Defiance Silver Corp. announce the results of the 2023 San Acacio diamond drill program, which returned wide intervals of well-developed silver, zinc, and lead mineralization with elevated gold and copper values. This release contains results from DDSA-23- 67 through DDSA-23-72.

Additional drilling within the resource area has demonstrated that significant in-situ vein material, including semi-massive to massive sulfide phases remain in place at shallow levels of the historic mine in the Almaden Zone. Previous drilling was not undertaken at these levels because it was incorrectly believed that no in-situ material remained. The company is also highly encouraged by the intersection of notable epithermal-style silver mineralization at the deepest drilled levels of the Veta Grande system to date at the San Acacio project.

Despite significant downhole deviation from the target, anomalous (~ 100 g/t AgEq) mineralization was hit 61m below the deepest known workings at the historical San Acacio mine. DDSA-23-68 was designed as an infill hole between historic holes SAD95-10 and SAD95-11. It was the first of several holes in the Almaden zone targeting the Veta Grande system at previously undrilled shallow levels.

DDSA-23-68 encountered three levels of mineralization: 5.00m of 173 g/t AgEq from surface (surface waste dump material), 2.47m of 114 g/t AgEq from 31.35m, including 0.25m at 877 g/t AgEq from 33.57m (hanging wall veinlet array beneath surface amethyst veinlet zone), and 12.82m of 310 g/t AgEq (from 53.26 to 66.08m) in the main Veta Grande structure. The main Veta Grande (VG) structure appears historically mined from 53.26 to 61.05m downhole and contains possible previously-mined material with recoveries greater than 80%. DDSA-23-69 was drilled ~45m southeast of DDSA-23-68 and ~60m above hole DDSA-21- 47.

Hole DDSA-23-69 was targeted to test below outcropping amethyst stockwork zones and the main Veta Grande at the Almaden Pit. The hole encountered 9.40m of 128 g/t AgEq (from 12.20 to 21.60m) in an amethyst-bearing hanging wall veinlet array, which appears to contain previously-mined material with recoveries greater than 80%. A wide intercept of the main Veta Grande structure returned 32.32m of 195 g/t AgEq (from 43.18 to 75.70m) and encountered three distinct zones within the Veta Grande structure: an upper veinlet array zone, a possible previously-mined material zone, and a base-metal rich zone that historic miners left in place likely due to processing constraints.

The base metal phase encountered in this hole returned a polymetallic interval of 6.39m of 316 g/t AgEq with 4.56% Zn, 1.70% Pb, and 0.26% Cu (from 69.11m), including 1.67 m of 419 g/t AgEq (with 2.61% Pb, 6.81% Zn, 0.44% Cu from 73.83m). Possible previously-mined material was encountered from 50.22 - 69.11m; recoveries were greater than 80%. DDSA-23-70, ~100m southeast of DDSA-23-69, encountered a 31.57m wide, very well mineralized zone of intact Veta Grande mineralization (from 73.44 - 97.70m).

A small historic working (2.19m from 97.70m) was encountered near the footwall contact of the Veta Grande structure, containing possible previously-mined material; a mineralised veinlet array zone was encountered in the footwall to the VG. This hole followed up on encouraging down-dip results from previous holes DDSA-21-36, DDSA-21-37 and DDSA-21-48. A precious and base-metal-rich intercept of the Veta Grande returned 33.76m of 217 g/t AgEq (from 73.44m to 107.20m), including 15.02m of 353 g/t AgEq (from 86.96m) within the intact, in-situ portion of the VG.

Included in this zone is an intercept of 4.47m of 574 g/t AgEq from 91.44m, which contains high-grade polymetallic mineralization of 265.31 g/t Ag, 0.75 g/t Au, 5.10% Pb, 3.29% Zn, and 0.31% Cu hosted in a semi-massive to massive sulfide phase; this mineralization phase appears to be correlated with increasing copper grades. The highest grades of lead and copper to date at San Acacio were encountered in this hole (0.33m of 13.9% Pb and 0.87% Cu from 92.06m); a 0.62 m interval with 1345 g/t Ag was drilled from 91.44m DDSA-23-71 was targeted to test the eastern extent of the Almaden zone and investigate potential structural offsets. The hole encountered 4.28m of 143 g/t AgEq in a hanging wall veinlet-array zone above the Veta Grade.

It also intercepted the Veta Grande structure ~65m down-dip of DDSA-23-70. An interval of 5.06 m of 139 g/t AgEq was encountered in the Veta Grande, including 0.55m of 605 g/t AgEq. The mineralized Veta Grande structure appears faulted in this location, and the massive-sulfide phase is not present.

Oriented core structural data is currently being used in conjunction with mapping data to understand potential structural offsets and to plan future drilling in this zone. DDSA-23-72 was drilled near the far southeastern extent of the resource area and was designed to test the Veta Grade system deep, below underground workings encountered in hole DDSA- 21-43. Hole DDSA-23-72 deviated away from its projected target - an interpreted mineralized shoot - but still encountered the projected Veta Grande system.

The hole intersected significant epithermal- style silver mineralization and strong hydrothermal alteration, returning 1.76m of 94 g/t AgEq, including 0.97m of 130 g/t AgEq. This intersection is 61m below the deepest known underground workings at the historical San Acacio mine and demonstrates the prospectivity of the system at depth. DDSA-23-67 was drilled directly southeast of the resource area near the end of the historic San Acacio mine.

This hole was drilled to collect the oriented structural data required to advance the structural model in the southeast zone, which is an area of structural discontinuity. Several anomalous zones were encountered. Valuable structural data was collected and is being used to more effectively target the continuation of the Veta Grande system.