Puma Exploration commences 2025 exploration program at Williams Brook, New Brunswick

Puma Exploration Inc. [TSXV: PUMA; OTCQB: PUMXF] reported the launch of its 2025 exploration programs in Northern New Brunswick. After weeks of compiling data, delivering assessment reports, and submitting permit applications, Puma is eagerly anticipating its return to the field. The technical team will be mobilized the first week of May once the access roads to the different working areas are dry and safe.

Work in 2025 will focus primarily on the Williams Brook Project, following the signing of Kinross Gold Corp.’s [TSX: K; NYSE: KGC] option agreement last fall. The joint technical committee met in March to finalize the details of this year’s C$2M committed exploration program. Four full-time teams, comprising one geologist and one technician each, will execute the fieldwork across the entire 40,225-hectare land package.

The nine-month program has been strategically designed to include, but is not limited to, 5,000 metres of drilling, more than 95 days of trenching, three drone geophysical magnetic surveys and general mapping and prospecting over the entire land package.

“I am delighted that Kinross supports our exploration methodology. We’ve demonstrated that trenching and stripping programs lead to discoveries, and I am confident that this extensive program will bear fruit as our exploration teams scour the properties. We’re planning to launch a 3,500-metre drilling program at the Lynx Gold Zone in mid-June,” noted Marcel Robillard, President and CEO of Puma.

The company anticipates that forthcoming assay results and real-time field assessments will guide the expansion of drilling activities into additional high-priority areas over this season.

Puma also intends to advance exploration on its McKenzie Gold project in the second half of 2025. Once the current targeting and planning operations are finalized, a more detailed work program will be shared.

Williams Brook Program Highlights: 3,500 metres of drilling at the Lynx Gold Zone (Spring); Three drone magnetic geophysical surveys (Spring); 95 days of trenching and stripping (all summer long); 90 days of mapping and prospecting; and 1,500 metres drilling on the best targets defined during the summer on the property (Fall).

Several areas that were prospected, mapped, trenched and drilled previously will be revisited during the 2025 field program. Trenching and stripping are proven low-cost activities that have successfully discovered new gold zones, extended previously discovered gold zones and provided a better understanding of the gold control system before initiating drilling operations. In 2024, Puma collected more than 1,100 samples, including 388 samples from prospecting and 708 trench samples on various gold occurrences on the large property package that will inform the upcoming field work.

A 3,500-metre drilling program is planned at the Lynx Gold Zone, which will start in mid-June. The Lynx Gold Zone (LGZ), discovered in 2020 by high-grade surface sampling, was confirmed at depth in 2021 with hole WB21-02 that intersected 5.55 g/t gold over 50.15 metres from surface, including two high-grade gold veins with 9.88 g/t gold over 8.60 metres and 46.94 g/t gold over 3.85 metres.

The Cheetah Gold Zone (CHGZ), discovered 4 km along strike from the Lynx Gold Zone, returned 6.69 g/t gold in initial trenching. Puma’s scouting drilling at the CHGZ yielded significant findings, such as anomalous gold grade intercepts in similar stratigraphy and structures as those shown to host gold at Lynx.

In addition, drilling confirmed that quartz veins, discreet quartz injections (stockwork), and hydrothermal alteration extend to at least 100 metres at depth. Further surface exploration work and trenching will be undertaken at the CHGZ to determine if additional drilling is warranted.

The Cougar Gold Zone (CGZ’) is located about 4 km northeast of the Lynx Gold Zone and 1 km southeast of the Jaguar Gold Zone (JGZ). A drilling intercept graded 54.20 g/t gold over 2.8 metres by previous operators in 2008. The CGZ is similar to the Lynx Gold Zone (LGZ), with gold also found in quartz veins near a rhyolite/sediment contact. High-grade gold in quartz veins was discovered in three small areas uncovered by stripping in 2021- 2022. Other grab samples returned 60.10 g/t gold, 25.20 g/t gold, 5.76 g/t gold, and 3.17 g/t gold. Further trenching is planned to uncover new mineralization in 2025.

Eleven trenches for 1,256 metres were completed on the Lion Gold Zone (LIGZ), a 2024 discovery. The LIGZ is closely associated with a major fault, the McCormack Brook Fault. Prospection uncovered altered sediment, a band of rhyolite and a large dike or a few mafic dikes with mineralized quartz veins similar to the mineralization found at the LGZ and TGZ. High-grade quartz veins were traced over a strike length of 550 metres and returned up to 72.0 g/t gold in a sample of quartz, oxidized sulphides and fragments of altered rhyolite. The LIGZ will see most of the trenching and stripping activities of the 2025 program.

The Jonpol and Portage properties host numerous gold occurrences associated with gabbroic intrusions located along a major subsidiary of the Rocky Brook Millstream Fault (RBMF). Historical grab samples collected in trenches reported grades of 17.1 g/t gold, 14.8 g/t gold, 10.6 g/t gold, 6.8 g/t gold, 5.1 g/t gold, and 3.4 g/t gold. Minimal diamond drilling was conducted on the property, which is underlain by sedimentary rocks and mafic intrusives. Historical drilling results included 1.13 g/t gold over 12.0 metres, 1.37 g/t gold over 6.0 metres, 1.37 g/t gold over 1.4 metres, 3.89 g/t gold over 1.0 metre, and 2.78 g/t gold over 1.5 metres.

In 2024, Puma completed five trenches, totalling 586 metres, on the Jonpol Gold Showing to better locate and expand on the previous work from the 1960s to 1980s. Gold mineralization occurs within an altered sediment with veinlets of quartz-carbonate-pyrite. Sampling highlights include 3.59 g/t gold, 0.45 g/t gold, 0.36 g/t gold, 0.35 g/t gold and 0.20 g/t gold. At Simpsons Field NE, mainly mafic and felsic dikes were observed with anomalous gold and a 20-cm hematite vein grading 2.95 g/t gold and 1.53 g/t silver. Five distinct targets will be trenched during the 2025 program. Previous operators have shown some of these to host gold zones, but Puma has never re-examined them.

Under its stock option plan and subject to regulatory acceptance, Puma granted 6,500,000 incentive stock options to certain company directors, advisors, and consultants, vesting immediately. These options will be exercisable at $0.08 per common share and expire on April 23, 2027.

The Williams Brook Project (40,225 ha), optioned to Kinross Gold Corp., comprises the Williams Brook Property, the Jonpol Property and the Portage Property. To earn a 65% interest in the project, Kinross can finance a minimum of $16.75 million in exploration expenditures over the next five years (including a firm commitment of $2 million with at least 5,000 metres of drilling in the first 18 months).

Puma has accumulated strategically located close to roads and infrastructure in Northern New Brunswick, including the Williams Brook Project and the new McKenzie Gold Project. Puma’s work to date has focused on the Williams Brook property, but prospecting and surface exploration work on its other properties have confirmed their potential for significant gold mineralization.