Toronto, Ontario, 26th January 2022: Nevada Silver Corporation ("NSC" or the "Company") (TSXV: NSC) is pleased to provide a final update on 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 completed assay data in NSC's recent 3,040-meter diamond drilling program at the outcropping epithermal Corcoran Silver-Gold deposit located 80 miles north of Tonapah in southern Nevada.

NSC has received analytical results from the last diamond (HQ) drill holes (CC21-08, 09, 10, 11, 12, 15 and 16) of the company's maiden drill campaign. Highlights of assay data for these holes include:

CC21-08
• 1.35 meters from 20.12 meters @ 409g/t AgEq (395g/t Ag, 0.18g/t Au)

CC21-10
• 26.32 meters from 62.00 meters @ 56g/t AgEq (38g/t Ag, 0.25g/t Au)
• 44.04 meters from 94.64 meters @ 46g/t AgEq (25g/t Ag, 0.28g/t Au)

CC21-11
• 14.23 meters from 125.27 meters @ 73g/t AgEq (50g/t Ag, 0.30g/t Au)

CC21-12
• 1.58 meters from 186.42 meters @ 521g/t AgEq (516g/t Ag, 0.06g/t Au)

CC21-15
• 12.15 meters from 194.55 meters @ 99g/t AgEq (63g/t Ag, 0.48g/t Au)

Mineralized intervals from many of the holes have been reported as data is returned from the laboratory CC21-01 (10th November 2021); CC21-04 and CC21-05 (14th December 2021); CC21-02, CC21-03, CC21-13, CC21-14 and CC21-17 (12th January 2022); CC21-06 and CC21-07 (18th January). The data from the reported holes in this announcement (CC21-8 to 12, 15, and 16) are new results and comprise the final assay results in the 2021 program. They are highlighted in Figure 1 (yellow dots) and Table 1 and drill hole locations are listed in Table 2.

CC21-08 is a vertical hole located near the southern end of the resource to 116.9 meters total depth. Most of the top 90 meters of this hole intersected mineralization including near-surface intersections ranging up to 395g/t silver (Figure 3). A shallow twin hole (CC21-08B) was completed to 20.1 meters to provide additional data for the poor sample recovery in the top few meters of CC21-08. Assays for CC21-08B confirmed surface mineralization (18.0 meters from surface of 45g/t AgEq).

CC21-09 is the southernmost drill hole completed in this program. No significantly anomalous silver and gold were returned and the mineralization intersected in CC21-08 appears to be offset to the southeast. Drill testing for a continuation of mineralization to the northwest of CC21-08 is planned in 2022.

CC21-10 is the most northern hole drilled during this program. Mineralization was most prominent in the lower half of the hole (26.32 meters from 62.00 meters of 56g/t AgEq and 44.04 meters from 94.64 meters to the bottom of the hole of 46g/t AgEq). NSC considers that there is considerable potential for mineralization with similar thickness and grade to continue to the north of CC21-10 and step-out drilling in this area is planned in 2022.

CC21-11 was completed near the centre of the drill area and intersected wide zones of appreciable silver and gold grades throughout the hole (Table 1).

CC21-12 was drilled to test the south east portion of the deposit and the 1.58 meters of 516g/t Ag from 186.42 meters may represent a feeder zone in this area. Deeper drill testing in 2022 is planned to test this target.

CC21-15 is located in the north west of the drill area (Figure 1) and was drilled to 254.5 meters towards grid east (135O) at a dip of -70 degrees. The thick intersections of silver-gold mineralization intersected throughout CC21-15 total 167 meters and include:

• 45.32 meters from 54.86 meters @ 31g/t AgEq
• 45.43 meters from 108.49 meters @ 43g/t AgEq
• 53.92 meters from 162.04 meters @ 44g/t AgEq
• 18.69 meters from 235.81 meters to the end of the hole @ 60g/t AgEq

The CC21-15 intersections show that the deposit is open to the north and northwest where it appears to dip to the west. Step-out drilling to test this extension is planned in 2022.

CC21-16 was angled at -70 degrees towards 270o to test for silver located along north-south oriented structure near the southern extent of the mineralization. No high-grade intersections were located although weak Ag-Au mineralization was intersected between 78.81-104.25 meters and this interval is likely to represent the southeast limit of the mineralization in this part of the deposit (Figure 2). Northwest from CC21-16 the mineralization has a northwest dip and drill targets of potential extensions will be targeted both to the west and at depth in planned 2022 drilling.

NSC's CEO Gary Lewis commented, "We are very pleased that the last holes of NSC's 2021 Corcoran drilling include further encouraging results. The deposit is clearly not closed by drilling in any direction or at depth. In particular CC21-15 and CC21-10, which are the most northern 2021 drill holes, intersected wide mineralized intervals. CC21-15 showed a combined total length of 167 meters of mineralization and best grades occurred near the bottom of this 254.5 meter angled hole. Similarly, CC21-10 intersected more than 70 meters of Ag-Au mineralization in the bottom half of the 138.7 meter hole."

"NSC is well advanced in preparations for drill permitting of the north, west and depth extensions of Corcoran in 2022 and are excited by the potential for considerable upside to both size and grade of the deposit."

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 and Chief Geologist).

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. Drill core samples were collected at variable lengths (averaging 1m) 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:

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

Figure 1. Drill hole location map of the Corcoran Ag-Au deposit showing completed NSC drill holes with assay summary highlights. New data not reported in previous announcements is shown in red.

Figure 2. Cross section showing drill traces for drill hole CC21-16, CC21-06, CC21-01 and CC21-13 with significant zones of silver. The location of this section is shown on Figure 1.

Figure 3. Drill core photograph showing strong fracturing in mineralized near-surface drill core in CC21-08.

Table 1. Significant mineralized intervals in drill -cored holes completed by NSC at the Corcoran Silver-Gold Project.

Table 2. Drill hole details for CC21-08 to 12, CC21-15 and CC21-16.

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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