Initial results from inaugural drill program nearly double the strike length of gold mineralization at Occidental South to approximately 550 meters, which remains open in all directions.

Multiple thick intersections confirm the potential to rapidly expand footprint of shallow oxide gold mineralization associated with an open-ended 1,000 m x 400 m gold-in-soil anomaly.

Immediate validation of the prospectivity of the Occidental-Brunswick Lode which is undrilled over most of its 5 km length.

Approximately 35 drill holes and 5,700 meters completed to date out of a planned initial 20,000-meter, 100-hole drill program; assays pending for all except the first 7 holes reported herein.

Mackay Gold & Silver Corp. (TSX-V: MACK) (OTCQB: MKGSF) is pleased to announce initial drill results from the Company’s inaugural 20,000-meter drill program at its 100%-owned Comstock District property in Nevada, USA. Assay results are reported for the first 7 holes and include thick intersections of near-surface gold and silver mineralization, as detailed in Table 1 and Figures 1 to 3.

“We started the program with bold, 150 to 250-meter step-outs to the north of the closest historical drilling at Occidental South and have been rewarded with thick intersections at very good grades for oxide gold in Nevada,” stated Darwin Green, CEO and Director. “These results confirm a strong correlation between gold-in-soil geochemistry and near-surface gold mineralization in bedrock and demonstrate the potential to expand the footprint of mineralization at Occidental South, which we have already nearly doubled in length with just these first few holes. Most of the 20,000-meter Phase 1 program is focused on the gold-in-soil anomaly, which currently measures approximately 1,000 m x 400 m and remains open in all directions. We look forward to reporting additional results in the coming weeks and months.”

Table 1. Highlighted Drill Intersections.

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 Figure 2. Project Map & Plan Map of Occidental South drill holes, on gold-in-soil map.

 Figure 3. Gold and silver down hole grade ribbon for RC drill results reported in this news release.

Drilling Details

The Phase 1 drill program consists of approximately 15,000 meters of shallow reverse circulation drilling at Occidental South and 5,000 meters of deep diamond core drilling at the Sutro Tunnel intersection. Both areas test the Occidental-Brunswick Lode, a three-mile-long (5-km) mineralized structure located east of, and parallel to, the Comstock Lode. The Occidental-Brunswick Lode shares the same strike, dip, and overall geological setting and character as its better-known neighbor.

At Occidental South, drill plans include 50 to 100-meter spaced drill holes over an approximately 1,000 x 400-meter initial gold in soil target area. The drilling is on trend of an approximately 300-meter-long zone of oxide gold-silver mineralization as defined in outcrop and limited drilling by previous operators.

The area north of this zone had not previously been explored with modern methods. The target is supported by strong gold-in-soil geochemistry across the entire length of an approximately 1,000-meter-long detailed soil grid which is being expanded to the north.

Today’s results include the first 7 drill holes completed from the Phase 1 program and are the first holes to be drilled by Mackay Gold & Silver. The drill holes are located 150 to 250 meters along strike to the north of the Occidental South mineralized zone, which is defined by 10 drill holes completed between 2018 and 2021 (Figure 1 to 3). Drill holes 26MGS001, 26MGS005 and 26MGS007 all intersected thick intervals (approximately 50 to 60 meters) of strong gold mineralization. These intersections, each spaced 50-meters apart, demonstrate consistent mineralization and continuity across approximately 100 meters of strike length and extend the total strike length of the Occidental South mineralized zone to approximately 550 meters. Occidental South is open to expansion in all directions.

Today’s drill results provide immediate validation of the prospectivity of the Occidental-Brunswick Lode which is undrilled over most of its 5-km length.

Approximately 35 drill holes for 5,700 meters have been completed to date as part of the planned 20,000-meter 100-hole drill program. The Company anticipates providing regular updates for the next several months as additional assay results are received.

Table 2. Significant Drill Intersections.

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Mackay Gold & Silver Corp.

Mackay Gold & Silver Corp. is a Nevada-focused gold and silver exploration company with 100% control of a large, consolidated land package totaling 4,747 hectares (47.5 km²) in one of America’s richest, productive and oldest mining districts. With an estimated 8.2 million ounces of historical gold production and 192 million ounces of silver produced between 1859 and 1926 from so called ‘bonanza’ orebodies that averaged 35 g/t gold and 726 g/t silver, the Comstock district is recognized as one of America’s highest grade epithermal systems and an attractive setting for modern discovery. Led by an experienced team with a strong track record of discovery, development, and value creation, Mackay is well funded and committed to delivering shareholder value through disciplined exploration and responsible resource development.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Darwin Green, Chief Executive Officer and director of the Company, and a Qualified Person under NI 43-101. Mr. Green is not independent of the Company.