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Toronto, Ontario, 22nd September 2021: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) is pleased to provide an update on the diamond drilling program on its 100% owned Corcoran Silver-Gold Project (“Corcoran” or the “Project”) located 22 kilometers east of Kinross’s Round Mountain Gold Mine in Nye County, Nevada, USA.

Drill-testing of the Silver Reef deposit at Corcoran is progressing with the completion of three vertical diamond drill holes of the eight-hole Stage 1 drilling program.

The first hole (CC21-01) is located near the center of the deposit (Figure 1) and was extended below the planned depth of 168 meters to 347.5 meters after intersecting disseminated mineralization within epithermal altered rhyolite tuff. The deeper part of CC21-01 sampled several 10-meter intervals of sulfidic mineralization which may represent conduits for overlying silver-gold (Figure 2). CC21-01 drill core has been logged and samples dispatched for analyses. Assay results are expected in late October.  

“CC21-01 cut wide intervals of encouraging mineralization which continued to depths well below previous drilling” said Gary Lewis, the Company’s CEO.  “The field team is excited by the drill core that they have logged and we are looking forward to receiving assay results in the coming weeks”.

The second drill hole (CC21-02) is located approximately 200 meters northeast of CC21-01 and was completed on 16th September to 242 meters total depth. CC21-02 intersected crystal tuff breccia with dispersed fine-grained silver sulfides. Beneath a two-meter zone of semi massive sulfides (125-127 meters) large patches of pyritic mineralization extend to 161 meters.

CC21-03, located close to the top of Silver Reef Hill was completed to 72.75 meters on 19th September and transected strongly fractured limonitic tuffs with underlying disseminated, fine-grained sulfide and veinlet pyrite.

“The program is off to an excellent start with few interruptions and the drill rig is operating efficiently and providing excellent drill core recoveries” said Mr. Lewis.

The rig is currently completing CC21-04 which is an angled drill hole through the mineralized sequence intersected in CC21-02 (Figure 3).   

As previously announced, NSC intends to complete the Stage 1 program before commencing a 20 HQ hole (total 2,000-3,000 meters) follow-on program that will test for extensions to the Silver Reef mineralization and will also provide considerable in-fill data. This drilling is expected to extend the area of known mineralization and will form both the basis for an updated NI 43-101-compliant resource estimate as well as material for metallurgy and mineralogy studies.

Figure 1: View of Silver Reef Hill looking southeast showing contoured drill access tracks and
logging/sample preparation area in the foreground. Arrow shows approximate location of CC21-01.

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:

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

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV:NSC) is a US-based, multi-commodity resource company with two advanced stage exploration projects in the USA. NSC’s principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC also owns the Emily Manganese Project in Minnesota which has been the subject of considerable technical studies with US$23 million invested to date. Both Corcoran and Emily are wholly (100%) owned by NSC.

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

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks as a result of the Company having a limited operating history and may have a wide variance from actual results, risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs and the Company’s ability to expand and upgrade existing resource estimates, risks involved in any future regulatory processes and actions, risks from making a production decision (if any) without any feasibility study completed on the Company’s properties, risks applicable to mining exploration, development and/or operations generally, and risk as a result of the Company being subject to certain covenants with respect to its activities by creditors, as well as other risks.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.