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Valuation Commentary: Puma Exploration Inc. (TSX-V: PUMA) (US Listing: PUXPF) (Frankfurt: 4P8A) is a Canadian-based mineral exploration company focused on advancing its Williams Brook Gold Property in New Brunswick, located in the same prolific geological setting as major Atlantic success stories such as Marathon Gold and New Found Gold. 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) 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.

PUMA.V currently has a nominal market cap of ~C$37M (~106 million shares trading near ~C$0.35 -- this figure includes the recent $5M private placement & $922k Private Placement; Puma is fully financed to accomplish all key objectives for 2022). The share price of PUMA.V is apt to appreciate from the current trading price as continued news flow occurs, and as the significance of what Puma Exploration possesses is better appreciated by the market.

On April 28, 2022 Puma provided an update on its 10,000 m drill program -- see "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. (also see March 22, 2022 "Puma Exploration Reports up to 121.50 g/t Gold in Grab Samples* From Last 2021 Surface Exploration Results",  and February 22, 2022 “Puma Exploration Provides Update on Current Drilling Program, Reports Impressive Quartz Veining and Breccia in Core”) – the drill program is progressing very well and excitement runs high as systematic drilling continues toward the O’Neil Gold Zone, located 250 meters southwest of the Lynx Gold zone, targeting the contact between the sediments and the rhyolite.

 
Figure 1a. (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. 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 Willims Brook Gold Project to nearby New Found Gold, emphasizing 1) high-grade, 2) near surface, & 3) oragenic.
 
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.

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

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 knows 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.

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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 second round of drill results in 2021 (holes 6 - 12 announced October 21, 2021) extended the gold mineralised zone beyond the rhyolite into the sediments. The third round of drill results (holes 13 - 18 announced November 11, 2021) yielded 5.11 g/t Au over 8.35 Meters within a Broader Zone Grading 0.82 g/t Au over 78.75 Meters. The prevalence of high-grade surface sampling on the O'Neil Gold Trend identified to date, coupled with the results from the first 18 drill holes, outlines what independent outside observers such as Dr. Quinton Hennigh are describing now as "almost the size of an opencast mine at this point". Dr. Hennigh believes Williams Brook is going to prove to be a significant discovery over the course of the next year or two and sees similarities to other highly successful deposits he has encountered in his career that have gone on to be many millions of ounces.

Figure 1b. (above) -- Lynx Zone Discovery Hole on O'Neil Gold Trend at Williams Brook Gold Project (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.); on the right is a trench photo with clean bedrock and the drill positioned, the drill hole path (subsurface) is annotated in yellow. The grab samples on the left correspond to what was found on surface and next to that image is the drill core that was unearthed below -- there is an excellent correlation which bodes well for the exploration model going forward.

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Aside -- Additionally important time-sensitive note:

Investors in PUMA.V now will be the beneficiary of a dividend spin-off of the company's copper assets; Puma was recently able to acquire some of the most prospective gold exploration ground in New Brunswick due in-part to its unique insight from having a 15 year history in the Bathurst camp of New Brunswick as a base metal exploration company. With the focus now on gold, the company will be spinning-off its copper assets, see related July 6, 2021 news "Creation of a New Active Player for Copper Exploration and Development in New Brunswick, Canada"; essentially PUMA.V is selling all its base metal projects into a new shell (Melius Capital 3 Corp.). Puma's technical team will continue to do the work, have representation on the BOD, and also shareholders of record of PUMA (date still to be set, but expected imminently) will receive a dividend of the new spin-off. The payment(s) to Puma are payable by the issuance of an initial allotment of Melius shares of which a significant portion will be distributed to Puma's shareholders in H1-2022 . The remaining payments to Puma are payable in cash or in Melius shares over a period of 3 years. See related November 25, 2021 copper spin-out news "Puma Exploration Updates on Copper Transaction With Melius Metals", and February 14, 2022 "Puma Exploration Announces Virtual Extraordinary Meeting of Shareholders and Gives Update on Distribution of Melius Metals Securities". The Chester Property will be the flagship with an established resource from 2014 that appears ready for sizeable upgrade.

