Sabina Gold & Silver Corp (TSX:SBB) (OTCQX:SGSVF), is pleased to announce initial results from the recently completed Umwelt drilling program on its 100%-owned Back River Gold Project in Nunavut, Canada.

This eight-hole drilling program at Umwelt targeted select areas near the interface of the planned open pit and upper portions of the underground where potential exists for optimization of the mine plan.

Assays for the first two drill holes include: 13.68 g/t Au over 31.90m, including 30.98 g/t Au over 9.90m in drill hole 22GSE605, and 11.93 g/t Au over 41.45m, including 32.00 g/t Au over 8.00m in drill hole 22GSE606. Results from drill hole 22GSE605 demonstrate the excellent potential for additional mineralization outside of the current mine plan, and drill hole 22GSE606 highlights the continued opportunity for optimization of the current resource model. See Table 1.0 below for details.

These new assays continue to support the continuity of higher grade portions of mineralization modeled in the resource and further defined by previous drilling completed at the V2 zone that have returned significant intercepts such as 19.89 g/t Au over 32.20m in hole 20GSE575C, including 51.50 g/t Au over 8.20m (see news release dated September 3^rd, 2020), 20.02* g/t Au over 20.55m in hole 20GSE581, and 23.52* g/t Au over 22.75m in hole 20GSE582 (see news release dated October 13^th, 2020). (*weighted averages include uncapped assay results).

Six of the drill holes (results pending) tested mineralization within the resource envelope over a plunge extent of 200m with vertical distance from surface ranging between 115m and 200m. Two additional drill holes were completed; one tested the anticline structure to the west of the high-grade corridor and outside of current planned underground mining areas, while a second was completed as a geomechanical test within the open pit. Planned drilling for the Hook zone, announced as part of this drilling program, was deferred.

“We continue to demonstrate and better define these structures that are two to three times the average grade of the current Umwelt underground reserve,” said Bruce McLeod, President & CEO. “This current drilling follows on the strong results of drilling completed in 2020 at the Umwelt V2 zone, continuing to support the value of advancing the exploration ramp for better access to evaluate, grow and optimize this higher-grade material, which if accessed earlier in the mine life could improve already robust project economics.”

Figure 1.0: Stylized 60m wide inclined section of the short limb of the fold sequence, at the Umwelt Deposit, with the two drill holes in this release, and select intercepts from the 2020 V2 drilling: https://www.globenewswire.com/NewsRoom/AttachmentNg/a8a69ad2-1a37-477c-874e-5fea24a5ac5a

Table 1.0 – Selected Significant Drill Intercepts at Umwelt from Holes 22GSE605 & 22GSE606

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 six years has yielded strong exploration and optimization opportunities, both at the deposit, and across the Goose Property. 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 better inform portions of the higher-grade gold continuity and assist with design adjustments and potential optimizations of the pit wall and crown pillar design. A set of six drill holes targeted the intersection of the Quartz Feldspar Porphyry with the Lower Iron Formation within the short 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 22GSE605, targeting the intrusion of a Quartz Feldspar Porphyry Dyke through the Lower Iron Formation, intersected over 30m of mineralized iron formation, with a 10m interval of particularly robust mineralization characterized by heavily disseminated arsenopyrite, disseminated to semi-massive pyrrhotite, and several occurrences of visible gold. This interval corresponds with assays that returned 30.98 g/t Au over 9.90m, within a larger scale zone of strong gold mineralization. This intercept is situated immediately below the current planned open pit, and 10 m up-dip of the planned stopes, in the permanent crown pillar; an area not currently included in the estimated Reserves.

Drill hole 22GSE606, located approximately 100m down plunge of 22GSE605, targeted the intrusion of a Quartz Feldspar Porphyry Dyke through the Lower Iron Formation, within the current planned underground workings, to further test the continuity of the high-grade V2 gold zone. Much like hole 22GSE605, the drill hole intersected over 40m of well mineralized iron formation, with an 8.0m interval of particularly robust mineralization characterized by heavily disseminated arsenopyrite, disseminated to semi-massive pyrrhotite, and several occurrences of visible gold.

True width of the mineralized iron formation in both drill holes is closely represented by the intersections presented in Table 1.0, as drilling is nearly perpendicular to the short limb of the antiform/synform set.

Figure 2.0: Goose Property plan map showing 2022 drilling, targeting the Umwelt Deposit:

https://www.globenewswire.com/NewsRoom/AttachmentNg/675e0b26-e087-4127-a76c-b90b0e96f614

Table 2.0 –Significant Drill Intercepts at Umwelt from Holes 22GSE605 & 22GSE606

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.