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Thursday, 03/30/2023 9:38:54 AM

Thursday, March 30, 2023 9:38:54 AM

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$PUMXF $PUMA.V Puma Exploration Reports Assay Results From Fall 2022 HQ Drilling and Confirms Non-Acid Generating Rock at the Lynx Gold Zone

RIMOUSKI, Quebec, March 30, 2023 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the “Company” or “Puma”) is pleased to report up to 12.03 g/t gold over 1.50 m in short (only 6 to 18 m depth) HQ holes drilled last fall at the Lynx Gold Zone (“LGZ”). The holes were drilled as part of an expanded metallurgical test announced on November 15, 2022. Static Acid Base Accounting and Total Sulphur testing also determined that the rock is non-acid-generating.

“These preliminary results from our expanded metallurgical test are very positive. Our gold-bearing quartz veins contain almost no sulphide or arsenic. Bulk sampling and potential mining would therefore be non-acid-generating. These results are significant as they enable us to further de-risk a potential mining operation at the Lynx Gold Zone,” notes Marcel Robillard, President and CEO of Puma Exploration.

The expanded metallurgical test was conducted to better define the gold mineralization found at surface (within the first 10 metres) at the Lynx Gold Zone, identify opportunities and potential challenges for gold recovery and help design the flowsheet (recipe) for processing the upcoming bulk sample. Test work on 300 kg of material collected on each of the 12 main quartz veins (3,300 kg total) at the LGZ is pending and will be released in the coming weeks.

Eight (8) HQ holes, for a total of 102 m, were drilled on three (3) main quartz veins. Drilling targeted both high- and low-grade veins (see Figure 1). Since the veins are known to dip, the holes were collared vertically to hit both the quartz veins at surface and the rhyolite underneath. Sampling of the quartz veins and the host rock was undertaken to corroborate the gold results of grab samples collected during surface exploration, verify their acid-generating potential, identify any negative implications of an open pit operation and provide valuable information for planning the upcoming bulk sample.

Consistent with results to date, the gold grades of the outcropping quartz veins assayed in the drill core reflect the gold grades from grab samples collected at surface as shown in holes WB22-114 with 25.20 g/t Au over 0.45 m, WB22-118 with 19.65 g/t Au over 0.90 m and WB22-117 with 7.99 over 0.90 m (see Figure 2). Of note and as anticipated, gold mineralization was continuous from surface with assays returning 3.05 g/t Au over 6.00 m (WB22-114), 1.23 g/t over 10.00 m (WB22-117), and 2.52 g/t Au over 10.00 m (WB22-118) (see Table 1).