Arizona Silver Exploration Secures Core Drill to Test Part of the Red Hill Geophysical Anomaly at the Philadelphia Gold-Silver Project

Mr. Greg Hahn. VP-Exploration comments, "We are excited to be able to contract a core rig at this time of year to test this significant target so soon after its discovery. If this geophysical anomaly is demonstrated to be part of the Philadelphia gold system it could considerably change both the size and grade parameters of the project."

SAMT is a geophysical investigation method for obtaining information about subsurface resistivity. Resistivity values calculated from the CSAMT data relate to geology. CSAMT is often used by mining companies for reconnaissance of larger geographic areas to determine depth to bedrock and to locate faults and resistive anomalies potentially related to ore deposits.

Arizona Silver contracted Zonge Geophysics to perform a CSAMT survey in late January (see press release dated February 7, 2023). That survey outlined a distinct resistivity low beneath Red Hill (see Figure below). The anomaly is interpreted to be a clay cap to gold-silver mineralization which underlies the cap. In addition, the western end of the anomaly is marked by a potential "feeder zone", the structural conduit that channeled the hydrothermal fluids (including gold). Such structures are known to host high grade mineralization in epithermal systems world-wide.

The Company has permits in hand to drill two core holes totaling 700-750 metres. A steeper hole will test both the interpreted "feeder" zone to the large flat-lying CSAMT anomaly and the down-dip projection of the high grade hanging wall vein "HW" that has been intersected in multiple drill holes to date. A shallower hole will test the western portion of the CSAMT anomaly near the interpreted feeder zone. Testing of the heart of the CSAMT anomaly below Red Hill will have to await the availability of a drill rig and crew that can drill shallow angle holes. The attached section shows the proposed drill hole locations with respect to the CSAMT anomaly.

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Alford Drilling of Elko, Nevada has been contracted to do the drilling. The core rig is scheduled to arrive on site the middle of this week. Results from the recently completed reverse circulation drilling program are awaited.

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 Silver Exploration Inc.

Arizona Silver is a young exploration company focused on exploring gold-silver properties in western Arizona and Nevada. The flagship asset is the Philadelphia property and the subject of this news release.

On behalf of the Board of Directors:

Arizona Silver Exploration 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.