Sabina Gold & Silver Corp (TSX:SBB) (OTCQX:SGSVF) is pleased to announce additional high-grade assay results from the final drill holes of the 2022 spring drilling program at the Goose Property on its 100%-owned Back River Gold Project in Nunavut, Canada.

The goal of this eight-hole drilling program focused at the V2 Zone at Umwelt was to better define the high-grade continuity of areas within the existing resource envelope near the interface of the planned open pit and upper portions of the underground. This year’s drilling has demonstrated that the higher grade of the V2 zone has been extended up plunge into the lower portions of the open pit. The added confidence in this higher-grade mineralization will serve towards informing optimization of the Umwelt mine plan.

All drill holes encountered intervals of significant gold mineralization. Select highlights from this drilling include:

• 12.59 g/t Au over 45.05 m including 21.33 g/t Au over 23.15 m, and 30.38 g/t Au over 8.00m in drill hole 22GSE607;
• 21.87 g/t Au over 15.10 m including 46.40 g/t Au over 4.20 m in drill hole 22GSE610; and
• 12.64 g/t Au over 20.35 m, and 16.22 g/t Au over 10.57 m including 40.00 g/t Au over 3.90 m, and 7.41 g/t Au over 12.60 m including 20.86 g/t Au over 4.00 m in three sequential zones in drill hole 22GSE611:

See Tables 1.0 – 3.0 below for more details and highlights from other Umwelt holes.

Initial V2 Zone drilling in 2020 tested the upper portions of the Umwelt underground as part of a program to test the hypothesis of a high-grade corridor from the bottom of the pit down plunge to the high-grade Vault Zone (drilled in 2018/19). Drilling is still required to test continuity of the structure between the Vault and V2 zones. Between 2020 and this current program, the V2 zone has been tested by 14 additional drill holes which have better defined and added confidence to the continuity of higher-grade mineralization over a plunge length of 365 m. See Table 2.0 and Figure 1.0 below.

“These results continue to demonstrate the exceptional gold endowment of the Umwelt deposit and its potential for further optimization and growth of high-grade gold zones both within and outside of the current mine design,” said Bruce McLeod, President & CEO. “The significant plunge of defined gold mineralization within iron formation at the Umwelt Deposit has strong potential for additional discovery both laterally and at depth. With the current advancement of our exploration ramp at Umwelt we expect to be in a position to commence underground exploration drilling later this year.”

Table 1.0 – Selected Significant Drill Intercepts at Umwelt from Holes 20GSE607, 22GSE608, 22GSE609, 22GSE610, 22GSE611, and 22GSE613.

Figure 1.0: Stylized 60m wide inclined section of the short limb of the fold sequence, at the Umwelt Deposit, with 2022 drill results indicated, and select 2020 holes labelled.

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Table 2.0 – Summary of Select Significant Intervals from all V2 Drilling from 2020 and 2022.

Umwelt Underground and High-Grade Corridor Drilling

Sabina’s focus on the Umwelt deposit with drilling, core review, detailed modelling and structural interpretation over the last several years has yielded strong exploration and optimization opportunities, both at the deposit, property, and belt scales. Geological learnings have driven positive resource growth and optimization at the Umwelt, Llama and Goose Main deposits, and generated exploration opportunities resulting in the discovery of the Nuvuyak resource and evolution of the Hook zone towards future growth as a possible new resource.

Results from drilling in 2022 will add to the confidence in the continuity of the higher-grade gold mineralization and thus offer opportunity for design adjustments and potential engineering optimizations of the pit wall, crown pillar, and underground sills. Drilling of holes 22GSE605, 22GSE606, 22GSE607, 22GSE608, 22GSE610, 22GSE611 and 22GSE613 largely targeted the intersection of the Quartz Feldspar Porphyry with the Lower Iron Formation within the short limb (aka “east limb”) of the antiform/synform system; a plunging structure with significant width, of particularly high-grade gold mineralization (see Figure 1.0). Understanding and supporting mineralization continuity down plunge through this zone is important for forward planning and expansion, since the deposit is open along limbs and at depth.

Drill hole 22GSE609 intersected the anticline hinge outside of the main V2 core and in an area where no reserves are contemplated. The significant length of the intercept at 26.85m with a grade of 5.80 g/t Au, including 11.71g/t Au over 9.25m demonstrates the strength of the mineral system in this structurally favorable setting. Exploration of this setting will be advanced later this year in future drilling programs accessed from the exploration decline.

The mineralization intersected by the 2022 drilling conforms to the general characteristics of the stronger gold zone examples at the Goose project. The host iron formation shows moderate to strong chlorite, actinolite and silica alteration with pervasive quartz veining and locally strong occurrences of pyrrhotite and arsenopyrite. Visible gold occurrences are locally common in the host rock and along the stronger zones of sulphide mineralization, and are often associated with the higher-grade gold zones.

True width of the mineralized iron formation in most drill holes is closely represented by the intersections presented in Table 2.0 for drill holes 22GSE605, 22GSE606, 22GSE607, 22GSE608, 22GSE610, and 22GSE613, as drilling is nearly perpendicular to the short limb of the antiform/synform set.

Figure 2.0: Plan map showing 2022 drilling, targeting the Umwelt Deposit

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Table 3.0 –Significant Drill Intercepts for the 2022 Spring Drilling Program

Qualified Person

Nicole Lasanen P.Geo, Technical Services Manager for the Company, is a Qualified Person as defined by NI 43-101 as pertaining to the Back River Project, and has reviewed, verified and approved the technical contents of this news release.

All drill core samples selected within the exploration program are subject to a company standard of internal quality control and quality assurance programs which include the insertion of certified reference materials, blank materials and duplicates analysis. All samples are sent to ALS Global laboratories locations in Yellowknife, Northwest Territories and Vancouver, British Columbia where they are processed for gold analysis by 50 gram fire assay with finish by a combination of atomic absorption and gravimetric methods. Additionally, analysis by screen metallic processes is performed on select samples. ALS Global quality systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.

SABINA GOLD & SILVER CORP

Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.

Sabina filed an Updated Feasibility Study (the “UFS”) on its first mine on the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, with a post-tax IRR of ~28% and NPV5% of C$1.1B at a gold price of $1,600 USD. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The Project has received all major permits and authorizations for construction and operations.

The Company has arranged a comprehensive project financing package comprised of:

• A US$425 million senior secured debt facility, gold prepay and stream package with Orion Mine Finance and Wheaton Precious Metals Corp.; and
• US$221 million in equity including Zhaojin’s participation.

The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.

The Company continues to advance exploration and project optimization, including advancing the planned plant expansion to 4,000 tpd from Year two to initial startup.