EML.V · 2022-04-28 12:00:00

Nevada Silver Commences First Exploration IN More Than 100 Years at the Historic Belmont Silver CAMP, Nevada, USA

Exploration Programs

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Coordinate System: WGS 1984 UTM Zone 11N

Projection: Transverse Mercator

Datum: WGS 1984

False Easting: 500,000.0000

False Northing: 0.0000

Central Meridian: -117.0000

Scale Factor: 0.9996

Latitude Of Origin: 0.0000

Units: Meter

1 in = 2,500 ftDate: 9/9/2021

Nevada Silver Corporation

Corcoran & Belmont Silver Project Overview

0 0.75 1.5 2.25 30.375

Miles

Nye County, Nevada

Legend

CORCORAN CANYON

BELMONT

PLSS Township

PLSS Section

Corcoran Silver Project

North Belmont Silver Project

Belmont Silver Project

u Belmont

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

NEVADA SILVER COMMENCES FIRST EXPLORATION IN MORE THAN 100

YEARS AT THE HISTORIC BELMONT SILVER CAMP, NEVADA, USA

Toronto, Ontario, 28th April 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) (OTCQB:

NVDSF) is pleased to provide an update on exploration activities at the Company’s 100%-owned Belmont

Silver project in Nevada, USA.

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.

Figure 2. Belmont project area view looking NE. Main

workings are located outside and to the left of the photo.

A shallow prospector’s shaft (right).

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 rele ase 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 Corporation ( 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 Proje ct in Nevada, which has mineralization near -surface, is open in all

directions, and has an Inferred Mineral Resource of 33.5 million silver -equivalent ounces 1 . 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 Corporation CHF Capital Markets

Gary Lewis Perry Rapagna

Group CEO & Director Manager, Corporate Development

T: +1 (416) 941 8900 T: +1 (416) 868 1079 ext. 230

[email protected] [email protected]

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 wo rds “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, un certainties 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 a s 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 reg ulatory

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,

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

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 exper ience 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 i mportant 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.

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