Masivo Silver Corporate Update

Masivo Silver Corporate Update

Vancouver, British Columbia, January 17, 2023 - Masivo Silver Corp. (“Masivo” or the “Company”) (TSXV:

MASS)(OTC:GNYPF) moves into 2023 with a 10-hole drill program in full progress on its newly acquired Nevada

properties which were in production pre-World War II with high grade mineralization in gold, silver and copper.

The mine reported pre-World War II shipments of ore that varied in width from 1.80 to 12 meters with grades of 226

g/t Silver, 9 g/t Gold and 6.8 % Copper with localized zones of up to 2,880 g/t Silver, 25.7 g/t Gold and 3.2 % copper.

Hole number 1 (BM 22-01) has been completed. It was drilled to a depth of 250 feet at an azimuth of 210 degrees

and an inclination of -45 degrees. Based solely on visible observations, significant mineralization was encountered

from 72 feet to 140 feet as well as from 160 feet to 189 feet. All samples have been sent to ALS Labs in Twin Falls,

Idaho and will be analyzed for gold by fire assay and a multi-element suite by ICP. Masivo will report the assay

results as they are received.

In September 2022, the Company completed a five (5) for one (1) share consolidation which the company believes

will help its growth and increase the overall valuation and market capitalization of the company. The Company cur-

rently has 21,907,494 shares outstanding

Masivo has an option to acquire 20,000 Ha of high-grade mineral properties in the state of Sinaloa, Mexico. These

properties are strategically located in close proximity to Prime Mining, Vizsla Mining, and First Majestic.

Warrant Expiry Extension

In addition, the Company announces that it has applied to the TSX Venture Exchange to extend the expiry date for

2,200,000 (post-consolidation) of its outstanding unlisted common share purchase warrants (the “Warrants”). The

Warrants, each of which is currently exercisable at a price of $0 .38, were originally issued by the Company as part

of a non-brokered unit private placement completed in February 2021. The Company will extend the expiry date of

the Warrants to 4:30 PST on February 8, 2024 subject to TSX Venture Exchange approval. The Warrant exercise

proceeds are intended to be spent on advancing exploration of the Company’s properties in Nevada and for general

working capital purposes.

Grant of Options

The Company announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to

various directors, officers, and consultants to purchase up to 1,200,000 common shares exercisable at a price of $0.20

per share for a period of five years.

Qualified Person

Brian Brewer, PGeo, is Masivo Silver's qualified person for the company's projects in Mexico and Nevada and has

approved this news release.

About Masivo Silver Corp.

Masivo is a Canadian junior silver and gold mining exploration company based in Vancouver, Canada. Masivo is

currently focused on advancing its exploration projects in the State of Nevada, US, and in the State of Sinaloa, Mex-

ico. The Nevada projects are located in the highly prolific mining district of Elko County, covering approximately

543 hectares (1,342 acres), consisting of 65 unpatented land claims, including the historic Boston Mine. In Mexico,

Masivo’s mining focus includes silver and gold exploration, development, and ore processing within an aggregate of

14,000+ hectares (35,000+ acres) strategically located in the gold/silver-rich Sierra Madre Occidental Trend in west-

ern Mexico. The Company’s mill, located on its El Colomo property, is capable of processing up to 300 tons of ore

per day. Additional information on Masivo’s current operations and vision, is available on the Company’s website at

www.masivosilver.com or email [email protected].

ON BEHALF OF THE BOARD OF DIRECTORS

“David Coburn” Chief Executive Officer

For information, please contact the Company:

Phone: 602-315-1231

E-mail: [email protected]

Website: www.masivosilver.com

This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates,

forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the

Company’s exploration plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to

identify forward-looking information. 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.

Neither 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.