Including 1.32 metres of 330 g/t Silver, 3.4% Lead, and 11.9% Zinc.

Reyna Silver Corp. (TSX-V: RSLV) (OTCQX: RSNVF) (FRA: 4ZC) is pleased to report high-grade intercepts in 3 out of 4 holes in the 1,335 metre 2023 Drilling Campaign at its 6,561 hectare Medicine Springs Project in Elko Co., Nevada (See Press Releases of January 5 and June 9, 2023). Combined with the results from the 2022 drilling program (See Press Release of January 17, 2023), strong silver and zinc mineralization has been found in 7 out of 9 sub-parallel structures cutting through an area 660 m wide and 1.75 km long. All the structures show multiple stages of high-grade mineralization surrounded by wide zones of dispersed mineralization.  The structures continue in both directions well beyond the initial drilling area and many additional structures along and adjacent to the corridor remain to be tested.

Importantly, a Magneto-Telluric (MT) geophysical survey (See Geophysics section below) and detailed structural analysis were also completed this summer, and the combined results indicate that the mineralized corridor trends towards an anomaly that coincides with the strongest copper values encountered to date.  This may indicate the location of the system’s intrusive center where mineralization is potentially extensive.

These results reinforce Medicine Springs as a prime candidate for a large-scale, well-mineralized CRD System and the technical team is incorporating all these new results into a refined district model for drilling next season.

Highlights

High-grade Silver cut in three holes (See Tables 1 & 2, the full results are linked below).

• MS23-008 within 44 metres of dispersed mineralization cut several high-grade veins, the best of which was 1.32 metres grading 330 g/t Silver, 11.9% Zinc and 3.4% Lead.
• MS23-007 within 56 metres of disseminated mineralization cut by several high-grade veins, the best of which was  1.54 metres grading 304 g/t Silver, 3.5% Zinc and 2.1% Lead.
• MS23-006 cut 2.35 metres of 217 g/t Silver.

“Medicine Springs continues to display its potential for the kind of large, high-grade deposit that generates significant market value,” said Jorge Ramiro Monroy, CEO and President of Reyna Silver. “We hope to duplicate the success of our district reappraisal at Batopilas by combining the new geophysics and this summer’s detailed structural study with the 75% high-grade hit rate we’re hitting in nearly every structure to move us towards a major discovery.”

“Cutting high-grade silver mineralization in so many structures across such a big area, this early into exploring Medicine Springs, indicates this is a large, potent system, and the new geophysics and structural study appear to be telling us which way to go” said Dr. Peter Megaw, Chief Technical Advisor of Reyna Silver. “Now that the scale of the system is coming into focus, we can work towards the source (or sources) of the system and potentially more robust mineralization.”

Table 1: Intercept Highlights

*Core length in the hole, true thickness not yet determined. The average recovery was 89-95%.

2023 Drilling Program

The 2023 drilling campaign focused on the southern Golden Pipe corridor and the Silver King area based on a combination of highly geochemically anomalous jasperoids, structural intersections, and distance from previous holes (See Figures 1 and 2). Both sets of holes tested strongly mineralized structures to refine understanding and orientation of the geologic framework of Medicine Springs and hone in on its center.

Figure 1. Map of the 6,561 ha project claim package with drill holes from the 2023 campaign in black (MS23-005, MS23-006, MS23-007, MS23-008) and drill holes from 2022 in grey (MS22-001, MS22-002, MS22-003, and MS23-004). The arcs denote the general zoning of Ag, Pb-Zn, and Cu respectively, from the 2021 selective Jasperoid sampling program (See Press Release from January 10, 2022). The dashed line shows the boundary of the alluvium cover. The purple box denotes the 660 metre by 1.75 kilometre reconnaissance drilling area; 7 out of the 9 structures intersected silver mineralization.

Table 2. Detailed Breakdown of Principal Intercepts

*Core length in the hole, true thickness not yet determined. The average recovery was 89-95%.

