Kuya Silver Corporation provided an update on exploration activities at its Silver Kings Project, located in the historic Cobalt, Ontario mining camp, including drilling updates from its wholly owned Kerr Project (which forms part of the larger Silver Kings Project). Since launching the project in 2021, Kuya Silver has drilled a total of 5,084 m to scout various targets, re-assayed certain diamond drill intervals from the previous operator which had been capped at 1,500 g/t silver and completed extensive surface mapping and 3D geological modelling of the area to better refine targets that have the best potential for resource definition. This update includes a discussion of the implications of Kuya Silver's drill holes (12 diamond drill holes plus one hole extension of oriented drill core into four major target areas near Kerr Lake: North Drummond, Crown Reserve, Fleming, and Hargrave).

It also contains details on the 2021 and 2022 work programs, especially newly recognized details on the zonation of mineralized veins, and a discussion of plans for future exploration. Recent drilling has expanded the size potential of the North Drummond target through the identification of new mineralized structures that appear to be part of a vein cluster at depth. Drilling in the vicinity of the 2018 North Drummond discovery, Kuya Silver intercepted both extensions to and newly identified vein structures with multiple vein orientations.

Highlights include hole 21- Kerr-011, which intercepted two significant vein structures at depth: 22 g/t Ag, 0.68% Co /0.30 m (471 g/t AgEq* at 260.7 m) and 186 g/t Ag, 0.50% Co /0.30 m (515 g/t AgEq* at 282.0 m) Re-assays of overlimit silver (>1,500 g/t) from the 2018 drill program included a composite of 1,042 g/t AgEq* /2.20 m including 2,420 g/t Ag, 0.05% Co /0.30 m in FCC-18-0093 (173.6 m; North Drummond target) North Drummond target to be a major focus of 2023 exploration program 251 g/t Ag, 0.77% Co /0.30 m (759 g/t AgEq* at 77.7 m) in 21-Kerr-008, Crown Reserve target 5,390 g/t Ag, 0.59% Co /0.30 m in FCC-18-0094 (20.7 m; Drummond target) § Composite 1,097 g/t AgEq* /2.00 m,910 g/t Ag, 0.51% Co /0.30 m n FCC-18-0106 (31.3 m; Drummond target) § Composite 876 g/t AgEq* /0.90 m 1,810 g/t Ag, 0.02% Co /0.30 m (65.4 - 65.7 m) in FCC-18-0111 (65.4 m; Drummond target). Reviewing historical mining in the camp, the Proterozoic (Huronian) sedimentary rock contact has been important, as it hosts most of the mined veins at Kerr Lake. Silver/cobalt (Ag/Co) vein metal ratios, which range from Co > Ag to Ag >> Co, can increase dramatically to high silver content, particularly in these Proterozoic rocks.

The positioning is crucial: the Carson Vein, 0.5 km away at Kuya Silver's nearby Crown Reserve Mine, produced 9.2 million ounces of silver from dimensions estimated at 87 m by 61 m (286 ft by 200 ft; Knight 1922) at and above this contact.