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Williams Brook Gold Property, New Brunswick, Canada -- PUMA.V (100% interest to earn)

10,000 m drill program begun January 2022 -- O’NEIL GOLD TREND DRILLING PROGRAM

First Priority target areas of the O’Neil Gold Trend:

Figure 1c. (above) First Priority Targets - source: 2022 Exploration Strategy news release December 21, 2021] The first three (3) priority areas include:

A) The newly discovered quartz veins system with visible gold (VG) located between the Chubby and Moose gold zones (see December 8, 2021, News Release);
 
B) The area west of holes WB21-16 and WB21-17 where grab samples with VG were collected this fall;
 
C) The western extent of hole WB21-02 where 5.50 g/t Au over 50.15 m was intersected; and
 
D) the Petitos-O’Neil gold zones located at the southern end of the OGT

Figure 1.d (above) - 2022 Exploration strategy and planned programs; The 2022 exploration program will strategically target three (3) project areas, each with specific tasks and objectives.
 
Puma also has a PROPERTY-SCALE EXPLORATION PROGRAM plan for Williams Brook:
 

Figure 1.e (above) - Property-scale exploration insight: First Priority target areas over the entire Williams Brook property. Following current interpretation and modelization, the summer 2022 exploration program will include property-scale exploration targeting the most prospective areas identified by the 2021 exploration programs and surveys. Property-scale, VTEM, Mag, and Radiometric surveys over the entire Williams Brook Property in addition to surface exploration and highlighted several prospective areas within the 20,000 hectares land package. During the first quarter of 2022, Puma will generate more advanced exploration targets, including trenching and stripping (see figure 3). To date, three (3) priority areas have been identified: ● the entire 7 km length of the O’Neil Gold trend; ● the Williams 1 and Williams 2 gold trends; and, ● the Ramsay Brook area. The objective of the summer exploration program at the property-scale will be to identify promising targets for an additional fully-funded 5,000 metres drilling program to be launched in the fall.
  
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The following is impressive drone footage of the O'Neil Gold Trend, which has been stripped:

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Below is additional insight into the Williams Brook property as to why excitement runs high:

Figure 1.e (above) from November 17, 2021 news release "Puma Extends Mineralised Zone With High-Grade Samples up to 46,8 g/t Au, Increasing Gold Potential at the Williams Brook Gold Property". The ongoing systematical stripping, mapping and sampling program along the OGT permitted to identify a swarm of 1-5 meters thick quartz veins and veinlets extending 275 meters northeast of the Lynx Gold Zone; On November 17, 2021 Puma announce the discovery of nine (9) new gold-bearing quartz veins along the O’Neil Gold Trend and reports surface samples grading up to 46.8 g/t Au, extending the gold mineralised corridor over a continuous distance of 275 meters.

Figure 2. (above) -- Lynx Zone stripped, on O'Neil Gold Trend at Williams Brook Gold Property. The property is on Crown land. Big trenches were dug to expose bedrock, and the area was washed clean in order to decipher what was going on. Spectacular samples are being gathered at surface along the O'Neil Gold Trend in various zones. The first drilling concentrated on the Lynx Zone in a 100 m x 200 m area in order to establish a structural understanding of veins and direction. The geological team needed to do close spacing holes at first to understand the system and then apply it to the entire trend. Many of the techniques and much of the know-how applicable at Williams Brook is taken from what has already been proven for other Atlantic success stories in the same geological setting -- the ultimate goal is to replicate what Marathon Gold managed to do on its property with several open pits and having the option to go underground later. Puma has 750 m of mineralized rhyolite flow identified to explore on the O'Neil Gold Trend alone to start.

Puma's Discovery Model: Prospectors look for indicators at surface of new zones to be discovered, once prospective zones are identified trenches are used to locate the rhyolite, then if rhyolite sampling confirms gold the localized area is stripped and drilled for discovery.

