Southern Silver Exploration Corp. reported that Kirkham Geosystems Ltd. has completed an update of its independent Mineral Resource Estimate ("MRE") on the Cerro Las Minitas project in Durango State, Mexico. The updated MRE significantly expands sulphide resources in the La Bocona deposit through the incorporation of the North Felsite zone into the resource model.

The revised estimate utilizes the same metal pricing and metallurgical recoveries as the previous 2021 MRE, utilizes a Net Smelter Return ("NSR") cut-off, and reports average grades on a AgEq, ZnEq and $US/t NSR basis. The Mineral Resource estimates for the South Skarn, Blind-El Sol Skarn Front and Las Victorias deposits and the small oxide resource initially estimated in 2021, remains unchanged in this current update. The newly modelled mineral resources represent an approximate 63% increase in the size of the La Bocona deposit (on a AgEq basis) and an overall 4.5% increase in the mineral resources of the entire project.

The now extended La Bocona deposit projects laterally along the eastern margin of the central intrusion and together with the previously identified South Skarn deposit forms a 1,200 metre long, semi-continuous zone of mineralization featuring three separate higher-grade "shoots" which project to 500m below surface and remain open at depth for further resource expansion. Resource Model Highlights: Compared to the 2021 Mineral Resource estimate, the 2023 update, at a USD 60/t NSR cut-off, features: Indicated Mineral Resources: A 0.18Mt increase to 12.5Mt averaging 106g/t Silver, 0.07g/t Gold, 0.2% Copper, 1.3% Lead and 3.3% Zinc (349g/t AgEq; 8.5% ZnEq) equalling a USD 130/t NSR value, containing: 42.7 million ounces of silver; 29 thousand ounces of gold; 46 million pounds of copper, 364 million pounds of lead; and 903 million pounds of zinc. This equates to 140 million ounces silver equivalent or 2.3 billion pounds zinc equivalent; and. Inferred Mineral Resources: A 1.4Mt increase to 21.0M.