Nevada Silver Corporation Drills Wide Intersections Of Mineralization At Its Corcoran Silver-Gold Project, Nevada, USA

December 14, 2021

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES

Toronto, Ontario, 14th December 2021: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) is pleased to provide an update on assay results from the 2021 diamond drill program at its 100% owned Corcoran Silver-Gold project (“Corcoran” or the “Project”) in Nevada, USA.

NSC has received analytical results from two diamond drill holes (CC21-04 and CC21-05) of the company’s maiden drill campaign. Highlights include:

CC21-04

  • 142.15 meters from 29.85 meters @ 42g/t AgEq (13g/t Ag, 0.38g/t Au)

Including:

  • 14.65 meters @51g/t AgEq (4g/t Ag, 0.62g/t Au)
  • 16.00 meters @63g/t AgEq (16g/t Ag, 0.63g/t Au)
  • 16.50 meters @88g/t AgEq (57g/t Ag, 0.41g/t Au)

CC21-05

  • 34.5 meters from 57.00 meters @101g/t AgEq (86g/t Ag, 0.20g/t Au)

Including:

  • 1.50 meters @1137g/t AgEq (1120g/t Ag, 0.23g/t Au)

Mineralized intervals from the first hole (CC21-01) were reported on 10th November 2021 and include:

  • 96 meters from surface @ 35g/t AgEq (19g/t Ag, 0.21g/t Au),
  • 2.67 meters from 233.7 meters @ 1336g/t AgEq ((1219g/t Ag, 1.82g/t Au including 1.33 meters @ 2466g/t AgEq (2310g/t Ag, 2.6g/t Au))
  • 6.09 meters from 245.7m @ 277g/t AgEq (253g/t Ag, 0.38g/t Au).

Drill holes CC21-01, 04 and 05 are the first three holes released in NSC’s recently completed 3,040-meter drilling program at the outcropping epithermal Corcoran Silver-Gold deposit (Figure 1).

The collar of drill hole CC21-04 is located 200 meters north of CC21-01 and the hole was drilled towards the south east at a 47.5 degree dip. The 142 meter Ag-Au intersection in CC21-04 confirms the considerable extent and thickness of the Corcoran deposit and consistently elevated gold grades indicate that gold to silver ratios are variable within the deposit.

CC21-05 is located 300 meters north east of CC21-01. Like CC21-01, this vertical hole intersected narrow zones of high grade silver (e.g. 1120g/t Ag between 70.00-71.50 meters).  Partial oxidation extends to considerable depth in both CC21-04 and CC21-05 and this is typically prominent in structural zones, fractures and veinlets (Figure 2).

Assay results for the remaining 14 holes (CC21-02, 03, 06-17) are expected during coming weeks.

Figure 1. Drill hole location map of the Corcoran Ag-Au deposit showing completed NSC drill holes.

Assay highlights are summarized in Table 1 and drill hole location details are listed in Table 2.

NSC CEO Gary Lewis commented, “CC21-04 and 5 have both intersected thick zones of near-surface silver and gold representing the potential for a very large deposit. The high-grade silver intersections in both CC21-01 and CC21-05 are particularly encouraging because these holes are 300 meters apart and there appears to be continuity of high grades along this trend. Importantly, the CC21-05 results show that Corcoran is likely to extend further to the north east, beyond the current drill program.”

Figure 2. CC21-05 drill core of fractured and partially oxidized rhyolite breccia in between 80.0-80.9 meters (67g/t Ag).

Table 1. Significant mineralized intervals in drill hole CC21-01, CC21-04 and CC21-05.

Hole ID From To Interval Ag Au Ag grade x width AgEq†
Meters Meters Meters g/t g/t g/m g/t
CC21-01 0 96 96.00 19 0.21 1824 35
including 81.10 91.70 10.60 82 0.4 869 111
 including 86.07 88.70 2.63 187 0.48 492 220
CC21-01 233.7 236.37 2.67 1219 1.82 3255 1336
including 233.7 235.03 1.33 2310 2.6 3072 2466
CC21-01 245.67 251.76 6.09 253 0.38 1541 277
               
