallurgical test conducted this
past summer. Mineral processing recovered up to 99.7% gold from samples drilled in 2021 at the Lynx
Gold Zone (“LGZ”).
The larger-scale testing is designed to increase the representativity of the initial results and enhance
the gold recovery at the Lynx Gold Zone. The expanded test will be instrumental in optimising Puma’s
ongoing development at the LGZ and will provide valuable data as the Company prepares for a
bulk sample.
HIGHLIGHTS OF THE PRELIMINARY STUDY:
• Gold recovery ranged from 98.7% to 99.7%;
• Simple gravity, using only a bench scale Knelson concentrator, recovered 92% gold;
• The head grade of low -grade material was calculated at 1.49 g/t Au vs 0.46 g/t Au
(measured), indicating that a “nugget effect” is at play;
• Recovery required little cyanide - only 0.19 kg/t to 1.98 kg/t for optimal recovery;
• LGZ samples contain negligible arsenic and sulfur.
Puma contracted Research & Productivity Council ( “RPC”) from Fredericton, N ew Brunswick, an
accredited laboratory, to conduct a preliminary recovery program on pulp s and reject s from
selected high-grade and low-grade drill core samples collected during its 2021 drilling campaign at
the Lynx Gold Zone. Nearly 3 ,000 samples were processed, including 11 kg of high-grade quartz-
rhyolite pulp samples, 9.5 kg and 6.5 kg of low-grade quartz-rhyolite pulp samples and low -grade
quartz-rhyolite reject samples.
A centrifugal gravity concentration test was conducted on the homogeni sed low-grade reject
samples. At a grind size of 100% passing 1.0 mm, a concentrate grading 35.0 g/t Au was produced in
3.9% of the mass to give a recovery of 92% Au. Also, the test head grade was calculated at 1.49 g/t
Au whereas the material measured 0.46 g/t Au, indicating that the material is subject to the nugget
effect.
A standard cyanidation extraction was also completed to maximise gold recovery. The high-grade
rejects, low-grade pulps and low -grade rejects underwent bottle roll cyanidation . Gold recoveries
were 99.7%, 98.7% and 99.2%, respectively. The full report will be available on Puma’s website.
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
CURRENT EXPANDED METALLURGICAL PROGRAM
Drilling has confirmed that the Lynx Gold Zone hosts a significant gold system. Puma’s expanded
metallurgical program is designed to better define the quality of gold mineralisation at the Lynx Gold
Zone, identify opportunities and potential challenges and further optimise recovery. The study will also
provide Puma with a flowsheet (recipe) for processing a future bulk sample.
For this advanced study, the following material from the Lynx Gold Zone will be processed:
• Samples from eight (8) new HQ holes drilled this fall;
• Grab, chip and channel samples collected from 1 2 significant gold -bearing quartz vein s
uncovered during this fall’s stripping operation.
HQ drill holes
Eight (8) HQ holes, for a total of 102 m , were drilled on three (3) main quartz veins (Figure1). Half of
the core was sent to RPC for the recovery tests, and the other half was split and sent to the ALS
Chemex lab for gold assaying. The core sent to RPC will be blended to make one (1) representative
sample for each hole. The holes vary in length from 6 metres to 18 metres (see Table 1).
Figure 1. Location of the eight (8) HQ holes drilled at the LGZ
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
Table 1. Coordinates of HQ holes
Hole UTM Nad83 Z19 EAST UTM Nad83 Z19 NORTH AZM (N) Dip (-) Length (m)
WB22-114 660263 5259312 360 90 6
WB22-115 660270 5259304 360 90 6
WB22-116 660274 5259305 350 80 9
WB22-117 660278 5259305 350 80 18
WB22-118 660280 5259306 360 90 18
WB22-119 660267 5259314 360 90 9
WB22-120 660271 5259348 360 90 18
WB22-121 660279 5259348 360 90 18
Surface sampling of quartz veins
To get a better representation of the mineralisation at the Lynx Gold Zone for the advanced recovery
tests, Puma also sampled material from quartz veins uncovered at surface by this summer’s stripping
operation. Grab, chip and channel samples were collected from 12 large quartz veins (see Picture 1
and Figure 2) representing a strike length of over 600 met res at the Lynx Gold Zone . Samples from
each vein were blended to represent that vein and sent to RPC. A total of twelve 45 -gallon drums
(one for each vein), totalling about 300 kg (600 lbs) each, were sent for testing.
Assay results are expected in 45-60 days, with the advanced metallurgical tests completed in 90-120
days. Results will be announced when received.
Picture 1. Typical quartz vein sampled at the LGZ
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
Figure 2. Location of the 12 significant quartz veins sampled at the LGZ
ABOUT THE WILLIAMS BROOK GOLD PROJECT AND THE LYNX GOLD ZONE
The Williams Brook Gold Project is comprised of 6 claim blocks covering more than 4 6,000 ha in an
established and mining -friendly jurisdiction, near paved roads and with excellent infrastructure in
place (Figure 3).
PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
FIGURE 3: The Williams Brook Gold Project
The Lynx Gold Zone is interpreted to be a mineralised felsic dome within a large epithermal/orogenic
gold system part of the Appalachian Orogeny. The high -grade gold mineralisation is characterised
by finely disseminated gold in quartz (veins, veinlets, stockworks, breccias) affected by pervasive
supergene a lteration. The stratigraphy of the dome is well -defined and typical: fine laminated
turbidite-type sedimentary unit, rhyolite breccia with sedimentary fragments, massive rhyolite unit and
sedimentary and volcano-clastic units. The contact between the sediment and the rhyolite allowed
for the movement of gold-bearing fluids and is characterised by highly silicified iron oxide carbonates
and intense sericite alteration. The Lynx Gold Zone was discovered in 2020 by high -grade surface
samples and later recogni sed at depth in 2021 by hole WB21-02 that intersected 5.55 g/t Au over
50.15 m from surface, including two high-grade gold veins with 9.88 g/t Au over 8.60 m and 46.94 g/t
Au over 3.85 m.
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.
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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PUMA TSXV
175, rue Legaré | Rimouski (Québec) G5L 3B9 www.explorationpuma.com
Marcel Robillard,
President, (418) 750-8510;
Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305;
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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.