Summa Silver Discovers Two New High-Grade Silver-Gold Veins East of the Tonopah Mining District, Hughes Project, Nevada

• 1,450 g/t Silver Equivalent* over 3 m in 1.5 km district step-out near Ruby
• 376 g/t Silver Equivalent* over 1.5 m in 4.2 km district step-out at Sapphire

Vancouver, August 2, 2023 - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa" or the "Company") is pleased to announce that it has discovered two new high-grade silver-gold veins in wildcat-style exploration holes at the Hughes Project near Tonopah, Nevada (the "Hughes Project").

Ruby Discovery:

• New vein discovery of 1,450 g/t silver equivalent* over 3 m (812 g/t Ag, 8.4 g/t Au) including 2,959 g/t silver equivalent* over 0.6 m (1,635 g/t Ag, 17.4 g/t Au) in core hole SUM23-59.

• The vein discovery was intersected approximately 200 m above the targeted Ruby horizon, is open in all directions, and represents a 1.5 km step-out from the historic Tonopah mining district.

• The new vein flanks a compelling geophysical target, and an additional 650 m step-out hole is now in progress (see attached figures).

Sapphire Discovery:

• New vein discovery of 376 g/t silver equivalent* over 1.5 m (175 g/t Ag, 2.56 g/t Au) in reverse-circulation hole SUM23-62.

• Sapphire is the eastern-most target ever drilled at Tonopah and represents a 4.2 km step-out from the mining district.

• These results represent only the first hole into Sapphire where SUM23-62 was drilled as a wild-cat hole to test coincident soil and geophysical anomalies with approximate dimensions of at least 500 m x 500 m.

Other Key Highlights:

• Broad zones of strong hydrothermal alteration were intersected in every hole suggesting the eastern extension of the Tonopah district is primed for additional discoveries.

• High-grade silver and gold mineralization has now been intersected in multiple zones over 6.2 km across an east west-trend on the Hughes Project.

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag - 90%, Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Galen McNamara, CEO, stated: "The new discoveries across the eastern extension of the Tonopah mining district are a testament to our systematic and methodical approach to exploration. From the beginning we have strongly believed the productive veins of Tonopah continued to the east under cover. Results from our exploration drilling to-date so far support that hypothesis and confirm the significant big picture prospectivity of the Hughes Project. The Company continues to be well financed and remains in the strong position of having two American high-grade, district-scale silver projects, both of which continuously show strong zones of mineralization hole after hole."

Figure 1: Hughes Project Drill Targets

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Figure 2: Ruby Discovery Hole Locations and Targets

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Figure 3: Hughes Project Long Section

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Drill Program

Results are reported here for 2,214 m of drilling in both RC and core configurations across four epithermal vein targets, all located outside the historic Tonopah mining district (Figures 1 and 2). The purpose of the reconnaissance-style drill program was to test for epithermal-related veins along trend to the east from the Ruby discovery and to define the eastern extension of the district. One additional hole was lost and abandoned at a depth of 230 m at the Ruby target due to poor ground conditions in a fault zone. The final planned hole of the program is in progress and assays for another remain pending.

Table 1: Assay Results

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag - 90%, Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Table 2: Collar Information

The primary targets were identified by Summa over the course of multiple ground-based exploration programs (see the Company's news release dated May 2, 2023), and include:

• The Ruby target was tested in core hole SUM23-59 (Figures 3 and 4). The hole was designed to test the eastern and up-dip extension of the Ruby vein discovery, previously drilled by Summa in three holes (e.g., hole SUM20-10, 469 g/t silver equivalent* over 2 m), and primarily targeted coincident chargeability and resistivity anomalies located immediately along strike to the east. From near the top of hole, SUM23-59 intersected Mizpah Formation andesite characterized by broad zones of pyrite-rich, phyllic alteration with local zones of strong clay fault gouge and calcite veins and stringers. Zones of strong silicification (quartz veinlets and breccias) with associated silver-sulfide mineralized, banded, and brecciated meter-scale quartz veins were intersected in two discrete zones. The upper zone at 480 m down hole returned 1,450 g/t silver equivalent* over 3m and the lower zone at 566m down hole returned 118 g/t silver equivalent* over 3.1m. The target depth for this hole was significantly deeper which suggests these new mineralized veins represent completely new vein systems. Additional drilling, structural interpretation and 3D modelling is required to evaluate the scale and potential of the greater Ruby target area.

