Drill Permit Received and Preparation For Immediate Drilling At The Mogollon Property

VANCOUVER - Summa Silver Corp. has received drill permits for the high-grade silver and gold Mogollon Property, New Mexico. Classic Epithermal Vein Field: Largely incomplete records report that mines in the Mogollon district produced at least 16.4 million ounces of silver and 339 thousand ounces of gold at average grades of 821 g/t AgEq* (298 g/t Ag and 6.16 g/t Au1,2) between 1904 and the 1942 federally mandated shutdown of precious metal mining in the U.S. at the onset World War II. Initial Focus on the Consolidated Extension Target: Drilling will begin by testing mineralization surrounding the historic Consolidated Mine where widely spaced drilling in the 1980's hit substantial intercepts of high-grade silver and gold mineralization including: 598 g/t silver equivalent (219 g/t Ag and 4.46 g/t Au) over 14.0 m from 299.0 m in MGR-38, 380 g/t silver equivalent (135 g/t Ag and 2.88 g/t Au) over 22.1 m from 290.6 in MGR-14, and 1,127 g/t silver equivalent (523 g/t Ag and 7.1 g/t Au) over 2.7 m from 343.7 m in MGR-35.

The drill program is set to begin shortly. the geologists are currently on-site, a diamond drill has been secured, and rig mobilization is expected to occur at the beginning of Q4 with 15,000 m of drilling planned before the end of Q2 2022. At the Hughes Property drilling remains ongoing on the Hughes property at Tonopah, Nevada with results now pending for 17 holes, and drilling taking place at the Ruby Discovery. Most holes have intersected zones of quartz-adularia veins, stockworks, and breccias typically featuring visible Ag-sulfosalts.

Galen McNamara, CEO, said, "In my opinion, the Mogollon district has the potential to be one of the great remaining vein fields still left in the United States. The start of work at Mogollon opens-up another avenue for value creation as we efficiently build high grade ounces at both the Hughes property in Nevada and the Mogollon property in New Mexico. We look forward to aggressive exploration in both Nevada and New Mexico in the coming months and years."

Under the Type 3 Minimal Impact Exploration Permit, issued by the New Mexico Energy, Minerals and Natural Resources Department, Mining and Minerals Division, the company can prepare and drill from nineteen drill pads on private patented land. A reclamation bond has been lodged and the company anticipates the completion of approximately 5,000 meters of drilling this year followed by approximately 10,000m of drilling in the first half of 2022 at and around the Consolidated Mine. It is anticipated that significantly more drilling will be required as infill holes are anticipated and more targets will be developed.

The current focus for drilling at Mogollon will be testing un-mined extensions of the Consolidated Mine, centered on the north-trending Queen Vein, where mining records indicate production of 266,000 tons of ore grading 660 g/t silver equivalent (264 g/t silver and 4.66 g/t gold). Based on 3D modeling of historic drill results (1980's vintage), an initial unmined target area of approximately 500 by 200 meters has been defined. Here, vein-hosted mineralization is open in multiple directions and has only been tested by eight drill holes. Numerous drillholes on approximately 50-75 meter centers are planned. Further information on the upcoming drill program will be announced upon the commencement of drilling.

A program of property-wide prospecting and geological mapping is ongoing. The focus is on mapping the distribution of mineralized veins and structures (e.g., Queen and Fanney) across the property concentrated on host lithologies, vein-proximal alteration assemblages and property-wide structural controls. Systematic channel and rock-chip samples are being collected across all vein exposures encountered during field work. The overall goal of the program is to refine the property-scale exploration model and to identify new target areas along untested veins.