Puma Exploration (TSXV: PUMA, OTCQB: PUMXF) has resumed its 2025 exploration drilling program at the Williams Brook Project in northern New Brunswick following a temporary halt due to a provincial ban on mineral exploration on Crown land. The company reports that drilling has continued at the Lynx Gold Zone, where a recent hole (WB25-181) intersected multiple grains of visible gold at a depth of 355 metres downhole — the deepest visible gold intersection recorded to date at the project.

Ongoing drilling program highlights:

• Six holes completed for a total of 1,343 metres.
• Visible gold (VG) observed in hole WB25-181 at 355 metres downhole depth.
• Drilling successfully intersected fresh rock beneath the oxide zone, confirming continuity of the targeted mineralized horizon.
• Quartz-carbonate veins with traces of pyrite, sphalerite, chalcopyrite and galenaintersected in multiple holes.
• Fully funded $2M exploration program in collaboration with Kinross Gold is ongoing.

Deepest Gold Intercept to Date at Lynx Gold Zone

Hole WB25-181 intersected fine to very fine grains of visible gold within a brecciated quartz-carbonate vein at a vertical depth of approximately 250 metres. This occurrence represents a potential 100-metre extension of known gold mineralization along the favourable geological contact.

The mineralized contact zone intersected in the hole was characterized by discontinuous quartz-carbonate veins with a stockwork texture, and minor sulphide mineralization including pyrite, sphalerite, chalcopyrite, and galena. The hole targeted the hanging wall and the key lithological horizon beneath the oxide zone, where vein sets in fresh rock were successfully intersected.

Drilling Resumed After Fire Ban Suspension

The 2025 exploration campaign at Williams Brook had been temporarily suspended on August 10 following a wildfire-related provincial ban on exploration activities on Crown land. Prior to the halt, six drill holes totaling 1,343 metres had been completed. Drilling resumed this week as restrictions were lifted.

A total of 3,500 metres of drilling is planned at the Lynx Gold Zone as part of a fully funded $2 million exploration program developed in collaboration with Kinross Gold Corporation. The program is focused on identifying new mineralized zones, defining geological contacts, and enhancing understanding of structural controls on mineralization.

Surface Sampling and Channel Work at Lynx

In parallel with drilling activities, channel sampling was completed at Lynx, with 410 samples collected to investigate various vein systems. Assay results for these samples, as well as those from the drilling program, are pending and will be released once received.

Upcoming Work at Jaguar Gold Zone

The Joint Technical Committee overseeing exploration activities has also announced plans for a 1,500-metre drilling campaign at the Jaguar Gold Zone (JGZ), located approximately 5 kilometres northeast of the Lynx zone. The upcoming drill program will follow up on historical data and recent trenching results.

Historical drilling at the JGZ, conducted in 2008, recorded grades of 0.52 g/t Au over 55 metres, 0.68 g/t Au over 42 metres, and 0.21 g/t Au over 64 metres, according to a 2009 report by Arthur Hamilton, P.Geo., for Blue Note Mining Inc. More recently, Puma’s 2022 trenching work at the JGZ yielded higher values, including grab samples returning up to 34.70 g/t Au. In total, 306 samples were collected during that campaign, with an average grade of 1.72 g/t Au. Notably, 31% of the samples (95 out of 306) assayed above 1.00 g/t Au. However, the company notes that grab samples are selective by nature and may not represent the overall grade of the mineralized zone.

Currently, the mineralized area at JGZ spans 80 metres by 50 metres and remains open in all directions.

In addition to activities at Lynx and JGZ, ongoing exploration continues across the broader Williams Brook Project. Puma has collected 570 samples from prospecting, trenching, and excavating operations targeting high-priority areas identified by the technical committee. A total of 2,265 metres of trenching has been completed to date.

Exploration has also commenced at the Jonpol and Portage properties, which are included in the Williams Brook land package.

The Williams Brook Project, spanning 40,225 hectares, includes the Williams Brook, Jonpol, and Portage properties. Under an option agreement signed in 2024, Kinross Gold Corp. can earn a 65% interest in the project by funding a minimum of $16.75 million in exploration expenditures over five years. This includes a firm commitment of $2 million and at least 5,000 metres of drilling within the first 18 months (2025–2026).

Puma Exploration holds a portfolio of gold-focused properties in northern New Brunswick, strategically situated near infrastructure and roads. These include the Williams Brook and McKenzie Gold Projects, both located near the Rocky Brook Millstream Fault — a significant structural feature formed during the Appalachian Orogeny and believed to control gold deposition in the region.

While the Williams Brook Project remains the company’s flagship asset, early-stage exploration work on other properties has also identified zones of interest with potential for further gold mineralization.