• The Saphire target was tested in RC hole SUM23-62. The large-scale target consists of coincident broad arsenic-in-soil with high-chargeability and high-resistivity anomalies open to the south and east. The hole was collared 4.2 km east of the Tonopah mining district and intersected 44 m of young tertiary sedimentary cover rocks of the Seibert Formation followed by variably quartz-sericite-pyrite altered Mizpah Formation porphyritic andesites to the bottom of the hole. Local zones of strong argillic alteration with high percentages of quartz-rich chips were noted down hole. An interval of 376 g/t silver equivalent* over 1.5 m was intersected in one of these zones. This interval represents a new vein discovery and warrants systematic follow-up diamond drilling to constrain the orientation and scale.

• The Emerald target was tested in RC hole SUM23-61. The target is centred on an outcropping zone of polymictic, carbonate-rich hydrothermal breccia spatially associated with a broad arsenic-in-soil geochemical anomaly interpreted to represent the paleosurface and/or upper-level expression of a low-sulfidation epithermal vein system. The hole collared in volcaniclastic rocks of the Fraction Tuff and intersected Mizpah Formation andesites and breccias variably quartz altered from 14 m to end of hole at 365 m. The hole bottomed in 20 m of strongly quartz-pyrite altered volcaniclastic breccia. Based on the presence of increasing hydrothermal alteration with depth and permissive volcaniclastic rocks, additional drilling along strike to the north and south as well as at depth is warranted to fully evaluate the epithermal vein potential of Emerald.

• The Diamond target was tested in RC hole SUM23-63. The target consists of a near-surface, coincident north-trending strong chargeability and resistivity highs associated strong Fe-oxide at surface and arsenic-in-soil anomalism. The centre of the anomaly is 3.5 km east of the Tonopah mining district. The hole collared in 29 m of young tertiary sedimentary rocks of the Seibert Formation followed by Mizpah Formation andesite to the end of the hole. Broad zones of strong clay alteration were intersected downhole, including 1 to 3 m intervals of quartz-dominant chips interpreted to be local zones of quartz veining. Although high-grade Ag-Au was not interested, zones of highly anomalous arsenic (up to 52ppm), an element commonly elevated proximal to veins central to the Tonopah mining district, associated with zones of strong hydrothermal alteration suggest the hole intersected the distal expression of an epithermal vein system. Further drilling, stepped out from SUM23-63, is warranted to fully evaluate the epithermal-related Ag-Au potential of the area.

Drilling is ongoing on hole SUM23-60 representing a 650 m eastern step out from hole SUM23-59. The hole is further testing the eastern strike-extent of the Ruby veins. Results from this hole and hole SUM23-64 will be released once results are received from the lab.

Figure 4: Ruby Discovery Cross Section

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Figure 5: Sapphire Discovery Cross Section

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Analytical and QA/QC Procedures

Drill core and RC chip 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, 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"). In addition to Paragon quality assurance / quality control ("QA/QC") protocols, Summa implements an internal QA/QC program that includes the insertion of sample blanks, duplicates, and certified reference materials at systematic and random points in the sample stream.

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 project located in central Nevada and has an option to earn 100% interest in the Mogollon project 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 project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company's involvement.

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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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Cautionary note regarding forward-looking statements

This news release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: exploration and development of the Company's mineral exploration projects including completion of surveys and drilling activities; the release of assays.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; the ongoing conflict in Ukraine; and other related risks and uncertainties disclosed in the Company's public disclosure documents.

Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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