Location

Figure 3. (above) Location Map of Puma Exploration's main assets in New Brunswick -- Excellent infrastructure in a mining-friendly jurisdiction. The properties have quality land accessibility through ground, air and rail; the road intersecting Williams Brook is a provincial highway that runs ~5 km from where Puma is currently drilling. No need for expensive remote camps; exploration crews can stay in a hotel in nearby Saint Quentin, a 20 minute drive away. Mining infrastructure is already in place with full seaport access, and there is an accommodative and reliable government whose policies reflect a mining-friendly focus. There is a local skilled labour force who understand the trade. Puma Exploration has a MOU signed with local First Nations, whom are pro-mining and currently in business running ore transport on contract for the nearby Chester Mine.

Geological setting

Figure 4. (above) -- Geological setting in the Canadian Appalachians. The Dunnage and Gander Zones are a group of ancient rocks that were squeezed up during coalitional events eons ago when North America, Europe, and Africa were all forced together. This belt of rocks has yielded other noteworthy gold discoveries; e.g. Marathon Gold (Valentine Lake), Newfound Gold (Queensway), Galway Metals (Clarence Stream), First Mining (Hope Brook), Anaconda Mining (Pine Cove), Atlantic Gold (Moose River Mine).

The geological model sets the stage for discovery -- Quinton Hennigh, PhD describes the geological setting as a hybrid gold system, stating "there is evidence of an early epithermal enrichment that has been overprinted by orogenic processes." Dr. Hennigh is an exploration geologist that has identified many of the best next generation mining assets on the planet that are still in hands of junior exploration companies today and is an advisor to Crescat Capital LLC, which took a position in PUMA.V in August-2021 after his recommendation.   Click here to go to the (mid-September-2021) 29 minute mark of related video where Dr. Hennigh discusses the geological setting at Puma and how Puma's geological team is able to 'create windows into the geology' by exposing bedrock.

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Click here to go to the ~55 min. 23 sec. mark of February 25, 2022 video where Dr. Hennigh discusses the exciting progress Puma Exploration is making: 

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Figure 6. (above) -- Claims map of Williams Brook Gold Project; 20,662 ha shown above (total has recently increased to 29, 522 ha). The O'Neil Gold Trend (annotated in red) is where current exploration efforts are underway. There are two other parallel gold trends (WB1GT & WB2GT) that have yet to be explored by Puma. Puma announced on March 1, 2022 that it had added another 7,443 ha to the land package for a total of 29,522 ha, see the related news release "Puma Exploration Signs Strategic Land Package Agreement to Extend Its Williams Brook Gold Property".

O'Neil Gold Trend

Figure 7. (above) -- O'Neil Gold Trend (OGT). Image from September 2021 Corporate Presentation (lots has occurred since) -- Seen above are the zones of the OGT; O'Neil, Pepitos, Chubby, & Moose.

Spectacular samples taken along the O'Neil Gold Trend

Figure 8a. (above) -- Select mineralization surface samples from various zones of the O'Neil Gold Trend.

High-Grade Selected Grab Samples Assays on the Prolific O’Neil Gold Trend (OGT):

O’Neil Gold Zone (VG**): 128.5 g/t Au, 44.4 g/t Au, 38.8 g/t Au, 32.8 g/t Au, 23.1 g/t Au
 
Pepitos Gold Zone (VG**): 52.1 g/t Au, 16.1 g/t Au, 15.0 g/t Au, 13.1 g/t Au, 4.87 g/t Au
 
Lynx Gold Zone (VG**): 241.0 g/t Au, 79.8 g/t Au, 74.2 g/t Au, 63.5 g/t Au, 58.4 g/t Au
 
Chubby Zone Area: 3.5 g/t Au, 1.2 g/t Au, 1.2 g/t Au, 0.45 g/t Au
 
Moose Gold Zone: 2.4 g/t Au, 2.1 g/t Au, 1.3 g/t Au, 1.1 g/t Au

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New Visible Gold-Bearing Zone discovered between Chubby and Moose

The area between Chubby and Moose was cleared this Summer and Fall 2021 revealing numerous gold-bearing quartz veins coincides with a sudden change in the direction of the rhyolite/sediment contact (as predicted by the geological team's structural model).

