Cascada Silver Corp. Completes Mina Gaunaca Phase 1 Drill Program

Four reverse circulation ("RC") drill holes were completed at Mine Guanaca for a total of 1,132 metres. The drill holes targeted both the copper-oxide gold bearing breccias hosted within the Mina Guanaca open pit and the potential copper porphyry at depth. The first drill hole, GAS-01, was lost at a depth of 36 metres when it intersected old underground workings. The remaining three RC holes, GAS-02 through GAS-04, were drilled to depths of between 350 to 380 metres dominantly cutting magnetite-bearing granitoids.

Copper oxides were observed within the upper levels of all drill holes to depths of up to 100 meters downhole with locally disseminated chalcopyrite and chalcocite observed below the oxides. Within holes GAS-03 and GAS-04, intervals of fine-grained, quartz diorite intrusions with chalcopyrite (disseminated and veinlets) were observed. The Mina Guanaca RC holes have been sampled and samples have been submitted for assaying.

With the Mina Guanaca program completed, the drill has been mobilized to Angie where drilling will target a historical +50 parts per million ("ppm") molybdenum rock geochemical anomaly encompassing an area of approximately 1,000 by 1,500 metres with molybdenum assays of up to 1,150 ppm. The previously undrilled molybdenum anomaly is associated with anomalous tin and tungsten. For further information on the Angie Property, please review Cascada's February 15, 2023 press release.

"The Mina Guanaca drilling was completed quickly and without incident," noted Carl Hansen, Cascada's CEO. "The three primary RC holes, initially targeting completion depths from 250 to 300 metres, were extended to depths of up to 380 metres. Assays from the Phase 1 Mina Guanaca program should be available during mid-Q4." Commenting on the Angie drill program, Mr. Hansen noted, "The RC program is targeting a significant, well-defined yet undrilled, molybdenum anomaly. With the first drill hole, planned for a depth of 300 metres, we should be able to determine the potential of the mineralized system. Barring problems, drilling should be completed by the end of this week."

Historical Results Note: Cascada has not undertaken any independent investigation of results from historical exploration programs at Mina Guanaca or Angie. The reader is cautioned upon relying on the accuracy of the historical results presented; however, Cascada considers the historical assay results relevant as it is using the results as a guide to plan its current exploration programs and considers the data to be reliable for these purposes.

NI 43-101 Technical Disclosure

The Qualified Person, as defined by National Instrument 43-101 of the Canadian Securities Administrators, for Cascada's exploration activities in Chile is Sergio Diaz, a resident of Santiago, Chile. Mr. Diaz is a Public Registered Person for Reserves and Resources N° 51, in Chile and is also registered in the Colegio de Geólogos de Chile under N° 315.

About Cascada Silver Corp.

Cascada is a mineral exploration company focused on exploration opportunities in Chile. Cascada's team of successful exploration professionals are dedicated to the discovery of mineral deposits that can be progressed into economically viable development projects creating value for all stakeholders.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to: plans for the evaluation of exploration properties; the success of evaluation plans; the success of exploration activities; mine development prospects; and, potential for future metals production. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: changes in economic parameters and assumptions; all aspects related to the timing of exploration activities and receipt of exploration results; the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the results of regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of economic and technical studies; delays in obtaining governmental approvals or financing or in the completion of exploration; as well as those factors disclosed in Cascada's publicly filed documents.

Although Cascada has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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