Confirmed Presence Of Higher-Grade Silver Mineralization

VANCOUVER - Silver One Resources Inc. reported on the last 22 drill holes from its 52-hole, 15,000-meter, reverse circulation (RC) and diamond drilling program completed at its Candelaria project, Nevada.  The three main objectives of the program, which included the outlining of deep, higher-grade silver and gold mineralization down-dip from the previously mined open-pits, extending near-surface, potentially open-pit mineralization to the east of west of the previously mined areas, and examining potential for porphyry related mineralization at depth, were all successfully achieved.

Recent assays received continue to confirm the presence of down-dip, higher-grade silver mineralization north of Mount Diablo pit and between Northern Belle and Mount Diablo pits.  Similarly, drilling immediately east and west of the Mount Diablo pit reports significant widths of mineralized intervals with silver averages exceeding historic cut-off grades.  This confirms the continuity of robust near surface silver-oxide mineralization along-strike for at least 500m west and 100m east of the Diablo pit.  The mineralized system remains open along-strike in both directions.  Additionally, indications of porphyry style alteration and mineralization have been identified in felsic dykes and altered intrusives with deep, drill intercepted gold mineralization associated with porphyry style alteration returning 5.99gm/t gold over 0.67m in hole 81 located west of the Northern Belle open-pit.

Highlights include: A high-grade intercept of 1,070 g/t silver and 1.48 g/t gold over 4.57 meters, within a 25.91-meter interval that averaged 248.5 g/t silver and 0.40 g/t gold in hole SO-C-21-92, located by the eastern rim of the Northern Belle pit and approximately 42 meters east of historic hole N228 which averaged 670 g/t silver over 13.7 meters and 300 meters northwest of the 2021 hole 047 with returned 1,129 g/t silver and 1.33 g/t gold over 8 meters within 28 meters of 350 g/t silver and 0.45 g/t gold; Additional intercepts include: 300 g/t silver and 0.74 g/t gold over 9.14 meters in hole SO-C-21-87 and 463 g/t silver with 0.53 g/t gold over 1.52 meters, within a 22.86-meter interval averaging 117 g/t silver and 0.23 g/t gold in hole SO-C-21-98; Drill hole SO-C-21-85, and holes SO-C-21-87, SO-C-21-94, SO-C-21-96 and SO-C-21-97 have extended the along-strike, potential open-pit mineralization 500 meters to the west, and hole SO-C-21-98 has extended it 100 meters to the east of the Mount Diablo pit.  The mineralization remains open along strike in both directions; and Deep drilling, north of the Candelaria fault (Hole 081) on the porphyry/IOCG target, intercepted 81 meters of a diorite porphyry with hydrothermal alteration indicative of a potential porphyry system at the bottom of drill hole 81. Massive sulphide veinlets in a potasically altered diorite with secondary biotite and magnetite veinlets reported 5.99 g/t gold over 0.67 meters from a depth of 928 meters.  The system appears to be open to depth.

President and CEO, Greg Crowe, said, "We are extremely pleased with the results of the 15,000 meters drill program, as all goals laid out at the outset have been met.  Drill hole assays to the east and west of the Diablo pit not only demonstrate the continuity of near-surface silver-oxide mineralization, but grades are above the cut-off grade of the historic mining, suggesting that the areas drilled may potentially be amenable to open pit mining.  This bodes well with the prospect of reprocessing historic heap-leach material by mixing it with fresh mineralization and potentially increasing the overall grade and silver recoveries. Metallurgical work is ongoing.

Additionally, hydrothermal alteration and gold mineralization found in a diorite porphyry at the bottom of hole 81 suggests proximity to a potential porphyry/skarn system.  This mineralized system was first identified in historic adit dumps, which returned assays to 2.76% copper, 25 g/t silver and 0.67 g/t gold.  Drill targets were subsequently delineated by Silver One's 2019 airborne magnetic survey followed by an IP survey.   The possibility of a porphyry related mineralized system below the extensive area of nearer surface silver-oxide mineralization adds an entirely new and exciting aspect to what is already a robust project at Candelaria.”