Southern Silver Exploration Corp. reported that drilling has identified a new high-grade mineral discovery on the El Sol concession, located within the Cerro Las Minitas project area, Durango, Mexico. The El Sol concession is a largely gravel covered 63ha.

claim located on the northwestern boundary of the Bocona block of claims and is adjacent to the Area of the Cerro which hosts the six mineral deposits currently identified by Southern Silver on the Cerro Las Minitas claim package. Highlight Assays include: a 0.8 metre interval grading 1,760g/t Ag, 0.9g/t Au, 23.6% Pb and 1.2% Zn (2,622g/t AgEq) within a 3.5 metre interval averaging 549g/t Ag, 0.3g/t Au, 8.6% Pb and 3.6% Zn (982g/t AgEq) from drill hole 21SOL-003. Drill hole 21SOL-003 is one of five holes drilled in the Autumn of 2021 to test a series of targets defined by surface mapping, rock and soil sampling and proximity to artisanal workings.

The highlight interval intersected down-dip of historic workings located on a northeast-southwest trending structure which has been traced on surface for up to 300 metres laterally before plunging under gravel cover. Drill crews have mobilized back to the El Sol concession to complete an additional three core holes before returning to the area of the Cerro for further drill testing on the North Felsite target. Two holes are planned to test down dip of 21SOL-003 and a third hole to test along strike from 13CLM-072 and an extension of the Blind - El Sol zone located in the southwestern part of the claim.

Oro Project Update: The Company's property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA, comprised of patented land, State leases and BLM mineral claims totaling 22.3 sq. km. Targeting has been finalized for a 4,000m drill program, designed to test several copper- molybdenum porphyry and copper-gold skarn targets within a broad quartz-sericite-pyrite alteration zone, interpreted to overlie an unexposed porphyry centre.

Permitting and bonding are finalized and drilling is planned to commence in the first week of February, 2022. Cerro Las Minitas Project: Southern Silver continues to advance one of the world's large undeveloped silver/lead/zinc resources, the Cerro Las Minitas project, through advanced exploration, pre-production metallurgical and engineering work, and economic assessment. The CLM Ag-Pb-Zn-Cu Skarn system is well located in southern Durango, Mexico, in a safe jurisdiction, surrounded by producing companies, with easy access and strong community support.

The Cerro Las Minitas project, as of October 27, 2021, contains a Mineral Resource Estimate, at a $60/t NSR cut-off, of (1): Indicated - 137Moz AgEq: 42.1Moz Ag, 44Mlbs Cu,358Mlb Pb and 895Mlb Zn; Inferred - 198Moz AgEq: 73.6Moz Ag, 98Mlb Cu, 500Mlb Pb and 1,009Mlb Zn. The new Mineral Resource Estimate significantly increases the size of the resource on a tonnage and silver-equivalency basis making it one of the large and higher-grade undeveloped silver-based deposits in the world. The new Resource Estimate increases silver as a proportion of the contained metals, significantly increases the NSR value of the deposits and will now form the basis for a Preliminary Economic Assessment (PEA), which is expected to be completed by Second Quarter 2022.

A total of 180 drill holes for 81,000 metres has been completed on the CLM Project with exploration expenditures of approximately USD 30.0 million equating to exploration discovery costs of approximately CAD 0.09 per AgEq ounce.