Southern Silver Intersects 10.4 metres Averaging 743g/t AgEq at Cerro Las Minitas Project in Durango, México

Rhea-AI Summary

Southern Silver (OTC:SSVFF) reported assays from four drill holes on the newly acquired Puro Corazon claim at Cerro Las Minitas, Durango, México, including a 10.4 m interval averaging 743 g/t AgEq (inc. 3.9 m @ 1,490 g/t AgEq) in hole 25CLM-205.

Results show a 65 m step-out from prior bonanza-grade mineralization, multiple shallow El Sol-style intercepts within 100 m of surface, and deeper skarn-associated zones with elevated Cu. Sixteen of 21 planned holes are complete (6,820 m); up to 12,000 m planned. Final assays expected by end Q1 2026; company plans an updated MRE and PEA thereafter.

Positive

• 10.4 m @ 743 g/t AgEq (hole 25CLM-205)
• 3.9 m @ 1,490 g/t AgEq high-grade internal interval
• Shallow mineralization within 100 m aligning with El Sol veins
• Drilling progress: 16 of 21 holes, 6,820 m completed

Negative

• Results reported from only first 4 holes; dataset remains preliminary
• Final assays and resource/PEA updates not expected until end Q1 2026

Vancouver, British Columbia--(Newsfile Corp. - January 6, 2026) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") reports assays from four holes which test the recently acquired Puro Corazon claim including further near-surface high-grade silver mineralization in a replacement zone sitting outside the main Skarn zone and the historic Puro Corazon workings.

Highlight assays include:

• a 10.4 metre interval averaging 365g/t Ag, 0.1g/t Au, 0.1% Cu, 7.8% Pb and 8.2% Zn (743g/t AgEq), including a 3.9 metre interval averaging 688g/t Ag, 0.2g/t Au, 0.1% Cu, 17.1% Pb and 17.1% Zn (1,490g/t AgEq)⁽¹⁾ from drillhole 25CLM-205

(1) see AgEq calculation criteria in notes to Table 1. Intervals are reported as estimated true thickness unless otherwise indicated

The highlight interval is a 65 metre step-out from previously reported Bonanza-silver mineralization in drill hole 25CLM-203 which returned 10.5 metres averaging 1,115g/t AgEq (see NR-16-26; Dec. 1, 2025). Both mineralized intervals exhibit a similar replacement-style of mineralization, are located on the outer edge of the main skarn zone and may form part of a high-grade hanging wall Carbonate-Replacement (CRD) zone outboard of the historic Puro Corazon workings.

Drilling also intersected multiple additional mineralized zones including further shallow mineralization in drill holes 25CLM-202 and 25CLM-204 which correlate to the previously modelled and structurally controlled mineralization in the El Sol deposit and deeper intercepts correlating to the main Skarn Front deposit.

Other highlight assays from the first four drill holes identified shallow mineralization (within 100 metres of surface) attributed to the El Sol veins including:

• a 5.3 metre interval averaging 73g/t Ag, 2.8% Pb and 3.4% Zn (221g/t AgEq), including a 1.2 metre interval averaging 170g/t Ag, 0.1% Cu, 8.9% Pb and 3.7% Zn (449g/t AgEq)⁽¹⁾ from drill hole 25CLM-202; and
• a 7.3 metre interval averaging 102g/t Ag, 0.5% Cu, 3.6% Pb and 3.7% Zn (305g/t AgEq), including a 4.0 metre interval averaging 131g/t Ag, 0.1g/t Au, 6.4% Pb and 5.4% Zn (456g/t AgEq)⁽¹⁾ from drill hole 25CLM-204.

(1) see AgEq calculation criteria in notes to Table 1. Intervals are reported as estimated true thickness unless otherwise indicated

Several deeper intercepts correlate with the main Skarn Front deposit. These tend to be broader zones of mineralization that can be associated with elevated copper values and include:

• a 11.8 metre interval averaging 119g/t Ag, 0.2% Cu, 1.7% Pb and 1.0% Zn (194g/t AgEq), including a 1.0 metre interval averaging 483g/t Ag, 0.1g/t Au, 0.2% Cu, 3.2% Pb and 0.5% Zn (572g/t AgEq)⁽¹⁾ from 25CLM-205 and
• a 17.9 metre interval averaging 63g/t Ag, 0.1% Cu, 1.6% Pb and 1.4% Zn (136g/t AgEq).

(1) see AgEq calculation criteria in notes to Table 1. Intervals are reported as estimated true thickness unless otherwise indicated

Vice President of Exploration, Rob Macdonald stated "These latest drill results have successfully demonstrated: a significant step-out to previously reported, near-surface, Bonanza-grade silver mineralization; continuity with previously modelled mineralization in the El Sol Deposit; and confirmed deeper intercepts that correlate to the main skarn target and extends mineralization into a previously untested area. With only the first four holes of the current drill program completed, I anticipate more positive exploration results through the first quarter of 2026."