Geophysics

A property-wide Magneto-Telluric (MT) geophysical survey was completed and interpreted during the summer and fall. MT is useful for revealing high and low-angle discontinuities, and the NE-SW trend of the mineralized corridor appears to be well displayed in the results (Figures 4 and 5). The survey also reveals conductive anomalies that may reflect mineralized skarn bodies surrounding the style of intrusion that typically lies at the heart of CRD systems or the intrusion itself. The high conductivities coincide with elevated Copper grades in the overlying jasperoids – a possible indicator of proximity to an intrusive source – representing highly prospective drill targets.

The structural study shows continuity from the high-grade Reconnaissance Drilling corridor to the MT anomalies over 2 kilometers away. Mineralization in CRD systems is characteristically continuous from the source outward along structures active at the time of deposition. Therefore, identifying the direction of ore fluid migration allows vectoring along the mineralized corridor toward more extensive proximal mineralization.

Figure 2. Plan view of Magneto-Telluric (MT) Geophysical survey at Medicine Springs highlighting conductive anomalies. The silver-rich jasperoid-bearing target structures are shown in blue. The 2023 drill holes are shown in black  (MS23-005, MS23-006, MS23-007 and MS23-008), and the 2022 drill holes are in grey (MS22-001, MS22-002, MS22-003, and MS22-004). Higher conductivity is shown in yellow grading to lower conductivity in purple; the surrounding rocks are highly resistive and uncolored for the purpose of this figure (compare to blue in Figure 3). The A to A1 section line is denoted by the black line running NW to SE, the cross-section in Figure 3 below.

Figure 3. Cross-section of MT Geophysics looking NorthEast along the black line, A -A’, shown in Figure 2. Higher resistivity is shown in green grading through blue to higher conductivity in pink and yellow. Note strong resistive anomaly rising to the surface near one of the best silver values identified in the jasperoids (1,200 g/t Ag). Also note deeply rooted conductive anomaly- this may reflect an intrusion and/or a major structure that saw significant fluid movement.

Follow the link to our website for complete assay results with associated figures.

QA/QC STATEMENT

Reyna Silver follows industry standard procedures for diamond core drilling and sample analysis. Drilling is carried out using PQ through NQ size tooling. The drill core is cut in half using a diamond rock saw, with one-half of the core then taken as a sample for analysis and the other kept as a register. Sample intervals are generally from 0.2 to 2 m intervals, producing samples of between 0.2 to 11 kg. Half-core samples are delivered to the internationally certified ALS Minerals laboratory facilities in the certified ALS Global facility in Elko, Nevada where the samples are prepared. ALS has a Quality management system (ISO 17025), and Assays are completed by ALS Minerals in Canada. Pulps were analyzed for precious, base-metals, and multi-elements using method code ME-MS41 following an aqua regia digestion. Overlimits are analyzed using an appropriate method. Multi-element geochemical standards and blanks or duplicates are inserted systematically into the drill core sampling series to monitor lab performance. Overlimit values for Ag, Pb, and Zn were analyzed using method codes Ag-OG46, Pb-OG46, and Zn-OG46.  Multi-element geochemical standards and blanks or duplicates are inserted systematically into the drill core sampling series to monitor lab performance.

QUALIFIED PERSON

Dr. Peter Megaw, C.P.G., the Company’s Chief Exploration Advisor and Qualified Person, reviewed the technical aspects of the exploration projects described herein and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or the companies with which he is affiliated hold Net Smelter Royalties on the Guigui and Batopilas Projects that predate Reyna Silver acquiring them.

ABOUT REYNA SILVER

Reyna Silver Corp. is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and USA.

Reyna’s principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico, plus Medicine Springs and Gryphon Summit in Nevada, USA. Guigui covers the interpreted source area for the Santa Eulalia District, and Batopilas covers most of Mexico’s historically highest-grade silver system. The Company also has an option to acquire 100% of the Medicine Springs CRD project in Elko Co., Nevada, USA, and the 10,300-hectare combined Carlin-style and CRD Gryphon Summit Project in Eureka Co., Nevada, USA, as well as several early-stage properties in Mexico.