Summa Silver Corp. announced high-grade silver and gold drill results from the Mogollon Project near Silver City, New Mexico. Key Highlights: 16.6 m at 445 g/t silver equivalent (3.00 g/t Au, 207 g/t Ag) including 9.9 m at 640 g/t silver equivalent (4.26 g/t Au, 306 g/t Ag) both beginning at 289.1 m in MOG22-10.

17.8 m at 339 g/t silver equivalent (2.46 g/t Au, 143 g/t Ag) beginning at 344.6 m including 2.1 m at 1,233 g/t silver equivalent (1,002 g/t Ag, 12.9 g/t Au) beginning at 348.3 m in MOG22-08. Drilling focused on expansion around the historic Consolidated Mine continues to intersect strong mineralization where MOG22-08 is an 80 m step-out, MOG22-10 is a 50 m step-out and MOG22-11 is 65 m step-out from previous drill holes. This mineralized zone remains open in multiple directions with strong silver-gold assays returned from holes at both ends of the current drilling pattern.

Drilling continues with three rigs now in full operation until the end of February testing the Consolidated extension target over an area of 500 m along strike by 350 m up- and down-dip. Work is just beginning at the project with this first target representing only 1% of the total vein and structure strike length present at the project. The focus of the ongoing three-rig drill program is testing extensions of mineralization around the Consolidated Mine, centered on the north-trending Queen Vein.

Assay results from the reported holes continue to demonstrate the high-grade nature of the Queen Vein and also the strong grade continuity along the vein and within the complex broad vein system. MOG22-10 represents the southernmost hole drilled by the Company on the Queen Vein and is a 50 m step-out from MOG22-01 (Figure 2). The hole intersected two intervals of quartz-rich veins and breccias; the upper interval (e.g., 420 g/t silver equivalent over 1.2 m at 259.8 m) is interpreted to represent a secondary cross-cutting vein, whereas the lower interval (e.g., 445 g/t silver equivalent over 16.6 m) is interpreted to represent the Queen Vein.

The hole successfully extended Queen Vein mineralization south of MOG22-04 (429 g/t silver equivalent over 11.6 m) where it is currently being tested for further expansion. Holes MOG22-08 and -11 were drilled north of the Consolidated Mine and were designed to step-out from MOG22-05 (31.0 m at 448 g/t silver equivalent). MOG22-08 intersected the Queen Vein approximately 80 m down-dip from MOG22-05 and MOG22-11 intersected the Queen Vein approximately 65 m along strike and to the north from MOG22-05.

MOG22-08 returned an interval of 339 g/t silver equivalent over 17.8 m including 1,233 g/t silver equivalent over 2.0 m associated within a broad and complex zone of calcite-quartz veins, quartz-rich breccias with veinlets of bladed quartz and colloform banding. MOG22-011 intersected over 44 m of epithermal-related vein material with local zones of strong silver and gold mineralization (160 g/t silver equivalent over 10.9 m including 456 g/t silver equivalent over 0.6 m). Together with results from MOG22-05, both holes demonstrate the significant potential of the Queen Vein north of Consolidated mine where currently drilling is focused.

Holes MOG22-07 and -09 tested for the down-dip extension of mineralization below the Consolidated Mine. MOG22-07 yielded an interval of 159 g/t silver equivalent over 7.9 m including 247 g/t silver equivalent over 2.1 m associated with quartz-rich breccias and banded quartz-calcite veins which suggest the vein-system continues below the lowest level of historic development. MOG22-09 was drilled below MOG22-07 and intersected a section of un-mineralized Queen Vein.

Note that these photos are not intended to be representative of broader mineralization on the Mogollon project. The ongoing drill program consists of holes drilled on 50-to-100-meter centers across the north-south trending Queen Vein. The holes are designed to systematically test the lateral and vertical continuity of mineralization north and south of the Consolidated Mine over a strike-length of approximately 500 meters and near-vertical, down-dip extent of over 350 meters beginning at approximately 130 meters below surface.

Drill core was sawn in half at Summa's core logging and processing facilities at the Mogollon project. All samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures.

Samples were analyzed for gold via fire assay with an AA finish ("Au-AA30") and silver via atomic emission spectroscopy or inductively coupled plasma mass spectroscopy after four-acid digestion ("AgMA-AAS or 48MA-MS"). Samples that assayed over 8 ppm Au were re-run via fire assay with a gravimetric finish ("Au-GR30"). Samples that assayed over 200 or 100 ppm Ag (depending on Ag method) were re-run via fire assay for Ag with a gravimetric finish ("Ag-GRAA30").

In addition to Paragon quality assurance /quality control ("QA/QC") protocols, Summa implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.