Identifies 370 m of Vertical Continuity in San Nicolas Zone

Silver Storm Mining Ltd. (TSX-V: SVRS) (OTCQB: SVRSF) (FSE: SVR) is pleased to announce further drill results from its Phase 1 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the seven holes within this release are from the Quebradillas mine.

Key highlights include:

• Hole Q-23-024 intersected the San Nicolas Zone returning 689 g/t Ag.Eq¹ over 9.39 metres including 1,000 g/t Ag.Eq over 5.25 m from a breccia zone which can be traced 235 m toward the surface, where a 25 m deep artisanal shaft is located.
• This intercept is located approximately 18 m above the last mine development in this area, with similar high-grade mineralization:
  • 1921 m EL composited historical channel samples returned 247 g/t Ag.Eq over a strike length of 19 m and width of 1.49 m.

• Hole Q-23-013A intersected the San Nicolas Zone returning 316 g/t Ag.Eq. over 4.09 m including 663 g/t Ag.Eq over 1.00 m and 297 g/t Ag.Eq over 1.58 m.
• Surface mapping has uncovered several similar subparallel zones of interest to the west of San Nicolas with historical surface samples returning greater than 500 g/t Ag.Eq. (La Fe, La Virginia, and La Esperanza Zones).
• High-grade mineralization at San Nicolas commences from surface and has now been traced with continuity to a depth of 370 m.

Greg McKenzie, President and CEO, commented: “We are very pleased with the drilling and geologic mapping results at San Nicolas. Prior to placing La Parrilla on care and maintenance First Majestic had commenced mining over 5 established levels and 80 vertical metres at San Nicolas. We have now been able to expand and trace the high-grade mineralization 370 metres down from surface, with continuity. It is a tremendous benefit to have all the infrastructure available to support the potential mining and processing of these expanding zones.”

San Nicolas Zone

The San Nicolas Zone is considered part of the Quebradillas Mine, located approximately 400 m to the SW and connected by underground development utilizing shared services from the mine. The San Nicolas Zone had 5 levels of development established and mined by First Majestic, and a ventilation raise from surface down to 275 m. As a result of the drilling and surface mapping conducted by the Company, high-grade silver mineralization can now be traced with continuity down to approximately 370 m from surface. Management anticipates follow-up drilling and mapping will continue to extend mineralization at the San Nicolas Zone, and the additional four proximal subparallel veins identified to date.

The San Nicolas Zone is comprised of subvertical quartz-carbonate vein and breccia mineralization striking NW (315/87) over a known length of approximately 600 m. Massive sulphide replacement zones occur within the hanging wall and footwall along the bedding within the sediments. The sulphide mineralization consists of pyrite, galena, sphalerite, acanthite, and native silver and is oxidized from the surface down to approximately 100 m. A second set of east-west trending sulphide bearing quartz-carbonate veins crosscuts the principal NW trend. Breccia pipes (chimneys) form at the intersection of these two trends.

Holes Q-23-013A to 015A targeted the southeastern down-dip extension of the zone beneath the 1886 m EL stope. Holes Q-23-024 to 026 targeted the central up-dip extension of the zone above the 1921 m EL stope – See Table 1; Figures 1, 2, 3, & 4.

Figure 1 – Cross-Section View to NNW of Key Results- San Nicolas Zone

Hole Q-23-024

Hole Q-23-024 successfully intersected sulphide breccia mineralization, returning 689 g/t Ag.Eq over 9.39 m (71.75 to 81.14 m), including 1,000 g/t Ag.Eq over 5.25 m (72.75 to 78.00 m). This intercept is located approximately 18 m above the last mine development in this area, with similar mineralization (Table 2):

• The composited weighted average grade of historical channel samples from the 1921 m EL stope returned 247 g/t Ag.Eq over a strike length of 19 m and average width of 1.49 m.

This high-grade breccia zone lies at the intersection of the NW trending San Nicolas and the east-west trending Quebradillas structures and can be traced 235 m up-dip from this hole toward the surface. Historical hole ILP-SN-19-08, which returned 530 g/t Ag.Eq. over 7.50 m (186.10 to 193.60 m), located approximately 40 m above hole Q-23-024, confirms this trend of the breccia to surface within a 25 m deep artisanal shaft.

Hole Q-23-013A

Hole Q-23-013A successfully intersected sulphide replacement type mineralization returning 316 g/t Ag.Eq over 4.09 m (87.49 to 91.58 m) including 663 g/t Ag.Eq. over 1.00 m (88.55 to 89.55 m) and 297 g/t Ag.Eq over 1.58 m (90.00 to 91.58 m). This intercept is located approximately 30 m below the last mine development in this area, with similar mineralization (Table 2):

• The composited weighted average grade of historical channel samples from the 1886 SE1 m EL stope returned 289 g/t Ag.Eq over a strike length of 8 m and average width of 1.62 m.
• The composited weighted average grade of historical channel samples from the 1887 W m EL stope returned 243 g/t Ag.Eq over a strike length of 10 m and average width of 2.61 m.

This hole also intersected sulphide replacement type mineralization returning 547 g/t Ag.Eq. over 0.30 m (106.87 to 107.17 m).

Hole Q-23-014

Hole Q-23-014 intersected sulphide fault zone associated breccia and quartz-carbonate vein type mineralization returning 240 g/t Ag.Eq. over 1.90 m (111.80 to 113.70 m).

Hole Q-23-025

Hole Q-23-025 intersected sulphide fault zone associated breccia and quartz-carbonate vein type mineralization returning 211 g/t Ag.Eq. over 1.09 m (85.65 to 86.74 m).

San Nicolas Area Surface Mapping

Surface mapping of the San Nicolas Zone and surrounding area commenced in December 2023 and is ongoing – See Figure 5; Table 3. Several subparallel zones like San Nicolas have been mapped and sampled to the west, namely, the La Fe, La Virginia, and La Esperanza Zones. There exist several historical pits, trenches, and shafts on surface which have been mapped over the four zone trends. Historical surface samples of 1,215 g/t Ag.Eq. at La Virginia, 1,855 g/t Ag.Eq. at La Esperanza, and 556 g/t Ag.Eq. at La Fe indicate the exploration potential of each of these zones. The Company is planning a future program of trenching and surface diamond drilling in this area.

Veta Nueva Zone

The Veta Nueva Zone is located approximately 200 m to the NE and subparallel to the San Nicolas Zone, characterized by a NW trending fault-zone quartz-carbonate vein which dips 50 degrees to the NE (130/50). First Majestic had mined one Level of Veta Nueva prior to placing the mine on care and maintenance.

Hole Q-23-016

Hole Q-23-016 successfully intersected sulphide fault zone associated quartz-carbonate vein type mineralization returning 525 g/t Ag.Eq over 0.4 m (53.83 to 54.23 m). This intercept is located approximately 19 m above the last mine development in this area, with similar mineralization (Figure 1; Table 2):

• The composited weighted average grade of historical channel samples from the 1870 m EL stope returned 169 g/t Ag.Eq over a strike length of 23 m and average width of 1.16 m.

Table 1 – Select Assay Intervals from Holes Q-23-013A to 016 & Q-23-024 to 026 & Historical Results – San Nicolas and Veta Nueva Zones

Table 2 – Historical Channel Sample Results ⁽²⁾ – San Nicolas and Veta Nueva Zones

Table 3 – 2023 Surface Mapping Grab Sample Results ⁽³⁾ – San Nicolas Area

1. All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths. Silver equivalent: Ag.Eq g/t was calculated using commodity prices of US$22.50 /oz Ag, US$1,800 /oz Au, US$0.94 /lb Pb, and US$1.35 /lb Zn applying metallurgical recoveries of 70.1% for silver and 82.8% for gold in oxides and 79.6% for silver, 80.1% for gold, 74.7% for lead and 58.8% for zinc in sulphides. Metal payable used was 99.6% for silver and 95% for gold in doré produced from oxides, and 95% for silver, gold, and lead and 85% for zinc in concentrates produced from sulphides. Cut-off grades considered for oxide and sulphide were, respectively 140 g/t Ag.Eq and 125 g/t Ag.Eq and are based on 2017 costs adjusted by the inflation rate and include sustaining costs.
2. Weighted average grades were calculated over the mineralized widths of each channel (Figures 2-4).
3. Surface sample mineralization is considered oxide and thus Ag.Eq calculation for oxides is applied. First Majestic Silver (FMS) surface samples were taken in 2015 and are considered historical in nature (Figure 5).

Sample Analysis and QA/QC Program

Silver Storm uses a quality assurance/quality control (QA/QC) program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples sent for analysis. The drill core is photographed, logged, and cut in half, with one half retained in a secured location for verification purposes and one half shipped for analysis. Sample preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO 9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in Vancouver, Canada for analysis. The entire sample is crushed to 70% passing -2 mm, and a riffle split of 250 grams is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram pulp by fire assay with a gravimetric finish (Au-GRA21). Samples are also analyzed using a 34 element inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested by four acids (ME-ICP61). Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and copper (>1%) are re-assayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than 1,500 g/t, samples are re-assayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-GRA21). Samples with lead values over 20% are re-assayed using volumetric titration with EDTA on a 1-gram pulp (Pb-VOL70). No QA/QC issues were noted with the results reported herein.

Review by Qualified Person and QA/QC

The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.

About Silver Storm Mining Ltd. (formerly Golden Tag Resources Ltd.)

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Golden Tag recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico.

Figure 2: Plan View San Nicolas Zone

Figure 3: Oblique View to East of San Nicolas Channel Samples 1874, 1886, 1901 & 1921 m EL Stopes

Figure 4: Longitudinal Section of San Nicolas View Toward NE

Figure 5: Surface Plan of San Nicolas, La Fe, La Virginia, & La Esperanza Zones