Drill Program At The Hughes High-Grade Silver Project

VANCOUVER - Summa Silver Corp. has commenced an over 10,000 meter drill program at the Hughes Property near Tonopah, Nevada. The program will consist of both reverse circulation (RC) and core drilling. An RC rig is currently in full operation on the project and two additional core rigs are scheduled to arrive.

Highlights: Just Beginning to "Scratch-The-Surface": The Hughes property contains a large number of drill-ready targets proximal to high-grade intersections from 2020. To fully assess the resource potential of the entire project, extensive drilling is required; High Potential Drilling: Targets were selected based on an updated and comprehensive three-dimensional model of all 2020 drill results together with geology, veins and underground workings of the historic Tonopah Mining District; Modern Exploration in the Heart of the District: Drilling has started around the Rescue veins where modeling has identified the presence of multiple parallel-striking veins that require immediate drill testing. Numerous additional veins in the Belmont Mine and Murray target areas also remain un-tested; Additional Drilling at the Ruby Discovery: Representing the potential extension of the Tonopah District and located 1.3 km east of the Belmont Mine, this discovery which remains open in all directions will be tested for further mineralization; Final Assays from 2020 Return High-Grade Silver and Gold: 2,930 g/t silver equivalent (460 g/t Ag and 24.7 g/t Au) over 0.4 m from 375.0 m within 561 g/t silver equivalent (103 g/t Ag and 4.58 g/t Au) over 2.0 m from 375.0 m in SUM20-21 - 3,210 g/t silver equivalent (1500 g/t Ag and 17.1 g/t Au) over 0.3 m from 234.1 m within 665 g/t silver equivalent (323 g/t Ag and 3.42 g/t Au) over 1.8 m from 232.6 m in SUM20-29; and Fully Funded: With approximately $13.0M in working capital Summa is ready to execute aggressive drill programs throughout 2021.

Galen McNamara, CEO, said, "As we begin our 2021 drill program at Hughes, it is clear that the Tonopah Mining District still contains zones of substantial high-grade mineralization. Based on the drilling we completed in 2020 and subsequent surface exploration which is now on-going, it is our belief that we are only just beginning to scratch-the-surface here and extensive further work will be required before we can begin to understand the scale of the mineralized zones."

The focus of the 2021 drill program will be to test for continuity and the strike-extent of mineralization intersected during the 2020 drill program. Four primary targets will be investigated: Belmont Mine, Murray, Mizpah Extension and Ruby. Additional targets such as the 725 veins are being ranked and prioritised and may also be further tested.

Belmont Mine: Based on a refined exploration model for the Belmont Mine target, numerous holes are planned to test the strike-extent of high-grade Ag and Au mineralization associated with the Rescue veins. Modeling suggests these high-grade near-vertical, southwest-striking veins (e.g., 3,760 g/t silver equivalent over 2.5 m in SUM20-06) remain open in multiple directions. An RC rig is currently drilling a set of pre-collars at this target.

Murray Area: Several holes in 2020 tested the gently dipping, southwest-striking Murray vein hosted along the property-scale Tonopah fault at the Murray area. Mineralization is associated with broad intervals of strong argillic alteration cored by zones of quartz stockwork up to 30 meters wide and local mineralized epithermal-related quartz veins (e.g., 1,079 g/t silver equivalent over 0.9 m in SUM20-17) Based on the distribution of mineralized intercepts along the prospective structure, additional drilling is planned to investigate grade-continuity as a well as the down-dip potential of the vein.

Mizpah Extension Area: Two holes in 2020 tested the gently to steeply dipping veins in the Mizpah Extension area. Both holes cut zones of intense hydrothermal alteration along with banded and brecciated epithermal related veins and two zones of mineralization (e.g., 290 g/t silver equivalent over 4.0 m in SUM20-09). Additional drilling is planned to test the lateral and dip extents of the mineralized zones and to investigate the orientation of the veins in the area.

Ruby Discovery: One drillhole in 2020 tested the Ruby target, located 1.3 kilometers east of the Belmont Mine, and cut broad zones of intense hydrothermal alteration with local zones of mineralized banded and brecciated epithermal related veins (e.g., 1,597 g/t silver equivalent over 0.5 m in SUM20-10). The lateral extent of mineralization along strike will be tested in the 2021 drill program.

Drilling Methods: A mix of RC and core drilling is planned for the 2021 program. The upper parts of holes will be drilled with RC methods as pre-collars to depths of up to 250 meters. Holes will then be completed through target zones with core drilling. Pre-collaring holes with RC will result in significant time and cost savings. Completing holes with core methods will result in greater geological and assay certainty. The estimated depth of pre-collars is based on of the Company's geologic modeling.