Galena Complex Exploration Update

TORONTO - Americas Gold and Silver Corporation (USAS) reported on the exploration update for the Galena Complex and corporate update. Phase 1 drilling of the Recapitalization Plan is complete and the results will be incorporated into the updated mineral reserve and resource estimates expected before the end of August 2021. Targeted mineral resource additions through June 2021 of least 50 million ounces of silver, on a 100% basis for the property.

Initial 21-hole drill program targeting the downdip extension of the prolific Silver Vein all hit high grade mineralization and is now complete. Highlighted recent drill results include: Hole 55-183: 3,345 g/t silver and 2.8% copper (3,633 g/t silver equivalent) over 3.8 m, including: 13,800 g/t silver and 11.1% copper (14,900 g/t silver equivalent) over 0.5 m; Hole 55-143: 2,460 g/t silver and 2.1% copper (2,680 g/t silver equivalent) over 4.1 m, including: 7,060 g/t silver and 5.4% copper (7,620 g/t silver equivalent) over 0.6 m; Hole 55-184: 3,966 g/t silver and 4.0% copper (4,372 g/t silver equivalent) over 2.2 m, including: 7,610 g/t silver and 7.6% copper (8,390 g/t silver equivalent) over 0.5 m; Phase 2 drill program expected to start in Q3-2021 and will initially target extensions of the three south-east plunging veins at depth (72 Vein, Silver Vein and 360 Complex) from the first of several planned drill stations further east to determine the extent and potential source of these similar vein structures. In addition, the Company will also target the Vulcan Gap, which is located between surface and the 2400-Level; and Targeted resource growth from the Phase 2 drilling program is an additional 50 million ounces of silver resources, on a 100% basis for the property.

“The Phase 1 drilling at the Galena Complex has been a tremendous success,” said, President & CEO, Darren Blasutti. “I am excited for the results to be incorporated into the updated mineral reserve and resource estimates for the Galena Complex which I believe will continue to showcase the resource potential when capital is allocated to drilling. The recent drilling of the Silver Vein has been remarkable and I believe the Phase 2 drilling will continue to demonstrate the potential of the property at depth.”

The Company has completed the Phase 1 drilling program as part of the Galena Complex Recapitalization Plan. The Company’s most recent mineral resource update, which was released in September 2020, already demonstrated the significant exploration potential at the property with Measured and Indicated Resource increasing by 36% and Inferred Resource increasing by 100%.

The Company expects to provide an updated Mineral Resource estimate by the end of August 2021. The Company is confident that based on the continued exploration success, from drilling completed during July 2020 through June 2021, that the resource estimates will increase by the Company’s target for over 50 million ounces of silver, when considering Galena on an 100% basis.

2021 is expected to be a transitional year at the Galena Complex from a production standpoint with continued exploration drilling supporting production growth toward a 2 million silver ounce per year plan by the end of 2022. Longer term, and assuming continued exploration success, the Company is confident that the operation will again reach peak historical annual production levels of approximately 5 million ounces per year.