High-grade Silver Continues To Be Identified Within The Cerro Las Minitas Project

VANCOUVER - Southern Silver Exploration Corp. reported on the final four drill holes on the North Felsite - North Skarn targets which continues to confirm and extend silver-polymetallic mineralization on the Cerro Las Minitas project, Durango, Mexico. Drilling tested an eastern projection of the North Skarn target at approximately 400 meters below surface. Mineralization remains open both laterally to the east and at depth and demonstrates continuity with previously drilled mineralization in the Skarn Front deposit. Drilling also tested gaps within the current drill pattern around hole 21CLM-175 (1.9m of 1530g/t AgEq).

Highlight intercepts from the four drill holes include: a 0.8 meter interval (0.6 meter est. TT.) averaging 746g/t Ag, 0.1g/t Au, 0.2% Cu, 17.1% Pb and 13.2% Zn (1904g/t AgEq) within a 2.6 meter interval (2.0 meter est. TT.) averaging 336g/t Ag, 0.1g/t Au, 0.2% Cu, 6.5% Pb and 4.7% Zn (780g/t AgEq) from drill hole 22CLM-194; and a 3.4 meter interval (3.0 meter est. TT.) averaging 219g/t Ag, 2.5% Pb and 0.6% Zn (333g/t AgEq) from drill hole 22CLM-193.

Drilling on these targets, which started in September 2021, has now tested a 400 meter strike-length of mineralization which wraps around the eastern and northern perimeter of the Central Intrusion and links previously identified mineralization in the Mina La Bocona and Skarn Front deposits. Twenty-five holes totaling 11,275 meters were completed in the two target areas to depths of up to 450 meters below surface.

Vice President of Exploration, Rob Macdonald, said, "Drilling over the last 15 months has helped confirm the projection and continuity of new mineralization between the Mina La Bocona and Skarn Front deposits. Work has now started on modeling the data which will be used in an updated Mineral Resource Estimate for the project with the results anticipated in Q1 2023. Current engineering suggests that new Mineral Resources can be processed in the current Life-of-Mine design as described in the Company's PEA on the Cerro Las Minitas Project. The Company continues to work on these and other engineering upgrades to the project."

Initial drilling and assays have identified thick zones of strongly anomalous copper mineralization, classic porphyry geochemical and alteration zonation, increasing molybdenum and copper at depth and several unexposed hydrothermal diatreme breccias. Three holes totaling 2,926m have been completed; a fourth hole is now in progress. Assays have been returned from two of the holes. Logging and sampling continue with assays pending from one of the completed holes and the current hole in progress.

Southern Silver continues to advance the Cerro Las Minitas project as one of the world's largest undeveloped silver/lead/zinc resources, through advanced exploration, pre-production metallurgical and engineering work, and economic assessment. The CLM Ag-Pb-Zn-Cu Skarn system is well located in southern Durango, Mexico, in a safe jurisdiction, surrounded by producing mining companies, with easy access and strong community support. A total of 226 drill holes for 96,411 meters has been completed on the CLM Project with exploration expenditures of over US$35.0 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce.