Defiance Silver Files Technical Report for Its Zacatecas Project

Rhea-AI Summary

Defiance Silver (TSXV: DEF) has filed a new technical report for its Zacatecas Project in Mexico following a continuous disclosure review by the British Columbia Securities Commission. The report reveals that the previously disclosed 2014 mineral resource estimate for the San Acacio project did not comply with NI 43-101 requirements. Since 2014, the company has completed 73 drill holes totaling 26,578.03 metres at San Acacio, along with extensive surface geological mapping and soil sampling. However, this additional work has not yet been incorporated into current geological and resource models, resulting in no current mineral resources being reported for the project. The new technical report, prepared by SGS Geological Services with an effective date of October 1, 2024, has been filed on SEDAR+.

Positive

• Completion of extensive exploration work: 73 drill holes totaling 26,578.03 metres
• Comprehensive surface geological and structural mapping completed
• New compliant technical report filed with regulatory authorities

Negative

• Previous 2014 mineral resource estimate declared non-compliant with NI 43-101
• No current mineral resources reported for the project
• Additional drilling data not yet incorporated into resource models

Vancouver, British Columbia--(Newsfile Corp. - December 17, 2024) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or the "Company") announces that, further to its news releases dated February 2, 2024, April 10, 2024 and November 29, 2024, relating to a continuous disclosure review of the Company by the British Columbia Securities Commission (the "BCSC"), it has filed a new technical report on the Company's Zacatecas Project in Mexico (which includes the San Acacio project).

As reported in its November 29^th news release, Defiance has been working with SGS Geological Services, who had been contracted to prepare a revised technical report that would include all projects forming part of the overall Zacatecas complex. The revised technical report includes all exploration work completed on the project to date.

A mineral resource estimate was disclosed for the San Acacio project in a 2014 technical report. However, as indicated in the February 2, 2024 news release, the 2014 report did not comply with disclosure requirements for mineral resources set out in NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Defiance has completed additional diamond drilling on the project since 2014, including 73 drill holes for a total of 26,578.03 metres on the San Acacio project, as well as extensive surface geological and structural mapping of the mineralized zones, and surface soil sampling of the entire project. This work has not yet been incorporated into current geological and resource models for use in the preparation of a current mineral resource estimate by an independent qualified person.

Since the 2014 Mineral Resource Estimate on the San Acacio project ("MRE") did not comply with disclosure requirements for mineral resources set out in NI 43-101, and the additional drilling completed on the project has not yet been incorporated into current geological and resource models for use in the preparation of a current mineral resource estimate by an independent qualified person, there are no current mineral resources on the project.

Benjamin Eggers, P.Geo. and Sarah Dean, P.Geo. of SGS Geological Services, both qualified persons under NI 43-101, have completed a technical report titled "Technical Report for the Zacatecas Project, Zacatecas, Mexico" dated December 16, 2024 with an effective date of October 1, 2024. The technical report, prepared in accordance with NI 43-101, has been filed today on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.

Qualified Person

Mr. George Cavey, P. Geo, Vice-President Exploration and Director of the Company, is a Qualified Person within the meaning of National Instrument 43-101 and has approved the technical information concerning the Company's material mineral properties contained in this press release.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas Project, located in the historic Zacatecas Silver District and the Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to advance our projects through capital-efficient exploration focused on resource growth and new mineral discoveries.

On behalf of Defiance Silver Corp.

"Chris Wright"
CEO & Chairman of the Board

For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.com.
www.defiancesilver.com
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email: info@defiancesilver.com

Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234230

FAQ

What is the current mineral resource estimate for Defiance Silver's (DNCVF) Zacatecas Project?

Currently, there are no reported mineral resources for the Zacatecas Project, as the 2014 estimate was non-compliant with NI 43-101 requirements and recent drilling data hasn't been incorporated into new resource models.

How many drill holes has Defiance Silver (DNCVF) completed at San Acacio since 2014?

Defiance Silver has completed 73 drill holes totaling 26,578.03 metres at the San Acacio project since 2014.

When was the new technical report for DNCVF's Zacatecas Project filed?

The new technical report was filed on December 17, 2024, with an effective date of October 1, 2024.

Why did Defiance Silver (DNCVF) need to file a new technical report for Zacatecas?

The company needed to file a new technical report following a continuous disclosure review by the British Columbia Securities Commission, as the 2014 report didn't comply with NI 43-101 requirements.