Southern Silver Intersects 35.0 Metres Averaging 188g/t Ag, 4.9% Pb and 4.6% Zn (399g/t AgEq) at Cerro Las Minitas Project, Durango, Mexico

New high-grade intercepts from the 14,000 m Puro Corazon drill program support resource upgrading and ongoing economic work at Cerro Las Minitas.

Rhea-AI Summary

Southern Silver Exploration (SSVFF) reported high‑grade silver‑lead‑zinc intercepts from the first five definition drill holes at the Puro Corazon target on the Cerro Las Minitas project in Durango, Mexico.

Highlights include 35.0 metres averaging 188g/t Ag, 4.9% Pb and 4.6% Zn (399g/t AgEq) including 9.4 metres at 344g/t Ag, 9.1% Pb and 6.7% Zn (665g/t AgEq) in hole 26CLM‑225, plus 5.2 metres at 277g/t Ag, 9.9% Pb and 6.3% Zn (598g/t AgEq) in 26CLM‑226 and 5.3 metres at 493g/t Ag, 10.2% Pb and 7.2% Zn (850g/t AgEq) in 26CLM‑227.

These results are part of an ongoing 14,000 metre core drill program, started in June 2026, to upgrade resource classification over roughly 200 metres strike by 300 metres down dip. Eight of 30 planned holes are complete and logging, sampling and assays continue, with three holes pending. The company is also integrating 2025‑26 drilling into the broader project and advancing technical studies to refine and de‑risk the July 2024 PEA‑based mine plan.

Positive

• 35.0m at 399g/t AgEq including 9.4m at 665g/t AgEq in hole 26CLM-225
• 5.2m at 598g/t AgEq including 3.6m at 812g/t AgEq in hole 26CLM-226
• 5.3m at 850g/t AgEq including 3.2m at 1225g/t AgEq in hole 26CLM-227
• 14,000m drill program underway with 8 of 30 holes completed to date
• Puro Corazon drilling targets ~200m strike by 300m down-dip area for resource upgrading

Negative

• None.

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Vancouver, British Columbia--(Newsfile Corp. - September 21, 2026) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") reports assays from the first five holes of the definition drill program on the Puro Corazon target which provide better resolution to the distribution of the strongly silver enriched polymetallic mineralization.

Highlight assays include:

• a 35.0 metre interval averaging 188g/t Ag, 0.3%g/t Cu, 4.9% Pb and 4.6% Zn (399g/t AgEq), including a 9.4 metre interval averaging 344g/t Ag, 0.2% Cu, 9.1% Pb and 6.7% Zn (665g/t AgEq)⁽¹⁾ from drillhole 26CLM-225;

• a 5.2 metre interval averaging 277g/t Ag, 0.1% Cu, 9.9% Pb and 6.3% Zn (598g/t AgEq), including a 3.6 metre interval averaging 384g/t Ag, 0.1% Cu, 13.4% Pb and 8.3% Zn (812g/t AgEq)⁽¹⁾ from drillhole 26CLM-226; and

• a 5.3 metre interval averaging 493g/t Ag, 0.3% Cu, 10.2% Pb and 7.2% Zn (850g/t AgEq) from drillhole 26CLM-227.

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

These initial results are from the ongoing 14,000 metre core hole drill program that was started in June '26 and is designed to upgrade resource classification in the Puro Corazon target. The current drill program will test an area that is roughly a 200 metres strike-length by 300 metres down dip within the Puro Corazon claim. The above reported drill holes successfully targeted the upper part of the zone with nominal 40 metre step-outs from previously reported intercepts that include 10.5 metres averaging 1,115g/t AgEq (see News Release dated December 1, 2025) from 25CLM-203 and 10.4 metres averaging 743g/t AgEq (see News Release dated January 6, 2026) from 25CLM-205 as well as other mineralized intercepts.

Both skarn and replacement styles of mineralization are identified in these holes with several intercepts, located well outboard of the Skarn zone, correlating with previous identified mineralization in the El Sol structural zone and the main skarn target.

Vice President of Exploration, Rob Macdonald, stated, "This is a very solid start to the definition drill program on the Cerro Las Minitas project. These initial step out holes not only help confirm the previously reported thicknesses and grades of mineralization in this target area, but provide better definition as to the projection of several of the mineralized zones. Drilling continues on the project and the Company anticipates good news flow over the coming weeks and months."

The Company reports that drilling continues with eight of 30 planned holes having been completed to date with one hole in progress. Logging and sampling continue and assays from three holes are pending.

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/5344/315107_4a43a80364675b13_002full.jpg

Figure 2: Longitudinal Section of the Puro Corazon Target, looking east. 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/5344/315107_4a43a80364675b13_003full.jpg

Next Steps

Work continues to incorporate results from the earlier 2025-26 Puro Corazon drilling into the larger Cerro Las Minitas project which is expected to enhance the project economics and the scalability of the mine plan. Work 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.