See related November 4, 2021 news release Puma Exploration Discovers New Visible Gold-Bearing Zone at Williams Brook Gold Property;

Figure 8b. (above) -- New gold zone highlighted

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Figure 9. (above) --Vein sets found on O'Neil Gold Trend -- Basically Puma has 3 sets of veins; some steep ones, some horizontal ones, and some parallel. Puma now has an improved understanding of what sections to avoid and how to orientate drills to maximize intercepts. The analysis of Puma's rock seen in the image above is from Terrane Geoscience Inc. which has done a lot of work for Marathon Gold.

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SUMMARY OF THE INAUGURAL DRILLING PROGRAM AT WILLIAMS BROOK:
 
■ The holes intersected continuous pervasive alteration and mineralisation from surface:

■ WB21-01 grades 1.30 g/t Au over 25.6m including 5.50g/t Au over 6.4m

■ WB21-02 grades 5.50 g/t Au over 50.5m including 46.94 g/t Au over 3.9m

■ WB21-03 grades 0.55 g/t Au over 37.6m including 7.81 g/t Au over 2.2m

■ WB21-05 grades 1.00 g/t Au over 26.4m including 12.64 g/t Au over 2.0m

■ WB21-06 grades 1.16 g/t Au over 48.7m including 16.92 g/t Au over 2.9m

■ WB21-07 grades 0.46 g/t Au over 25.6m including 5.40 g/t Au over 0.9m

■ WB21-08 grades 0.46 g/t Au over 25.5m including 8.96 g/t Au over 1.1m

■ WB21-09 grades 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m

■ WB21-10 grades 1.07 g/t Au over 14.4m including 4.17 g/t Au over 2.0m

■ WB21-12 grades 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m

■ WB21-13 grades 0.30 g/t Au over 49.4m including 7.53 g/t Au over 0.6m

■ WB21-14 grades 0.70 g/t Au over 28.4m including 16.7 g/t Au over 1.1m

■ WB21-16 grades 0.82 g/t Au over 78.8m including 5.11 g/t Au over 8.4m

■ WB21-17 grades 0.35 g/t Au over 110.5m including 4.85 g/t Au over 4.7m

■ Very high-grade samples collected at depth are representative of surface grab samples:

■ WB21-02 grades 69.9 g/t Au over 1.0m at 46.5m down the hole

■ WB21-03 grades 23.1 g/t Au over 0.65m at 56.85m down the hole

■ WB21-06 grades 72.1 g/t Au over 0.30m at 47.6m down the hole

■ WB21-14 grades 89.1 g/t Au over 0.20m at 33.6m down the hole

■ WB21-16 grades 48.1 g/t Au over 0.60m at 80.0m down the hole

■ WB21-17 grades 30.1 g/t Au over 0.60m at 107.0m down the hole

■ Significant gold mineralisation is extending in the deeper holes:

■ WB21-04 grades 2.84 g/t Au over 1.0m at 140.5m

■ WB21-07 grades 3.42 g/t Au over 0.35m at 149.65m

■ WB21-16 grades 25.3 g/t Au over 0.35m at 88.0m

■ WB21-17 grades 30.1 g/t Au over 0.6m at 107.0m

■ Significant high-grade gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential size of the favourable corridor. These drill intercepts are listed here: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

Figure 10. (above) -- Close-up of O'Neil Gold Trend - and some noteworthy drill hole intercepts annotated.

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A closer look at each hole to date:

The first 6 holes (announced September 15, 2021):

Figure 11a. (above) -- Highlights ; see related press release here.

