Silver One Resources Inc. announces positive initial bottle-roll metallurgical test results from six large-diameter core ("HQ and NQ") holes and three in-pit bulk samples from its Candelaria Project located in western Nevada, USA. More definitive results are expected from column leach tests, and flotation tests on sulphide-rich samples being conducted by Kappes, Cassiday & Associates ("KCA") in Reno, Nevada. These results are expected in First Quarter 2023.

Six composites from mineralized intervals in diamond drill holes completed in September 2022, and three bulk samples of oxide and mixed material collected at the base of the Mt. Diablo open-pit were sent to KCA in Reno, Nevada for metallurgical testing . The diamond drill holes represent oxide, mixed (oxide and sulphide) and sulphide-rich mineralization.

Field portable XRF (pXRF) point analysis from sulphide-rich mineralization in hole 132 returned 3,176 g/t silver, 0.6% copper, 2.7% lead and 13.0% zinc, within a 23.45 m wide mineralized zone assaying 359 g/t silver and 0.7 g/t gold reported by KCA's lab. pXRF point analysis of oxide mineralization in hole 134 returned 6,868 g/t silver, 0.2% copper, 5.78% lead and 0.74% zinc, within a 30.2 m wide mineralized zone assaying 149.9 g/t silver and 0.3 g/t gold reported by KCA's lab. Technical details and relevant high-grade pXRF results are shown in Table 1. The sulphide results are significant as they confirm the known extent of high-grade mineralization north of the Mt.

Diablo pit. Drill holes SO-C-22-132 and 133 intersected relatively shallow high-grade sulphide mineralization at depths approximately 200 m below the pre-mining surface, while the oxide zone throughout the deposit generally extends to depths of 250 m. Examples of the deeper sulphide intercepts include holes 079 and 072A which are the northernmost holes drilled to date and their grades are as follows: Hole SO-C-21-072A assayed 330 g/t Ag and 0.44 g/t Au over 4.57 m, from 435.86 m, within a 14 m zone averaging 198 g/t Ag and 0.28 g/t Au, from 432.82 m. Hole SO-C-21-079 assayed 476.5 g/t Ag and 1.47 g/t Au over 3.05 m, from 315.47 m, within a 7.62 m wide zone averaging 273 g/t Ag and 0.74 g/t Au, from 312.42 m. This mineralization remains open at depth, north of the Mt. Diablo pit, and potential extensions to this system have yet to be drill-tested.

Initial bottle-roll tests reported extractions ranging from 60% to 76% silver, and 68% gold in the oxide diamond drill intercepts; from 70% to 77% silver and 19% to 44% gold in the mixed (oxide-sulphide) diamond drill intercepts; and from 44% to 51% silver and 1% to 3% gold in the sulphide diamond drill intercepts . The sulphide-rich intervals are also being tested at KCA by flotation methods, which are expected to return higher recoveries as the sulphide does not as readily react to cyanide leaching as does the oxide mineralization. Results should be received in First Quarter 2023.

The initial bottle-roll test extractions for the oxide and mixed bulk samples collected in the Mt. Diablo open-pit ranged from 27% to 60% silver and 62% to 73% gold. The lower than expected silver extractions on the mixed (oxide-sulphide mineralization) are likely to be mineralogy specific to those samples and may not be representative of the entire pit bottom.

pXRF point analyses collected with an Olympus Delta Premium X-ray fluorescence (XRF) portable spectrometer. The XRF analysis process included internal calibration at the beginning of each working day and every time the instrument was shut off for more than 15 minutes. Silica blank and two OREAS certified standards were analyzed at the beginning of each shift and after breaks.

Single point analysis were collected systematically by a senior Silver One geologist every 10 cm to 25 cm throughout the entire hole. Thus, the number of single point analysis for a certain interval vary. For example, drill hole SO-C-133 contains 120 point analysis for the mineralized interval of 24 meters shot every 20 cm (24 m divided by 0.2 m = 120).

1Single point analysis every 10 cm. 2Single point analysis every 20 cm, 3Single point analysis every 25 cm. The pXRF data is taken as surface point values and may not represent the true grade and width of the sample interval.