Nevada Silver Commences First Exploration In More Than 100 Years At The Historic Belmont Silver Camp, Nevada, USA

April 28, 2022

Toronto, Ontario, 28th April 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) (OTCQB: NVDSF) is pleased to provide an update on exploration activities at the Company’s 100%-owned Belmont Silver project in Nevada, USA.

NSC controls patented and unpatented claims covering numerous historic silver mines located near the town of Belmont, 15 kilometers southwest of the Company’s Corcoran Silver Project and 80 kilometers northeast of Tonopah in central Nevada (Figure 1). NSC’s Belmont Silver Project (BSP) and North Belmont Silver Project (NBSP) include the majority of old silver mine workings of the Belmont Silver Camp (BSC) peripheral to the historic Belmont ‘ghost’ town. During peak activity between 1865 and 1889 the BSC dominated Nye County’s silver production before declining silver prices and increasing costs of dewatering forced most to close.

Figure 1. Location map of the Belmont Silver, North Belmont Silver and Corcoran Silver Projects.

Belmont is among the earliest and richest silver mining camps in the Tonapah district and had an estimated average silver ore head grade of 25 ounces per ton of silver. Historical accounts describe numerous prospect pits and mine openings of shallow underground workings with the richest ore above the water table where silver occurred mostly as silver chloride (cerargyrite).

Silver-bearing sulphides together with copper, molybdenum, lead, zinc, and antimony minerals are present at depth. High-grade mineralization was reported adjacent to hanging walls of massive quartz veins and was generally conformable with strata of Ordovician shale, quartzite and limestone.

There has been negligible exploration at Belmont in recent decades, despite high-grade silver samples (up to 0.5% silver) collected from remnant mine dumps during a geochemical study of the Belmont silver district by the US Geological Survey in 1985 (Nash et al, 1985).

The Nevada Silver 2022 Program

Geology surface mapping of the BSP has commenced and this study will be the first detailed structural and lithological charting of the Belmont Silver Camp. Gearld (Jerry) Willis, an experienced consulting geologist, widely known for his meticulous mapping and comprehensive appraisals of silver deposit geology, has commenced field work.

Figure 2. Belmont project area view looking NE. Main workings are located outside and to the left of the photo. A shallow prospector’s shaft (right).

An Induced Polarization (IP/Resistivity) geophysical survey has been designed to cover the main area of shallow mine workings and adjacent ground at the BSP. Rock Bottom Geosciences LLC (a subsidiary of Planetary Geophysics Pty Ltd) has commenced the study. The arranged series of pole/dipole traverses will provide important details of sulphide accumulations and the study is expected to delineate prospective targets beneath and peripheral to the old workings.

Figure 3. Mineralized boulders on dumps near old mine workings at the Belmont Silver Project.

Left: weathered limonitic sulphide rock. Right: quartz breccia veining with mineralized host rock fragments.

NSC has secured Falcon Drilling Inc. to undertake drill testing of prioritized silver-sulphide targets defined by the mapping and geophysical surveys as well as detailed in the accounts of past mining activities. Targets will include near-surface, silver-quartz veins and shallow sulphide anomalies which were not identified by early miners because of poor outcrop and widespread overburden. Drilling is expected to commence in May.

 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.

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity exploration and development company with two US-based exploration projects with NI 43-101 compliant mineral resources and an experienced, multidisciplinary technical team and board. The Company’s principal asset is the Corcoran Silver Project in Nevada, which has mineralization near-surface, is open in all directions, and has an Inferred Mineral Resource of 33.5 million silver-equivalent ounces . The Corcoran Silver Project has a number of high-priority exploration targets that provide excellent growth potential. In February 2022, NSC announced that it had acquired the historic Belmont Silver Project, which was among the earliest and richest silver mining camps in the Tonapah district, with an estimated ore head-grade averaging 25 ounces per ton of silver. In addition to Corcoran and Belmont, NSC has exclusive ownership and management rights over the Emily Manganese Project in Minnesota, USA. The Emily Project contains North America’s highest-grade manganese resource and has been the subject of considerable technical studies, with USD$24 million invested to date.

For further information please contact:

Nevada Silver Corporation
Gary Lewis                                                                                            
Group CEO & Director                                                              
T: +1 (416) 941 8900                                                                                                                         


CHF Capital Markets
Perry Rapagna
Manager, Corporate Development
T: +1 (416) 868 1079 ext. 230

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Forward-Looking Information

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1 NI 43-101 Resource report on the Corcoran Canyon Project by Mosher and Smith (October, 2020).