Silver Mountain Resources Inc. announced the final batch of results from the second phase of its 2023 underground drilling campaign at its 100% owned Reliquias mine, central Peru. Drill rigs have now been demobilized, and the Company's geologists are finalizing the database to be used in the upcoming resource update incorporating all results from the work carried to date. The second phase of the 2023 drill program consisted of 45 underground diamond drill holes totaling 12,140 metres of HQ and NQ diameter drilling from 6 platforms targeting the Sacasipuedes, Perseguida, Pasteur, Vulcano, Matacaballo and Beatita veins.

Drilling during the last part of Phase 2 of the 2023 drill program focused on the eastern extension of the Matacaballo vein system, near the intersection with the Pasteur, Beatita and Vulcano veins, all three of which are northwest-southeast trending structures which were not incorporated into the current mineral resource estimate. The second phase of infill drilling started in June 2023 and was completed in October 2023. The Company plans to incorporate all of this drilling in an upcoming mineral resource estimate.

Full results have now been received and announced. Registered Member MAIG is an independent consultant of the Company and the Qualified Person (within the meaning of NI 43-101) responsible for the MRE, has reviewed and approved the scientific and technical information contained in this news release. Drilling on the Pasteur vein has found high grade silver and gold mineralization below existing workings, and has extended the mineralized structure approximately 80 metres to the northwest.

The highest grade zone remains open along strike to the northwest and at depth. Twelve of the drill holes reported here intersected the Vulcano vein, one of several parallel structures to Pasteur, including the Beatita vein ("BEA"). Drilling tested approximately 700 metres of strike length and 300 metres of down dip extension along the VUL vein, with the best gold and silver results found near the deepest intercepts on hole SMR166-23-VUL.