Significant positive observations from the initial drilling results in 2021:
 
  The gold mineralisation starts at surface:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters from 4.00 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters from surface (0m)
     ● WB21-05 intersected 1.16 g/t Au over 48.70 meters from 1.50 meters

 
  The high-grade samples collected at surface are representative of the mineralization at depth:
     ● WB21-01 intersected 50.0 g/t Au over 0.50 meters
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters
     ● WB21-05 intersected 16.07 g/t Au over 1.10 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters
 

  Significant mineralized and altered thickness intersected:
     ● WB21-01 intersected 1.30 g/t Au over 25.60 meters
     ● WB21-02 intersected 5.55 g/t Au over 50.15 meters
     ● WB21-03 intersected 1.47 g/t Au over 12.10 meters
     ● WB21-05 intersected 1.00 g/t Au over 26.40 meters
     ● WB21-06 intersected 1.16 g/t Au over 48.70 meters
 

  The high-grade surface mineralization is extending at depth:
     ● WB21-02 intersected 59.68 g/t Au over 1.50 meters from 47.60 meters
     ● WB21-03 intersected 23.10 g/t Au over 0.65 meters from 56.85 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.10 meters from 140.50 meters
     ● WB21-06 intersected 44.74 g/t Au over 0.70 meters from 47.60 meters
 

  The gold mineralisation is extending in the sediments:
     ● WB21-04 intersected 1.92 g/t Au over 0.70 meters from 16.80 meters
     ● WB21-04 intersected 2.84 g/t Au over 1.00 meters from 140.50 meters

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The following is a synopsis of the second round of drill holes released on October 21, 2021 (holes 7 - 12):

HIGHLIGHTS
■ All six (6) holes intersected continuous pervasive alteration and mineralisation:
 
WB21-12 grade 1.00 g/t Au over 40.6m including 6.93 g/t Au over 3.8m
WB21-09 grade 1.07 g/t Au over 36.0m including 15.52 g/t Au over 1.7m
WB21-10 grade 1.07 g/t Au over 14.4m including 2.24 g/t Au over 6.0m
■ Gold contained in quartz veins networks intersected at depth duplicates very well the surface grab samples assays.
 
■ Significant gold mineralisation observed in the rhyolite is now recognized in the sediments thus increasing the potential siz eof the favourable corridor.
 
■ High grade gold veins extending in the sediments such as: 48.2 g/t Au over 0.4m, 22.2 g/t Au over 0.7m, 20.0 g/t Au over 0.5m, 19.9 g/t Au over 0.5m and 18.8 g/t Au over 0.5m.

Marcel Robillard, President and CEO, stated: “We are pleased to confirm that the significant high grade gold intercepts are not limited to the altered rhyolite but also extend into the sediments. It is in line with our structural model of a N260 oriented high-grade gold bearing quartz veins network open on both side and at depth. So far, results are impressive for a first initial 2,300 meters drilling campaign and needless to say that we can’t wait to launch the planned 10,000m soon!”

Table 1. (below) Significant Drill Results for WB21-06 to WB21-12*

Table 2. (below) Technical Informations About the Drill Holes Released

* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

Figure 11b. (above) Map of the Lynx Zone Drill Results from  October 21, 2021 news release

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The following is a synopsis of the third round of drill holes released on November 11, 2021 (holes 13 - 18):

* Stated lengths in meters are downhole core lengths and not true widths. True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

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2022 drill results to date (source April 28, 2022 news release):

Table 1: Assay result highlights from reported holes

Table 1. Assay result highlights from reported holes (continued)

Table 1. Assay result highlights from reported holes (continued)

*Stated lengths in metres are downhole core lengths and not true widths.
True widths will be calculated once more drilling confirms the geometry of the quartz-sulphide system.

Table 2: Coordinates and length of reported drill holes

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Looking at the bigger potential. VTEM shows there is lots of unexplored ground:

Figure 12. (above) -- Detailed VTEM Airborne Survey Showing Distinct Magnetic Signature. The geophysics show the low mag./high mag. contact; Puma has only explored a small piece of a large belt.

Figure 13. (above) -- The other two gold trends at Willams Brook are yet to be explored by Puma; Williams Brook 1 Gold Trend  (WB1GT) and Williams Brook 2 Gold Trend (WB2GT). Back in 2008 a past operator drilled 54 g/t over 2.8 m and they encountered some excellent trenching values. All the gold trends are parallel structures, there are likely more to be found. The only question is how big is this going to get.

Figure 14. (above) -- Numerous gold occurrences throughout Puma's claim blocks.

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Below is a listing of recent Company news, and CV's of key people.

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