As of this writing, sixteen of the proposed twenty-one holes are now complete for a total of 6,820 metres, with drilling of three holes currently in progress. Up to 12,000 metres of drilling is planned to test the Puro Corazon claim both laterally and to depths of up to 450 metres below surface. Drilling has now resumed on the project after a short Christmas break. The Company anticipates significant news flow from this current drill program through Q1 2026.

Figure 1: Plan view of the drilling on the recently acquired Puro Corazon Claim.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5344/279610_815b0c79f463596c_002full.jpg

Figure 2: Longitudinal Section of the Puro Corazon Target. Note: pierce points reflect intercepts into the main Skarn zone

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5344/279610_815b0c79f463596c_003full.jpg

Next Steps

The Company is planning to incorporate the results of the Puro Corazon drilling program into the much larger Cerro Las Minitas project which is expected to significantly enhance the project economics. Final assays are anticipated to be received by the end of the first quarter of 2026, after which the Company intends to:

• update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by
• an update of the Preliminary economic Assessment ("PEA") of the project in accordance with the provisions of National Instrument 43-101 and
• continue to advance baseline data collection and permit readiness review

The Company reports that work on the Cerro Las Minitas project continues advancing numerous upside opportunities identified subsequent to the July 2024 PEA, while also derisking and advancing the project with the commencement of baseline data collection, hydrology, geotechnical, archaeological and land surveys and studies.

As currently modelled, the Cerro Las Minitas project features a large-scale underground mining operation with robust project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast Durango, Mexico. For more information on the details of the current economic assessment of the Cerro Las Minitas project please refer to Southern Silver's news release dated June 10, 2024.

Table 1: Select Assay Results from the Cerro Las Minitas project.

	Collar Data
Hole #	Az	Dip	Depth	From	To	Interval	Est. Tr. Thck.	Ag	Au	Cu	Pb	Zn	AgEq	Notes
	Deg	Deg	(m)	(m)	(m)	(m)	(m)	(g/t)	(g/t)	(%)	(%)	(%)	(g/t)
25CLM-202	59	-47	369	47.7	54.8	7.2	4.8	70	0.0	0.1	2.1	2.1	170	50% Dilution
inc.				47.7	48.8	1.1	0.7	258	0.0	0.1	5.9	1.1	405
and inc.				53.2	54.8	1.6	1.1	58	0.0	0.2	3.0	6.6	304
25CLM-202	59	-47	369	63.3	71.2	8.0	5.3	73	0.0	0.0	2.8	3.4	221
inc.				67.9	69.7	1.8	1.2	170	0.0	0.1	8.9	3.7	449
25CLM-202	59	-47	369	236.0	244.6	8.7	7.0	40	0.0	0.0	1.7	2.7	148	Previously Reported
inc.				237.0	240.0	2.9	2.4	62	0.0	0.1	3.0	5.2	266
25CLM-202	59	-47	369	255.6	259.1	3.5	2.8	50	0.0	0.0	2.6	1.0	128	42% Dilution
inc.				255.6	256.4	0.8	0.6	104	0.0	0.0	5.1	4.1	313
25CLM-202	59	-47	369	263.5	264.4	0.9	0.8	405	0.0	0.2	11.1	9.1	873
25CLM-203	58	-54	399	82.1	83.1	1.0	0.7	33	0.0	0.2	0.6	1.0	82
25CLM-203	58	-54	399	137.1	138.0	0.9	0.7	566	0.0	0.1	29.2	8.0	1348
25CLM-203	58	-54	399	148.7	150.5	1.8	1.3	112	0.0	0.1	3.4	2.4	246	54% Dilution
inc.				150.1	150.5	0.4	0.3	466	0.0	0.1	13.9	7.5	937
25CLM-203	58	-54	399	244.7	258.0	13.4	10.5	560	0.1	0.1	11.2	12.3	1115	Previously Reported
inc.				244.7	249.0	4.3	3.4	1067	0.2	0.2	20.0	19.1	1982
25CLM-203	58	-54	399	262.7	266.0	3.4	2.6	143	0.0	0.1	4.8	1.5	280	Previously Reported; 68.6% Dilution
inc.				262.7	263.0	0.4	0.3	396	0.0	0.0	7.2	5.8	691
and inc.				265.3	266.0	0.7	0.6	443	0.1	0.3	17.6	3.6	903
25CLM-203	58	-54	399	279.5	302.2	22.7	17.9	63	0.0	0.1	1.6	1.4	136	22% Dilution
inc.				279.5	285.7	6.2	4.9	124	0.0	0.1	3.5	2.7	273
25CLM-203	58	-54	399	325.3	327.2	1.9	1.5	32	0.0	0.5	0.2	2.1	128
25CLM-204	78	-54	360	59.5	65.5	6.1	4.0	120	0.0	0.2	3.5	4.5	323
inc.				61.2	65.0	3.9	2.5	176	0.0	0.3	4.7	6.2	452
25CLM-204	78	-54	360	84.9	96.0	11.1	7.3	102	0.0	0.5	3.6	3.7	305
inc.				84.9	91.0	6.1	4.0	131	0.0	0.8	6.4	5.4	456
25CLM-204	78	-54	360	107.9	117.3	9.5	6.2	25	0.0	0.1	1.0	1.0	76
25CLM-204	78	-54	360	260.6	264.1	3.5	3.0	171	0.0	0.1	2.2	3.7	324	43% Dilution
inc.				263.6	264.1	0.5	0.4	724	0.1	0.5	6.8	21.6	1471
25CLM-204	78	-54	360	277.2	280.4	3.2	2.7	55	0.0	0.0	2.4	2.4	168	36% Dilution
				279.2	280.4	1.2	1.0	104	0.0	0.0	4.6	4.8	324
25CLM-204	78	-54	360	294.0	296.5	2.6	2.2	131	0.0	0.1	3.2	1.3	234
25CLM-204	78	-54	360	305.2	305.7	0.5	0.4	82	0.0	0.1	2.4	5.1	271
25CLM-205	83	-58	369	26.0	26.4	0.4	0.3	58	0.0	0.0	1.4	1.0	113
25CLM-205	83	-58	369	148.5	150.0	1.6	1.0	462	0.0	0.0	0.5	0.2	479
25CLM-205	83	-58	369	213.0	221.5	8.5	7.0	57	0.0	0.0	2.0	1.8	147	38% Dilution
inc.				219.7	221.5	1.8	1.4	213	0.0	0.0	7.3	5.5	505
25CLM-205	83	-58	369	226.3	239.0	12.7	10.4	365	0.1	0.1	7.8	8.2	743
inc.				234.2	239.0	4.8	3.9	688	0.2	0.1	17.1	17.1	1490
25CLM-205	83	-58	369	246.7	261.0	14.3	11.8	119	0.0	0.2	1.7	1.0	194	21% Dilution
inc.				254.8	256.1	1.3	1.0	483	0.1	0.2	3.2	0.5	572
25CLM-205	83	-58	369	267.1	275.5	8.4	6.9	36	0.0	0.8	0.0	0.6	115
25CLM-205	83	-58	369	290.4	299.1	8.7	7.1	32	0.0	0.3	0.4	1.9	110
inc.				294.0	294.7	0.7	0.6	175	0.0	1.5	0.6	8.2	519

1) Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis,
2) High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using prices of $2,800/oz Au, $32/oz Ag, $4.50/lb Cu, $0.95/lb Pb and $1.25/lb Zn.
3) AgEq and ZnEq calculations utilized relative metallurgical recoveries of Au 48.6%, Ag 93%, Cu 70%, Pb 87% and Zn 93%.
4) Composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone. Composites have <20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Located in the same State as the Cerro Las Minitas property is the newly acquired Nazas, gold-silver property. Our property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway, both located in southern New Mexico, USA.

Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.

On behalf of the Board of Directors

"Lawrence Page"

Lawrence Page, K.C.
President & Director, Southern Silver Exploration Corp.

For further information, please visit Southern Silver's website at southernsilverexploration.com or contact us at 604.641.2759 or by email at corpdev@mnxltd.com .

Neither 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.

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking statements in this news release include plans to advance and develop the CLM property including updating the Mineral Resource Estimate followed by an update of the PEA. These statements are based on a number of assumptions, including, but not limited to, general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the Company's projects, and the availability of financing for the Company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279610

FAQ

What did Southern Silver (SSVFF) announce on January 6, 2026 about Cerro Las Minitas?

The company released assays from four holes on the Puro Corazon claim, including a 10.4 m @ 743 g/t AgEq intercept and other shallow and deeper mineralized zones.

How significant is the 10.4 m intercept in hole 25CLM-205 for SSVFF investors?

Hole 25CLM-205 returned 10.4 m at 743 g/t AgEq with a 3.9 m internal interval at 1,490 g/t AgEq, indicating high-grade continuity near prior bonanza results.

How much drilling has Southern Silver completed at Puro Corazon and what is planned?

As of the release, 16 of 21 holes (6,820 m) completed; up to 12,000 m are planned to test laterally and to ~450 m depth.

When will Southern Silver update the Cerro Las Minitas resource and economic study?

The company expects final assays by the end of Q1 2026, after which it intends to update the Mineral Resource Estimate and the PEA.

Are the new Puro Corazon drill results near surface or deep for SSVFF?

The release highlights multiple shallow intercepts within 100 m of surface tied to El Sol veins, plus deeper skarn-front intercepts.

Does the January 6, 2026 release show step-outs from previous high-grade zones for SSVFF?

Yes; the 25CLM-205 high-grade intercept is reported as a 65 m step-out from previously reported bonanza-grade mineralization.