Silver One Resources Inc. announces the completion of column cyanide-leach metallurgical testing and final results from six core holes from its Candelaria Project located in western Nevada, USA. The current silver recoveries on oxide and mixed (oxide-sulphide) mineralization average 66%, which exceed the historic production recoveries recorded by previous operators NERCO and Kinross who managed open-pit, heap leach (OP-HL) operations from 1985 to 1990 and 1993 to 1999 respectively. Historic recoveries averaged 51% during these periods.

The results reported belong to column cyanide-leach tests on oxide, and mixed (oxide-sulphide) samples conducted by Kappes, Cassiday & Associates ("KCA") in Reno, Nevada. Details of these test results and other tests, including those on sulphide mineralization, were reported in the Company's news releases dated June 14, 2023 and December 13, 2022. Current results suggest that Candelaria's existing mineral resources may be processed by low-cost open-pit, heap-leach methods, similar to those used in the past.

However, better silver recoveries may be achieved by using HPGR technology, potentially improving the economics of the project. Tests completed to date show that an addition of HPGR to the crushing circuit increases average recoveries to 66%, which could positively impact the operational results. The Company has commenced further studies with the objective of even further improving silver and gold recoveries beyond those achieved in recent column leach testing and HPGR crushing.

A chlorine oxidation test on mixed (oxide-sulfide) material is underway at the KCA laboratory. Additionally, Quantitative Evaluation of Minerals by Scanning Electron Microscope, X-Ray Diffraction and Cation Exchange Capacity (QUEMSCAN-XRD-CEC) tests are also being conducted at FLSmidth Inc. laboratory in Midvale, Utah, on material from six core samples. These tests are intended to better determine the silver and gold mineral phases as well as the bulk mineralogy, which will assist in the selection and optimization of the metallurgical extraction process.

Results of these tests are expected by third quarter of 2023.