Reyna Silver Announces Commencement of Drilling at Batopilas And High-Grade Sampling Results

VANCOUVER, June 29, 2023 - Reyna Silver Corp. (TSXV:RSLV; OTCQX:RSNVF; FRA:4ZC) ("Reyna'' or the "Company") announces that drilling has commenced at its 100% owned Batopilas Project in Chihuahua, Mexico. The 1,850-ha Batopilas Project encompasses Mexico's historically highest-grade silver district, which produced 300 Moz at average grades of 1,500 g/t Ag with native silver as the main ore mineral.

The project seeks significant undiscovered portions of the mineralized system, including both the exceptionally high-grade historically mined silver and previously unrecognized gold-rich mineralization. The gold and silver mineralization appear to reflect at least two mineralization events that exploited the same structures. This coincidence provided the opportunity to leverage the two styles of mineralization to understand the overall district framework better.

The 3,000 m drilling program will test targets generated over the past year following recognition of the overlapping gold and silver mineralizing events (see Press Release of April 12, 2022). Systematic, district-scale geological, geochemical, and geophysical surveys revealed multiple coincident anomalies that create high-potential drilling targets. Key targets include Pastrana (particularly the 14k Zone), Escritorio, Banda Este, Animas, and Las Vacas (See Figure 1.). Drillholes are designed to also intersect multiple newly identified features lying above the main targets.

"We're delighted to have rigs turning again on targets arising from our recognition of previously unsuspected gold mineralization in this historically prolific silver district," said Jorge Ramiro Monroy, CEO of Reyna Silver. "Since we discovered minable widths of high-grade gold last year, we've conducted systematic mapping, sampling, structural and geophysical studies that have led to an exciting inventory of new drilling targets."

The systematic, district-scale exploration program was initiated after:

• Trenching on projections of known structures to the northeast of the historic mining area revealed silver mineralization grading 305 g/t to 42,302 g/t Ag, as well as, significant gold mineralization grading as high as 21.4 g/t Au (see Press Release of February 4, 2021). This was the first time significant gold was found in the district.
• Drilllhole BA21-30 intercepted 3.2 m (core length) grading 703 g/t Ag and 3.03 g/t Au revealing the NE-trending Cobriza vein (see Press Release of September 8, 2021).
• Hole BA21-34, drilled farther to the northeast along the trend, intersected 0.25 m grading 36.1 g/t Au (see Press Release of April 12, 2022).
• Hole BA21-42A in the Orochi area cut 3.65 m of 8.1 g/t Au at 180 m downhole (see Press Release of April 12, 2022).

The gold and silver mineralization appear to reflect at least two mineralization events that exploited the same structural system. This coincidence provided the opportunity to leverage the two styles of mineralization to understand the overall district framework better.

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Figure 1: Key target area resulting from the combination of sampling, geophysics, and structural studies includes Pastrana, Escritorio, Banda Este, Las Vacas, and Animas.

Sampling Program

Over 2,700 samples were collected through detailed selective sampling along previously underexplored structures and outcrops as well as old mine workings. The first 1,500 samples revealed: additional gold mineralization southeast of the historic district; additional structures carrying a combination of gold and silver mineralization; and recognition of surface expressions of mineralized structures (See Press Release from September 13, 2022).

• Within the 357 highest-grade samples collected, 4.6% returned values between 150 g/t and 2290 g/t Ag; and 3.0% were between 1.0 g/t and 12.85 g/t Au (See Tables below for details of the result highlights).
• In Banda Este, gold mineralization returning values of up to 27 g/t Au were found in the N-S trending "Veta Rojas" zone. This parallels the Teodoro and Orochi zones to the north (where the first significant gold mineralization was found in 2022), which reinforces this exciting target (See Table 2).
• Extension to the N-NE of the historic main Todos los Santos vein. This is an area of high potential, including opportunities to find blind secondary vein splays off the main vein.
• Values up to 2,290 g/t Ag in veins of the Santo Domingo-San Miguel-Nevada group, where 10 important veins were mined historically. Potential lies mainly to the SW through an explored zone about 800 meters long in Reyna Silver claims (See Table 1).
• In the Pastrana area, values of up to 14,000 g/t Ag (hence the 14k Zone name) were reported along major structures trending north towards the Cobriza intersection, where high-grade silver mineralization was found in 2021 (See Press Release from September 13, 2022).
• Reassaying of historic MAG silver holes identified gold mineralization in Holes BA07-18 and BA08-25.

Geophysics program

Figure 2. A projection of the 3D geophysics overlaid on the topography of the Batopilas project at an azimuth of 290 and plunging 20 degrees. Notice the strong transition on the left side representing the Roncesvalles fault.

Geophysics

A detailed 11.2 kilometer-line Audio Magneto-Tellurics (AMT) geophysical survey was undertaken to outline major structures and features that control vein orientation, dilatant zones and location of mineralization. As hoped, high-angle discontinuities were revealed that appear to coincide with structures that were historically mined for high-grade silver at high elevations during the Colonial era. These results confirm both the extent of dominant features historically associated with significant mineralization in the district as well as supporting geological targets to be tested in the upcoming campaign. Case in point is the Roncesvalles Vein-Fault, one of the largest features in the Batopilas District, and long considered to be one of the main controls on silver mineralization. The geophysics in this area highlights the fault and also shows a number of related untested features (See Figure 2). The new geophysics also highlights an anomaly parallel to the Cobriza vein where MAG Silver drilled 100 m of anomalous Ag, Pb, and Zn in Hole BA08-21 and over 350 g/t Ag in Hole BA07-19.

Structural Study

A combination of underground and surface studies were conducted by expert ore deposit structural geologists to understand the controls on the geometry of historic ore shoots and the surface expressions of the mineralization- including the newly identified gold-bearing structures. They identified subtle features in the relationship of certain structures with each other that combined with the geophysics and sampling reinforces the current targets.

QUALIFIED PERSON

Dr. Peter Megaw, Ph.D., C.P.G., the Company's Chief Exploration Advisor and Qualified Person, reviewed the technical aspects of the exploration projects described herein and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or companies with which he is affiliated hold Net Smelter Royalties on the Guigui and Batopilas Projects that predate Reyna Silver acquiring them.

ABOUT REYNA SILVER

Reyna Silver Corp. (TSXV:RSLV) is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and USA.

Reyna's principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia Carbonate Replacement District (CRD) and Batopilas covers most of Mexico's historically highest-grade silver system. The Company also has an option to acquire 100% of the Medicine Springs property in Nevada, USA, as well as the early-stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

SOURCE: Reyna Silver Corp.