Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration

Rhea-AI Summary

Pacifica Silver (OTCQB: PAGFF) expanded its Phase II drill program by 67% from 12,000 to 20,000 metres at the Claudia silver-gold project in Durango, Mexico. The expansion follows a $23 million financing closed Jan 23, 2026, and receipt of permits for 153 additional drill sites on Feb 11, 2026. As of Mar 14, ~6,452 metres across 25 holes were drilled. Drilling continues through an expected June 2026 completion. The company appointed Dr. Steven I. Weiss as Interim VP Exploration and changed auditors to Davidson & Co.

Positive

• Phase II expanded 67% to 20,000 metres from 12,000 metres
• $23 million financing closed on January 23, 2026
• Permits granted for 153 additional drill sites on February 11, 2026
• 6,452 metres drilled across 25 holes as of March 14, 2026
• Appointed Dr. Steven I. Weiss as Interim VP Exploration

Negative

• Numerous assay results are pending, so new resource metrics and impacts remain unavailable

News Market Reaction – PAGFF

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-2.82% News Effect

On the day this news was published, PAGFF declined 2.82%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - March 16, 2026) - Pacifica Silver Corp. (CSE: PSIL) (OTCQB: PAGFF) ("Pacifica" or the "Company") is pleased to announce the expansion of its Phase II drill program from 12,000 to 20,000 metres at the Claudia Silver-Gold Project, located in Durango, Mexico. The Company also announces the appointment of Steven I. Weiss, PhD, CPG, as Interim Vice President of Exploration, and a change in auditors to Davidson & Co.

Phase II Drill Program Update

Following the successful closing of Pacifica's $23 million financing on January 23, 2026, and the receipt of new permits on February 11, 2026, for up to 153 additional drill sites, the Company has expanded its Phase II drill program by 67% from 12,000 to 20,000 metres.

The expanded program is designed to continue expanding known zones of high-grade silver-gold mineralization at the Aguilareña vein, follow up on the recent high-grade discovery at the Justina vein (see news from February 9, 2026), and aggressively drill test the southern extension of the project at the high-priority Mina Vieja and Mina de Oro targets.

From the commencement of the program on January 15 to March 14, a total of approximately 6,452 metres across 25 holes has been drilled (or are in progress) using three drill rigs (see Figure 1 for locations). This includes 354 metres in three Phase I holes that were deepened during Phase II. Numerous assays are pending and will be released in the coming weeks and months. The Phase II drill program is expected to conclude in June 2026.

Figure 1 - Phase II Program Holes Drilled as of March 14, 2026

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10814/288609_3489dba50492ea58_001full.jpg

Appointment of Interim VP of Exploration

The Company is pleased to announce the appointment of Dr. Steven I. Weiss, PhD, CPG, as Interim Vice President of Exploration, effective immediately, as part of an ongoing leadership transition designed to support the Company's next stage of growth and discovery.

Octavio Lizardi, previously Vice President of Exploration, will continue contributing his deep expertise in epithermal vein systems as Pacifica's Senior Structural Geologist-ensuring continuity of technical leadership while allowing focused specialization on the Company's high-potential vein targets.

Dr. Weiss brings over 45 years of proven success in minerals exploration, including senior roles driving resource expansion in Mexico, to guide the Pacifica team through this exciting growth stage. Since he began working in Mexico in 2003, Dr. Weiss has delivered significant resource expansions at major projects:

• Joined Glamis Gold to lead exploration at the El Sauzal gold mine (1.7 Moz gold produced) and across the Sierra Madre Occidental.
• Continued with Goldcorp after its 2006 acquisition of Glamis, where he built and led the team at the Camino Rojo gold-silver deposit, establishing an initial 1.6 Moz gold in reserves and more than doubling the gold resource from 3.4 Moz to 7.5 Moz.
• Served as Mexico Exploration Manager until departing Goldcorp in 2013.

His specialized expertise in epithermal precious-metal deposits (geologic, geochemical and mineralogical characteristics), with significant success in Mexico's gold-silver systems, will be instrumental in advancing Pacifica's exploration objectives and unlocking value for shareholders.

Change of Auditors to Davidson & Co.

The Company is also pleased to announce the appointment of Davidson & Company LLP ("Davidson") as its new auditor effective as of March 16, 2026. Davidson replaces Mao & Ying LLP (the "Former Auditor") as the Company's auditor.

The change in auditor was approved by the Company's Audit Committee and Board of Directors. There was no modified opinion expressed in the Former Auditor's report on any of the Company's financial statements relating to the period commencing at the beginning of the Company's two most recently completed financial years and ending on the date of resignation of the Former Auditors.

There have been no "reportable events" within the meaning assigned under subsection 4.11(1) of National Instrument 51‐102 Continuous Disclosure Obligations.

About Pacifica Silver Corp.

Pacifica Silver Corp. is a Canadian resource company led by a proven management team with decades of mining and exploration experience in Mexico. The company is focused on its 100% owned Claudia Silver-Gold Project located in Durango, Mexico. Spanning 11,876 hectares, the Project encompasses most of the historic El Papantón Mining District where at least nine small mines operated intermittently during the 20th century. Since 1990, sampling and drilling within have returned high-grade silver and gold intercepts across multiple vein systems, with only 10% of over 30 kilometres of known veins having been drilled. Today, the property is a prime target for modern exploration and holds exceptional potential for new high-grade discoveries.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Todd Anthony
Phone: 778-999-2627
Email: info@pacificasilver.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation, including statements regarding the perceived merit of the Project, potential quantity and/or grade of minerals, and the potential size of the mineralized zone. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. These risks include, but are not limited to, risks related to uncertainties inherent in the preparation of mineral resource estimates, changes to geotechnical or hydrogeological considerations, and risks associated with executing the Company's objectives and strategies.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288609

FAQ

How much did Pacifica Silver (PAGFF) increase its Phase II drilling at Claudia on March 16, 2026?

Pacifica increased the Phase II program by 67%, from 12,000 to 20,000 metres. According to the company, the expansion follows a $23 million financing and new permits to test expanded targets and extensions through June 2026.

What financing supported Pacifica Silver's (PAGFF) drill program expansion announced March 16, 2026?

The drill expansion was funded after Pacifica closed a $23 million financing on January 23, 2026. According to the company, those funds plus new permits enabled the enlarged 20,000-metre Phase II program.

How much drilling had Pacifica Silver (PAGFF) completed at Claudia by March 14, 2026?

By March 14, Pacifica had drilled approximately 6,452 metres across 25 holes (some still in progress). According to the company, three rigs are active and numerous assays remain pending.

What is the timeline for Pacifica Silver's (PAGFF) Phase II program at Claudia announced March 16, 2026?

The Phase II drill program is expected to conclude in June 2026. According to the company, drilling began January 15, 2026, and expanded permits and funding support completion by that target.

Who did Pacifica Silver (PAGFF) appoint as Interim VP Exploration in the March 16, 2026 release?

Pacifica appointed Dr. Steven I. Weiss, PhD, CPG as Interim VP Exploration effective immediately. According to the company, Dr. Weiss brings over 45 years of exploration experience and significant Mexico-focused resource expansion success.