Nevada Silver Commences First Exploration in More Than 100 Years at the Historic Belmont Silver Camp, Nevada

NSC controls patented and unpatented claims covering numerous historic silver mines located near the town of Belmont, 15 kilometers southwest of the Company's Corcoran Silver Project and 80 kilometers northeast of Tonopah in central Nevada (Figure 1). NSC's Belmont Silver Project (BSP) and North Belmont Silver Project (NBSP) include the majority of old silver mine workings of the Belmont Silver Camp (BSC) peripheral to the historic Belmont 'ghost' town. During peak activity between 1865 and 1889 the BSC dominated Nye County's silver production before declining silver prices and increasing costs of dewatering forced most to close.

Figure 1. Location map of the Belmont Silver, North Belmont Silver and Corcoran Silver Projects.

Belmont is among the earliest and richest silver mining camps in the Tonapah district and had an estimated average silver ore head grade of 25 ounces per ton of silver. Historical accounts describe numerous prospect pits and mine openings of shallow underground workings with the richest ore above the water table where silver occurred mostly as silver chloride (cerargyrite).

Silver-bearing sulphides together with copper, molybdenum, lead, zinc, and antimony minerals are present at depth. High-grade mineralization was reported adjacent to hanging walls of massive quartz veins and was generally conformable with strata of Ordovician shale, quartzite and limestone.

There has been negligible exploration at Belmont in recent decades, despite high-grade silver samples (up to 0.5% silver) collected from remnant mine dumps during a geochemical study of the Belmont silver district by the US Geological Survey in 1985 (Nash et al, 1985).

The Nevada Silver 2022 Program

Geology surface mapping of the BSP has commenced and this study will be the first detailed structural and lithological charting of the Belmont Silver Camp. Gearld (Jerry) Willis, an experienced consulting geologist, widely known for his meticulous mapping and comprehensive appraisals of silver deposit geology, has commenced field work.

An Induced Polarization (IP/Resistivity) geophysical survey has been designed to cover the main area of shallow mine workings and adjacent ground at the BSP. Rock Bottom Geosciences LLC (a subsidiary of Planetary Geophysics Pty Ltd) has commenced the study. The arranged series of pole/dipole traverses will provide important details of sulphide accumulations and the study is expected to delineate prospective targets beneath and peripheral to the old workings.

Figure 3. Mineralized boulders on dumps near old mine workings at the Belmont Silver Project.
Left: weathered limonitic sulphide rock. Right: quartz breccia veining with mineralized host rock fragments.

NSC has secured Falcon Drilling Inc. to undertake drill testing of prioritized silver-sulphide targets defined by the mapping and geophysical surveys as well as detailed in the accounts of past mining activities. Targets will include near-surface, silver-quartz veins and shallow sulphide anomalies which were not identified by early miners because of poor outcrop and widespread overburden. Drilling is expected to commence in May.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Nevada Silver Corporation

Nevada Silver Corp. (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity exploration and development company with two US-based exploration projects with NI 43-101 compliant mineral resources and an experienced, multidisciplinary technical team and board. The Company's principal asset is the Corcoran Silver Project in Nevada, which has mineralization near-surface, is open in all directions, and has an Inferred Mineral Resource of 33.5 million silver-equivalent ounces¹. The Corcoran Silver Project has a number of high-priority exploration targets that provide excellent growth potential. In February 2022, NSC announced that it had acquired the historic Belmont Silver Project, which was among the earliest and richest silver mining camps in the Tonapah district, with an estimated ore head-grade averaging 25 ounces per ton of silver. In addition to Corcoran and Belmont, NSC has exclusive ownership and management rights over the Emily Manganese Project in Minnesota, USA. The Emily Project contains North America's highest-grade manganese resource and has been the subject of considerable technical studies, with USD$24 million invested to date.

For further information please contact:

Nevada Silver Corp.
Gary Lewis
Group CEO & Director
T: +1 (416) 941 8900
gl@nevadasilvercorp.com

CHF Capital Markets
Perry Rapagna
Manager, Corporate Development
T: +1 (416) 868 1079 ext. 230
perry@chfir.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks as a result of the Company having a limited operating history and may have a wide variance from actual results, risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs and the Company's ability to expand and upgrade existing resource estimates, risks involved in any future regulatory processes and actions, risks from making a production decision (if any) without any feasibility study completed on the Company's properties, risks applicable to mining exploration, development and/or operations generally, and risk as a result of the Company being subject to certain covenants with respect to its activities by creditors, as well as other risks.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

¹ NI 43-101 Resource report on the Corcoran Canyon Project by Mosher and Smith (October, 2020).

Not for distribution to United States newswire services or for dissemination in the United States

SOURCE: Nevada Silver Corp.