Summa Silver Discovers New High-Grade Vein Extensions at the Mogollon Project, New Mexico

Surface Samples Return Assays up to 8,475 g/t Silver Equivalent*

Vancouver, July 19, 2023 - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE:48X) ("Summa" or the "Company") is pleased to announce that it has sampled multiple new high-grade silver-gold-copper zones on public lands at the Mogollon Project near Silver City, New Mexico (the "Mogollon Project").

Key Highlights:

• There are significant extensions to high-grade veins and rock sampling shows that mineralization is widespread in new areas not previously prospected in modern time (see attached figure).
  
  
• Highlights from surface sampling of new high-grade zones include (Table 1):
  
  
  • 8,475 g/t silver equivalent* (8,373 g/t Ag, 5.39 g/t Au and 4.43% Cu) and 6,956 g/t silver equivalent* (471 g/t Ag, 71.1 g/t Au and 4.21% Cu) from the new Silver Bar Vein system.
    
    
  • 3,652 g/t silver equivalent* (221 g/t Ag, 39.3 g/t Au and 0.83% Cu) and 1,382 g/t silver equivalent* (431 g/t Ag, 0.14 g/t Au and 9.09% Cu) from the northern extension of the Queen Vein system.
    
    
  • 3,046 g/t silver equivalent* (812 g/t Ag, 3.80 g/t Au and 18.4% Cu) and 1,847 g/t silver equivalent* (302 g/t Ag, 18.2 g/t Au and 0.21% Cu) from the northern extension of the Great Western Vein system.
    
    
• High-grade copper mineralization has also been identified with grades of up to 18.4% Cu returned.
  
  
• The Mogollon Project continues to host significant additional discovery potential and it now features more than 75 km of cumulative vein and structure length of which only 0.5 km has been drill tested by the company.
  
  
• Preparation is underway for a fall drill program on the project with further details to be shared once planning is complete.
  
  
• Drilling continues at the Hughes Project, Nevada where it has intersected meter-scale quartz veins, breccias and stockworks featuring visible silver-sulfide minerals at the Ruby and Sapphire targets.

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au, US$3.50/lbs Cu with metallurgical recoveries of Ag - 90%, Au - 95% and Cu - 90%.

Galen McNamara, CEO, stated: "These new results continue to demonstrate the unexplored nature and great remaining potential of the Mogollon district. In alignment with our systematic long-term approach to target development, we are planning additional geologic mapping of the new mineralized zones while at the same time preparing for exploration drilling at more advanced targets on the project later this year. This work will build upon the already very strong drilling results surrounding the old Consolidated Mine over the last two years. As we continue our activities at Mogollon, on-going communications with community members remain a core focus of our exploration. As a sign of local support, we recently received a letter from the Catron County Board of Commissioners supporting our exploration activities. In turn, we will continue to look for opportunities to support Catron County - from boosting the local economy to providing scholarships for graduating high-school seniors from Catron County who are planning to attend college or trade school. We are also very much looking forward to connecting with community members at the Catron County Fair in late August, where we will be sponsoring the annual livestock sale family barbeque event."

Figure 1: Map showing sample locations and assay data from the northern extension of the Mogollon District.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7983/174003_5767472c34478bb8_002full.jpg

Table 1: Sampling Results

Coordinates are in NAD83, Zone 12N

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au, US$3.50/lbs Cu with metallurgical recoveries of Ag - 90%, Au - 95% and Cu - 90%.

Prospecting and Surface Sampling Results

A reconnaissance-style geological mapping and prospecting program was recently completed by Tinyminer's Minerals & Exploration of Spring Creek, NV on unpatented mining claims within US Forest Service managed public lands. The program focused on defining and sampling new zones of epithermal-related high-grade Ag-Au mineralized veins. In total, 126 surface samples were collected on the project. Samples included rocks from outcrops, mine dumps and pits. All samples were analysed for gold, silver, copper, and a suite of other elements.

Queen Vein system: The north trending Queen Vein has now been traced along strike for over 7.5 km and has been the focus of recent drill testing at the Consolidated Extension target. At Consolidated and south towards the Deadwood mine, high-grade mineralization is hosted in a structurally controlled epithermal-related system consisting of calcite + quartz veins, quartz-rich breccias with bladed quartz, colloform banding, and local silver-bearing sulfides. To the north, the Queen Vein branches into two prominent vein segments that are up to 20 m wide. Sampling of these veins returned values of up to 3,652 g/t silver equivalent* (221 g/t Ag, 39.3 g/t Au and 0.83% Cu). However, based on trace element geochemistry, vein textures and mineralogy it is interpreted that most vein exposures in this area, particularly along the main eastern vein, may only represent the uppermost-level expression of the mineralized target horizon. The northern strike extent of the Queen Vein is therefore highly prospective at depth for additional high-grade silver and gold bearing zones.

Silver Bar Vein system: The Silver Bar system is centered on the northwest-southeast trending Silver Bar vein and associated splays. The up to 1 m wide vein at surface, including interpreted structural offsets, has been traced for over 1.2 km in historic prospect pits and adits. The vein, observed in outcrop and mine dumps, consists of sugary quartz and quartz-rich breccias strongly mineralized with copper oxides (malachite, azurite and chrysocolla). Sampling of vein material from along the Silver Bar vein system returned results of up to 8,475 g/t silver equivalent* (8,373 g/t Ag, 5.39 g/t Au and 4.43% Cu) including samples with up to 16.6% copper.

Great Western Vein system: The Great Western system contains numerous veins with strong copper mineralization (up to 18.4% copper). It represents the northern extension of the north-striking Great Western Vein and associated splays. Veins of the Great Western system have been exposed in adits and prospect pits and consist of calcite + quartz-rich breccias up to 2 m wide at surface, mineralized with iron and copper oxides. Select grab samples from outcrop and mine and/or adit dumps returned assays of up to 3,046 g/t silver equivalent* (812 g/t Ag, 3.80 g/t Au and 18.4% Cu).

The high-grade nature and significant lateral extent of many of the veins in the Queen, Silver Bar and Great Western systems strongly suggest that additional geological mapping, rock-chip sampling and soil-geochemical surveys in these areas are warranted. Next steps will include defining structural controls and their orientations and investigating key geological relationships to significant veins in these areas and vein-sets in the main part of the Mogollon mining district.

Community Engagement Update

Summa Silver continues to strengthen its community engagement in the area and recently announced the Mogollon Scholarship program. Our scholarship program will award up to four $500 scholarships annually to any graduating high school senior from Catron County who will be enrolled in either a technical studies or trade program or any accredited two, or four year college or training school during the 2023 - 2024 academic year.

Analytical and QA/QC Procedures

Rock samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish ("Au-AA30") and samples that assayed over 8 ppm were re-run via fire assay with a gravimetric finish ("Au-GR30"). Silver, copper and trace elements were analyzed via inductively coupled plasma mass spectroscopy after four-acid digestion ("49MA-MS"). Samples that assayed over 100 ppm Ag were re-run via fire assay for Ag with a gravimetric finish ("Ag-GR30") and samples that assayed over 10000 ppm Cu (1% Cu) were re-run via inductively coupled plasma optical emission spectroscopy ("OLMA-OES"). Paragon inserts reference standards, duplicates, and blank samples in each batch of samples with standard internal QA-QC procedures, which all returned results within acceptable levels.

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp

Summa Silver Corp. is a junior mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in the Mogollon property located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes property. The Mogollon property is the largest historic silver producer in New Mexico. Both properties have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company's involvement.

Follow Summa Silver on Twitter: @summasilver
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ON BEHALF OF THE BOARD OF DIRECTORS

"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com

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