Hole #	Collar Data			From (m)	To (m)	Interval (m)	Est. Tr. Thck. (m)	Ag (g/t)	Au (g/t)	Cu (%)	Pb (%)	Zn (%)	AgEq (g/t)	ZnEq (%)	Notes
	Az Deg	Dip Deg	Depth (m)
26CLM-224	78	-55	381	87.8	94.9	7.1	4.3	15	0.01	0.14	1.8	2.2	107	4.4
26CLM-224				249.9	257.1	7.3	6.2	85	0.01	0.21	2.9	2.5	206	8.5
inc.				255.8	257.1	1.4	1.2	164	0.01	0.30	5.5	7.1	443	18.2
26CLM-224				284.2	287.5	3.3	2.8	80	0.04	1.99	1.0	1.1	253	10.4
inc.				284.2	285.0	0.9	0.7	179	0.13	7.25	0.1	0.4	664	27.2
26CLM-225	92	-59	355	102.3	105.2	2.9	1.9	216	0.21	0.04	3.9	1.2	318	13.0	43.8% Dilution
inc.				104.9	105.2	0.3	0.2	674	0.18	0.08	14.4	8.6	1128	46.3
26CLM-225				192.6	193.0	0.4	0.3	926	0.04	0.06	20.7	6.0	1410	57.9
26CLM-225				198.0	245.6	47.6	35.0	188	0.02	0.31	4.9	4.6	399	16.4
inc.				198.7	211.5	12.8	9.4	344	0.03	0.19	9.1	6.7	665	27.3
and inc.				240.7	245.6	4.9	3.6	235	0.03	1.67	7.1	14.8	818	33.6
26CLM-226	98	-68	387	141.6	143.2	1.6	0.7	90	0.01	0.43	3.5	3.5	258	10.6
26CLM-226				191.1	200.9	9.8	5.2	277	0.02	0.12	9.9	6.3	598	24.6
inc.				192.1	198.8	6.7	3.6	384	0.03	0.14	13.4	8.3	812	33.3
26CLM-226				252.3	252.6	0.3	0.2	232	0.01	0.11	7.3	4.6	469	19.2
26CLM-226				258.9	269.8	10.9	9.0	96	0.02	0.15	2.1	2.9	211	8.7	40% Dilution
inc.				258.9	261.0	2.1	1.7	309	0.03	0.16	9.5	6.6	633	26.0
and inc.				268.9	269.8	0.9	0.7	121	0.02	0.46	0.2	13.0	471	19.3
26CLM-226				318.3	324.5	6.2	5.1	58	0.01	0.10	0.2	0.3	76	3.1	24% Dilution
26CLM-227	83	-55	324	112.2	117.9	5.7	4.2	90	0.03	0.50	2.5	3.7	255	10.5
inc.				114.3	116.4	2.1	1.5	166	0.05	1.08	4.4	6.2	461	18.9
26CLM-227				128.8	136.1	7.3	5.3	493	0.02	0.27	10.2	7.2	850	34.9
inc.				130.6	135.0	4.4	3.2	748	0.03	0.37	15.5	8.4	1225	50.3
26CLM-227				202.7	212.2	9.5	8.0	63	0.01	0.06	1.4	0.6	105	4.3
inc.				202.7	207.0	4.3	3.6	95	0.02	0.07	2.0	1.2	162	6.6
26CLM-228	84	-54	336	230.3	257.6	27.4	19.6	69	0.01	0.09	2.1	2.0	155	6.4	30.5% Dilution
inc.				236.3	247.7	11.4	8.2	114	0.01	0.13	3.3	3.3	257	10.5	38.5% Dilution
and inc.				246.4	247.7	1.3	0.9	278	0.02	0.20	8.8	5.8	573	23.5

 

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 $3,200/oz Au, $38/oz Ag, $4.75/lb Cu, $0.95/lb Pb and $1.35/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. He is responsible for and approves 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/315107

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the purpose of the current 14,000 metre drill program at Puro Corazon?

The 14,000 metre core drill program, started in June 2026, is designed to upgrade resource classification in the Puro Corazon target. It will test an area of roughly 200 metres strike length by 300 metres down dip to provide better resolution of the distribution and projection of the strongly silver-enriched polymetallic mineralization within the Cerro Las Minitas project.

How many holes have been completed and what is the current drilling status?

Eight of the 30 planned core holes have been completed and one hole is in progress. Logging and sampling are ongoing, and assays from three completed holes are pending, with the company indicating that drilling continues and further results are expected over the coming weeks and months.

How do these new holes relate to previously reported high-grade intercepts?

The new step-out holes at Puro Corazon were drilled on nominal 40 metre spacing from earlier intercepts that included 10.5 metres averaging 1,115g/t AgEq in hole 25CLM-203 and 10.4 metres averaging 743g/t AgEq in hole 25CLM-205. The company said these holes confirm earlier thicknesses and grades and improve definition of several mineralized zones.

What types of mineralization have been identified in the new drilling?

The drilling has identified both skarn and replacement styles of mineralization. Several intercepts located well outboard of the main Skarn zone correlate with previously identified mineralization in the El Sol structural zone and the main skarn target within the Cerro Las Minitas project.

How are AgEq and ZnEq grades calculated for the reported intercepts?

AgEq and ZnEq were calculated using metal prices of $3,200/oz gold, $38/oz silver, $4.75/lb copper, $0.95/lb lead and $1.35/lb zinc, and relative metallurgical recoveries of 48.6% for gold, 93% for silver, 70% for copper, 87% for lead and 93% for zinc. Composites use an 80g/t AgEq cut-off in sulphide zones and 0.5g/t AuEq in the oxide gold zone, generally allowing less than 20% internal dilution.

What project development work beyond drilling is underway at Cerro Las Minitas?

Work is ongoing to incorporate recent Puro Corazon drilling into the larger Cerro Las Minitas project to enhance project economics and mine plan scalability. The company is advancing baseline data collection, hydrology, geotechnical, archaeological and land surveys and studies to derisk and advance the project based on the July 2024 preliminary economic assessment.