Defiance Silver Corp. to provide an update on the recently completed drill program. Results from drill holes DDSA-23-64, DDSA-23-65, DDSA-23-66 and 66A are reported in this release.

The Company is awaiting assay results from DDSA-23-67 through DDSA-23-72, an additional six drill holes. Drilling encountered the highest-grade and widest-width mineralization ever drilled at the San Acacio project. Drill hole DDSA-23-66 returned the widest width drilled to date: 41.83 m of 157.30 g/t Ag (from 225.60 m to 267.43 m) including 15.96 metres of 379.90 g/t Ag (from 251.47 m to 267.43 m).

Within this interval is a sub-interval grading 5510 g/t Ag or 6014 g/t AgEq from 265.54 m to 265.80 m. The company is extremely encouraged by these results, which validate the hypothesis that additional very high-grade mineralization is present in the Veta Grande camp. DDSA-23-64 was drilled near the northwest boundary of the San Acacio property to test and better define hanging wall veinlet zones that typically contain high-grade silver in this part of the property. Three hanging wall veinlet zones with silver mineralization, including two with appreciable width, were intersected in this hole.

These intercepts and their structural data will be used to constrain the mineralized hanging wall zones for the upcoming resource update. The upper zone from 218.84 m to 220.47 m returned 136.44 g/t Ag or 152 g/t AgEq, while the lower zones intersected 4.80 m of 349.37 g/t Ag (from 236.72 m to 241.52 m) or 376 g/t AgEq including 1.32 m of 1264 g/t Ag (from 239.07 m to 240.39 m) or 1358 g/t AgEq and 3.21 m of 200.05 g/t Ag (from 256.22 m to 259.43 m) or 243 g/t AgEq within a wider zone of 4.65m of 144.63 g/t Ag or 158 g/t AgEq (from 255.38 m to 260.03 m). The main Veta Grande structure was intersected at 392.54 m, and while mineralized, contained lower grades than the hanging-wall splays.

DDSA-23-65 was drilled in the central zone of the San Acacio resource area and specifically targeted an apparent high-grade hanging wall structure previously tagged in an historical underground drill hole. Hole DDSA-23-65 intersected several splay zones, including 1.12 m at 101 g/t AgEq from 452.95 m to 454.07 m. Historical drilling appears to have drilled along a narrow splay zone rather than perpendicular to the splay structure. Additionally, the Veta Grande structure was encountered below these splay zones, and intersected a zone of anomalous silver including 1.50 m at 100 g/t AgEq.

DDSA-23-66 was drilled in the eastern portion of the San Acacio resource area near the zone with the deepest known historical workings. This hole was designed as an infill hole within the resource area and a structural hole to increase the confidence of both the locations and grades of the hanging wall splays and the Veta Grande structure in this zone. High grades were encountered in both the hanging wall splays and in the Veta Grande structure itself.

This hole drilled the widest mineralized interval and the highest silver grade to date in historical and recent diamond drilling at San Acacio. Several historical workings within the reported intervals were encountered in this hole (from 238.60 m to 240.00 m and from 254.90 m to 260.30 m); regardless, the grades and widths intersected in this hole support the hypothesis that significant mineralized material and bonanza grades remain within the historical San Acacio mine area. The reported interval includes 41.83 m (from 225.60 m to 267.43 m) of 157.30 g/t Ag or 169 g/t AgEq, and several sub-intervals, as highlighted above, including 15.96 m (from 251.47 m to 267.43 m) of 379.90 g/t Ag or 407 g/t AgEq, and a very high-grade sub-interval from 265.54 m to 265.80 m of 5510 g/t Ag or 6014 g/t AgEq.

Metal values for the composited intervals that include the empty historic workings were calculated using zero grade for the downhole widths that returned no material. The hole was lost in an old mine tunnel beneath the Veta Grande at 297.10 m and re-entered as DDSA-23-66A. DDSA-23-66A is the continuation of DDSA-23-66, with core drilling started from 260 m down hole, bypassing the working where DDSA-23-66 was lost.

This hole intersected a similar interval of the main Veta Grande structure and high-grade footwall veinlets, with 9.86 m of 98.52 g/t Ag or 116 g/t AgEq and includes an interval of 1.54 m of 467.40 g/t Ag or 529 g/t AgEq. Samples were selected based on the lithology, alteration, and mineralization characteristics; sample size ranges from 0.25 ­ 2m in width. All altered and mineralized intervals were sent for assay.

One blank, one standard, and one duplicate were included within every twenty samples. Standard materials are certified reference materials [CRMs] from OREAS and contain a range of Ag, Au, Cu, Pb, and Zn values. Blanks, standards, and duplicates did not detect any issues with the analytical results.

Samples were analyzed by ALS Chemex Laboratories. Sample preparation was performed at the Zacatecas, Mexico, prep facility, and analyses were performed at the Vancouver, Canada, analytical facility. All elements except Au and Hg were analyzed by a multi-element geochemistry method utilizing a four-acid digestion followed by ICP-MS detection [ME-MS61m]; mercury was analyzed after a separate aqua regia digest by ICP-MS. Overlimit assays for Ag, Pb, and Zn were conducted using the OG62 method (multi-acid digest with ICP-AES/AAS finish).

Gold was measured by fire-assay with an ICP-AES finish [50g sample, Au-ICP22].