Arizona Gold & Silver Inc. Exploration Update on the Philadelphia Gold-Silver Project, Arizona

Next Drilling Phase

The next round of drilling will focus on drilling gaps within the 1.5 km strike length that is known to be mineralized zone on the property. The first 30 drill holes will test a 450 metre long gap on the Resaca patented claim**. Three drill hole fans will be sited from each of 10 drill pads. The plan is to utilize a reverse circulation (RC) drill to test the mineralized zone down to a depth of 150 meters. We have the capability to step back another 100 meters and drill the system deeper. Our 3-D model shows these planned holes for review: https://arizonasilverexploration.com/philadelphia/

The 30 Resaca drill holes will be followed by drilling on the the Rising Fawn portion of the mineral system. This drilling can use existing access.

Following BLM approval we will mobilize a core rig to BLM Pad#1 to test the continuity of thick gold intercepts encountered in holes PRC21-80 and -85 (106.7m of 1.53 grams per tonne gold, 7.55 grams per tonne silver, and 115.85m of 1.34 grams per tonne gold and 5.78 grams per tonne silver respectively).

BLM Permit Progress

The Company has applied to the Federal Government to drill up to 40 holes from BLM (Bureau of Land Management) land on the eastern side of the mineralized trend. To accomplish that the Company submitted a Final Environmental Assessment Report (EAR) to the BLM, after having responded to comments received from the BLM on a draft EAR. The Company believes it has adequately addressed comments received, and as such the Final EAR should be complete. We look forward to a Finding of No Significant Impact (FONSI) from the BLM within the next 45 days.

The Plan of Operations is based on drilling up to 40 holes from two drill pads situated on the western slope of Red Hill. An approval to proceed will be a significant benefit to the project as it facilitates drilling a high priority CSAMT anomaly beneath the Red Hills target. In addition it will facilitate drilling the eastward and down-dip extension of thick intercepts in earlier drill holes PRC21-80 and PRC21-85. We very much look forward to being able to proceed with this drilling in Q4-2023.

Core hole PC23-112

Core hole P23-112 was recently drilled to test a CSAMT anomaly beneath Red Hill that lies to the east of the known vein system. This hole was drilled at a shallow -45-degree angle to reach as far as possible in an easterly direction. Unfortunately, the hole deviated and missed the target.

PC23-112 encountered highly altered and iron stained upper volcanics in the first 90 metres. It then penetrated a series of clay-rich fault zones after which it intersected unaltered lower volcanic rocks. A down hole survey indicated the drill hole steepened slightly and turned 12 degrees to the left (north), rather turning south as anticipated. Our geologists decided to not attempt to redrill the hole but rather to await issuance of the BLM permit described above. The new drill pads provide better sites from which to drill both the the CSAMT anomaly and the Red Hills targets.

** A patented claim is private property, the title to which was transferred by the Federal government to the private landowner in the past. A patented claim is subject only to state permitting and property taxes and not to Federal permitting requirements or the annual claim maintenance fees".

Qualified Person

Gregory Hahn, VP-Exploration and a Certified Professional Geologist (#7122) is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.

About Arizona Gold & Silver Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada.

On behalf of the Board of Directors:

ARIZONA GOLD & SILVER INC.

Mike Stark, President and CEO, Director

Phone: (604) 833-4278

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.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the 2023 exploration program; the potential for development of the mineral resources; the potential mineralization and geological merits of the exploration properties; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's 2023 drilling program(s) on its properties, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the exploration properties are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2023 programs would proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.