Arizona Silver Exploration Inc. Reports on Geophysical Survey on Silverton Carlin-Type Gold Exploration Property, Nevada

HIGHLIGHTS:

• In late March the Company completed a combined helicopter-borne magnetotelluric ("MT") and magnetic survey flown over the entire property

• Rock chip gold samples above 100 ppb across an area 2.5 kilometers by 3 kilometers

• Locally strong stibnite-quartz-gold veins in volcanics above the target limestone/dolomite section

• 2-year extension obtained on drilling permit (Notice of Intent) with the BLM

Carlin-Type Gold Target at Silverton

The Silverton property is a large claim block of 1860 acres containing anomalous gold above 100 ppb in rock chip samples across an area 2.5 kms by 3 kms. The gold is accompanied by strongly anomalous arsenic, antimony, mercury and other metals (the classic Carlin-type or intermediate sulfidation metal suite). Most of this area has exposures of Paleozoic carbonate rocks that are variably altered to dolomite. In both the eastern and the western ends of the property the carbonates are overlain and intruded by Tertiary volcanics dated at late Eocene to early Oligocene in age. The central area of exposed carbonate rocks appears to be a shallow anticline or complex dome.

Extensive low-grade gold-bearing jasperoid replacement deposits occur primarily at the contact between the carbonates and the overlying volcanics. Jasperoids also occur in the carbonates and volcanics along faults, fractures, and bedding planes. Veins of quartz containing variable amounts of gold, silver and antimony (stibnite) and barite within the overlying volcanics were the primary focus of shallow historic exploration drilling in the late 1980s to early 2000s. No serious exploration has been done to test the altered carbonate package containing the bulk of the gold and trace metal anomalies, or in the carbonates beneath the swarm of quartz-antimony-gold veins. Models of, and data from, deep Carlin-type deposits suggest a subtle geochemical halo occurs up to thousands of feet above the high-grade deposits, occurring mostly along faults, fractures, and bedding planes.

A Masters Thesis at the University of Nevada-Reno completed by Robert Smallwood, sponsored in part by the Company, recognized the surface mineralization as exhibiting boiling zone textures indicative of epithermal mineralization situated well above the level where Carlin-type systems form. This is the exploration model we are using to explore the Silverton property.

Helicopter-borne MT Survey

The company contracted Expert Geophysics Ltd. out of Toronto, Ontario to fly the MT survey over the entire claim block as property-wide geophysics had not been previously done. MT measures the resistivity of the rocks to a depth of +1 kilometre, especially in resistive rocks like massive carbonates. The survey has provided a 3D data set to aid in mapping resistivity changes and structures down to the depth limit of the survey. Our objective was to identify the signature features that characterize Carlin-type deposits described above. Such features outcrop but the shallow historic drilling provides no information on the sub-surface below about 150 metres. The survey has revealed several obvious low resistivity anomalies beneath the surface features referenced above. The Company has staked an additional 16 claims (320 acres) to cover the eastern margins of the large resistivity anomaly, which is included in the total acreage above.

Gregory Hahn, VP Exploration states "Our interpretation of the survey results are as follows. One very prominent low resistivity zone, interpreted as alteration, occurs along a strike length of +1.5 kms and a width of 0.5 kms, beneath a strongly silicified (resistive) volcanic cap. No historic drill holes test this anomaly, although several historic drill holes drilled along the western (up-dip) flank of the anomaly intersected good intervals of low-grade gold and jasperoid. We interpret these intercepts as the distal fringe of the heart of the anomaly which may represent a source for the low-grade intercepts. Several other weaker and shorter anomalies also are identified with low-grade gold intercepts in their vicinity. Importantly, the air magnetic survey shows a large intrusion at depth. A prominent deep thick property-wide low resistivity layer has unknown origins. It could be extensive alteration, a package of carbonaceous sediments within the resistive carbonate sequence, or a large sill-like altered intrusion. No existing drill holes went deep enough to penetrate and test this large low-resistivity layer."

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Drill Permit Extension

The Company submitted a request to extend the drilling permit for the property (approved and bonded Notice of Intent (NOI)) for two years. The extension was received May 17, 2023 and the additional bond was approved on May 24, 2023. The extension will allow geologists time to review the results of the MT survey and amend the NOI as appropriate to test targets highlighted by the MT survey.

The Company will now seek a joint venture or strategic relationship with a large mining or exploration company with expertise in epithermal or carbonate-hosted gold deposits to drill test the property.

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.

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.