Puma Exploration Company (TSXV: Puma; OTCCP: bumxf) Results reported from Kinross Gold Company(TSX: your; New York Stock Exchange: kg of body weight) A 1,870-metre winter 2026 diamond drilling campaign at the Williams Brook Gold Project in northern New Brunswick, completed and financed under an option agreement with Puma Exploration.
In the Jaguar Gold Zone (JGZ), hole WB26-195 intersected broad mineralized casing grading 0.45 g/t Au at 56.50 metres, including a top interval of 1.03 g/t Au at 16.0 metres. Although only five shallow holes have been drilled in the area, ongoing downhole mineralization, coupled with drilling by a previous operator in 2008, highlights the potential of the area.
Kinross is targeting Jaguar for follow-on drilling this summer. At the Lion Gold Zone (LIGZ), the presence of high-grade gold mineralization (16 g/t gold over 0.50 m2) in the first ever drilling in the area confirms that the area is worthy of further investigation.
Marcel Robillard, President and CEO of Puma, said, “The broad mineralized interval at hole WB26-195 shows that what was sampled at Jaguar and what previous operators drilled was not a narrow, high-grade event, but a broader gold-bearing system with strong potassium alteration and pyrite mineralization. Jaguar has been added as a high-priority target within the Williams Brook gold system. Kinross option agreement commitments have been instrumental in developing the project, with a further $13 million in potential work expected on Over the next four years, we are confident that we will unleash Williams Brook’s full potential.
Kinross has already launched its 2026 summer exploration program at Williams Brook, with three field crews on site and deployed until the end of September. Initial work planned includes a soil survey, a drone geomagnetic survey, general excavation and trenching. A follow-on drilling program at Jaguar is expected to be carried out this summer. Other areas and targets may also be drilled if initial findings and findings justify this. Details will be provided when they become available.
Jaguar Gold Zone (JGZ): The five diamond drill holes (WB26-191-195), totaling 1,360 metres, drilled at JGZ tested peritic gold mineralization in altered rhyolite at depth to evaluate the lateral and depth continuity of the Jaguar gold system, evaluate geophysical and geological targets, and better identify structural, lithological and alteration controls associated with gold mineralization.
Hole WB26-195 returned the most consistent results of the campaign, with 0.45 g/t gold at 56.50 metres, from 80.00 meters to 136.50 meters downhole depth. This broad interval includes several high-grade zones, including 5.71 g/t Au over 1.00 metres, 3.42 g/t Au over 1.00 metres, 3.14 g/t Au over 1.00 metres, and 2.44 g/t Au over 1.00 metres.
The mineralized interval at WB26-195 coincides with a large geophysical anomaly (induced polarization “IP”) identified at the surface, suggesting that the gold-bearing system may be associated with a broader charge potential response. This relationship provides an important exploration avenue at Jaguar and supports the possibility of additional mineralized zones along with other IP anomalies in the area and at depth.
The extensive nature of the mineralized envelope, characterized by intense potassic alteration of the rhyolite unit and widespread coarse pyrite mineralization, is important because it indicates that gold mineralization at Jaguar is not limited to isolated veins or narrow, high-grade structures. Instead, the results suggest a potentially broader hydrothermal system with multiple gold-bearing intervals distributed over a large downhole width and spatially associated with a geophysical anomaly that remains open for exploratory follow-up.
The Jaguar Gold District is located approximately 5 kilometers north-east of the Links Gold District, and is one of the major gold discoveries within the Williams Brook Gold Project. Previous operators first explored Jaguar in 2007 and 2008, when soil geochemical anomalies, trenching and limited drilling confirmed the presence of near-surface gold mineralization.
Historical drilling at Jaguar has yielded significant gold mineralization, including 2.10 g/t gold at a depth of 9.00 meters in hole WB-08-03, within a wider interval of 0.72 g/t gold at a depth of 38.00 metres. Puma subsequently developed the target through prospecting, trenching and sampling, identifying a gold-rich area measuring approximately 80m x 50m, with selected grab samples up to 34.70g/t gold.
The winter 2026 drilling campaign is designed to follow up on historical and surface results using a more systematic approach. The program tested the Jaguar System from different drill directions and targeted extensions of known mineralization, in addition to identifying new structural and geophysical indicators.
Lion Gold Zone (LIGZ): The Lion 2026 campaign consists of just three diamond drill holes (WB26-196-198) totaling 510 metres. The program is designed to obtain new rocks beneath the surface-stripped alteration zone and to better determine the structural, lithological and alteration controls associated with gold mineralization.
The gold mineralization at Lion differs from that in the Lynx and Jaguar Gold Districts. Here, the gold appears to be associated with mafic volcanic rocks interspersed with multiple small quartz veins and veins.
Despite a limited winter 2026 drilling program at Lyons, results confirm high-grade gold mineralization along the McCormack Brook fault, warranting follow-up. The McCormack fault has been tracked for more than 10km and will be investigated further by the Kinross team this summer.
Among the most prominent drilling works in the Al-Asad Golden Zone is hole WB26-196, which returned 3.76 g/t of gold at a depth of 2.00 metres, including 12.70 g/t of gold at a depth of 0.50 metres.
Following its gold discovery at Williams Brook in 2021, Puma has divested its base and non-base metal assets to unleash its potential and maximize shareholder value through Puma’s equity stakes in other explorers and equity acquisitions on their projects. This approach provides Puma shareholders with diversified commodity exposure and significant upside potential from startup success, while allowing Puma to maintain its primary focus on developing its gold assets in New Brunswick.
As part of this strategy, Puma owns stakes in several companies and holds a portfolio of NSR returns on selected assets. Puma also retains the following net smelter royalties (NSRs): 2% NSR at Murray Brook West, 2% NSR at Chester West, 1% NSR at Beresford Copper, and 2% NSR at Little Stull Lake.
Puma Exploration is focused on identifying and developing a portfolio of precious metals projects in New Brunswick, close to Canada’s famous Bathurst Mining Camp.
