Toronto, Ontario, 18th January 2022: Nevada Silver Corporation ("NSC" or the "Company") (TSXV: NSC) (OTCQB: NVDSF) is pleased to provide a further update on drill core assay results from the 2021 diamond drill program at its 100% owned Corcoran Silver-Gold project ("Corcoran" or the "Project") in Nevada, USA. The results are from finalized assay data in NSC's recently completed 3,040-meter diamond drilling program at the outcropping epithermal Corcoran Silver-Gold deposit located 80 kilometers north of Tonapah.

NSC has received final analytical results from two additional diamond (HQ) drill holes (CC21-06 and CC21-07) of the company's maiden drill campaign.

Highlights of assay data for both holes include:

CC21-06

• 204.67 meters from surface @ 43g/t AgEq (21g/t Ag, 0.29g/t Au)
  Including:
  • 0.80 meters @ 747g/t AgEq (708g/t Ag, 0.52g/t Au)
  • 2.32 meters @ 214g/t AgEq (61g/t Ag, 2.05g/t Au)

CC21-07

• 84.12 meters from 11.28 meters @ 26g/t AgEq (6g/t Ag, 0.27g/t Au)

Mineralized intervals from some holes were reported after earlier sample data was returned from the laboratories (CC21-01 (10th November 2021), CC21-04 and CC21-05 (15th December 2021) and CC21-02, CC21-03, CC21-13, CC21-14 and CC21-17 (12th January 2022)). Assays for CC21-06 and CC21-07 have recently been received and these new results, together with previously reported mineralized intervals are summarized in Table 1. Drill hole locations are plotted in Figure 1 and listed in Table 2.

The collar of angled hole CC21-06 (70 degrees dip towards grid SE) is located about 80-meters northwest of CC21-01 (Figures 1 and 2). CC21-01 is a vertical hole which intersected 96-meters (from surface) of mineralization averaging 35g/t AgEq as well as narrow, deeper intersections of much higher grades (up to 2,310g/t Ag and 2.60g/t Au) as detailed in the NSC news release on 10th November 2021. CC21-06 was located to test the down dip extent of this mineralized zone which had been partially drill tested by earlier explorers using variable sampling and assaying methods.

The continuity of mineralization intersected in the top 204.67 meters of CC21-06 was an excellent result as this near-surface, bulk tonnage target may extend along trend (Target 'A' on Figure 2) and at depth (Target 'B') where previous drilling by other companies (mostly during the 1980's) was poorly recorded and frequently not sampled. Also, the downward western extent of the dipping mineralization has not been closed. Deeper drilling (e.g., CC22-EE in Figure 2) is planned to test these targets in 2022. Notably, CC21-06 appears to be slightly wider than the 'true' thickness of the mineralization in this portion of the deposit and strong jointing and fractured fabric of some sections of drill core (Figure 3) show that there are important structural elements controlling silver and gold distribution.

CC21-07 was completed as a vertical hole near the centre of the drilled area (Figure 1) and the 84.12-meter interval of silver and gold (26g/t AgEq) confirms the continuity of mineralization. During the 2022 drill program deepening of this hole will be considered in order to test for extensions of underlying high-grade shoots of precious metals trending from a high-grade zone in CC21-02 (2.1m from 114.40m of 832g/t AgEq) which is located 100 meters to the east of CC21-07.

NSC expects that finalized assay data from the remaining 2021 drill core samples (CC21-08 to 12 and CC21-15 to 16) will be reported during the next several weeks.

NSC CEO Gary Lewis commented, "Very few silver deposits contain a drill section of +200-meters with anomalous silver and gold from surface and hole CC21-06 is an exceptional result. Importantly, this wide zone includes high-grade, narrow intervals which may be important for future development scenarios. These narrow-brecciated structures may be the near-surface extensions of deeper 'feeder zones' some of which were intersected by drilling last century but have not been explored or sampled by recent exploration. NSC is planning to drill test along-trend and deeper targets during 2022 and this work may add considerable size to the deposit."

Figure 1. Drill hole location map of the Corcoran Ag-Au deposit showing NSC drill holes CC21-06 and CC21-07 (red) together with previously reported holes and with assay highlights.

Both the historic and NSC drilling to date has concentrated on the Silver Reef Zone, a northeast-trending mineralized zone 500m wide and 600m long, on Silver Reef Hill.  Silver Reef Hill is approximately one kilometer in length, running north-northeast and stands about 100 meters above to the valley floor.  Silver Reef Hill is in the center of the NSC claim block.

Figure 2. Cross section showing drill traces for drill holes CC21-06, CC21-01 and CC21-13 with summaries of significant zones of silver and main targets for 2022 drilling. The location of this section is shown on Figure 1.

Figure 3. Drill core photograph showing brecciated structure and alteration of mineralized silver intervals in hole CC21-06. Note that mineralized rock is commonly well-fractured without prominent quartz veining.

Table 1. Significant mineralized intervals in drill holes CC21-06 and CC21-07 (red) together with previously reported data from CC21-01, CC21-04, CC21-05 CC21-02, CC21-03, CC21-13, CC21-14 and CC21-17.

Table 2. Drill hole details for CC21-06 and CC21-07.

Quality Assurance, Sampling and Assay Determinations

The diamond drilling was undertaken by Falcon Drilling, Inc, Nevada, using industry standard equipment and procedures. All drill core was HQ size. Drilling supervision and drill core logging and sampling was carried out by Ethos Geological, Inc under the direction of Mr Scott Close (President, Ethos Geological).

Drill hole orientation, down-hole survey data and collar coordinates were routinely gathered and drill core was logged (geological and geotechnical) and photographed prior to sampling. Core samples were collected at variable lengths (averaging 1 meter) and saw-sampled on-site prior to storage in a secure compound.

Collected intervals including quality control samples (duplicates, blanks and international standards) were forwarded by secure freight to ALS Chemex Labs, Inc in Reno, NV. Analytical procedures used four acid ICP-AES (code ME-ICP61) for silver and 32 elements and additional assays for ore-grade samples (Ag-OG62, ME-OG62). High silver grades (over 1500g/t Ag) were determined using fire assay method Ag-GRA21.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further Information please contact:

Nevada Silver Corporation

Gary Lewis
Group CEO & Director
T: +1 (416) 941 8900
gl@nevadasilvercorp.com

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity resource company with two exploration projects in the USA. NSC's principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights over the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

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