CC21-04 29.85 172 142.15 13 0.38 1848 42
including 29.85 44.5 14.65 4 0.62 59 51
including 89.42 112.08 22.66 16 0.63 363 64
including 132.5 149 16.5 57 0.41 941 87
               
CC21-05 57 91.5 34.5 86 0.2 2967 100
including 70 71.5 1.5 1120 0.23 1680 1117
 Intervals are core length. True width of mineralization is unknown until more drill data is available.
Drill location, altitude, azimuth and dip of drill holes are provided in Table 2.
Quality control, Assay laboratory and analytical methods are detailed in the text of this report.
A cut-off grade of 20g/t silver equivalent (AgEq) has been applied to calculate the length-weighted intercepts.
 Numbers are rounded.
 † Silver equivalent values (AgEq) - Metal prices follow the NI 43-101 Resource report on the Corcoran Canyon Project by Mosher and Smith (October, 2020) which used USD1460/ounce gold and USD17/ounce silver as well as a cut-off grade of 20g/t AgEq which has been applied to these results.
Precious metal recoveries off 98.2% Ag and 88.6% Au were determined by laboratory tests by ALS (USA) in December 2018 (reference RE18305962), the most recent metal recovery data available. AgEq has been calculated as follows: AgEq = (gold price/silver price) x (gold assay x 0.886) + (silver assay x 0.982).

Table 2. Drill hole details for CC21-01, CC21-04 and CC21-05.

Drill hole Drill collar location Azimuth Dip Collar
Elevation
Final
Depth
Start
Date
Finish
Date
WGS84 E WGS84 N degrees degrees meters meters
CC21-01 515611 4282554 0 -90 2319 354.16 9/4/2021 9/10/2021
CC21- 04 515659 4282725 110 -47.5 2295 217.62 9/19/21 9/25/21
CC21-05 515816 4282741 0 -90 2343 166.72 9/26/21 9/30/21

Quality Assurance, Sampling and Assay Determinations

The diamond drilling was undertaken by Falcon Drilling, Inc, Nevada, using industry standard equipment and procedures. All drill core was HQ size. Drilling supervision and drill core logging and sampling was carried out by Ethos Geological, Inc under the direction of Mr Scott Close (President and Chief Geologist, Ethos Geological).

Drill hole orientation, down-hole survey data and collar coordinates were routinely gathered and drill core was logged (geological and geotechnical) and photographed prior to sampling.  Drill core samples were collected at variable lengths (averaging 1 meter) and saw-sampled on-site prior to storage in a secure compound. 

Collected intervals including quality control samples (duplicates, blanks and international standards) were forwarded by secure freight to ALS Chemex Labs, Inc in Reno, NV. Analytical procedures used four acid ICP-AES (code ME-ICP61) for silver and 32 elements and additional assays for ore-grade samples (Ag-OG62, ME-OG62). High silver grades (over 1500g/t Ag) were determined using fire assay method Ag-GRA21.

Market Stabilization and Liquidity Services

The Company has signed a letter agreement with Red Cloud Securities Inc. (“Red Cloud”) to provide market stabilization and liquidity services, in accordance with the policies of the TSX Venture Exchange (the "TSXV") and applicable laws. Red Cloud will trade the securities of the Company on the TSXV for the purposes of maintaining an orderly market. None of Red Cloud nor its affiliates or associates has any interest directly or indirectly in the Company or its securities, or any right or intent to acquire such an interest. In consideration of the services provided by Red Cloud, the Company will pay a monthly cash fee of $5,000 for a minimum term of three months, which will automatically extend for successive one-month terms unless terminated by either party on thirty days' prior notice. The services provided by Red Cloud will commence today, December 14, 2021. Red Cloud will not receive shares or other securities as compensation. The capital used for market making will be provided by Red Cloud.

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.

For further Information please contact:

Nevada Silver Corporation

Gary Lewis
Group CEO & Director
T: +1 (416) 941 8900
gl@nevadasilvercorp.com

About Nevada Silver Corporation
Nevada Silver Corporation (TSXV:NSC) is a US-based, multi-commodity resource company with two advanced stage exploration projects in the USA. NSC’s principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC also owns the Emily Manganese Project in Minnesota which has been the subject of considerable technical studies with US$23 million invested to date. Both Corcoran and Emily are wholly (100%) owned by NSC.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

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