Defiance Silver Corp. (TSX-V: DEF) (FSE: D4E) (WKN: A1JQW5) is pleased to provide the results on the drilling campaign on the San Acacio resource drilling program on the Zacatecas project. The campaign was designed to confirm the extension of the known mineralized structures both laterally and vertically as well as to validate the current geological model that will be used for the upcoming Mineral Resource Estimate. This release contains results from holes: DDSA-26-89 through DDSA-26-92.

The drilling campaign has successfully completed 6,132m distributed in 21 holes in the resource area. The samples from holes DDSA-26-89 to DDSA-26-92 are reported in this release. The company is looking forward to integrating the assay results from the San Acacio drilling into the Mineral Resource Estimate, which is currently underway. The remaining 4,064 meters were used to test highly prospective targets in the Lucita South area, including a significant test of the high-grade multi-kilometre long Palenque vein system. The Lucita project forms part of the 4,217 Ha, Zacatecas Project. Defiance has released previous grassroots discovery results in NR dated August 9, 2022, DDLU-22-10 intersected several different styles of mineralization, including grades up to 737 g/t Ag (from 398.00m to 398.53m), and in NR dated April 13, 2022, drillhole DDSA-21-50 returned a downhole interval of 1.15m of 1,603.90 g/t Ag (from 116.25m to 117.4m), within a downhole interval of 3.33m grading 709.04 g/t Ag (from 115.82m to 119.15m). These previously reported drill holes were the first drill holes ever recorded on the Lucita South asset in the world-class Zacatecas district.

Highlights of Results

• DDSA-26-89 returned 2.75m of 118.94 g/t Ag (from 42.25m to 45.00m) hosted within a larger interval of Veta Grande vein system.
• DDSA-26-90 intersected 0.34m of 735.00 g/t Ag (from 353.58m to 353.92m) within a larger interval of 1.79 m (from 353.58m to 355.37m) grading 148.97 g/t Ag and 0.12 g/t Au.
• DDSA-26-91A assayed 0.31m of 990.00 g/t Ag and 0.28 g/t Au (from 307.29m to 307.60m) hosted in a larger interval of 1.40m of 221.00 g/t Ag (from 306.20m to 307.60m) and 1.49m of 41.74 g/t Ag and 1.38 g/t Au (from 368.90m to 370.39m) hosted in a larger interval of 24.00 m of 9.43 g/t Ag, 0.27 g/t Au, 0.26% Pb, and 1.03% Zn (from 347.94m to 371.94m).
• DDSA-26-92 returned 1.29m of 80.43 g/t Ag, 0.34 g/t Au and 0.18% Pb, and 0.34% Zn (from 291.04m to 292.33m).

Overview Map of Drill Locations

 Figure 1. Overview Map of Drill Locations. Plan map of the San Acacio project area. Drill holes reported in this release are shown with yellow collars and traces, with selected highlights in boxes. Coordinates are in UTM WGS84 Zone 13N.

Simplified Cross Section, Looking NW, with New Results from Hole DDSA-26-91, 91A and DDSA-26-92

 Figure 2. DDSA-26-91, 91A and DDSA-26-92 Simplified Cross Section. Looking NW

Table of Results

49

1

Table 1. Table of Results. True thickness is assumed to be 50% – 80% of downhole width. *Intercepts of no vein material recovered were treated as zero for intervals calculation.

Discussion of Results

DDSA-26-89 Drilling was carried out in the central block, near its boundary and between drill holes SAD95-12 and SAD95-34, about 40 m below the surface. The purpose was to determine continuity in the gap between the historical Almaden and Esperanza open pit mines. Drilling was also designed to test east-west features identified in surface mapping and confirm the results from the 1995 drilling. It also aimed to improve understanding of how the geological features are arranged. The Veta Grande was expected at about 40 m and was found near the surface well preserved but strongly oxidized. Narrow zones with high mineral concentrations were also found in the hanging wall of the Veta Grande vein system.

DDSA-26-90 Drilling was carried out in the central block, near its boundary and above the San Genaro fault system. The Veta Grande was found across a wide interval, with high zinc values but less silver than expected. Several narrow zones with high silver concentrations were also encountered in the hanging wall of the vein system.

DDSA-26-91 Drilling was carried out in the northwestern block, near the concession boundary. The design of this hole was planned to follow up on the small veins and veinlet array zones with high mineral concentrations, as encountered in drill hole DDSA-23-64, as reported in the NR dated June 7, 2023, which encountered two significant zones of appreciable silver grade: 4.80m of 349.37g/t Ag (from 236.72m to 241.52m) including 1.32m of 1,264.42 g/t Ag (from 239.07m to 240.39m) and 3.21m of 200.05 g/t Ag (from 256.22m to 259.43m). Drilling was stopped because the hole deviated significantly from the planned target pierce point.

DDSA-26-91A and DDSA-26-92 These holes were drilled in the northwestern block, near the concession boundary. Their purpose was to continue investigating the small veins and zones with high mineral concentrations as encountered in drill hole DDSA-23-64. The final drill hole of this campaign at San Acacio was DDSA-26-92. Drilling was successful in identifying a wide zone containing gold and base metals. This zone includes small veins in the hanging wall of the Veta Grande as well as the Veta Grande itself.

Collar Information for Reported Drill Holes

Table 2. Drill collar details. All coordinates in WGS84 UTM Zone 13N

Discussion of QA/QC and Analytical Procedure

Samples were selected based on the lithology, alteration, and mineralization characteristics; sample size ranges from 0.25 – 2m in width. All altered and mineralized intervals were sent for assay. One blank, one standard, and one duplicate were included within every 20 samples. Standard materials are certified reference materials [CRMs] from OREAS and CDN that contain a range of Ag, Au, Cu, Pb, and Zn values. Blanks, standards, and duplicates did not detect any issues with the analytical results.

Samples were analyzed by ALS Chemex Laboratories, an independent analytical facility. Sample preparation was performed at the Zacatecas, Mexico, prep facility, and analyses were performed at the Vancouver, Canada, analytical facility. All elements except Au and Hg were analyzed by a multi-element geochemistry method utilizing a four-acid digestion followed by ICP-MS detection [ME-MS61m]; mercury was analyzed after a separate aqua regia digest by ICP-MS. Overlimit assays for Ag, Pb, and Zn were conducted using the OG62 method (multi-acid digest with ICP-AES/AAS finish). Gold was measured by fire-assay with an ICP-AES finish [50g sample, Au-ICP22].

About Defiance Silver Corp.

Defiance Silver Corp. is an exploration company advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District, the 100% owned Tepal Gold/Copper Project in Michoacán state, Mexico and the newly acquired Green Earth Metals property portfolio in Sonora State. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance Silver’s corporate mandate is to advance its projects through capital-efficient exploration focused on resource growth and new mineral discoveries.